Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 4 TO LOAN FINANCING
AND SERVICING AGREEMENT, dated as of June 24, 2022 (this “Amendment”), among GBDC 3 Funding LLC, as borrower (the
 “Borrower”), Golub Capital BDC 3, Inc., as servicer (the “Servicer”), Deutsche Bank AG, New York
Branch (“DBNY”), as facility agent (in such capacity, the “Facility Agent”), as agent (in such
capacity, an “Agent”) and as a committed lender (in such capacity, a “Lender”) and Deutsche Bank
Trust Company Americas, as collateral agent (in such capacity, the “Collateral Agent”) and as collateral custodian
(in such capacity, the “Collateral Custodian”).

 

WHEREAS, the Borrower, Golub
Capital BDC 3, Inc., as equityholder, the Servicer, the Collateral Agent and the Collateral Custodian, the Facility Agent and each Agent
and Lender party thereto are party to the Loan Financing and Servicing Agreement, dated as of September 10, 2019 (as amended, supplemented,
amended and restated and otherwise modified from time to time, the “Loan Agreement”); and

 

WHEREAS, the Borrower, the
Servicer, the Facility Agent, the Collateral Agent, the Collateral Custodian and the Lenders have agreed to amend the Loan Agreement
in accordance with Section 17.2 of the Loan Agreement and subject to the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

Definitions

 

SECTION 1.1.           
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.

 

ARTICLE
II

 

Amendments

 

SECTION 2.1.           
Amendments to the Loan Agreement. The Loan Agreement is hereby amended to delete the stricken text (indicated textually
in the same manner as the following example: stricken text) and to add the bold and
double-underlined text (indicated textually in the same manner as the following example: bold
and double underlined text) as set forth on the pages of the Loan Agreement attached as Exhibit A hereto.

 

    1

     

    

 

ARTICLE
III

 

Conditions to Effectiveness

 

SECTION 3.1.           
This Amendment shall become effective as of the date first written above upon the satisfaction of the following conditions:

 

(a)              
the execution and delivery of this Amendment by each party hereto;

 

(b)              
the Facility Agent’s receipt of the legal opinion of Dechert LLP, counsel for the Borrower, in form and substance reasonably
satisfactory to the Facility Agent covering such matters as the Facility Agent may reasonably request;

 

(c)              
a good standing certificate of the Borrower from its jurisdiction of formation and a copy of the resolutions of the Borrower approving
this Amendment and the transactions contemplated hereby; and

 

(d)              
 all fees (including reasonable and documented fees, disbursements and other charges of external counsel to the extent invoiced
one Business Day prior to the date hereof) due to the Lenders on or prior to the effective date of this Amendment have been paid in full.

 

ARTICLE
IV

 

Representations and Warranties

 

SECTION 4.1.           
The Borrower hereby represents and warrants to the Facility Agent that, as of the date first written above, (i) no Event of Default,
Unmatured Event of Default, Servicer Default or Unmatured Servicer Default has occurred and is continuing and (ii) the representations
and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other
than any representation and warranty that is made as of a specific date).

 

ARTICLE
V

 

Miscellaneous

 

SECTION 5.1.           
Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 5.2.           
Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

    2

     

    

 

SECTION 5.3.           
Ratification. Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect.

 

SECTION 5.4.           
Counterparts; Electronic Execution. The parties hereto may sign one or more copies of this Amendment in counterparts, all
of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile
or email transmission shall be effective as delivery of a manually executed counterpart hereof. The parties agree that this Amendment
may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Amendment are the same as
handwritten signatures for the purposes of validity, enforceability and admissibility.

 

SECTION 5.5.           
Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

SECTION 5.6.           
Collateral Agent and Collateral Custodian. Each of the Borrower, the Lender, the Administrative Agent, and the Servicer
hereby consents to and directs the Collateral Agent and Collateral Custodian to execute this Amendment and acknowledges and agrees that
the Collateral Agent and Collateral Custodian shall be entitled to all of their rights, benefits, protections and indemnities set forth
in the Loan Financing and Servicing Agreement.

 

[Signature pages follow]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

	 	GBDC 3 FUNDING LLC, as Borrower
	 	 
	 	By: Golub Capital BDC 3, Inc., as designated
    manager
	 	 
	 	By: 	/s/
    Christopher C. Ericson
	 	Name: Christopher C. Ericson
	 	Title: Chief Financial Officer

 

[Signature Page to Amendment
to LFSA]

 

     

     

    

 

	 	GOLUB CAPITAL BDC 3, INC., as Servicer
	 	 
	 	By: 	/s/
    Christopher C. Ericson
	 	Name: Christopher C. Ericson
	 	Title: Chief Financial Officer

 

[Signature Page to Amendment
to LFSA]

 

     

     

    

 

	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
    

    as Facility Agent
	 	 
	 	By:	/s/
    Andrew Goldsmith
	 	 	Name:	Andrew Goldsmith
	 	 	Title: 	Director
	 	 
	 	By:	/s/
    Thorben A. Wedderien
	 	 	Name: 	Thorben A. Wedderien
	 	 	Title: 	Vice President

 

	 	DEUTSCHE BANK AG, NEW YORK BRANCH, 

    as an Agent and as a Committed Lender
	 	 
	 	By:	/s/
    Andrew Goldsmith
	 	 	Name:	Andrew Goldsmith
	 	 	Title: 	Director
	 	 
	 	By:	/s/
    Thorben A. Wedderien
	 	 	Name: 	Thorben A. Wedderien
	 	 	Title: 	Vice President

 

[Signature Page to Amendment
to LFSA]

 

     

     

    

  

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

    as Collateral Agent and as Collateral Custodian
	 	 
	 	By: 	/s/
    Cindy Lai
	 	 	Name: 	Cindy Lai
	 	 	Title: 	Assistant Vice President
	 	 
	 	By:	/s/
    Kathleen Gannaway
	 	 	Name: 	Kathleen Gannaway
	 	 	Title: 	Director

 

[Signature Page to Amendment
to LFSA]

 

     

     

    

 

Exhibit A

 

CONFORMED LOAN FINANCING
AND SERVICING AGREEMENT

 

     

     

    

 

EXECUTION VERSION

 

Conformed through Amendment No. 34
to LFSA, dated January 10June
24, 2022

 

LOAN FINANCING
AND SERVICING AGREEMENT

 

dated as
of September 10, 2019

 

GBDC 3 FUNDING
LLC,

as Borrower

 

GOLUB CAPITAL
BDC 3, INC.,

as Equityholder
and as Servicer,

 

THE LENDERS
FROM TIME TO TIME PARTIES HERETO,

 

DEUTSCHE
BANK AG, NEW YORK BRANCH,

as Facility
Agent

 

THE OTHER
AGENTS PARTIES HERETO,

 

EACH OF
THE ENTITIES FROM TIME TO TIME PARTY HERETO AS SECURITIZATION

SUBSIDIARIES,

 

and

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS, 

as Collateral Agent and as Collateral Custodian

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I	DEFINITIONS	1
	 	 	 
	Section
    1.1	Defined
    Terms	1
	Section
    1.2	Other Definitional
    Provisions	63
	 	 	 
	ARTICLE
    II	THE FACILITY, ADVANCE PROCEDURES AND
    NOTES	64
	 	 	 
	Section
    2.1	Advances	64
	Section
    2.2	Funding
    of Advances	65
	Section
    2.3	Notes	67
	Section
    2.4	Repayment
    and Prepayments	67
	Section
    2.5	Permanent
    Reduction of Facility Amount	68
	Section
    2.6	Extension
    of Revolving Period	68
	Section
    2.7	Calculation
    of Discount Factor	68
	Section
    2.8	Increase
    in Facility Amount	70
	Section
    2.9	Defaulting
    Lenders	70
	Section
    2.10	Borrowing
    Base Deficiency Payments	72
	 	 	 
	ARTICLE
    III	YIELD, UNDRAWN FEE, ETC.	72
	 	 	 
	Section
    3.1	Yield and
    Undrawn Fee	72
	Section
    3.2	Yield and
    Undrawn Fee Distribution Dates	73
	Section
    3.3	[Reserved]	73
	Section
    3.4	Computation
    of Yield, Fees, Etc.	73
	 	 	 
	ARTICLE
    IV	PAYMENTS; TAXES	73
	 	 	 
	Section
    4.1	Making of
    Payments	73
	Section
    4.2	Due Date
    Extension	74

 

    -i-

     

    

 

LOAN FINANCING
AND SERVICING AGREEMENT

 

THIS
LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of September 10, 2019, among GBDC 3 FUNDING LLC, a Delaware limited
liability company (the “Borrower”), GOLUB CAPITAL BDC 3, INC., a Maryland corporation,
as equityholder (in such capacity, together with its successors and permitted assigns in such capacity, the “Equityholder”)
and as servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”),
each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for each LENDER GROUP (as hereinafter defined) from time
to time parties hereto (each such party, in such capacity, together with their respective successors and permitted assigns in such capacity,
an “Agent”), EACH OF THE ENTITIES FROM TIME TO TIME PARTY HERETO AS SECURITIZATION SUBSIDIARIES, (each as hereinafter
defined), DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and DEUTSCHE
BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such capacity, the
 “Facility Agent”).

 

RECITALS

 

WHEREAS,
the Borrower desires that each Lender extend financing on the terms and conditions set forth herein and also desires to retain the Servicer
to perform certain servicing functions related to the Collateral Obligations (as defined herein) on the terms and conditions set forth
herein; and

 

WHEREAS,
each Lender desires to extend financing on the terms and conditions set forth herein and the Servicer desires to perform certain servicing
functions related to the Collateral Obligations on the terms and conditions set forth herein.

 

NOW,
THEREFORE, based upon the foregoing Recitals, the premises and the mutual agreements herein contained, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1 Defined
Terms. As used in this Agreement, the following terms have the following meanings:

 

“1940 Act” means the
Investment Company Act of 1940.

 

“Account”
means the Unfunded Exposure Account, the Principal Collection Account and the Interest Collection Account, together with any sub-accounts
deemed appropriate or necessary by the Securities Intermediary, for convenience in administering such accounts.

 

     

     

    

 

“Affiliate”
means, when used with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with such Person. For the purposes of this definition, “control,” when used with
respect to any specified Person, means the power to vote more than 50% of the voting securities of such Person or to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and
the term “controlled” has a correlative meaning to the foregoing; provided that the term Affiliate shall not include
any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor.

 

“Agent”
has the meaning set forth in the Preamble.

 

“Aggregate
Eligible Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation
Amounts for all Eligible Collateral Obligations.

 

“Aggregate
Funded Spread” means, as of any date of determination, the sum of: (a) in the case of each Eligible
Collateral Obligation that bears interest at a spread over a London interbank offered rate based
indexan
Applicable Interest Rate, (iI)(x)
the stated interest rate spread (including
any applicable spread adjustments thereto) on each such Collateral Obligation above such index
, plus (y) the greater
of (i) such index or (ii) such floor minus (z) the Applicable Interest Rate for such applicable period of time multiplied
by (ii II)
the outstanding principal amount of each such Collateral Obligation, plus (b) in the case of each Eligible Collateral Obligation
that bears interest at a spread over an index other than a London interbank offered rate based
index, (A) the excess for each such Collateral Obligation of the sum of such spread for each such Collateral Obligation and such index
for each such Collateral Obligation over the Applicable Interest Rate for such applicable period of time (which spread or excess may
be expressed as a negative percentage) multiplied by (B) the outstanding principal amount ofan
Applicable Interest Rate, (I)(x) the stated interest spread (including any applicable spread adjustments thereto) on each
such Collateral Obligation  above
such index, plus (c) iny)
the casegreater
of each Eligible Collateral Obligation that is a Fixed
Rate Collateral Obligation, (x) the interest rate for such Collateral Obligation(i)
such index or (ii) such floor minus (z)
the then-applicable Applicable
Interest Rate of a period matching the term to maturity offor
such Eligible
Collateral Obligation multiplied by
(y, provided,
that, Applicable Interest Rate for purposes of this clause (b) shall be determined based on the currency in which such Eligible Collateral
Obligation is denominated for such applicable period of time, multiplied by (II) the outstanding
principal amount of each such Collateral Obligation. For purposes of calculating the Aggregate Funded Spread, the stated interest rate
of a Deferrable Collateral Obligation will be excluded from such calculation to the extent any Loan Party or the Servicer has actual
knowledge that such payment of interest will not be made by the Obligor thereof during the applicable period or such payment of interest
is not actually paid in cash.

 

“Aggregate
Notional Amount” means, as of any date of determination, an amount equal to the sum of the notional amounts or equivalent amounts
of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date.

 

-3-

 

     

     

    

 

“Aggregate
Unfunded Amount” means, as of any date of determination, the sum of the unfunded commitments and all other standby or contingent
commitments associated with each Variable Funding Asset included in the Collateral as of such date. The Aggregate Unfunded Amount shall
not include any commitments under Variable Funding Assets that have expired, terminated or been reduced to zero, and shall be reduced
concurrently (and upon notice thereof to the Facility Agent) with each documented reduction in commitments of the Borrower under such
Variable Funding Assets.

 

“Aggregate
Unfunded Equity Amount” means, as of any date of determination, the sum of the Unfunded Exposure Equity Amounts of each Revolving
Loan and Delayed Drawdown Loan included in the Collateral as of such date.

 

“Agreement”
means this Loan Financing and Servicing Agreement (including each annex, exhibit and schedule hereto).

 

“AIF” has the meaning
given to the term under the AIFMD.

 

“AIFM” has the meaning
given to the term under the AIFMD.

 

“AIFMD”
means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending
Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as the same may be amended, supplemented,
superseded or re-adopted from time to time (whether with or without qualification).

 

“Alternate
Base Rate” means a fluctuating rate per annum as shall be in effect from time to time,
which rate shall be at all times equal to the highest of:

 

		(a)	the rate of interest announced
                                            publicly by DBNY in New York, New York, from time to time as DBNY’s base commercial
                                            lending rate;

 

		(b)	1⁄2 of one percent above the Federal
                                            Funds Rate; and

 

		(c)	0.

 

“Amount
Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections
with respect to the related CollectionAccrual
Period (excluding any Collections necessary to settle the acquisition of Eligible Collateral
Obligations), plus (b) any investment income earned on amounts on deposit in the Collection Account since the immediately prior
Distribution Date (or since the Effective Date in the case of the first Distribution Date).

 

“Anti-Bribery and Corruption Laws”
has the meaning set forth in Section 9.31(a).

 

“Anti-Money Laundering Laws”
has the meaning set forth in Section 9.30(b).

 

-4-

 

     

     

    

 

“Applicable
Banking Law” means, for any Person, all existing and future laws, rules, regulations and executive orders in effect from time
to time applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption, the funding
of terrorist activities and money laundering, including the Anti-Money Laundering Laws, the U.S. Foreign Corrupt Practices Act, the U.K.
Bribery Act, other applicable anti-bribery and corruption legislation, and Section 326 of the USA Patriot Act.

 

“Applicable
Conversion Rate” means, with respect to an Eligible Currency other than Dollars (x) for an actual currency exchange, the applicable
currency Dollar spot rate obtained by the Servicer or (y) for all other purposes, the applicable currency Dollar spot rate that appeared
on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, (1) other
than in connection with the calculation of the Undrawn Fee, at the end of the immediately preceding Business Day and (2) in connection
with the calculation of the Undrawn Fee, the immediately preceding Determination Date.

