Document:

ex_350659.htm

Exhibit 4.1

 

 

 

DESCRIPTION OF SECURITIES

REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The following is a summary of Abraxas Petroleum Company’s (the “Company”) classes of securities registered under Section 12 of the Securities Exchange Act of 1934 and outstanding as of the end of the period covered by this report.

 

Common Stock

 

As of March 18, 2022, we had 20,000,000 shares of common stock, par value $0.01 per share, authorized of which 8,421,910 were outstanding with approximately 112 stockholders of record.

 

Holders of our common stock are entitled to cast one vote for each share held of record on all matters submitted to a vote of stockholders and are not entitled to cumulate votes for the election of directors. Holders of our common stock do not have preemptive rights to subscribe for additional shares of common stock issued by us.

 

Holders of our common stock are entitled to receive dividends as may be declared by the board of directors out of funds legally available for that purpose. Under the terms of our credit facility, we are prohibited from paying dividends on shares of our common stock.

 

In the event of liquidation, holders of our common stock are entitled to share pro rata in any distribution of our assets remaining after payment of liabilities, subject to the preferences and rights of the holders of any outstanding shares of preferred stock. All of the outstanding shares of our common stock are fully paid and non-assessable.

 

Preferred Stock

 

Our articles of incorporation authorize the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share, in one or more series. The description of preferred stock set forth below and the description of the terms of a particular series of preferred stock set forth in any applicable prospectus supplement are not complete and are qualified in their entirety by reference to our articles of incorporation and to the certificate of designation relating to that series of preferred stock. The certificate of designation for any series of preferred stock will be filed with the Securities and Exchange Commission promptly after any offering of that series of preferred stock.

 

The particular terms of any series of preferred stock being offered by us under this shelf registration will be described in the prospectus supplement relating to that series of preferred stock. If so indicated in the prospectus supplement relating to a particular series of preferred stock, the terms of any such series of preferred stock may differ from the terms set forth below. The terms of the preferred stock may include:

 

•the title of the series and the number of shares in the series;

 

•the price at which the preferred stock will be offered;

 

•the dividend rate or rates or method of calculating the rates, the dates on which the dividends will be payable, whether or not dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends on the preferred stock being offered will cumulate;

 

Exhibit 4.1 - 1

 

 

 

 

 

 

Table of Contents

 

•the voting rights, if any, of the holders of shares of the preferred stock being offered;

 

•the provisions for a sinking fund, if any, and the provisions for redemption, if applicable, of the preferred stock being offered;

 

•the liquidation preference per share;

 

•the terms and conditions, if applicable, upon which the preferred stock being offered will be convertible into our common stock, including the conversion price, or the manner of calculating the conversion price, and the conversion period;

 

•the terms and conditions, if applicable, upon which the preferred stock will be exchangeable for debt securities, including the exchange price, or the manner of calculating the exchange price, and the exchange period;

 

•any listing of the preferred stock being offered on any securities exchange;

 

•whether interests in the share of the series will be represented by depositary shares;

 

•the relative ranking and preferences of the preferred stock being offered as to dividend rights and rights upon liquidation, dissolution or the winding up of our affairs;

 

•any limitation on the issuance of any class or series of preferred stock ranking senior or equal to the series of preferred stock being offered as to dividend rights and rights upon liquidation, dissolution or the winding up of our affairs; and

 

•any additional rights, preferences, qualifications, limitations and restrictions of the series.

 

Exhibit 4.1 - 2Exhibit 4.1

 

	Number *0*	Shares
*0*

 

	 	SEE REVERSE FOR IMPORTANT 
	 	NOTICE AND OTHER INFORMATION

 

	THIS CERTIFICATE IS TRANSFERABLE	CUSIP
___________

IN THE CITIES OF _________________

 

Golub Capital Direct Lending Unlevered Corporation

 

a Corporation Formed Under the Laws of the State
of Maryland

 

THIS CERTIFIES THAT **Specimen**

 

is the owner of **Zero (0)**

 

fully paid and nonassessable shares of Common Stock, $0.001 par value
per share, of

 

Golub Capital Direct Lending Unlevered Corporation

 

(the "Corporation") transferable on the books of the Corporation
by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate
and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the Corporation and
the bylaws of the Corporation and any amendments thereto. This Certificate is not valid unless countersigned and registered by the Corporation’s
Transfer Agent and Registrar.

 

IN WITNESS WHEREOF, the Corporation has caused
this Certificate to be executed on its behalf by its duly authorized officers.

 

DATED __________________

 

Countersigned and Registered:

	 	 	Transfer Agent	 	 	(SEAL)
	 	 	and Registrar	 	President	 
	 	 	 	 
	 	 	 	 
	By:	        	 	Secretary	 
	 	Authorized Signature	 	 	 

 

     

     

    

 

IMPORTANT NOTICE

 

The Corporation will furnish to any stockholder,
on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations
Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting
powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the
stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special
class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set,
and (ii) the authority of the Corporation’s Board of Directors to set such rights and preferences of subsequent series. The
foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation,
a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation
at its principal office.

 

_________________________________

 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS
LOST, STOLEN 

OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND
OF INDEMNITY AS A 

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

_________________________________

 

The following abbreviations, when used in the inscription
on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	 	TEN COM	-	as tenants in common	UNIF GIFT MIN ACT	 	 	Custodian	 	 	
	 	TEN ENT	-	as tenants by the entireties	 	(Custodian)	 	 	(Minor)  	 	 
	 	JT TEN	-	as joint tenants with right of	Under Uniform Gifts to Minors Act of 	 	 	 	 	 
	 	 	 	survivorship and not as tenants                                 	 	(State)	 	 
	 	 	 	in common	                                	 	 	 	 

 

Additional abbreviations may also be used though
not in the above list.

 

	FOR VALUE RECEIVED, ________________________ HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO
	 	(Please Print or Typewrite Name and Address, Including
Zip Code, and Social Security Number or other Identifying Number, of Assignee)

 

____________________________
(______________) shares of Common Stock of the Company represented by this Certificate and does hereby irrevocably constitute and
appoint

 

________________________________
attorney to transfer the said shares of Common Stock on the books of the Company, with full power of substitution in the premises.

 

Dated _______________________

 

		 
	 	NOTICE: The Signature To This Assignment Must Correspond With The Name As Written Upon The Face Of The Certificate In Every Particular,
Without Alteration Or Enlargement Or Any Change Whatever.Exhibit 10.1

 

INVESTMENT
ADVISORY AGREEMENT

BETWEEN Golub Capital Direct Lending UNLEVERED Corporation AND GC ADVISORS LLC

 

This Investment Advisory
Agreement (this “Agreement”) made effective as of this 1st day of April 2022 (the “Effective
Date”), by and between GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION, a Maryland corporation (the “Corporation”),
and GC ADVISORS LLC, a Delaware limited liability company (the “Adviser”).

 

WHEREAS, the Corporation
is a newly organized corporation that will operate as a closed-end, non-diversified management investment company;

 

WHEREAS, the Corporation
has filed an election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “Investment
Company Act”);

 

WHEREAS, the Adviser is registered
as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”); and

 

WHEREAS, the Corporation
desires to retain the Adviser to furnish investment advisory services to the Corporation on the terms and conditions hereinafter set
forth, and the Adviser wishes to be retained to provide such services.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

1.            Duties
of the Adviser.

 

(a)            The
Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and reinvestment
of the assets of the Corporation, subject to the supervision of the board of directors of the Corporation (the “Board of Directors”),
for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that
are set forth in the Corporation’s private placement memorandum, registration statement or other filing submitted or filed by the
Corporation with the Securities and Exchange Commission, in each case as the same may be amended from time to time, (ii) in accordance
with the Investment Company Act, the Investment Advisers Act and all other applicable federal and state law and (iii) in accordance
with the Corporation’s charter and bylaws. Without limiting the generality of the foregoing, the Adviser shall, during the term
and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Corporation, the nature and
timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of
the investments made by the Corporation (including performing due diligence on prospective portfolio companies); (iii) execute,
close, service and monitor the Corporation’s investments; (iv) determine the securities and other assets that the Corporation
will purchase, retain or sell; and (v) provide the Corporation with such other investment advisory, research and related services
as the Corporation may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority
on behalf of the Corporation to effectuate its investment decisions for the Corporation, including the execution and delivery of all
documents relating to the Corporation’s investments and the placing of orders for other purchase or sale transactions on behalf
of the Corporation. In the event that the Corporation, consistent with its investment objective and policies, determines to acquire debt
financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Corporation’s behalf, subject
to the oversight and approval of the Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Corporation
through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary
or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the Investment
Company Act.