 

“Applicable
Exchange Rate” means with respect to any Collateral Obligation denominated and payable in an Eligible Currency other than Dollars
on any day, the lesser of (a) the applicable currency-Dollar spot rate used by the Borrower (as determined by the Servicer) to acquire
such currency on the related Cut-Off Date and (b) the Applicable Conversion Rate for such currency.

 

“Applicable
Interest Rate” means (a) with respect to any Collateral Obligation denominated in CAD, the CDOR
Rate, (b) with respect to any Collateral Obligation denominated in Euro, the EURIBOR Rate, (c) with respect to any Collateral Obligation
denominated in AUD, the BBSW Rate, (d) with respect to any Collateral Obligation denominated in GBP, the sum of (i) Daily Simple SONIA
and (ii) the SONIA Adjustment, and (e) with respect to any other Collateral Obligation, the LIBOR
RateTerm
SOFR.

 

“Applicable
Law” means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations),
statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and published interpretations by any Official Body
applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative,
judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

“Applicable
Margin” means (i) during the Revolving Period, 2.002.15%
per annum and (ii) thereafter, 2.252.40%
per annum; provided that on and after the occurrence and continuation of any Event of Default and (other than in the case of an
Event of Default pursuant to clauses (a), (d), (e), (f), (j) or (q) of Section 13.1) notice from the Facility Agent to the Borrower,
the “Applicable Margin” shall be increased by 2.00% per annum; provided that upon delivery of such notice (if required),
the Applicable Margin shall be retroactively increased from the date on which such Event of Default occurred.

 

“Appraised
Value” means, with respect to any Asset Based Loan, the most recently calculated appraised value of the pro rata portion
of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm.

 

-5-

 

     

     

    

 

“AUD
Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with
Article XV) in the capacity of an “AUD Lender”.

 

“Available Funds” has
the meaning set forth in Section 17.12.

 

“Average
Life” means, as of any day with respect to any Collateral Obligation, the quotient obtained by
dividing (i) the sum of the products of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day
to the respective dates of each successive Scheduled Collateral Obligation Payment of principal on such Collateral Obligation (assuming,
for purposes of this definition, the full exercise of any option to extend the maturity date or otherwise lengthen the maturity schedule
that is exercisable without the consent of the Borrower) multiplied by (b) the respective amounts of principal of such Scheduled
Collateral Obligation Payments by (ii) the sum of all successive Scheduled Collateral Obligation Payments of principal on such Collateral
Obligation.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any
liability of an Affected Financial Institution.

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

“Bankruptcy
Code” means the United States Bankruptcy Code, 11 U.S.C. § 101, et seq.

 

“Base
Rate” for any Advance means a rate per annum equal to (a) with respect to any Advance denominated
in CAD, the CDOR Rate, (b) with respect to any Advance denominated in Euro, the EURIBOR Rate, (c) with respect to any Advance denominated
in AUD, the BBSW Rate, (d) with respect to any Advance denominated in GBP, the sum of (i) Daily Simple SONIA and (ii) the SONIA Adjustment,
and (e) with respect to any other Advance, the LIBOR RateTerm
SOFR for such Advance or portion thereof; provided,
that in the case of

 

(a)
any day on or after the first day on which a Committed Lender shall have notified the Facility Agent that the introduction of or any
change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that
it is unlawful, for such Committed Lender to fund such Advance at the Base Rate set forth above (and such Committed Lender shall not
have subsequently notified the Facility Agent that such circumstances no longer exist), or

 

(b)
any period in the event the LIBOR RateTerm
SOFR is not reasonably available to any Lender for such period,

 

-7-

 

     

     

    

 

the “Base Rate”
shall be a floating rate per annum equal to the Alternate Base Rate in effect on each day of such period.

 

“Basel
III Regulation” means, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person
and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of
the Bank of International Settlements: (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring
(December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel
III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying
or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement
(whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles
set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented
or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part
6 of the European Union regulation 575/2013 on prudential requirements for credit institutions and investment firms (the “CRR”)
and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR.

 

“BBSW
Rate” means, forwith
respect to any day during the Accrual
Period, the greater of (a) 0.0% and (b) the average rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) applicable
to bankers’ acceptances for a term equivalent to three (3) months appearing on the Bloomberg Professional Service (or any successor
thereto) BBSW ScreenBank
Bill Swap Reference Bid Rate as of 10:00 a.m. (Sydney, Australia time), on the
first day of such dayAccrual
Period, or if such date is not a Business Day, then on the immediately preceding Business Day;
provided, however, if such rate does not appear on the Bloomberg Professional Service (or any successor thereto) BBSW
ScreenBank
Bill Swap Reference Bid Rate as contemplated, then the BBSW Rate on any date shall be calculated
as the arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Sydney, Australia time) on such day by the Facility Agent on
the basis of the discount amount at which the Facility Agent is then offering to purchase AUD denominated bankers’ acceptances
that have a comparable aggregate face amount to the Advances outstanding in AUD and the same term to maturity as three (3) months, or
if such date is not a Business Day, then on the immediately preceding Business Day. Notwithstanding the foregoing, if the BBSW Rate ceases
to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility
Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references
herein to the BBSW Rate (and any associated terms and provisions) with any alternative floating reference rate (and any associated terms
and provisions) that is then being generally used in Australian credit markets for similar types of facilities (including collateralized
loan obligation transactions).

 

“BDC Parent”
means Golub Capital BDC 3, Inc., in its capacity as a holder of membership interests in the Borrower.

 

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“Borrowing
Base Deficiency” means, as of any date of determination, an amount equal to, with respect to the Borrowing Base, the greater
of (i) zero and (ii) the difference of the aggregate Advances Outstanding on such date over the Borrowing Base.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in
New York, New York or the city in which the offices of the Collateral Agent or Collateral Custodian are located are authorized or obligated
by law, executive order or government decree to remain closed; provided that when
used in connection with any interest rate setting as to an Advance determined by reference to the Applicable Interest Rate, any fundings,
disbursements, settlements and payments in respect of any such Advance, or any other dealings to be carried out pursuant to this Agreement
in respect of any such Advance, the term “Business Day” shall also
exclude any day on which banks are not open for dealings (i)
in Dollar or GBP deposits
in the London interbank market (when used in connection with the LIBOR Rate or SONIA), (ii) in
Euro depositsapplicable
Eligible Currency in the Euro-zoneapplicable
interbank market (when used in connection with the EURIBOR
Rate), (iii) in AUD deposits in Sydney, Australia (when used in connection with the BBSW Rate) or (iv) in CAD deposits in Toronto, Canada
(when used in connection with the CDOR Rate). All references to any “day” or any particular day of any “calendar month”
shall mean calendar day unless otherwise specified.

 

“CAD” means the lawful
currency of Canada.

 

“CAD Advance” means each
Advance made in CAD.

 

“CAD
Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with Article XV) in the capacity
of a “CAD Lender”.

 

“Capital
Lease Obligations” means, with respect to any entity, the obligations of such entity to pay rent
or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital leases on a balance sheet of such entity under GAAP, and
the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Capped
Fees/Expenses” means, at any time, the Collateral Agent Fees and Expenses and the Collateral Custodian
Fees and Expenses, in an aggregate amount not to exceed $100,000 in any calendar year.

 

“Cause”
means, with respect to an Independent Member, (i) acts or omissions by such Independent Member that constitute willful disregard of such
Independent Member’s duties as set forth in the Borrower’s Constituent Documents, (ii) that such Independent Member has engaged
in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent
Member, (iii) that such Independent Member is unable to perform his or her duties as Independent Member due to death, disability or incapacity,
or (iv) that such Independent Member no longer meets the definition of “Independent Member”.

 

-10-

 

     

     

    

 

“CDOR
Rate” means, forwith
respect to any day during the Accrual
Period, the greater of (a) 0.0% and (b) the average rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%)
applicable to bankers’ acceptances for a term equivalent to three (3) months appearing on the Bloomberg Professional Service (or
any successor thereto) CDOR ScreenCanadian
Dealer Offered Rate as of 10:00 a.m. (Toronto time), on the
first day of such dayAccrual
Period, or if such date is not a Business Day, then on the immediately preceding Business Day;
provided, however, if such rate does not appear on the Bloomberg Professional Service (or any successor thereto) CDOR
ScreenCanadian
Dealer Offered Rate as contemplated, then the CDOR Rate on any date shall be calculated as the
arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Toronto time) on such day by the Facility Agent on the basis of the
discount amount at which the Facility Agent is then offering to purchase CAD denominated bankers’ acceptances that have a comparable
aggregate face amount to the Advances outstanding in CAD and the same term to maturity as three (3) months, or if such date is not a
Business Day, then on the immediately preceding Business Day. Notwithstanding the foregoing, if the CDOR Rate ceases to exist or is reasonably
expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility Agent may (and such parties
will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references herein to the CDOR Rate
(and any associated terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that
is then being generally used in Canadian credit markets for similar types of facilities (including collateralized loan obligation transactions).

 

“Change
of Control” means the occurrence and continuation of any of the following: (a) the management
agreement between GC Advisors LLC and Golub Capital BDC 3, Inc. (or any successor thereof) shall fail to be in full force and effect;
(b) the creation or imposition of any Lien on any limited liability company membership interest in the Borrower; (c) the failure by the
Equityholder to own 100% of the limited liability company membership interests in the Borrower; or (d) the dissolution, termination or
liquidation (which shall not include a merger in accordance with Section 7.5(i)) in whole or in part, transfer or other disposition,
in each case, of all or substantially all of the assets of, Golub Capital BDC 3, Inc.

 

“Charges”
means (i) all federal, state, county, city, municipal, local, foreign or other governmental Taxes (including Taxes owed to the PBGC at
the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims of statutory lienholders,
the nonpayment of which could give rise by operation of law to a Lien on the Collateral Obligations or any other property of the Borrower
and (iii) any such taxes, levies, assessment, charges or claims which constitute a Lien or encumbrance on any property of the Borrower.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
has the meaning set forth in Section 12.2.

 

“Collateral
Agent” means Deutsche Bank Trust Company Americas, solely in its capacity as collateral agent
hereunder, together with its successors and permitted assigns in such capacity.

 

-11-

 

     

     

    

 

and continuation statements (including
amendments or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect
of such Collateral Obligation or evidence that such financing statements have been submitted for filing, in each case only to the extent
reasonably available to the Servicer, and (iv) any other document included on the related Document Checklist that is reasonably requested
by any Agent and reasonably available to the Servicer.

 

“Collateral
Obligation Schedule” means the list of Collateral Obligations set forth on Schedule 3,
as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time.

 

“Collateral
Quality Tests” means, collectively or individually as the case may be, the Minimum Diversity Test,
the Minimum Weighted Average Spread Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test; provided
that none of the foregoing tests shall be applicable until the date that is 120 days after the Effective Date.

 

“Collection
Account” means, collectively, the Principal Collection Account and the Interest Collection Account.

 

“Collection
Period” means, with respect to the first Distribution Date, the period from and including the Effective Date
to and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination
Date preceding the previous Distribution Date to and including the Determination Date preceding the current Distribution Date, or with
respect to the final Collection Period, the Facility Termination Date.

 

“Collections”
means the sum of all Interest Collections and all Principal Collections received with respect to the Collateral.

 

“Commercial
Paper Rate” for Advances means, to the extent a Conduit Lender funds such Advances by issuing commercial paper, the sum of
(i) the weighted average of the rates at which commercial paper notes of such Conduit Lender issued to fund such Advances (which shall
include commissions of placement agents and dealers, incremental carrying costs incurred with respect to its commercial paper maturing
on dates other than those on which corresponding funds are received by the Conduit Lender and costs or other borrowings by the Conduit
Lender (other than under any related support facility)) may be sold by any placement agent or commercial paper dealer selected by such
Conduit Lender, as agreed in good faith between each such agent or dealer and such Conduit Lender; provided, that if the rate
(or rates) as agreed between any such agent or dealer and such Conduit Lender for any Advance is a discount rate (or rates), then such
rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from converting such discount rate (or
rates) to an interest-bearing equivalent rate per annum plus, without duplication (ii) any and all reasonable costs and expenses
of any issuing and paying agent or other Person responsible for the administration of such Conduit Lender’s commercial paper program
in connection with the preparation, completion, issuance, delivery or payment of commercial paper issued to fund the making or maintenance
of any Advance. Each Conduit Lender shall notify the Facility Agent and the Borrower of its Commercial Paper Rate applicable to any Advance
promptly after the determination thereof.

 

-13-

 

     

     

    

 

 

		(a)	unless such Collateral
                                            Obligation is, as of the related Cut-Off Date, a Specified First Lien Loan, the Facility
                                            Agent in its sole discretion has delivered an Asset Approval Notice with respect to such
                                            Collateral Obligation;

 

		(b)	as of the related Cut-Off
                                            Date such Collateral Obligation is not a Defaulted Collateral Obligation;

 

		(c)	such Collateral Obligation
                                            is not an Equity Security and is not convertible into an Equity Security;

 

		(d)	such Collateral Obligation is not a Structured
                                            Finance Obligation;

 

		(e)	such Collateral Obligation is denominated
                                            in an Eligible Currency and is not convertible by the Obligor thereof into any currency other
                                            than such Eligible Currency;

 

		(f)	such Collateral Obligation
                                            is not a single-purpose real estate based loan (unless the related real estate is a hotel,
                                            casino or other operating company), a construction loan or a project finance loan;

 

		(g)	such Collateral Obligation is not a lease
                                            (including a financing lease);

 

		(h)	as of the related Cut-Off Date, if such
                                            Collateral Obligation is a Deferrable Collateral Obligation,
                                            it provides for periodic payments of interest thereon in cash no less frequently than semi-annually
                                            and the portion of interest required to be paid in cash under the terms of the related Underlying
                                            Instruments results in the outstanding principal amount of such Collateral Obligation having
                                            an effective rate of current interest paid in cash on such day of not less than (i) if such
                                            Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 2.5% per annum over
                                            the LIBOR RateTerm
                                            SOFR or (ii) otherwise, 2.5% per annum over the applicable
                                            index rate;

 

		(i)	[reserved];

 

		(j)	such Collateral Obligation is not incurred
                                            or issued in connection with a merger, acquisition, consolidation, sale of all or substantially
                                            all of the assets of a Person, restructuring or similar transaction, which obligation or
                                            security by its terms is required to be repaid within one year of the incurrence thereof
                                            with proceeds from additional borrowings or other refinancings (other than any additional
                                            borrowing or refinancing if one or more financial institutions has provided the issuer of
                                            such obligation or security with a binding written commitment to provide the same, so long
                                            as (i) such commitment is equal to the outstanding principal amount of such Collateral Obligation
                                            and (ii) such committed replacement facility has a maturity of at least one year and cannot
                                            be extended beyond such one year maturity pursuant to the terms thereof);

 

		(k)	such Collateral Obligation
                                            is not a trade claim and the value of such Collateral Obligation is not primarily derived
                                            from an insurance policy;

 

		(l)	such
                                            Collateral Obligation is not a bond or a Floating Rate Note;

 

-21-

 

     

     

    

 

and not delinquent under
Section 4007 of ERISA); or (m) the Borrower or any ERISA Affiliate commits any act (or omission) which could give rise to the imposition
of fines, penalties, taxes, or related charges under ERISA or the Code.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.

 

“EU
Securitization Regulation” means Regulation (EU) 2017/2402 (as amended by Regulation (EU) 2021/557); and, except as otherwise
stated, means such Regulation as further amended from time to time.

 

“EU
Securitization Rules” means (a) the EU Securitization Regulation; and (b) all regulatory technical standards and implementing
technical standards in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to
the EU Securitization Regulation and, in each case, any official binding guidance published in relation thereto by the European Supervisory
Authorities and/or the European Commission, in each case as amended and in effect from time to time.

 

“EURIBOR
Rate” means, forwith
respect to any day during the Accrual
Period, the greater of (a) 0.0% and (b) the rate per annum shown by the Reuters Screen (or any applicable successor page) that
displays an average European Money Markets Institute Settlement Rate for deposits in Euros for a period equal to three (3) months as
of 11:00 a.m., Brussels time, for such day or, if such day is not atwo
(2) Business Day,Days
prior to the immediately preceding Business Dayfirst
day of such Accrual Period; provided,
that in the event no such rate is shown, the EURIBOR Rate shall be the rate per annum based on the
rates at which Euro deposits for a period equal to three (3) months are displayed on page “EURIBOR” of the Reuters Screen
(or any applicable successor page) for the purpose of displaying Euro interbank offered rates of major banks as of 11:00 a.m., Brussels
time, fortwo
Business Days prior to the first day of such dayAccrual
Period (it being understood that if at least two such rates appear on such page, the rate will
be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such rates are displayed,
or if no such rate is relevant, the EURIBOR Rate shall be a rate per annum at which deposits in Euros are offered by the principal
office of the Facility Agent in Brussels, Belgium to prime banks in the euro interbank market at 11:00 a.m. (Brussels time) two
Business Days before the first day of such Accrual Period for delivery
on such first
day and for a period equal to three (3) months. Notwithstanding the foregoing, if the EURIBOR
Rate ceases to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and
the Facility Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement to
replace references herein to the EURIBOR Rate (and any associated terms and provisions) with any alternative floating reference rate
(and any associated terms and provisions) that is then being generally used in European credit markets for similar types of facilities
(including collateralized loan obligation transactions).

 

“Euro”,
 “Euros”, “euro” and “€” mean the lawful currency of the member states
of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community,
as amended from time to time; provided, that if any member state or states ceases to have such single currency as its lawful currency
(such member

 

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Amounts in excess of 10% of the
Excess Concentration Measure and (y) the “Oil, Gas and Consumable Fuels”, “Gas Utilities”, “Independent
Power and Renewable Electricity Producers”, “Energy, Equipment and Services” and “Metals and Mining” S&P
Industry Classifications, which may not have Collateral Obligations with Collateral Obligation Amounts in excess of 10% of the Excess
Concentration Measure, in the aggregate) over 20% of (x) during any Conditional Ramp-Up Period, the Target Portfolio Amount and (y) otherwise,
the Excess Concentration Measure; provided, that the sum of the Collateral Obligation Amounts of all Collateral Obligations with
an Obligor in any S&P Industry Classification in excess of all other S&P Industry Classifications may be up to 25% of (x) during
any Conditional Ramp-Up Period, the Target Portfolio Amount and (y) otherwise, the Excess Concentration Measure;

 

(d)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Fixed Rate Collateral Obligations
that are not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over 10% of the Excess Concentration Measure;

 

(e)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations with a primary Obligor Domiciled in
(i) a jurisdiction other than the United States or any State thereof over 25% of the Excess Concentration, (ii) the United Kingdom over
20.0% of the Excess Concentration Measure, (iii) in Canada over 15.0% of the Excess Concentration Measure and (iv) any Group I Country,
Group II Country, Group III Country or Tax Jurisdiction, in the aggregate, over 10.0% of the Excess Concentration Measure;

 

(f)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations denominated in an Eligible Currency
(other than Dollars) over 25% of the Excess Concentration Measure;

 

(g)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Variable Funding Assets over
10% of the Excess Concentration Measure;

 

(h)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are DIP Loans over 10% of the
Excess Concentration Measure;

 

(i)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Participation Interests over
5% of the Excess Concentration Measure;

 

(j)
the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that (i) are Deferrable Collateral
Obligations and (ii) provide for current cash pay interest of less than the LIBOR Rateapplicable
base rate in the underlying loan agreement, as applicable, plus 5% (or 5% for Fixed Rate Collateral
Obligations) over 20% of the Excess Concentration Measure; provided, that no more than 10% of the Excess Concentration Measure
can consist of Deferrable Collateral Obligations that provide for current cash pay interest of less than the LIBOR
Rateapplicable
base rate in the underlying loan agreement, as applicable, plus 2.5% (or 2.5% for Fixed Rate Collateral
Obligations); provided further that no more than 5% of the Excess Concentration Measure can consist of Deferrable Collateral

 

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Obligations
that provide for current cash pay interest of less than the LIBOR Rateapplicable
base rate in the underlying loan agreement, as applicable, plus 1% (or 1% for Fixed Rate Collateral
Obligations); provided further that no more than 10% of the Excess Concentration Measure can consist of Collateral Obligations
that were Deferrable Collateral Obligations that provide for current cash pay interest of less than the LIBOR
Rateapplicable
base rate in the underlying loan agreement, as applicable, plus 5% (or 5% for Fixed Rate Collateral
Obligations) as of the applicable Cut-Off Date;

 

(k)
the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are in a Permitted Gaming Industry over 7.5%
of the Excess Concentration Measure; and

 

(l)
the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are in the defense industry (other than a
Prohibited Defense Asset) over 7.5% of the Excess Concentration Measure.

 

“Excess
Concentration Measure” means (A) during the Ramp-up Period, the Target Portfolio Amount and (B)
after the Ramp-up Period, as of any date of determination, the sum of (i) the Aggregate Eligible Collateral Obligation Amount plus
(ii) all amounts on deposit in the Principal Collection Account plus (iii) all amounts on deposit in the Unfunded Exposure
Account.

 

“Excess
Funds” means, as of any date of determination with respect to any Conduit Lender, funds of such Conduit Lender not required,
after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured
and maturing commercial paper notes on such date of such determination and (ii) the principal of and interest on all of its loans outstanding
on such date of such determination.

 

“Excluded
Amounts” means, as of any date of determination, (i) any amount deposited into the Collection
Account with respect to any Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any
Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security, (ii) any interest or
fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person
from whom the Borrower purchased such Collateral Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating
to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of
the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, (v) amounts received in the Collection
Account with respect to any Warranty Collateral Obligation retransferred or substituted for or that is otherwise replaced by a Substituted
Collateral Obligation, or that is otherwise sold or transferred by the Borrower pursuant to Section 9.34(c),
to the extent such amount is attributable to a time after the effective date of such replacement or sale and (vi) any amount deposited
into the Collection Account in error (including any amounts relating to any portion of an asset sold by the Borrower and occurring after
the date of such sale).

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes

 

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imposed on or measured by net
income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being
organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in,
the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of
a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in the Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Obligations
(other than pursuant to Section 17.16) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 4.3, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 4.3(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing
Golub BDC CLO” means (i) each special purpose vehicle (including those structured as total return swaps) approved by the Facility
Agent, (ii) any future borrower under a credit facility or total return swap undertaken by Golub Capital BDC 3, Inc. or an Affiliate
thereof and which has been approved in the sole discretion of the Facility Agent for purposes of this definition or (iii) any future
special purpose vehicles that are wholly or partly owned subsidiaries of Golub Capital BDC 3, Inc. or an Affiliate thereof.

 

“Facility Agent” has
the meaning set forth in the Preamble.

 

“Facility
Amount” means (a) prior to the end of the Revolving Period, $450,000,000750,000,000,
unless this amount is permanently reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event
it means such lower or higher amount and (b) from and after the end of the Revolving Period, the Advances Outstanding.

 

“Facility
Termination Date” means the earliest of (i) the date that is three (3) years after the last day
of the Revolving Period, (ii) the date on which the Equityholder ceases to exist and (iii) the effective date on which the facility hereunder
is terminated pursuant to Section 13.2.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any successor version that is substantively comparable
and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with such sections
of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental agreement.

 

“Federal
Funds Rate” means, for any period, the greater of (a) 0.0% and (b) a fluctuating rate per annum
equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by
the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Facility Agent from three federal funds brokers of recognized standing selected by
it.

 

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“Floating
Rate Note” means a floating rate note issued pursuant to an indenture or equivalent document by a corporation, partnership,
limited liability company, trust or other person that is secured by a first or second priority perfected security interest or lien in
or on specified collateral securing the issuer’s obligations under such note.

 

“Foreign
Currency Advance Amount” means, on any Measurement Date, the equivalent in Dollars of the aggregate principal amount of all
Advances denominated in an Eligible Currency other than Dollars outstanding on such date, in each case after giving effect to all repayments
of Advances and the making of new Advances on such date.

 

“Foreign
Currency Sublimit” means, on any Measurement Date and with respect to any Eligible Currency (other than Dollars), a Dollar
amount equal to the lesser of (a) (i) with respect to each CAD Lender, the sum of each CAD Lender’s Pro Rata Percentage of the
Advances Outstanding, (ii) with respect to each Euro Lender, the sum of each Euro Lender’s Pro Rata Percentage of the Advances,
(iii) with respect to each AUD Lender, the sum of each AUD Lender’s Pro Rata Percentage of the Advances or (iv) with respect to
each GBP Lender, the sum of each GBP Lender’s Pro Rata Percentage of the Advances and (b) 25% of the Facility Amount on such date.

 

“Foreign Lender” means
a Lender that is not a U.S. Person.

 

“Fourth
Amendment Effective Date” means June 24, 2022.

 

“Funding Date” means any Advance Date
or any Reinvestment Date, as applicable.

 

“FX
Evaluation Date” means (a) each Funding Date, (b) each Measurement Date, (c) within five (5) days of each Determination Date;
(d) the date on which any Event of Default occurs and (e) each other date requested by the Agent in its sole discretion.

 

“FX Reallocation Notice” has the meaning
set forth in Section 2.2(d)(ii).

 

“GAAP”
means generally accepted accounting principles in the United States, which are applicable to the circumstances as of any day.

 

“GBP”
means the lawful currency of the United Kingdom.

 

“GBP Advance”
means each Advance made in GBP.

 

“GBP
Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with
Article XV) in the capacity of a “GBP Lender”.

 

“Group I Country” means the Netherlands,
Australia, Japan, Singapore and New Zealand.

 

“Group II Country” means the Germany,
Ireland, Sweden and Switzerland.

 

“Group
III Country” means the Austria, Belgium, Denmark, Finland, France, Luxembourg and Norway.

 

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independent directors,
managers, limited partners and/or members and other corporate services to the applicable Loan Party, the Equityholder or any of their
respective Affiliates in the ordinary course of its business);

 

(c)
a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or

 

(d)
a Person that controls (whether directly, indirectly or otherwise) any of (a),

 

		(b)	or (c) above.

 

“Information”
has the meaning set forth in Section 17.14.

 

“Insolvency Event”
means, with respect to any Person, (a) the entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, winding-up,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present
or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; (b) the commencement
by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the
benefit of creditors, or such Person shall admit in writing its inability to pay its debts as such debts become due, or the taking of
action by such Person in furtherance of any of the foregoing or (c) any analogous procedure or step is taken in any jurisdiction to which
such Person is subject.

 

“Interest
Collection Account” means the collective reference to (i) the segregated, non-interest bearing
securities accounts (within the meaning of Section 8-501 of the UCC) number (a) with respect to Dollars, created and maintained on the
books and records of the Securities Intermediary for the Borrower entitled “USD Interest Collection Account”, (b) with respect
to Euros, created and maintained on the books and records of the Securities Intermediary for the Borrower entitled “EUR Interest
Collection Account”, (c) with respect to GBPs, created and maintained on the books and records of the Securities Intermediary for
the Borrower entitled “GBP Interest Collection Account”, (d) with respect to AUDs, created and maintained on the books and
records of the Securities Intermediary for the Borrower entitled “AUD Interest Collection Account”, (e) with respect to CADs,
created and maintained on the books and records of the Securities Intermediary for the Borrower entitled “CAD Interest Collection
Account” and (f) each sub-account of the Collection Account of each Securitization Subsidiary into which Interest Collections shall
be segregated, and, in each case, is in the name of the Borrower or such Securitization Subsidiary, as applicable, and subject to the
prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section
8.1(a) and (ii) each trust account in the name of the Collateral Agent for the benefit of the applicable

 

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“LIBOR Rate”
means, for any day during the Accrual Period, the greater of (a) 0.0% and (b) the rate per annum shown by the Bloomberg Professional
Service as the Screen Rate for a period equal to three (3) months as of 11:00 a.m., London time, for such day or, if such day is not
a Business Day, the immediately preceding Business Day; provided, that in the event no such
rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which Dollar deposits for a period equal to three
(3) months are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the
LIBOR page on that service for the purpose of displaying Screen Rates of major banks as of 11:00 a. m., London time, for such day (it
being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates);
provided, further, that in the event fewer than two
such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per annum at which deposits in the Eligible
Currency are offered by the principal office of the Facility Agent in London, England to prime banks in the London interbank market at
11:00 a.m. (London time) for such day and for a period equal to three (3) months. Notwithstanding the foregoing, if the LIBOR Rate ceases
to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility
Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement (without the consent
of any other party hereto) to replace references herein to the LIBOR Rate (and any associated terms and provisions) with any alternative
floating reference rate (and any associated terms and provisions) that is then being generally used in U.S. credit markets for similar
types of facilities (including collateralized loan obligation transactions).

 

“Lien”
means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including Tax liens, mechanics’
liens and any liens that attach by operation of law.

 

“Loan”
means any leveraged or commercial loan.

 

“Loan
Party” means, collectively and individually as the context requires, the Borrower and each Securitization Subsidiary party
hereto.

 

“Loan Register”
has the meaning set forth in Section 15.5(a).

 

“Loan Registrar”
has the meaning set forth in Section 15.5(a).

 

“Make-Whole Fee” has the meaning set
forth in the Fee Letter.

 

“Margin
Stock” means “Margin Stock” as defined under Regulation U issued by the Federal Reserve Board.

 

“Material
Action” means an action to institute proceedings to have a Loan Party be adjudicated bankrupt
or insolvent, to file any insolvency case or proceeding, to institute proceedings under any applicable insolvency law, to seek relief
under any law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency proceedings
against a Loan Party or file a petition seeking, or consent to, reorganization or relief with respect to a Loan Party under any applicable
federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator
(or other

 

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“Repurchase
Amount” means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant to Section
9.35 as of any time of determination, the sum of (i) (x) during the Revolving Period, the Collateral Obligation Amount of such Collateral
Obligation multiplied by the Advance Rate for such Collateral Obligation and (y) after the Revolving Period, the Principal Balance
of such Collateral Obligation, (ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage
Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, as required
by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions
in whole or in part in connection therewith.

 

“Repurchased
Collateral Obligation” means, with respect to any CollectionAccrual
Period, any Collateral Obligation as to which the Repurchase Amount has been deposited in the
Collection Account by or on behalf of the applicable Loan Party on or before the immediately prior Reporting Date and any Collateral
Obligation purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection
Account by or on behalf of the Equityholder.

 

“Request
for Release and Receipt” means a form substantially in the form of Exhibit F-2 completed
and signed by the Servicer.