 

     

     

    

 

(b)            The
Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the amounts of compensation
provided herein.

 

(c)            Subject
to the requirements of the Investment Company Act, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory
agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the
services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may
retain a Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment objective and
policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such
investments and monitoring investments on behalf of the Corporation, subject in all cases to the oversight of the Adviser and the Corporation.
The Adviser, and not the Corporation, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement
entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, the Investment Advisers Act and
other applicable federal and state law.

 

(d)            For
all purposes herein provided, the Adviser shall be deemed to be an independent contractor and, except as expressly provided or authorized
herein, shall have no authority to act for or represent the Corporation in any way or otherwise be deemed an agent of the Corporation.

 

(e)            The
Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the
Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Corporation, shall
specifically maintain all books and records with respect to the Corporation’s portfolio transactions and shall render to the Board
of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records
that it maintains for the Corporation are the property of the Corporation and shall surrender promptly to the Corporation any such records
upon the Corporation’s request, provided that the Adviser may retain a copy of such records.

 

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2.            Corporation’s
Responsibilities and Expenses Payable by the Corporation.

 

(a)            All
investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory
and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall
be provided and paid for by the Adviser and not by the Corporation. The Corporation shall bear all other costs and expenses of its operations
and transactions, including those relating to: (a) organizational expenses of the Corporation; (b) calculating the net asset
value of the Corporation, including the cost and expenses of any independent valuation firm; (c) fees and expenses incurred by the
Adviser and payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for
the Corporation and in monitoring the Corporation’s investments, performing due diligence on prospective portfolio companies or
otherwise relating to, or associated with, evaluating and making investments, which fees and expenses include, among other items, due
diligence reports, appraisal reports, any studies commissioned by the Adviser and travel and lodging expenses; (d) interest payable
on debt, if any, incurred by the Corporation and expenses related to unsuccessful portfolio acquisition efforts; (e) private placements
of securities of the Corporation; (f) investment advisory and management fees; (g) administration fees and expenses payable
under the administration agreement dated as of April 1, 2022 (as amended from time to time, the “Administration Agreement”),
between the Corporation and the Corporation’s administrator (the “Administrator”); (h) fees payable to
third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in
portfolio companies, including costs associated with meeting financial sponsors; (i) fees incurred by the Corporation for transfer
agent, dividend agent and custodial fees and expenses; (j) U.S. federal and state registration and franchise fees; (k) U.S.
federal, state and local taxes; (l) independent directors’ fees and expenses; (m) costs of preparing and filing reports
or other documents required by the Securities and Exchange Commission or other regulators; (n) costs of any reports, proxy statements
or other notices to stockholders, including printing costs; (o) costs associated with individual or group stockholders; (p) costs
associated with compliance with the Sarbanes-Oxley Act of 2002, as amended; (q) the Corporation’s allocable portion of any
fidelity bond, directors’ and officers’ errors and omissions liability insurance policies, and any other insurance premiums;
(r) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and
other staff, independent auditors and outside legal costs; (s) proxy voting expenses; and (t) any and all other expenses incurred
by the Corporation or the Administrator in connection with administering the Corporation’s business, including payments made under
the Administration Agreement based upon the Corporation’s allocable portion (subject to the review and approval of the Corporation’s
independent directors) of the Administrator’s overhead in performing its obligations under the Administration Agreement, including
rent and the allocable portion of the cost of the Corporation’s chief compliance officer and chief financial officer and their
respective staffs.

 

(b)            The
Adviser hereby agrees to waive its right to reimbursement by the Corporation for any expenses the Adviser incurs on the Corporation’s
behalf in connection with the Corporation’s formation and the initial closing of the private placement of shares of the common
stock of the Corporation in excess of an aggregate amount of seven hundred thousand dollars ($700,000).