 

“Required
Lenders” means, at any time, (a) Lenders holding Advances aggregating greater than 50% of all
Advances Outstanding or if there are no Advances Outstanding, Lenders holding Commitments aggregating greater than 50% of all Commitments
or (b) the Facility Agent and Lenders holding aggregate Advances equal to 50% of all Advances Outstanding or if there are no Advances
Outstanding, Lenders holding aggregate Commitments equal to 50% of all Commitments; provided that, Advances outstanding owing
to Defaulting Lenders and the commitments of Defaulting Lenders shall be disregarded for purposes of this definition.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means, with respect to (a) the Servicer or any Loan Party, any duly authorized senior
officer of the Servicer or such Loan Party directly responsible for the administration of this Agreement, (b) the Collateral Agent or
Collateral Custodian, any officer within the Corporate Trust Office, including any director, vice president, assistant vice president
or associate having direct responsibility for the administration of this Agreement, who at the time shall be such officers, respectively,
or to whom any matter is referred because of his or her knowledge of and familiarity with the particular subject, or (c) any other Person,
the President, any Vice-President or Assistant Vice-President, Corporate Trust Officer or the Controller of such Person, or any other
officer or employee having similar functions.

 

“Restricted
Information” has the meaning set forth in Section 10.22(b).

 

“Retained Economic
Interest” has the meaning set forth in Section 10.22(a).

 

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B
= the product of (A) the positive difference (if any) of (I) 2.0x of the Aggregate Unfunded Amount minus (II) the Unrestricted
Cash of the Equityholder multiplied by (B) 50%; and

 

C
= the fraction (expressed as a percentage) of the Aggregate Unfunded Equity Amount over the Aggregate Unfunded Amount.

 

“Revolving
Liquidity Test” means a test that will be satisfied on any date of determination if the lowest of (A) the Facility Amount,
(B) the Borrowing Base (calculated assuming a Revolving Liquidity Adjustment Amount of zero) and (C) the Maximum Availability exceeds
the Advances outstanding by an amount at least equal to the Aggregate Unfunded Equity Amount.

 

“Revolving
Loan” means a Collateral Obligation that specifies a maximum aggregate amount that can be borrowed by the related Obligor and
permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Loan.

 

“Revolving
Period” means the period of time starting on the Effective Date and ending on the earliest to
occur of (i) the date that is 42 Months after the Effective Date or, if such date is extended pursuant to Section 2.6, the date
mutually agreed upon by the Borrower and the Facility Agent, (ii) the date on which the Facility Amount is terminated in full pursuant
to Section 2.5 or (iii) the occurrence of an Event of Default and (other than in the case of an Event of Default pursuant to clauses
(a), (d), (e), (f), (j) or (q) of Section 13.1) notice from the Facility Agent to the Borrower.

 

“Sale
Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as seller,
and the Borrower, as purchaser.

 

“Sanctioned Countries” has the meaning
set forth in Section 9.30.

 

“Sanctions” has the meaning set forth
in Section 9.30.

 

“Sanctions Target” has the meaning set
forth in Section 9.30.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SONIA”
means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website; provided that if the sum of Daily Simple SONIA and the
SONIA Adjustment is less than 0.0%, SONIA shall be deemed to be 0.0% for purposes of this Agreement.

 

“SONIA Adjustment”
means, for a period equal to three (3) months, 0.1193% per annum.

 

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“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight
Index Average).

 

“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk,
or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“S&P
Industry Classification” means the industry classifications set forth in Schedule 6, as
such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if S&P publishes revised
industry classifications.

 

“Schedule
of Collateral Obligations” means the list or lists of Collateral Obligations attached to each
Asset Approval Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations,
shall set forth such information with respect to each such Collateral Obligation as the applicable Loan Party or the Facility Agent may
reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment
Requests.

 

“Scheduled
Collateral Obligation Payment” means each periodic installment payable by an Obligor under a Collateral
Obligation for principal, interest and/or unutilized/commitment fees (as applicable) in accordance with the terms of the related Underlying
Instrument.

 

“Screen
Rate” means (a) with respect to Dollar Advances, the London interbank offered rate administered by ICE Benchmark
Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period, (b)
with respect to GBP Advances, the rate equal to the Sterling Overnight Index Average administered by the Bank of England (or any other
person which takes over the administration of that rate), (c) with respect to Euro Advances, the euro interbank offered rate administered
by the Banking Federation of the European Union (or any other person which takes over the administration of that rate) for the relevant
period, (d) with respect to AUD Advances, the rate equal to the Bank Bill Swap Reference Bid Rate (or a comparable or successor rate)
for the relevant time period and (e) with respect to CAD Advances, the rate equal to the Canadian Dealer Offered Rate (or a comparable
or successor rate) for the relevant period.

 

“Second
Lien Loan” means any Loan (a) that is secured by a valid and perfected Lien on substantially all of the Obligor’s assets
constituting Related Property for such Loan, subject only to the prior Lien provided to secure the obligations under a “first lien”
loan and any other Permitted Liens, (b) that, except for the express lien priority provisions under the documentation of the “first
lien” lenders, is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (c) that the Servicer
determines in accordance with the Servicing Standard that the value of the Related Property (or the enterprise value and ability to generate
cash flow) on or about the time of origination equals or exceeds the outstanding balance of the Loan plus the aggregate outstanding balances
of all other Indebtedness of equal or greater seniority secured by the same Related Property (including, without limitation, the outstanding
principal balance of the “first lien” loan).

 

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(b)
any failure on the part of the Servicer (in each case, solely in its capacity as Servicer) duly to observe or perform in any material
respect any other covenants or agreements of the Servicer set forth in this Agreement or the other Transaction Documents to which the
Servicer is a party, which failure continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the
date on which written notice of such failure is given to a Responsible Officer of the Servicer;

 

(c)
the occurrence of an Insolvency Event with respect to the Servicer;

 

(d)
any representation, warranty or certification made by the Servicer (in each case, solely in its capacity as Servicer) in this Agreement
shall prove to have been incorrect when made, which has a Material Adverse Effect and continues to be unremedied for a period of thirty
(30) days (if such failure can be remedied) after the date on which written notice of such event is given to a Responsible Officer of
the Servicer; provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating
to the “eligibility” of any Collateral Obligation if the Borrower complies with Section 9.35 hereof and the Equityholder
complies with its repurchase obligations in the Sale Agreement with respect to such Collateral Obligation;

 

(e)
an Event of Default occurs and is continuing;

 

(f)
(i) the failure of the Servicer to make any payment when due (after giving

 

effect to any related
grace period) under one or more agreements for borrowed money to which it is a party in an aggregate amount in excess of $20,000,000,
individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in or permits the acceleration of
such recourse debt, whether or not waived;

 

(g)
the rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders by a court or arbitrator of competent
jurisdiction for the payment of money in excess of $20,000,000, individually or in the aggregate, and the continuance of such judgment,
decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution;

 

(h)
a Change of Control occurs; or

 

(i)
Golub Capital BDC 3, Inc. or an Affiliate thereof ceases to be the Servicer.

 

“Servicer
Expenses” means any accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity
amounts payable by the Borrower to the Servicer (other than the Servicing Fee) under the Transaction Documents.

 

“Servicing
Fee” means with respect to any Distribution Date, the senior fee payable to the Servicer or successor
servicer (as applicable) for services rendered during the related CollectionAccrual
Period, which shall be equal to one-quarter of the product of (i) 0.50% multiplied by
(ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related
CollectionAccrual
Period; provided that,

 

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approved by the Facility Agent
(in its sole discretion); provided that with respect to clause (g) of the definition of Material Modification, any modification
pursuant to a United States federal government assistance program (e.g., the Paycheck Protection Program) shall not be considered a Specified
Revaluation Event; or

 

(b)
the Leverage Multiple with respect to such Collateral Obligation becomes more than 2.00x higher than the Original Leverage Multiple;
provided that, so long as no other Revaluation Event occurs concurrently, the first such occurrence of a Revaluation Event pursuant
to clause (d) of the definition thereof due to the Leverage Multiple with respect to such Collateral Obligation becoming more than 2.00x
higher than the Original Leverage Multiple shall not constitute a Specified Revaluation Event.

 

“Standard
 & Poor’s” or “S&P” means Standard & Poor’s Ratings
Services, a Standard & Poor’s Financial Services LLC business, and any successor or successors thereto.

 

“Structured
Finance Obligation” means any obligation secured directly by, referenced to, or representing ownership
of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities,
including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage
backed securities or any resecuritization thereof.

 

“Subsidiary”
means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries own,
directly or indirectly, such number of outstanding shares or interests as have more than 50% of the ordinary voting power for the election
of directors, managers or general partners, as applicable.

 

“Substitute
Eligible Collateral Obligation” means each Eligible Collateral Obligation pledged by the Borrower to the Collateral Agent,
on behalf of the Secured Parties, pursuant to Section 9.35.

 

“Substituted
Collateral Obligation” means, with respect to any CollectionAccrual
Period, any Warranty Collateral Obligation with respect to which the Equityholder has substituted
in a Substitute Eligible Collateral Obligation pursuant to Section 9.35 and the Sale Agreement.

 

“Tangible
Net Worth” means, with respect to any Person, the consolidated assets minus the consolidated liabilities
of such Person and its consolidated Subsidiaries calculated in accordance with GAAP after subtracting therefrom the aggregate amount
of the intangible assets of such Person and its consolidated Subsidiaries, including, without limitation, goodwill, franchises, licenses,
patents, trademarks, tradenames, copyrights and service marks; provided that such calculation shall not take into consideration
any market price changes or perceived market price changes.

 

“Target
Portfolio Amount” means $666,000,0001,110,000,000
or such other amount as agreed by the Facility Agent and the Borrower in connection with an increase
in the Facility Amount in excess of $50,000,000.

 

“Tax
Jurisdiction” means the Cayman Islands, Bermuda, Curaçao, St. Maarten, the Channel Islands
or the Bahamas.

 

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“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.

 

“Term
SOFR” means, for any calculation with respect to an Advance in Dollars (other than an Advance bearing interest at the Alternate
Base Rate), the Term SOFR Reference Rate for a tenor of three months on the day (such day, the “Term SOFR Determination Day”)
that is two (2) U.S. Government Securities Business Days prior to the first day of such Accrual Period, as such rate is published by
the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Term SOFR Determination Day the Term
SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Term SOFR Transition Event has
not yet occurred, then solely for such Accrual Period, the Facility Agent may elect to utilized the Term SOFR Reference Rate that was
published by the Term SOFR Administrator on the first preceding U. S. Government Securities Business Day for which such Term SOFR Reference
Rate for such tenor was published by the Term SOFR Administrator or the Base Rate with respect to an Advance in Dollars in its sole discretion;
provided further, that if the sum of Term SOFR is less than 0%, Term SOFR shall be deemed to be 0% for purposes of this Agreement. Notwithstanding
the foregoing, if a Term SOFR Transition Event occurs, the Borrower, the Servicer and the Facility Agent may (and such parties will reasonably
cooperate with each other in good faith in order to) amend this Agreement (without the consent of any other party hereto) to replace
references herein to Term SOFR (and any associated terms and provisions) with any alternative floating reference rate (and any associated
terms and provisions) that is then being generally used in U.S. credit markets for similar types of facilities (including collateralized
loan obligation transactions).

 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference
Rate selected by the Facility Agent in its reasonable discretion, subject to the Servicer’s consent).

 

“Term
SOFR Determination Day” has the meaning set forth in the definition of “Term SOFR” in this Section 1.1.

 

“Term
SOFR Reference Rate” means the forward-looking term rate based on SOFR.

 

“Term
SOFR Transition Event” means, occurrence of one or more of the following events with respect to the Term SOFR, as determined by
the Facility Agent (in consultation with the Servicer): (a) a public statement or publication of information by or on behalf of the Term
SOFR Administrator announcing that it has ceased or will cease to provide Term SOFR, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide Term SOFR; (b) a public statement
or publication of information by the regulatory supervisor of the Term SOFR Administrator, an insolvency official with jurisdiction over
the Term SOFR Administrator, a resolution authority with jurisdiction over the Term SOFR Administrator or a court or an entity with similar
insolvency or resolution authority over the Term SOFR Administrator, which states that the Term SOFR Administrator has ceased or will
cease to provide Term SOFR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor

 

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administrator
that will continue to provide Term SOFR; (c) a public statement or publication of information by the regulatory supervisor for the Term
SOFR administrator announcing that Term SOFR is no longer representative or (d) Term SOFR ceases to exist.

 

“Transaction
Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and Collateral
Custodian Fee Letter, each Fee Letter, the Account Control Agreement, each Securitization Subsidiary Joinder, each Joinder Agreement
and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however,
Underlying Instruments delivered in connection with this Agreement.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to
time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution.

 

“Uncommitted
Lender” means any Conduit Lender designated as an “Uncommitted Lender” for any Lender Group and any of its assignees.

 

“Underlying
Instrument ” means the loan agreement, credit agreement or other customary agreement pursuant to
which a Collateral Obligation has been created or issued and each other agreement that governs the terms of or secures the obligations
represented by such Collateral Obligation or of which the holders of such Collateral Obligation are the beneficiaries.

 

“Undrawn
Fee” means a fee payable pursuant to Section 3.1(b) for each day of the related CollectionAccrual
Period equal to the product of (x) the difference between the aggregate Commitments on
such day minus the Advances Outstanding on such day, multiplied by (y) the Undrawn Fee Rate multiplied by (z) 1/360.

 

“Undrawn Fee
Rate” has the meaning set forth in the Fee Letter.

 

“Unfunded
Exposure Account” means the collective reference to (i) the segregated, non-interest bearing securities accounts (within the
meaning of Section 8-501 of the UCC) number (a) with respect to Dollars, created and maintained on the books and records of the Securities
Intermediary for the Borrower entitled “USD Unfunded Exposure Account”, (b) with respect to Euros, created and maintained
on the books and records of the Securities Intermediary for the Borrower entitled “EUR Unfunded Exposure Account”, (c) with
respect to GBPs, created and maintained on the books and records of the Securities Intermediary for the Borrower entitled “GBP
Unfunded Exposure Account”, (d) with respect to AUDs, created and maintained on the books and records of the Securities Intermediary
for the Borrower entitled “AUD Unfunded

 

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Exposure Account”
and (e) with respect to CADs, created and maintained on the books and records of the Securities Intermediary for the Borrower entitled
 “CAD Unfunded Exposure Account” and, in each case, is in the name of the Borrower and subject to the prior Lien of the Collateral
Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a) and (ii) each trust
account in the name of the Collateral Agent for the benefit of the applicable Securitization Subsidiary and under the sole dominion and
control of the Collateral Agent for the benefit of the Secured Parties.

 

“Unfunded
Exposure Equity Amount” means, as of any date of determination, with respect to any Revolving Loan or Delayed Drawdown Loan
included in the Collateral, an amount equal to (i) the product of (a) Aggregate Unfunded Amount with respect to such Revolving Loan or
Delayed Drawdown Loan multiplied by (b) the difference of (x) 100% minus (y) the lower of the Maximum Portfolio Advance
Rate and the Weighted Average Unfunded Advance Rate, in each case, as of such date plus (ii) the product of (a) Aggregate Unfunded
Amount with respect to such Revolving Loan or Delayed Drawdown Loan multiplied by (b) the difference of 100% minus the
Discount Factor (if any) assigned to such Revolving Loan or Delayed Drawdown Loan.

 

“Unfunded Exposure Shortfall” has the
meaning set forth in Section 8.1(a).

 

“Unmatured
Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice
or lapse of time and notice, constitute an Event of Default.

 

“Unmatured
Servicer Default” means any event that, if it continues uncured, will, with lapse of time or notice
or lapse of time and notice, constitute a Servicer Default.

 

“Unrestricted
Cash” means, (a) with respect to any Loan, the meaning of “Unrestricted Cash” or any comparable term in the Underlying
Instruments for the applicable Loan and (b) in any case that “Unrestricted Cash” or such comparable term is not defined in
such Underlying Instruments or otherwise as applicable in this Agreement, cash and cash equivalents of the applicable Person available
for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular
purposes or uses.

 

“USA
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56.

 

“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

“U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate” has
the meaning set forth in Section 4.3(f).

 

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“Weighted
Average Life” means, as of any day with respect to all Eligible Collateral Obligations included
in the Collateral, the number of years following such date obtained by dividing (i) the amount obtained by summing the products obtained
by multiplying (a) the Average Life at such time of each such Eligible Collateral Obligation by (b) the outstanding principal
balance of such Collateral Obligation by (ii) the aggregate outstanding principal balance of all Eligible Collateral Obligations.

 

“Weighted
Average Spread” means, as of any day, the number expressed as a percentage equal to (i) the Aggregate Funded Spread divided
by (ii) the aggregate outstanding principal balance of all Eligible Collateral Obligations.

 

“Weighted
Average Unfunded Advance Rate” means, as of any date of determination with respect to all Eligible Collateral Obligations that
are Variable Funding Assets included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing
(i) the amount obtained by summing the products obtained by multiplying (a) the Advance Rate of each such Variable Funding Asset
by (b) such Variable Funding Asset’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the
sum of all Variable Funding Assets’ contributions to the Adjusted Aggregate Eligible Collateral Obligation Balance.

 

“Withholding
Agent” means the Borrower, the Facility Agent, the Collateral Agent and the Servicer.

 

“Write-Down
and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the
applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial
Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities
or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had
been exercised under it or to suspend any obligation in respect of that liability or any of the powers under the Bail-In Legislation
that are related to or ancillary to any of those powers.

 

“written”
or “in writing” (and other variations thereof) means any form of written communication
or a communication by means of telex, telecopier device, telegraph or cable.

 

“Yield”
means the sum of the following, with respect to any Accrual Period and each Eligible Currency, the
sum for each day in such Accrual Period of amounts determined in accordance with the following formula:

 

IR x
L 

D

 

where: IR                    =
                the Interest Rate applicable to such Advance
on such day during such CollectionAccrual
Period;

 

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(b) No
later than 2:00 p.m. on the Business Day of the repayment of Advances Outstanding or sale of additional Eligible Collateral Obligations
pursuant to Section 2.10(a), the Borrower (or the Servicer on its behalf) shall deliver (i) to the Facility Agent (with a copy
to the Collateral Agent and the Collateral Custodian) notice of such repayment or sale and a duly completed Borrowing Base Certificate,
updated to the date such repayment or sale is being made and giving pro forma effect to such repayment or sale, and (ii) to the
Facility Agent, if applicable, a description of any Eligible Collateral Obligation and each Obligor of such Eligible Collateral Obligation
to be sold and an updated Collateral Obligation Schedule. Failure to deliver any such notice shall not affect the satisfaction of the
cure of the Borrowing Base Deficiency made pursuant to Section 2.10(a).

 

ARTICLE III

 

YIELD, UNDRAWN FEE, ETC.

 

Section 3.1 Yield
and Undrawn Fee. (a) The Borrower hereby promises to pay, on the dates specified in Section 3.2, Yield on the outstanding
amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such Advance is paid
in full. No provision of this Agreement or the Notes shall require the payment or permit the collection of Yield in excess of the maximum
amount permitted by Applicable Law.

 

(b) The Borrower shall pay the
Undrawn Fee on the dates specified in Section 3.2.

 

Section 3.2 Yield
and Undrawn Fee Distribution Dates. Yield accrued on each Advance (including any previously accrued and unpaid Yield) and the Undrawn
Fee (as applicable) shall be payable, without duplication:

 

(a) on the Facility Termination
Date; 

 

(b) on the date of any payment
or prepayment, in whole of the Advances Outstanding and the termination of this Agreement; and

 

(c) on each Distribution Date.

 

Section 3.3 [Reserved].

 

Section 3.4 Computation
of Yield, Fees, Etc. Each Agent (on behalf of its respective Lender Group) and the Facility Agent shall determine the applicable
Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral
Agent thereof in writing no later than the Determination Date immediatelyfive
(5) Business Days prior to such Distribution Date. Such reporting may also include an accounting
of any amounts due and payable pursuant to Sections 4.3 and 5.1.

 

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(m) [Reserved].

 

(n) Commingling.
The Servicer shall not, and shall not permit any of its Affiliates to, deposit any funds that do not constitute Collections or
other proceeds of any Collateral Obligations into the Collection Account.

 

(o) Taxes.
The Equityholder shall file on a timely basis all federal and other material Tax returns (including foreign, federal, state, local and
otherwise) required to be filed, if any, and shall pay all federal and other material Taxes due and payable by it (other than any amount
the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP
are provided on the books of the Equityholder).

 

(p) Proceedings.
The Servicer shall furnish to the Facility Agent, as soon as possible and in any event within three (3) Business Days after the Servicer
receives notice or obtains actual knowledge thereof, notice of any settlement of, material judgment (including a material judgment with
respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material
action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent’s interest in the Collateral or
the Servicer, in each case which could reasonably be expected to cause a material adverse effect.

 

Section 7.6 Servicing
Fees; Payment of Certain Expenses by Servicer. On each Distribution Date, to the extent not waived, the Servicer shall be entitled
to receive out of the Collection Account the Servicing Fee for the related CollectionAccrual
Period pursuant to Section 8.3(a). The Servicer shall be required to pay all expenses
incurred by it in connection with its activities under this Agreement and each other Transaction Document.

 

Section 7.7 Collateral
Reporting. The Servicer shall use commercially reasonable efforts to cooperate with the Collateral Agent in the performance of the
Collateral Agent’s duties under Section 11.3. Without limiting the generality of the foregoing, the Servicer shall supply
in a timely fashion any information maintained by it that the Collateral Agent may from time to time request with respect to the Collateral
Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Agent hereunder
or required to permit the Collateral Agent to perform its obligations hereunder.

 

Section 7.8 Notices.
The Servicer shall deliver to the Facility Agent and the Collateral Agent, promptly after having obtained knowledge thereof, notice of
any Servicer Default, Event of Default or Material Modification. The Servicer shall deliver to the Facility Agent and the Collateral
Agent, promptly after a Responsible Officer having obtained knowledge thereof, but in no event later than two Business Days thereafter,
written notice in an Officer’s Certificate of any Unmatured Servicer Default or Unmatured Event of Default.

 

Section 7.9 Procedural
Review of Collateral Obligations; Access to Servicer and Servicer’s Records. (a) Each of the Borrower (including on behalf
of each Securitization Subsidiary) and the Servicer shall permit representatives of the Facility Agent (upon prior written

 

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ARTICLE VIII

 

ACCOUNTS;
PAYMENTS

 

Section
8.1 Accounts. (a) On or prior to the Effective Date, the Servicer or each Securitization Subsidiary,
as applicable, shall establish each Account in the name of the Borrower and each Account shall be a segregated, non-interest bearing
trust account established with the Securities Intermediary, who shall forward funds from the Collection Account to the Collateral Agent
upon its request for application by the Collateral Agent pursuant to Section 8.3(a). If at any time a Responsible Officer of the
Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account (with notice to the Servicer and the Facility
Agent), then the funds in such Account shall be transferred to an account at another institution where such account meets the requirements
of an Eligible Account.

 

Except
as set forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower (i) to fund any draw requests
of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collections Account as Principal Collections
if, after giving effect to such withdrawal, the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than
(i) prior to the end of the Revolving Period, the Revolving Liquidity Adjustment Amount and (ii) after the end of the Revolving Period,
the Aggregate Unfunded Amount.

 

Following
the Facility Termination Date, any draw request made by an Obligor under a Variable Funding Asset included in the Collateral, along with
wiring instructions for the applicable Obligor, shall be forwarded by the Servicer to the Collateral Agent (with a copy to the Facility
Agent) along with an instruction to the Collateral Agent to withdraw the applicable amount from the Unfunded Exposure Account and a certification
that the conditions to fund such draw are satisfied, and the Collateral Agent shall fund such draw request in accordance with such instructions
from the Servicer.

 

Following
the end of the Revolving Period, if a Loan Party shall receive any Principal Collections from an Obligor with respect to a Variable Funding
Asset included in the Collateral and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount
on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Amount (the amount of such shortfall, in each case, the
 “Unfunded Exposure Shortfall”), the Servicer shall direct the Collateral Agent to and the Collateral Agent shall deposit
into the Unfunded Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal
Collections and (b) the Unfunded Exposure Shortfall.

 

(b)
All amounts held in any Account shall, to the extent permitted by Applicable Law, be invested by the Collateral
Agent, as directed by the Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested),
in Permitted Investments that mature (i) with respect to the Collection Account, not later than one Business Day prior to the Distribution
Date for the CollectionAccrual
Period to which such amounts relate and (ii) with respect to the Unfunded Exposure Account, on
the

 

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thereto any amounts credited thereto constituting
Excluded Amounts if the Servicer has, prior to such withdrawal and consent, delivered to the Facility Agent and the Collateral Agent
a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Facility Agent,
which report shall include a brief description of the facts and circumstances supporting such request and designate a date for the payment
of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice.

 

Section 8.3 Distributions,
Reinvestment and Dividends. (a) On each Distribution Date, the Collateral Agent shall distribute from the Collection Account, in
accordance with the applicable Monthly Report prepared by the Collateral Agent and approved by the Servicer pursuant to Section 8.5,
the Amount Available for such Distribution Date in the following order of priority: 

 

(i)
           From the Interest Collection Account,
the Amount Available constituting Interest Collections for such Distribution Date in the following order of priority:

 

(A)         
FIRST, to the payment of taxes and governmental fees owing by the Borrower, if any, which expenses shall
not exceed $50,000 in any calendar year; 

 

(B)         
SECOND, first (1) to the Collateral Agent, the Securities Intermediary and the Collateral Custodian,
any accrued and unpaid Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related CollectionAccrual
Period, which expenses shall not exceed in the aggregate the amount of the Capped Fees/Expenses
and second (2) to the Servicer, any accrued and unpaid Servicer Expenses, which Servicer Expenses shall not exceed either (x)
$25,000 on any Distribution Date or (y) $90,000 in any calendar year; 

 

(C)          
THIRD, pro rata, based on the amounts owed to such Persons under this Section 8.3(a)(i)(C),
to the Lenders, an amount equal to the Yield on the Advances accrued during the Accrual Period with respect to such Distribution Date
(and any Yield with respect to any prior Accrual Period to the extent not paid on a prior Distribution Date); 

 

(D)          
FOURTH, pro rata, based on the amounts owed to such Persons under this Section 8.3(a)(i)(D),
(1) to the Facility Agent and the Agents on behalf of their respective Lenders, all accrued and unpaid Fees and Indemnified Amounts due
to the Lenders, the Agents and the Facility Agent and (2) to the Hedge Counterparties, any amounts owed on the current and prior Distribution
Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon;

 

(E)          
FIFTH, (1) first, to the Agents on behalf of their respective Lenders pro rata in accordance
with the amount of the Advances Outstanding in the amount necessary to eliminate any outstanding Borrowing Base Deficiency  

 

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and reduce
the Advances Outstanding to an amount not to exceed the Maximum Availability, (2) second, if the Minimum Equity Condition is not
satisfied on such Distribution Date, (x) to the Agents on behalf of their respective Lenders pro rata in accordance with the amount
of the Advances Outstanding in the amount necessary to reduce the Advances Outstanding or (y) to the Principal Collection Account as
Principal Collections for application in accordance with Section 8.3(b) until the Minimum Equity Condition is satisfied; (3) third,
solely during the Revolving Period, if the Diversity Score is less than 10 but greater than or equal to 8, to the Principal Collection
Account as Principal Collections for application in accordance with Section 8.3(b) in the amount necessary (as determined by the
Servicer in its reasonable discretion) to increase the Diversity Score above 10 and (4) fourth, to the Agents on behalf of their
respective Lenders pro rata in accordance with the amount of the Advances Outstanding in the amount necessary to reduce the Advances
Outstanding to an amount such that after giving effect to such reduction the Foreign Currency Advance Amount is less than the Foreign
Currency Sublimit;

 

(F)        
SIXTH, (1) during the Revolving Period, if the Diversity Score is less than 8, to the Agents on behalf of
their respective Lenders pro rata to repay the Advances Outstanding and (2) after the end of the Revolving Period, if the Diversity
Score is less than 6, to the Agents on behalf of their respective Lenders pro rata to repay the Advances Outstanding;

 

(G)        
SEVENTH, to the extent not waived by the Servicer, to the Servicer, any accrued and unpaid Servicing Fee
for the related CollectionAccrual
Period; 

 

(H)
        EIGHTH, to any Affected Persons, any Increased Costs then
due and owing;

 

(I)         
NINTH, pro rata based on amounts owed to such Persons under this Section 8.3(a)(i)(I), to
the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon; 

 

(J)          TENTH,
to the extent not previously paid pursuant to Section 8.3(a)(i)(A) above, to the payment of taxes and governmental fees owing
by the Borrower, if any;

 

(K)       
ELEVENTH, to the extent not previously paid by or on behalf of the Borrower, to each Indemnified Party,
any Indemnified Amounts then due and owing to each such Indemnified Party; 

 

(L)        
TWELFTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) above, to the Collateral
Agent and the Collateral Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral
Agent and the Collateral Custodian;   

 

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(M)       
THIRTEENTH, to pay any other amounts due and payable by the Borrower or otherwise under this Agreement and
the other Transaction Documents and not previously paid pursuant to this Section 8.3(a); 

 

(N)        
FOURTEENTH, during the Revolving Period, (1) during an Unmatured Event of Default, to remain in the Interest
Collection Account as Interest Collections, and (2) otherwise, at the option of the EquityholderServicer,
either such Amount Available to the Equityholder orServicer,
to remain in the Principal Collection Account as Principal Collections or
to remain in the Interest Collection Account as Interest Proceeds; and

 

(O)       
FIFTEENTH, after the Revolving Period, (1) during an Unmatured Event of Default or Event of Default, to
remain in the Interest Collection Account as Interest Collections (other than amounts necessary to make any BDC Tax Distribution), and
(2) otherwise, such remaining Amount Available, to the Borrower. 

 

(ii)           From
the Principal Collection Account, the Amount Available constituting Principal Collections for such Distribution Date in the following
order of priority:

 

(A)       
FIRST, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (A)
through (F), in that order, but, in each case, only to the extent not paid in full thereunder; 

 

(B)        
SECOND, after the end of the Revolving Period, to the Agents on behalf of their respective Lenders pro
rata to repay the Advances Outstanding; 

 

(C)        
THIRD, during the Revolving Period, in an amount directed by the Servicer (unless such entity is unaffiliated
with the initial Servicer, in which case the Equityholder), if any, to the Principal Collection Account as Principal Collections for
application in accordance with Section 8.3(b); 

 

(D)        
FOURTH, to pay, in accordance with Section 8.3(a)(i) above, the amount referred to in clause (G)
of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder and not waived by the Servicer; 

 

(E)        
FIFTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (H)
and (I) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder; 

 

(F)        
SIXTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (J)
of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder 

 

(G)        
SEVENTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (K)
of such Section 8.3(a)(i) but only to the extent not paid in full thereunder;  

 

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(H)        
EIGHTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) or Section 8.3(a)(i)(L),
to the Collateral Agent and the Collateral Custodian, any costs and expenses due to the Collateral Agent and the Collateral Custodian
under the Transaction Documents (other than Increased Costs and Indemnified Amounts); 

 

(I)         
NINTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (M)
of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 

 

(J)         
TENTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (N)
of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; and 

 

(K)        
ELEVENTH, (1) during an Unmatured Event of Default or an Event of Default, to remain in the Principal Collection
Account as Principal Collections (other than amounts necessary to make any BDC Tax Distribution) and (2) otherwise, such remaining such
Amount Available to the Borrower. 