 

3.            Compensation
of the Adviser. The Corporation agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and
management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the “Base
Management Fee”) and an incentive fee (the “Incentive Fee”), each as hereinafter set forth. The Corporation
shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. To the extent
permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which it may elect to defer all
or a portion of its fees hereunder for a specified period of time. The Adviser may agree to temporarily or permanently waive, in whole
or in part, the Base Management Fee and/or the Incentive Fee.

 

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(a)            The
Base Management Fee shall be calculated at an annual rate equal to 1% of the fair value of the average adjusted gross assets of the Corporation.
As described below, average adjusted gross assets of the Corporation for any period shall exclude cash and cash equivalents and include
assets purchased by the Corporation with borrowed funds. For services rendered under this Agreement, the Base Management Fee shall be
payable quarterly in arrears. The Base Management Fee shall be calculated based on the fair value of the average value of the gross assets
of the Corporation at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based
on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases
during a calendar quarter. The Base Management Fee for any partial month or quarter shall be appropriately pro-rated (based on the number
of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or quarter).
For purposes of this Agreement, cash equivalents shall mean U.S. government securities and commercial paper instruments maturing within
270 days of the date of purchase of such instrument by the Corporation. Notwithstanding anything herein to the contrary, to the extent
that the Adviser or an affiliate of the Adviser provides investment advisory, collateral management or other similar services to a subsidiary
of the Corporation, the Base Management Fee shall be reduced by an amount equal to the product of (a) the total fees paid to the
Adviser by such subsidiary for such services and (b) the percentage of such subsidiary’s total equity that is owned, directly
or indirectly, by the Corporation.

 

(b)            The
Incentive Fee shall be calculated and paid as set forth on Schedule A hereto, as such schedule may be amended from time to time.

 

(c)            As
set forth in Schedule A hereto, the Incentive Fee calculation shall include a limitation such that the Corporation can only pay an Income
Incentive Fee or Capital Gain Incentive Fee (as each such term is defined in Schedule A) for any quarter to the Adviser if, after giving
effect to such payment, the cumulative Income Incentive Fees and Capital Gains Incentive Fees paid to the Adviser from the date on which
the Corporation elected to be regulated as a business development company through the date of such payment would be less than or equal
to 10% of the Cumulative Pre-Incentive Net Income (as such term is defined in Schedule A hereto) of the Corporation.

 

4.            Covenants
of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under the Investment Advisers Act. The
Adviser hereby agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and
state laws governing its operations and investments.

 

5.            Excess
Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Corporation
to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in
excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction
if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission
or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill
in positioning blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or
research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities
with respect to the Corporation’s portfolio, and constitutes the best net result for the Corporation.

 

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6.            Proxy
Voting. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Corporation in the
best interest of the Corporation and in accordance with the Adviser’s proxy voting policies and procedures, as any such proxy voting
policies and procedures may be amended from time to time. The Corporation has been provided with a copy of the Adviser’s proxy
voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting
activities undertaken on behalf of the Corporation. The Adviser shall be responsible for reporting the Corporation’s proxy voting
activities, as required, through periodic filings on Form N-PX.

 

7.            Limitations
on the Employment of the Adviser. The services of the Adviser to the Corporation are not, and shall not be, exclusive. The Adviser
may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect
sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives
similar to those of the Corporation; provided that its services to the Corporation hereunder are not impaired thereby. Nothing in this
Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business
or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any
fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or
more of the portfolio companies of the Corporation, subject at all times to applicable law). So long as this Agreement or any extension,
renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the Corporation, subject to the Adviser’s
right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services
called for hereunder. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested
in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that
the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or
may become similarly interested in the Corporation as stockholders or otherwise.