 

(b)
During the Revolving Period, the Borrower may withdraw from the Collection Account any Principal Collections
and apply such Principal Collections to (A) prepay the Advances Outstanding in accordance with Section 2.4 or (B) acquire additional
Collateral Obligations (each such reinvestment of Principal Collections, a “Reinvestment”),
subject to the following conditions:

 

(i)
         the Borrower shall have given written notice to the Collateral
Agent and the Facility Agent of the proposed Reinvestment at or prior to 3:00 p.m., New York City time, one Business Day prior to the
proposed date of such Reinvestment (the “Reinvestment Date”). Such notice (the
 “Reinvestment Request”) shall be in the form of Exhibit C-2 and shall include
(among other things) the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations
setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment
Date (if applicable);

 

(ii)          each
condition precedent set forth in Section 6.2 shall be satisfied; and

 

(iii)          upon
the written request of the Borrower (or the Servicer on the Borrower’s behalf) delivered to the Collateral Agent no later than
11:00 a.m. New York City time on the applicable Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent by
facsimile or e-mail (to be received no later than
1:30 p.m. New York City time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account.

 

(c) During
the Revolving Period, the Borrower may direct the Collateral Agent to withdraw such funds for the purpose of making payments in respect
of the Advances 

 

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each
case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such Collateral otherwise permitted
hereby and in accordance with the Servicing Standard.

 

Section
9.24 Collections. Such Loan Party acknowledges that (i) all Obligors (and related agents) have been
directed to make all payments directly to the Collection Account and (ii) all Collections received by it or its Affiliates with respect
to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured
Parties until deposited into the applicable Collection Account in accordance with Section 10.10.

 

Section
9.25 Value Given. Such Loan Party has given fair consideration and reasonably equivalent value to
the Equityholder in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been made for
or on account of an antecedent debt and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy
Code.

 

Section
9.26 Use of Proceeds. Such Loan Party is not engaged in the business of extending credit for the
purpose of purchasing or carrying Margin Stock and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose
that violates Regulation T, Regulation U, Regulation X or any other regulation promulgated by the Federal Reserve Board from time to
time.

 

Section
9.27 Separate Existence. Such Loan Party is operated as an entity with assets and liabilities distinct
from those of any of its Affiliates or any Affiliates of the Equityholder, and such Loan Party hereby acknowledges that the Facility
Agent, each of the Agents and each of the Lenders are entering into the transactions contemplated by this Agreement in reliance upon
such Loan Party’s identity as a separate legal entity. Since its formation, such Loan Party has been (and will be) operated in
such a manner as to comply with the covenants set forth in Section 10.5.

 

There
is not now, nor will there be at any time in the future, any agreement or understanding between such Loan Party and the Equityholder
(other than as expressly set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations
to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges.

 

Section
9.28 Transaction Documents. The Transaction Documents delivered, together with the Constituent Documents
of the Borrower, to the Facility Agent represent all material agreements between the Equityholder, on the one hand, and the BorrowerLoan
Parties, on the other. Upon the purchase and/or contribution of each Collateral Obligation (or
an interest in a Collateral Obligation) pursuant to the this Agreement or the Sale Agreement, the BorrowerLoan
Parties shall be the lawful owner of, and have good title to, as
applicable, such Collateral Obligation and all assets relating thereto, free and clear of any
Adverse Claim. All such assets are transferred to the BorrowerLoan
Parties, as applicable, without recourse to the Equityholder except as described in the Sale Agreement.
The purchases of such assets by the BorrowerLoan
Parties constitute valid and true sales for consideration (and not merely a pledge of such assets
for security purposes) and the contributions of such assets received by the Borrower constitute

 

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valid and true transfers
for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the Equityholder.

 

Section 9.29 EEA
Financial Institution. Such Loan Party is not an EEA Financial Institution.

 

Section 9.30 Anti-Terrorism,
Anti-Money Laundering. (a) Neither such Loan Party nor any Affiliate, officer, employee or director, acting on behalf of such Loan
Party is (i) a country, territory, organization, person or entity named on any sanctions list administered or imposed by the U.S.
Government including, without limitation, the Office of Foreign Asset Control (“OFAC”)
list, or any other list maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, Her Majesty’s
Treasury in the UK, Germany, Canada, Australia, and any other country or multilateral organization (collectively, “Sanctions”),
including but not limited to Afghanistan,
Cuba, Iran, Syria, North Korea, the
 “Donetsk People’s Republic”, the “Luhansk People’s Republic” and
the Crimea region in Ukraine (the “Sanctioned Countries”); (ii) a Person that resides, is organized or located in
any of the Sanctioned Countries or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force
on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction or any Sanctioned Countries or is
owned 50% or more or otherwise controlled, directly or indirectly by, or acting on behalf of, one or more Person who is the subject or
target of Sanctions (a “Sanctions Target ”); (iii) a “Foreign Shell Bank” within the meaning of the USA
Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has
a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is organized
under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot
Act as warranting special measures due to money laundering concerns. Such Loan Party is and each Affiliate, officer, employee or director,
acting on behalf of such Loan Party is (and is taking no action which would result in any such Person not being) in compliance with (a)
all OFAC rules and regulations, (b) all United States of America, United Kingdom, United Nations, European Union, German, Canadian, Australian
and all other sanctions, embargos and trade restrictions that such Loan Party or any of its Affiliates is subject and (c) the Anti-Money
Laundering Laws. In addition, the described purpose (“trade related business activities”) does not include any kind
of activities or business of or with any Person or in any country or territory that is subject to or the target of any sanctions administered
by the U.S. Government, OFAC, the United Kingdom, the European Union, Germany, Canada, Australia or the United Nations Security Council
(including the Sanctioned Countries) and does not involve commodities or services of a Sanctioned Country origin or shipped to, through
or from a Sanctioned Country, or on vessels or aircrafts owned or registered by a Sanctioned Country, or financed or subsidized any of
the foregoing. 

 

(b)
Such Loan Party has complied, in all material respects, with all applicable anti-money laundering laws and
regulations, including without limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”). No
actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against such Loan
Party, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Money Laundering Laws,
or, to the knowledge of such Loan Party, threatened.

 

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Lien of the Collateral
Agent, on behalf of the Secured Parties, in the Collateral in connection with such Optional Sale).

 

(d)
In connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute
such instruments of release with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable
form if necessary, as the Borrower may reasonably request.

 

Section
9.35 Repurchase or Substitution of Warranty Collateral Obligations. In the event (A) of a breach
of Section 9.5 or Section 9.13 with respect to a Collateral Obligation (or the Related Security and other related collateral
constituting part of the Collateral related to such Collateral Obligation) or (B) that, as of the related Cut-Off Date, a Collateral
Obligation did not satisfy the definition of “Eligible Collateral Obligation” (each such Collateral Obligation, a “Warranty
Collateral Obligation”), no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Equityholder
or the Servicer and (y) receipt by the Equityholder or the Servicer of written notice thereof given by the Facility Agent, the Borrower
shall either (a) repay Advances Outstanding in an amount equal to the aggregate Repurchase Amount with respect to the Warranty Collateral
Obligation(s) to which such breach relates or (b) substitute for such Warranty Collateral Obligation(s) one or more Eligible Collateral
Obligations with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s)
being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral
Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such
30 day period, the applicable representation or warranty shall be made true and correct or the eligibility criteria set forth in the
definition of “Eligible Collateral Obligation” in the Loan Agreement that was not satisfied as of the applicable Cut-Off
Date is satisfied; provided, further, that during the Revolving Period no such repurchase or substitution shall be required to
be made with respect to any Warranty Collateral Obligation if, after giving effect to the Warranty Collateral Obligation, no Borrowing
Base Deficiency exists.

 

Upon
confirmation of the deposit of the amounts set forth in this Section 9.35 into the Collection Account or the delivery by the Borrower
of a Substitute Eligible Collateral Obligation for each Warranty Collateral Obligation pursuant to this Section 9.35 (the date
of such confirmation or delivery, the “Release Date”), such Warranty Collateral Obligation and Related Property shall
be removed from the Collateral and, as applicable, the Substitute Eligible Collateral Obligation and Related Property shall be included
in the Collateral. On the Release Date of each Warranty Collateral Obligation, the Collateral Agent, for the benefit of the Secured Parties,
shall automatically and without further action be deemed to release to the Borrower, without recourse, representation or warranty, all
the right, title and interest and any Lien of the Collateral Agent, for the benefit of the Secured Parties in, to and under the Warranty
Collateral Obligation and any Related Property and all future monies due or to become due with respect thereto.

 

Section
9.36 Affiliate Transactions. (a) Notwithstanding anything to the contrary set forth herein or in
any other Transaction Document, the Equityholder (and Affiliates thereof) shall not reacquire from the BorrowerLoan
Parties and the BorrowerLoan
Parties shall not transfer to the Equityholder or to Affiliates thereof, and none of the Equityholder
nor any Affiliates thereof

 

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will
have a right or ability to purchase, the Collateral Obligations of the BorrowerLoan
Parties other than with respect to sales pursuant to Section 9.35, unless (i) such transaction
is at arm’s-length and for fair market value (except in the case of repurchases of Collateral Obligations by the Equityholder pursuant
to Section 6.1 of the Sale Agreement or substitutions of Collateral Obligations pursuant to Section 6.1 of the Sale Agreement) and (ii)
after the end of the Revolving Period if such sale is at a price that is less than par, without the prior written consent of the Facility
Agent.

 

(b)
Subject to Section 9.36(d) and notwithstanding Section 9.34(a)(iv), the BorrowerLoan
Parties may make optional sales of Collateral Obligations (i) to an Affiliate of the BorrowerLoan
Parties subject to satisfaction of the conditions and limitations set forth in Sections 9.34(a)(i)
and 9.34(a)(iii) and (ii) to an Existing Golub BDC CLO subject to satisfaction of the conditions and limitations set forth
in Sections 9.34(a)(i), 9.34(a)(iii) and 9.36(c).

 

(c)
Subject to the satisfaction of the conditions set forth in Sections 9.34(a)(i), 9.34(a)(iii) and
9.34(a)(v), the BorrowerLoan
Parties may, from time to time upon three (3) Business Days’ prior written notice to the
Facility Agent (with a copy to the Collateral Agent and the Collateral Custodian), sell all or a portion of the Collateral Obligations
to one or more Existing Golub BDC CLOs, which sales shall not be subject to the limitations elsewhere set forth in this Article IX
other than as set forth in Section 9.36(d) below.

 

(d)
In no event shall the sum of the aggregate Principal Balance of Collateral Obligations sold to an Existing
Golub BDC CLO following the six-month anniversary of the Effective Date exceed 20% of the highest aggregate Principal Balance of all
Collateral Obligations at any time during the preceding 12 calendar months; provided that (x) the BorrowerLoan
Parties may sell Collateral Obligations with an aggregate Principal Balance up to an additional
20% of the highest aggregate Principal Balance of all Collateral Obligations at any time during the preceding 12 calendar months in excess
of the limitation set forth in this clause (d) so long as the Borrowera
Loan Party retains at least 33% of the Principal Balance of such Collateral Obligation and (y)
such limitation shall not apply to (i) any Collateral Obligations transferred to an Existing Golub BDC CLO with respect to a new issue
collateralized loan obligation managed by the Servicer or an Affiliate of the Servicer and underwritten, arranged and/or structured by
the Facility Agent or any Affiliate of the Facility Agent shall be excluded from the foregoing limit or (ii) any Collateral Obligations
included in the Excess Concentration Amount; provided, further that the BorrowerLoan
Parties may sell Collateral Obligations with an aggregate Principal Balance up to an additional
10% of the highest aggregate Principal Balance of all Collateral Obligations at any time during the preceding 12 calendar months in excess
of the limitations set forth in this clause (d) and the foregoing proviso so long as the BorrowerLoan
Parties sells any such Collateral Obligations to an Existing Golub BDC CLO that is a collateralized
loan obligation issuer.

 

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made
by any Obligor with respect to any Collateral Obligation and direct such Obligor to make payments as required hereunder.

 

Section
10.20 Delivery of Collateral Obligation Files. (a) Such Loan Party (or the Servicer on behalf of
such Loan Party) shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the following e-mail addresses (for
electronic copies): amit.patel@db.com, james.kwak@db.com, thorben.wedderien@db.com, jerry-b.lianuar.atiye-manzur@db.com
and andrew.goldsmith@db.com) the Collateral Obligation Files identified on the related Document Checklist promptly upon receipt but in
no event later than three (3) Business Days following the related Funding Date; provided that, notwithstanding the foregoing,
the Borrower shall cause the documentation required by this Section 10.20 to be in the possession of the Collateral Custodian
not later than (A) five (5) Business Days if the Servicer or its Affiliate is the agent with respect to such Loan and (B) otherwise,
fifteen (15) days, in each case after the related Cut-Off Date as to any Collateral Obligations; provided, further
that any file-stamped document included in any Collateral Obligation File shall be delivered as soon as
they are reasonably available (even if not within three (3) Business Days of the related Funding Date). In addition, promptly following
the occurrence of an Event of Default, the Borrower shall deliver to the Collateral Custodian (with a copy to the Facility Agent at the
email addresses set forth above) a fully executed assignment in blank for each Collateral Obligation for which the Servicer, the Equityholder,
the Investment Manager or any of their respective Affiliates is the loan agent. The Borrower shall maintain (or cause to be maintained)
for the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously
delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or,
upon the Facility Agent’s demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility
Agent copies of all such Records which evidence or relate to the Collections.

 

(b)
The Borrower shall deliver the following: (i) all Asset Approval Requests to lenderfinance_collatreview@list.db.com,
(ii) Monthly Reports delivered in connection with Section 8.5 to csg.india@db.com, abs.conduits@db.com, dbinvestor@list.db.com,
amit.patel@db.com, james.kwak@db.com, thorben.wedderien@db.com and andrew.goldsmith@db.com, (iii) requests or notices delivered in accordance
with Sections 2.2, 2.4 or 8.3(b), to abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com,
james.kwak@db.com, thorben.wedderien@db.com and andrew.goldsmith@db.com and (iv) obligor reports delivered in connection with Section
7.5(l) to gcrt.ratingrequests@db.com and lenderfinance_collatreview@list.db.com.

 

Section 10.21 ERISA.

 

(a)
The Borrower will not become a Benefit Plan Investor at any time while any Obligations are outstanding.

 

(b)
The Borrower will not take any action, or omit to take any action, which would give rise to a non-exempt
prohibited transaction under Section 406(a)(1)(B) of ERISA or Section 4975(c)(1)(B) of the Code that would subject any Lender to any
tax, penalty, damages, or any other claim for relief under ERISA or the Code.

 

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(c)
The Borrower shall not sponsor, maintain, or contribute to, any Plan. Except as would not reasonably be
expected to have a Material Adverse Effect, (i) the Borrower shall not, and shall not permit any ERISA Affiliate to, permit to exist
any occurrence of any ERISA Event, and (ii) the Borrower shall not permit any ERISA Affiliate to sponsor, maintain, contribute to, or
incur any liability in respect of, any Plan.

 

Section 10.22 Risk
Retention.

 

(a)
For so long as any Obligations are outstanding: the Equityholder represents and undertakes that: (A) as
an originator for purposes of the EU Securitization Rules, the Equityholder holds and will retain on an on-going basis, a net economic
interest in the securitization transaction contemplated by this Agreement, which shall not be less than 5% of the aggregate nominal value
of all the Collateral Obligations (the “Retained Economic Interest”) measured at the time of origination (being the
occasion of each origination or acquisition of a Collateral Obligation by the Borrower); (B) the Retained Economic Interest takes the
form of a first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation, as represented by
the Equityholder’s direct equity interest in the Borrower and indirect equity interest in the Securitization Subsidiaries (“Equity
Interests”); (C) the Equityholder directly holds and will directly retain 100% of the Equity Interests in the Borrower and
in turn the Borrower holds and will retain 100% of the equity interests in the Securitization Subsidiaries; (D) the aggregate capital
contributions made by the Equityholder with respect to the Equity Interests in the Borrower shall represent at least 5.0% of the aggregate
of the nominal value of all the Collateral Obligations measured at the time of origination as described in (A) above; and (E) the Equityholder
shall not, and it will procure that its Affiliates (including without limitation, the Borrower and the Securitization Subsidiaries) do
not, hedge or otherwise mitigate its credit risk or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations
arising under or associated with the Retained Economic Interest, except to the extent permitted under the EU Securitization Rules.

 

(b)
Each Monthly Report shall contain or be accompanied by a certification from the Equityholder containing
a representation that all of the conditions set forth in clause (a) above are true and have been true up to and on each date of the related
CollectionAccrual
Period. The Equityholder shall provide to the Facility Agent and/or any Lender that is subject
to the EU Securitization Rules: (A) prompt written notice of any breach of the obligations set forth in clause (a) above; (B) confirmation
in writing that all of the conditions set forth in clause (a) above continue to be complied with (x) in the event of a material
change in the transaction structure that materially impacts the performance of the Collateral Obligations or the risk characteristics
of the Collateral Obligations and Advances made with respect thereto and (y) upon the occurrence of any Event of Default or becoming
aware of any breach of the obligations contained in any Transaction Documents; and (C) all information, documents, reports and notifications
that any such entity reasonably requests in connection with its obligations under the EU Securitization Rules, but only to the extent
the same (x) is in the possession (or reasonable procurement) of the Equityholder, and (y) is not subject to contractually binding confidentiality
requirements or laws governing the protection of confidentiality of information and the processing of personal data (“Restricted
Information”), or if it is Restricted Information and cannot be anonymized or aggregated, the Facility Agent

  

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Collateral
Obligations and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement. Each Lender also
represents that it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking
action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations.
Except as expressly provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other
information concerning the Collateral or the business, operations, property, prospects, financial and other condition or creditworthiness
of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates.

 

In
no event shall any Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including,
but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and regardless of
the form of action. In no event shall any Note Agent be liable for any failure or delay in the performance of its obligations hereunder
because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared),
terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which
delay, restrict or prohibit the providing of the services contemplated by this Agreement.

 

Section
14.7 Indemnification. The Lenders agree to indemnify the Facility Agent and its respective
officers, directors, employees, representatives and agents (to the extent not reimbursed by the
Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do so in accordance
with the terms of the Transaction Documents), ratably according to the outstanding amounts of their Advances (or their Commitments, if
no Advances are outstanding) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for the
Facility Agent or the affected Person in connection with any investigative, or judicial proceeding commenced or threatened, whether or
not the Facility Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or
asserted against the Facility Agent or such affected Person as a result of, or arising out of, or in any way related to or by reason
of, any of the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith
or therewith.

 

Section
14.8 Successor Note Agent . If the Facility Agent shall resign as Facility Agent under this Agreement,
then the Required Lenders (with the prior written consent of the Borrower) shall appoint a successor agent, whereupon such successor
agent shall succeed to the rights, powers and duties of the Facility Agent, and the term “Facility Agent” shall mean such
successor agent, effective upon its acceptance of such appointment, and the former Facility Agent’s rights, powers and duties as
Facility Agent shall be terminated, without any other or further act or deed on the part of such former Facility Agent or any of the
parties to this 

 

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waiving,
on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement; provided,
that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with
respect to an Advance or reduce the rate or extend the time of payment of Yield thereon, or reduce or alter the timing of any other amount
payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision
of this Section 17.2 or Section 17.11, or reduce the percentage specified in the definition of Required Lenders, in each
case without the written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties
of the Collateral Agent, in each case without the prior written consent of the Collateral Agent and (iv) amend, modify or waive any provision
adversely affecting the obligations or duties of the Collateral Custodian, in each case without the prior written consent of the Collateral
Custodian. Notwithstanding the foregoing, if the LIBOR RateTerm
SOFR ceases to exist or is reasonably expected to cease to exist within the succeeding three (3)
months, the Borrower, the Servicer and the Facility Agent may (and such parties will reasonably cooperate with each other in good faith
in order to) amend this Agreement to replace references herein to the LIBOR RateTerm
SOFR (and any associated terms and provisions) with any alternative floating reference rate (and
any associated terms and provisions) that is then being generally used in U.S. credit markets for similar types of facilities. Upon execution
of any amendments by the Borrower, the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such
amendment to the Collateral Agent. Any waiver of any provision of this Agreement shall be limited to the provisions specifically set
forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement.

 

Notwithstanding
the foregoing, upon the determination by any Lender that its ownership of any of its rights or obligations hereunder is prohibited by
Applicable Law (including, without limitation, the Volcker Rule), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral
Agent, the Collateral Custodian and the Facility Agent hereby agree to work in good faith (at the expense of such Lender) to amend or
amend and restate the commercial terms of this Agreement (including, if necessary, to re-document under a note purchase agreement or
indenture) to ensure future compliance with such Applicable Law.

 

Section
17.3 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise
stated herein, be in writing and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile,
to the intended party at the address or facsimile number of
such party set forth under its name on Annex A or at such other address or facsimile number
as shall be designated by such party in a written notice to the other parties hereto. All such notices and
communications shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after
having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such
courier, and (d) if transmitted by facsimile, when
sent, receipt confirmed by telephone or electronic means, except that notices and communications pursuant to Section 2.2, shall
not be effective until received.

 

Section
17.4 Costs and Expenses. In addition to the rights of indemnification granted under Section 16.1,
the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Facility Agent, the Collateral
Agent, the Collateral 

 

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Section
17.7 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

Section
17.8 GOVERNING LAW. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

Section
17.9 Counterparts. This Agreement may be executed by the parties hereto in several counterparts,
each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. Delivery of
this Agreement by facsimile or electronic mail shall
be equally as effective as delivery of an original executed counterpart of this Agreement. Delivery of an executed signature page of
this Agreement by facsimile or email transmission
shall be effective as delivery of a manually executed counterpart hereof. The parties agree that
thisThis
Agreement mayshall
be valid,
binding, and enforceable against a party only when executed and delivered by electronic
signatures and that the electronic signatures appearing on this Agreement arean
authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures
in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, including relevant provisions of the UCC (collectively, “Signature Law”); (ii) an original manual signature;
or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature
shall be valid, binding and enforceable and shall for all purposes have the same as
handwritten signatures for the purposes of validity, enforceabilitylegal
effect, and admissibility in
evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability
with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty
to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures
shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended
character of the writings.

 

Section
17.10 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF THE EQUITYHOLDER, EACH LOAN PARTY, THE SERVICER, THE FACILITY AGENT, THE AGENTS, THE INVESTORS OR ANY OTHER AFFECTED PERSON.
EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION
OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS
AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT. 

 

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be
required by any law or regulation applicable to it (including securities laws) or requested by any Official Body to disclose such information.

 

(b)
The Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender, severally
and with respect to itself only, covenants and agrees that any information about any Loan Party, the Servicer, the Equityholder or their
respective Affiliates or the Obligors, the Collateral Obligations, the Related Security or otherwise obtained by the Facility Agent,
the Collateral Agent or such Lender pursuant to this Agreement (“Information”)
shall be held in confidence (it being understood that
documents provided to the Facility Agent hereunder may in all cases be distributed by the Facility Agent to the Lenders but may not be
distributed to any prospective Lender or participant without the prior written consent of the Borrower on behalf of itself of any Securitization
Subsidiary) except that the Facility Agent, the Collateral Agent, the Collateral Custodian
or such Lender may disclose such information (i) to its affiliates, officers, directors, employees, agents, counsel, accountants, auditors,
advisors or representatives; provided that each such Person shall, as a condition to any such disclosure, agree for the benefit
of the Servicer, the Equityholder and each Loan Party (A) to maintain the confidentiality of the Agreement (and the terms thereof) and
all information with respect to the other parties, including all information regarding the Loans, the Obligors and each Loan Party and
the Servicer hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution
of the transactions contemplated herein, and (B) that such information shall be used solely in connection with such Person’s evaluation
of, or relationship with, each Loan Party and its Affiliates, (ii) to the extent such information has become available to the public
other than as a result of a disclosure by or through the Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender,
(iii) to the extent such information was available to the Facility Agent or such Lender on a non-confidential basis prior to its disclosure
to the Facility Agent or such Lender hereunder, (iv) with the consent of the Servicer, (v) to
the extent permitted by Article XV, or (viv)
to the extent the Facility Agent or such Lender should be (A) required in connection with any legal or regulatory proceeding or (B) requested
by any Official Body to disclose such information; provided,
that in the case of clause (viv)
above, the Facility Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless otherwise
prohibited by law) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure. Prior
to the disclosure of any information thereto, any prospective Lender or participant shall be required to execute a non-disclosure agreement
in a form and substance acceptable to (x) if an Event of Default or Servicer Default has occurred and is continuing or if in connection
with an assignment pursuant to Section 15.4(b) and Section 15.4(d), such disclosing party otherwise (y) the Borrower.

 

Section 17.15 Non-Confidentiality
of Tax Treatment. All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose
to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any
kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment
and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for purposes
of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar
item that in either case contains information concerning the tax treatment or tax structure of the transaction 

 

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as
well as other information, the provisions of this Section 17.15 shall only apply to such portions of the document or similar item
that relate to the tax treatment or tax structure of the transactions contemplated hereby.

 

Section
17.16 Replacement of Lenders.

 

(a)
If any Lender (i) requests compensation under Section 5.1, or (ii) requires the Borrower to pay any
Indemnified Taxes or additional amounts to any Lender or Official Body for the account of any Lender pursuant to Section 4.3,
then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or
booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.3
or Section 5.1, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred
by any Lender in connection with any such designation or assignment.

 

(b)
At any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort,
to replace any Lender or
require any Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section
15.4), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender if a Lender accepts such assignment), except (i) the Facility
Agent or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent, that (a) requests reimbursement,
payment or compensation for any amounts owing pursuant to Section 4.3 or Section 5.1 or (b) has received a written notice
from the Borrower of an impending change in law that would entitle such Lender to payment of additional amounts pursuant to Section
4.3 or Section 5.1, unless such Lender designates a different lending office before such change in law becomes effective pursuant
to Section 17.16(a) and such alternate lending office obviates the need for the Borrower to make payments of additional amounts
pursuant to Section 4.3 or Section 5.1 or (c) has not consented without
undue delay to any proposed amendment, supplement, modification, consent or waiver, each pursuant
to Section 17.2 or (d) becomes a Defaulting Lender or (e) does not consent to any amendment or modification (including in the
form of a consent or waiver) described in Section 17.2 which is approved by the Borrower, the Facility Agent and the Required
Lenders or (f) does not consent to a request to extend the date set forth in the definition of “Facility Termination Date”;
provided, that (i) nothing herein shall relieve a Lender from any liability it might have
to the Borrower or to the other Lenders for its failure to make any Advance, (ii) the replacement financial institution shall purchase,
at par, all Advances and other amounts owing to such replaced Lender on or prior to the date of replacement, (iii) during the Revolving
Period, the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Facility Agent, (iv)
the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 15.4(a),
(v) until such time as such replacement shall be consummated, the Borrower shall pay all
additional amounts (if any) for Increased Costs or Indemnified Taxes, as the case may be, (viv)
any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Facility Agent or any other Lender shall
have against the replaced Lender, and

 

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(vii(vi)
if such replacement is being effected as a result of a Lender requesting compensation pursuant to Section 4. 3 or Section 5.1,
such replacement, if effected, will result in a reduction in such compensation or payment thereafter and
(vii) if such replacement is being effected in accordance with clauses (a), (c), or (d) of this Section 17.16(b), the Borrower shall
have the right, but not the obligation, to repay on a non-pro rata basis the outstanding Advances of such Lender; provided that
with respect to this clause (vii), any such non-pro rata payment (1) will be subject to DBNY’s, in its capacity as the Facility
Agent, consent in its sole discretion and (2) may not occur so long as an event of Default has occurred and is continuing or in the event
of an Unmatured Event of Default. Notwithstanding anything contained to the contrary in this
Agreement, no Lender removed or replaced under the provisions hereof shall have any right to receive any amounts set forth in Section
2.5(b) in connection with such removal or replacement. A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply.

 

Section
17.17 Consent to Jurisdiction. Each party hereto hereby irrevocably submits to the non-exclusive
jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to
the Transaction Documents, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may
be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby
irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such
action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

Section
17.18 Option to Acquire Rating. Each party hereto hereby acknowledges and agrees that the Facility
Agent (on behalf and at the expense of the requesting Lender) may, at any time, in its sole discretion and at its own cost, obtain a
private rating for this loan facility. The Borrower and the Servicer hereby agree to use commercially reasonable efforts, at the request
of the Facility Agent, to cooperate with the acquisition and maintenance of any such rating so long as such acquisition and maintenance
of any such rating does not impose any additional covenants or requirements on the Borrower that make this facility more restrictive.

 

Section
17.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding
anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the
extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

 

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Collateral
Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s
security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status
under the UCC. For so long as the Collateral Custodian is the same entity as the Collateral Agent, the Collateral Custodian shall be
entitled to the same rights and protections afforded to the Collateral Agent hereunder.

 

Section 18.14 Electronic
Methods. The Collateral Custodian shall be entitled to treat a facsimile, pdf
or e-mail communication or communication by other similar electronic means in a form reasonably satisfactory to the Collateral Agent
(“Electronic Methods”) from a person purporting to be (and whom the Collateral Custodian, acting reasonably, believes in
good faith to be) the authorized representative of the Facility Agent, the Servicer or the Loan Parties, as sufficient instructions
and authority of the Facility Agent, the Servicer or the Loan Parties for the Collateral Custodian to act and shall have no duty
to verify or confirm that such person is so authorized. The Collateral Custodian shall have no liability for any losses, liabilities,
costs or expenses incurred by it as a result of such reliance upon or compliance with such instructions or directions. Each of the Facility
Agent, the Servicer and the Loan Parties agree:

 

(a)
to assume all risks arising out of the use of such Electronic Methods to submit instructions and directions to the Collateral Custodian,
including without limitation the risk of the Collateral Custodian acting on unauthorized instructions (which the Collateral Custodian
reasonably believed in good faith to be authorized instructions from the proper party), and the risk of interception and misuse by third
parties;

 

(b)
that it is fully informed of the protections and risks associated with the various methods of transmitting instructions to the Collateral
Custodian and that there may be more secure methods of transmitting instructions than the method(s) selected by the Facility Agent, the
Servicer or the Loan Parties; and

 

(c)
that the security procedures (if any) to be followed in connection with its transmission of instructions provide to it a commercially
reasonable degree of protection in light of its particular needs and circumstances.