 

Subject to any restrictions
prescribed by law, by the provisions of the Code of Ethics of the Corporation and the Adviser and by the Adviser’s allocation policy,
the Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of
securities or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity
in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other
services (collectively, “Managed Accounts”), in transactions that may or may not correspond with transactions effected
or positions held by the Corporation or to give advice and take action with respect to Managed Accounts that differs from advice given
to, or action taken on behalf of, the Corporation; provided that the Adviser allocates investment opportunities to the Corporation, over
a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed Accounts. The Adviser is
not, and shall not be, obligated to initiate the purchase or sale for the Corporation of any security that the Adviser and its members,
officers, employees or agents may purchase or sell for its or their own accounts or for the account of any other client if, in the opinion
of the Adviser, such transaction or investment appears unsuitable or undesirable for the Corporation. Moreover, it is understood that
when the Adviser determines that it would be appropriate for the Corporation and one or more Managed Accounts to participate in the same
investment opportunity, the Adviser shall seek to execute orders for the Corporation and for such Managed Account(s) on a basis
that the Adviser considers to be fair and equitable over time. In such situations, the Adviser may (but is not required to) place
orders for the Corporation and each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the
same price, the Adviser may cause the Corporation and each Managed Account to pay or receive the average of the prices at which the orders
were filled for the Corporation and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed
under prevailing market conditions, the Adviser may allocate the investment opportunities among participating accounts in a manner that
the Adviser considers equitable, taking into account, among other things, the size of each account, the size of the order placed for
each account and any other factors that the Adviser deems relevant.

 

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8.            Responsibility
of Dual Directors, Officers and/or Employees. If any person who is a manager, partner, officer or employee of the Adviser or the
Administrator is or becomes a director, officer and/or employee of the Corporation and acts as such in any business of the Corporation,
then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity
solely for the Corporation and not as a manager, partner, officer and/or employee of the Adviser or the Administrator or under the control
or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

 

9.            Limitation
of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser, including without limitation, the Administrator) shall not be
liable to the Corporation for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its
duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in
Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally
determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify,
defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person
or entity affiliated with the Adviser, including without limitation, the Administrator, each of whom shall be deemed a third party beneficiary
hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action
or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of
any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding
the preceding sentence of this Paragraph 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and
obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations
or guidance by the Securities and Exchange Commission or its staff thereunder).

 

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10.            Effectiveness,
Duration and Termination of Agreement. This Agreement shall become effective as of the date hereof. This Agreement shall continue
for a term of two years, and thereafter shall continue automatically for successive annual periods, provided that such continuance is
specifically approved at least annually by (a) the vote of the Board of Directors or by the vote of a majority of the outstanding
voting securities of the Corporation and (b) the vote of a majority of the Corporation’s Directors who are not parties to
this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of
any such party, in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without
the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the
Corporation or by the vote of the Corporation’s Directors or by the Adviser. This Agreement shall automatically terminate in the
event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).
The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled
to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of
this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or
expiration and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent
applicable.

 

11.            Notices.
Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at
its principal office.

 

12.            Amendments.
This Agreement may be amended by mutual consent, but the consent of the Corporation must be obtained in conformity with the requirements
of the Investment Company Act.

 

13.            Entire
Agreement; Governing Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State
of New York and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York,
or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

 

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Left Blank]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.

 

	 	GOLUB CAPITAL DIRECT LENDING UNLEVERED
    CORPORATION
	 	 
	 	By:	 
	 	 	Name: 	David B. Golub
	 	 	Title: 	President and Chief Executive Officer

 

	GC ADVISORS
    LLC	 
	 	 
	By:	 	 
	 	Name: 	David B. Golub	 
	 	Title: 	President	 

 

[Signature Page to Golub
Capital Direct Lending Unlevered Corporation Investment Advisory Agreement]

 

     

     

    

 

SCHEDULE
A

 

Calculation
and Payment of Incentive Fee

 

The incentive fee shall consist
of three parts: the income component (the “Income Incentive Fee”), the capital gains component (the “Capital
Gain Incentive Fee”) and the subordinated liquidation incentive fee component (the “Subordinated Liquidation Incentive
Fee”). The Income Incentive Fee shall be calculated as provided below and payable (i) quarterly in arrears or (ii) in
the event that this Agreement is terminated, as of the termination date. The Capital Gain Incentive Fee shall be calculated as provided
below and payable (i) in arrears at the end of each calendar year or (ii) in the event that this Agreement is terminated,
as of the termination date.  The Subordinated Liquidation Incentive Fee shall be calculated as provided below and payable as of
the date of the liquidation of the Corporation. The Adviser shall not be required to reimburse the Corporation for any part of an Incentive
Fee it receives that was based on accrued interest that the Corporation accrues but never actually receives.

 

Income and Capital Gain Incentive Fee Calculation

 

The income and capital gain
incentive fee calculation (the “Income and Capital Gain Incentive Fee Calculation”) has two parts: the Income Incentive
Fee component and the Capital Gain Incentive Fee component.

 

Income Incentive Fee

 

The Income Incentive Fee
component is calculated quarterly in arrears based on the Pre-Incentive Fee Net Investment Income of the Corporation for the immediately
preceding calendar quarter.

 

“Pre-Incentive Fee
Net Investment Income” means, with respect to any calendar quarter, interest income, dividend income and any other income (including
any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Corporation receives
from portfolio companies but excluding fees for providing managerial assistance) accrued during such calendar quarter, minus operating
expenses for such calendar quarter (including the Base Management Fee, taxes, any expenses payable under this Agreement and the Administration
Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock to the extent
such amounts are supported by our taxable earnings, but excluding the Incentive Fee, if any). Pre-Incentive Fee Net Investment Income
includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with payment-in-kind
(“PIK”) interest, preferred stock with PIK dividends, and zero coupon securities, accrued income that the Corporation
has not yet received in cash. Pre-Incentive Fee Net Investment Income shall not include any realized capital gains, realized capital
losses or unrealized capital appreciation or depreciation.

 

Once calculated, Pre-Incentive
Fee Net Investment Income, expressed as a rate of return on the value of the net assets of the Corporation at the end of the immediately
preceding calendar quarter, shall be compared to a fixed “hurdle rate” of 1% quarterly (4% annualized).  For purposes
of this calculation, net assets for any period shall be equal to total assets less indebtedness of the Corporation, before taking into
account any Incentive Fees payable during such period.  Pre-Incentive Fee Net Investment Income used to calculate this component
of the Incentive Fee shall also be included in the amount of the total assets of the Corporation used to calculate the Base Management
Fee.  For purposes of this calculation, total assets of the Corporation shall exclude cash and cash equivalents and shall include
assets purchased with borrowed funds.

 

    A-1

     

    

 

The Income Incentive Fee
component of the Income and Capital Gain Incentive Fee Calculation with respect to the Pre-Incentive Fee Net Investment Income of the
Corporation shall be calculated quarterly, in arrears, as follows:

 

		·	zero
                                            in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed
                                            the hurdle rate;

 

		·	100%
                                            of the Pre-Incentive Fee Net Investment Income of the Corporation with respect to that portion
                                            of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until
                                            amounts payable to the Adviser pursuant to the Income Incentive Fee equal 10% of Pre-Incentive
                                            Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Pre-Incentive
                                            Fee Net Investment Income is referred to as the “catch-up” provision; and

 

		·	10%
                                            of the amount of the Pre-Incentive Fee Net Investment Income of the Corporation, if any,
                                            that exceeds the catch-up provision in any calendar quarter.

 

The sum of these calculations
yields the “Income Incentive Fee.” These calculations shall be appropriately adjusted for any share issuances or repurchases
during the quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter).

 

Capital Gain Incentive
Fee

 

The Capital Gain Incentive
Fee component shall equal (a) 10% of the Capital Gain Incentive Fee Base of the Corporation (as defined below), if any, calculated
in arrears as of the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the termination date),
commencing with the year ending December 31, 2022, less (b) the aggregate amount of any previously paid Capital Gain Incentive
Fees. For purposes of this calculation, the “Capital Gain Incentive Fee Base” for each calendar year shall equal (1) the
sum of (A) the aggregate realized capital gains of the Corporation, if any, on a cumulative positive basis, (B) the aggregate
realized capital losses of the Corporation on a cumulative basis and (C) the aggregate unrealized capital depreciation of the Corporation
as of the date of calculation and, in the case of each of clauses (A) and (B), from the date of the Corporation’s election
to be regulated as a business development company, less (2) unamortized deferred financing costs of the Corporation as of the date
of calculation, if and to the extent such costs exceed the aggregate unrealized capital appreciation of the Corporation as of the date
of calculation.

 

For purposes of the Capital
Gain Incentive Fee Base:

 

The cumulative aggregate
realized capital gains of the Corporation shall be calculated as the sum of the differences, if positive, between (a) the net sales
price of each investment in the Corporation’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses of the Corporation shall be calculated as the sum of the amounts by which (a) the
net sales price of each investment in the Corporation’s portfolio when sold is less than (b) the accreted or amortized cost
basis of such investment. The aggregate unrealized capital depreciation of the Corporation shall be calculated as the sum of the differences,
if negative, between (a) the valuation of each investment in the Corporation’s portfolio as of the applicable calculation
date and (b) the accreted or amortized cost basis of such investment. The aggregate unrealized capital appreciation of the Corporation
shall be calculated as the sum of the differences, if positive, between (a) the valuation of each investment in the Corporation’s
portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

 

    A-2

     

    

 

Limitation on Incentive Fee

 

Each Income Incentive Fee
and Capital Gain Incentive Fee shall be subject to an incentive fee cap (the “Incentive Fee Cap”). The Incentive Fee
Cap in any quarter shall be equal to the difference between (a) 10% of Cumulative Pre-Incentive Fee Net Income (as defined below) and
(b) cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to the Adviser by the Corporation since the effective
date of the Corporation’s election to be regulated as a business development company. To the extent the Incentive Fee Cap is zero
or a negative value in any quarter, no Income Incentive Fee or Capital Gain Incentive Fee shall be payable in that quarter. “Cumulative
Pre-Incentive Fee Net Income” shall be equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period
from the effective date of the Corporation’s election to be regulated as a business development company and (b) cumulative
aggregate realized capital gains, cumulative aggregate realized capital losses, aggregate unrealized capital depreciation and aggregate
unrealized capital appreciation, in each case, from the effective date of the Corporation’s election to be regulated as a business
development company.

 

If, for any relevant period,
the Incentive Fee Cap calculation results in an amount payable to the Adviser that is less than the amount of the Incentive Fee calculated
pursuant to the Income and Capital Gain Incentive Fee Calculation, then the difference between the Incentive Fee and the Incentive Fee
Cap will not be payable by the Corporation, and will not be received by the Adviser, as an Incentive Fee, either at the end of such relevant
period or at the end of any future period.

 

Subordinated Liquidation Incentive Fee

 

The third component of the
Incentive Fee, the Subordinated Liquidation Incentive Fee shall equal 10% of the net proceeds from an Accelerated Liquidity Event in
excess of Adjusted Capital (as defined below) as calculated immediately prior to the closing of such transaction. An “Accelerated
Liquidity Event” means a transaction or a series of related transactions pursuant to which the Corporation would (a) sell
all or substantially all of its assets or (b) engage in a merger, consolidation or statutory share exchange with one or more entities
in which all or substantially all of the shares of its common stock then outstanding are converted into cash or securities of another
entity. Potential acquirers could include other business development companies and entities that are not business development companies,
in each case, that are advised by the Adviser or its affiliates or by unaffiliated third parties. However, any Accelerated Liquidity
Event must (a) be approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to
be cast on the matter and (b) give stockholders of the Corporation the option to receive consideration, in the form of cash, in
an amount per share that is not less than the net asset value per share of the Corporation held by such investor as of the closing of
the Accelerated Liquidity Event. For the avoidance of doubt, an Accelerated Liquidity Event does not include an initial public offering
or listing on a national securities exchange of the shares of the Corporation. “Adjusted Capital” means the net
asset value of the Corporation calculated immediately prior to the Accelerated Liquidation Event in accordance with U.S. generally accepted
accounting principles less unrealized capital appreciation that would have been subject to the Capital Gain Incentive Fee had capital
gain been recognized on the transfer of such assets in the Accelerated Liquidity Event. In no event shall the amount payable under the
Subordinated Liquidation Incentive Fee (together with the aggregate amount of any previously paid Capital Gain Incentive Fees) exceed
the maximum amount payable to the Adviser under Section 205 of the Investment Advisers Act.

 

The Subordinated Liquidation
Incentive Fee shall not be subject to the Incentive Fee Cap.

 

    A-3

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