 

[Signature
pages begin on next page]

 

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ANNEX A

 

GBDC 3 FUNDING LLC, 

as Borrower

 

c/o Golub
Capital BDC 3, Inc.

666 Fifth
Avenue, 18th Floor

New York,
NY 10103

Attention:
David Golub 

 

GOLUB CAPITAL BDC 3, INC., 

as Equityholder and Servicer

 

666 Fifth Avenue, 18th Floor 

New York, NY 10103

Attention: David Golub 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Collateral Agent and Collateral Custodian 

 

For all communications and for delivery
of 

Collateral Obligation Files 

 

Deutsche Bank Trust Company Americas 

Structured Credit Services 

1761 E. Saint Andrew Place 

Santa Ana, CA 92705

Reference: GBDC 3 Funding LLC 

Email: ryan-a.murray@db.com 

 

DEUTSCHE BANK AG, NEW YORK BRANCH, 

as Facility Agent

 

60 Wall StreetOne
Columbus Circle 

New York, New York 1000510019

Attention: Asset Finance Department

Facsimile No.: 212-797-5160

Email:
amit.patel@db.com; James.kwak@db.com, thorben.wedderien@db.com; 

Andrew.Goldsmith@db.com; and anuar.atiye-manzur@db.com 

 

A-1

 

     

     

    

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as an Agent and as a Committed Lender

 

60 Wall StreetOne
Columbus Circle 

New York, New York 1000510019

Attention: Asset Finance Department

Facsimile No.: 212-797-5160

Email:
amit.patel@db.com; James.kwak@db.com, thorben.wedderien@db.com; 

Andrew.Goldsmith@db.com; and anuar.atiye-manzur@db.com

 

A-2

 

     

     

    

 

Annex B 

 

	Lender	Commitment
	 	 
	Deutsche Bank AG, New York Branch	$450,000,000$750,000,000

 

B-1Document

Exhibit 10.2

 
AMENDED & RESTATED ROCKET COMPANIES, INC.
2020 TEAM MEMBER STOCK PURCHASE PLAN
(Effective as of June 16, 2022)
 
1.Purpose. The purpose of the Plan (as defined below) is to facilitate Employee participation in the ownership and economic progress of the Company and its Subsidiaries by providing Employees with an opportunity to purchase Shares of the Company. The Plan is not intended to qualify as an “Employee Stock Purchase Plan,” as set forth in section 423 of the Code. 

2.Definitions. As used in the Plan, the following terms shall have the meanings set forth below:

(a)“Applicable Holding Period” shall mean any period established by the Committee following the Exercise Dates during which a Participant is required to hold any Shares purchased on his or her behalf pursuant to the Plan; provided, however, in the event of a Participant’s death, the Applicable Holding Period shall be deemed satisfied as of the Participant’s date of death.

(b)“Beneficiary” shall mean a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death. If no such Person can be named or is named by the Participant, or if no Beneficiary designated by such Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate.

(c)“Board” shall mean the board of directors of the Company.

(d)“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

(e)“Committee” shall mean the Board or such other committee as may be designated by the Board.

(f)“Company” shall mean Rocket Companies, Inc., and any and all successor entities.

(g)“Continuous Status as an Employee” shall mean the absence of any interruption or termination of service as an Employee. Continuous status as an Employee shall not be considered interrupted in the case of a leave of absence except as provided in Section 11(b).

(h)“Effective Date” shall mean the effective date of the Company’s initial public offering.

(i)“Eligible Compensation” for an Offering Period shall mean, unless otherwise determined by the Committee, (i) base pay received during such Offering Period by a Participant for services to the Employer, (ii) regular incentive pay received during such Offering Period by a Participant, (iii) regular overtime pay received during such Offering Period by a Participant and (iv) any discretionary annual bonus received during such Offering Period by a Participant, 

in each case, as determined by the Company’s Human Resources department (i.e., the “Pulse”). For the avoidance of doubt, Eligible Compensation shall not include non-regular incentive pay for ad-hoc purposes, non-regular overtime pay related to non-regular incentive pay for ad-hoc purposes, non-regular discretionary pay for ad-hoc purposes, severance pay, hiring and relocation bonuses, or any other form of compensation that may be paid from time to time to the Participant from the Employer.

(j)“Eligible Employee” shall have the meaning specified in Section 3(a).

(k)“Employee” shall mean any officer or other employee of the Employer.

(l)“Employer” shall mean, with respect to an Offering Period, the Company and each Subsidiary of the Company during the applicable Offering Period.

(m)“Enrollment Date” shall mean the first day of each Offering Period.

(n)“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

(o)“Exercise Date” shall mean the last day of each Offering Period.

(p)“Exercise Price” shall have the meaning specified in Section 7(b).

(q)“Fair Market Value” shall mean (i) with respect to Shares, the closing price of a Share on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, fair market value of a Share as determined by the Committee, and (ii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

(r)“Offering Period” shall mean the period described in Section 4.

(s)“Participant” shall mean an Eligible Employee who has elected to participate in the Plan.

(t)“Participant Account” shall mean that separate account maintained under the Plan to record the amount that a Participant has contributed to the Plan during an Offering Period.

(u)“Plan” shall mean the Rocket Companies, Inc. 2020 Team Member Stock Purchase Plan, as amended and restated from time to time.

(v)“Share” shall mean a share of the Company’s Class A common stock, $0.00001 par value per Share.

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(w)“Stock Administrator” shall mean the administrator appointed by the Board or the Committee pursuant to Section 15 to administer the Plan.

(x)“Subscription Agreement” shall have the meaning specified in Section 5.

(y)“Subsidiary” shall mean a corporation, domestic or foreign, partnership or other entities, of which at the time of the granting of an option pursuant to Section 7, not less than 50%, or another amount determined by the Committee, of the total combined voting power of all classes of stock or units are held by the Company or a Subsidiary, whether or not such corporation, partnership or entities now exist or are hereafter organized or acquired by the Company or a Subsidiary.

3.Eligibility.

(a)General Rule. Any full or part time Employee who satisfies any criteria that the Committee may determine, in its sole discretion, from time to time shall be eligible to participate as an “Eligible Employee” during the Offering Period beginning on such Enrollment Date; provided, however, that an Employee who is a citizen or resident of a foreign jurisdiction shall not be an “Eligible Employee” if the grant of an option under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or as determined by the Committee in its sole discretion.

(b)Exceptions. Notwithstanding any provisions of the Plan to the contrary, unless otherwise provided by the Committee, no Employee shall be granted an option to purchase Shares under the Plan if such option would permit such Employee’s right to purchase Shares to accrue at a rate which exceeds $25,000 of the Fair Market Value of the Shares (determined on the Enrollment Date) for each calendar year in which such option is outstanding at any time.

4.Offering Periods. Offering Periods may be established by the Committee from time to time at the Committee’s discretion, with the initial Offering Period expected to be a period of three months.

5.Participation. An Eligible Employee shall become a Participant by completing a subscription agreement in such form as shall be specified by the Company (“Subscription Agreement”), and returning it to the Stock Administrator prior to the Enrollment Date for the applicable Offering Period, unless a later time for filing the Subscription Agreement is set by the Committee for all Eligible Employees with respect to such Offering Period.

6.Payment for Shares.

(a)At the time a Participant files his or her Subscription Agreement, such Participant shall designate the portion of his or her Eligible Compensation that he or she elects to have withheld during the applicable Offering Period. Payroll deductions shall be made on each pay date during the Offering Period at a whole percentage rate not to exceed 15%, or such other amount determined by the Committee, of the Eligible Compensation which a Participant receives on each pay date during the Offering Period or such other limitation as the Committee may 
3

establish from time to time in its discretion; provided, that no more than $30,000 of a Participant’s Eligible Compensation may be withheld during any calendar year.

(b)A Participant may not make any separate cash payment into his or her Participant Account.

(c)A Participant may discontinue his or her participation in the Plan as provided in Section 11, but no other change can be made during an Offering Period and, for the avoidance of doubt, a Participant may not alter the amount of his or her Eligible Compensation deductions for that Offering Period, unless otherwise permitted by the Committee.

(d)Unless otherwise specified by a Participant prior to the Enrollment Date of any subsequent Offering Period by completing a Committee-specified process, a Participant shall be deemed to have elected to participate in each subsequent Offering Period to the same extent and in the same manner as the prior Offering Period, subject to the terms and conditions of this Plan and the applicable Subscription Agreement.

(e)Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Participants to pay the subscription amount under their Subscription Agreements in a manner different than the payroll deduction procedure described above.

7.Grant of Option.

(a)On the Enrollment Date for each Offering Period, each Participant shall be granted an option to purchase on the applicable Exercise Date, a maximum number of Shares determined by the Committee in its discretion; provided, however, that the number of Shares subject to such option shall be reduced, if necessary, to a number of Shares that would not exceed the limitations described in Section 3(b), Section 6(a) and Section 13(a) hereof.

(b)The exercise price per Share offered in a given Offering Period (the “Exercise Price”) shall be determined in the discretion of the Committee, and is expected to be 85% of the Fair Market Value on the Exercise Date, unless a different exercise price is established for such Offering Period in the discretion of the Committee.

8.Exercise of Option. The Participant’s option for the purchase of Shares will be exercised automatically on the Exercise Date of such Offering Period by purchasing the maximum number of Shares subject to such option which may be purchased at the Exercise Price with the funds in his or her Participant Account unless, prior to such Exercise Date, the Participant has withdrawn from the Offering Period pursuant to Section 11. During a Participant’s lifetime, a Participant’s option to purchase Shares hereunder is exercisable only by such Participant.

9.Delivery. Unless otherwise provided by the Company, the Stock Administrator shall hold Shares issued pursuant to the exercise of the option until any such Shares are distributed to the Participant, transferred or sold in accordance with procedures established from time to time by the Company or the Stock Administrator, including any Applicable Holding Period. Following any Applicable Holding Period, Shares shall be delivered as soon as reasonably practicable after 
4

termination of a Participant’s Continuous Status as an Employee or receipt of such request by the Participant for delivery of all Shares, subject to compliance with all applicable law.

10.Dividends. Shares received upon exercise of an option shall be entitled to receive dividends on the same basis as other outstanding Shares. A Participant will not be entitled to any dividends with respect to options to purchase Shares under the Plan.

11.Withdrawal; Termination of Employment.

(a)A Participant may withdraw all, but not less than all, of the payroll deductions credited to his or her Participant Account for the applicable Offering Period by delivery to the Stock Administrator of notice, in the form specified by the Company, on any date up to a certain number of days prior to the Exercise Date to be specified by the Stock Administrator or to be provided for in the applicable Subscription Agreement. All of the Participant’s payroll deductions credited to his or her Participant Account for such Offering Period will be paid to such Participant as soon as reasonably practicable after receipt of his or her notice of withdrawal. Such withdrawal shall permanently terminate the Participant’s participation for the Offering Period in which the withdrawal occurs.

(b) In the event of the termination on or before the Exercise Date of the Participant’s Continuous Status as an Employee for any reason, he or she will be deemed to have elected to withdraw from the Plan, and the Participant or his or her Beneficiary (in the event of such Participant’s death) shall receive any funds in his or her Participant Account as soon as reasonably practicable after the date of such withdrawal. A Participant who goes on a leave of absence shall be permitted to remain in the Plan and shall automatically be enrolled in subsequent Offering Periods under the Plan. Eligible Compensation deductions, as applicable, for a Participant who has been on a leave of absence will resume upon return to work at the same rate as in effect prior to such leave.

(c)A Participant’s withdrawal from one Offering Period will not have any effect upon his or her eligibility to participate in a different Offering Period or in any similar Plan which may hereafter be adopted by the Company.

12.Interest. No interest shall accrue on the Eligible Compensation deductions of a Participant or on any other amounts in his or her Participant Account.

13.Shares.

(a)The maximum number of Shares which shall be made available for sale under the Plan shall be 15,526,316 Shares, subject to adjustment upon changes in capitalization of the Company as provided in Section 19. Either authorized and unissued Shares or issued Shares heretofore or hereafter reacquired by the Company may be made subject to purchase under the Plan, in the sole and absolute discretion of the Board or the Committee. Further, if for any reason any purchase of Shares pursuant to an option under the Plan is not consummated, the Shares subject to the applicable Subscription Agreement may be made available for sale pursuant to a new Subscription Agreement under the Plan.
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(b)If, on a given Exercise Date, the Shares with respect to which options are to be exercised exceed the Shares then available under the Plan, the Committee shall make a pro rata allocation of the remaining Shares that are available for purchase in as uniform a manner as shall be reasonably practicable and as it shall determine to be equitable. In such event, the Company shall give notice to each Participant of such reduction in the number of Shares which such Participant shall be allowed to purchase. Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue Shares hereunder if, in the opinion of the Company, such issuance would constitute a violation of federal or state securities laws or regulations, the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded or the laws of any country.

14.No Rights as a Shareholder. Neither the Participant nor his or her Beneficiaries will have any interest or other right in, or dividend or voting rights with respect to, Shares covered by his or her option until such option has been exercised and the related Shares have been purchased under the Plan.

15.Administration.

(a)The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders and Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine.

(b)Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have the full power and authority to: (i) designate Participants; (ii) direct the administration of the Plan by the Stock Administrator in accordance with the provisions herein set forth; (iii) adopt rules of procedure and regulations necessary for the administration of the Plan, provided that such rules are not inconsistent with the terms of the Plan; (iv) determine, in its sole discretion, all questions with regard to rights of Employees and Participants under the Plan, including but not limited to, the eligibility of an Employee to participate in the Plan and the range of permissible percentages of Eligible Compensation an Eligible Employee may specify to be withheld and the maximum amount; (v) enforce the terms of the Plan and the rules and regulations it adopts; (vi) direct or cause the Stock Administrator to direct the distribution of the Shares purchased hereunder; (vii) furnish or cause the Stock Administrator to furnish the Employer with information which the Employer may require for tax or other purposes; (viii) engage the service of counsel (who may, if appropriate, be counsel for the Employer) and agents whom it may deem advisable to assist it with the performance of its duties; (ix) prescribe procedures to be followed by Eligible Employees in electing to participate herein; (x) receive from each Employer and from Eligible Employees such information as shall be necessary for the proper administration of the Plan; (xi) maintain, or cause the Stock Administrator to maintain, separate accounts in the name of each Participant to reflect his or her Participant Account under the Plan; (xii) interpret and construe the Plan in its sole discretion; (xiii) correct any defect, supply any omission and reconcile any inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry the Plan into effect; (xiv) make any changes or modifications necessary to administer and implement the provisions of 
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the Plan in any foreign country to the fullest extent possible; and (xv) delegate any of its duties and authorities under the Plan to such parties or committees as it may determine. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

16.Transferability. Neither any monies credited to a Participant’s Participant Account nor any rights with regard to the exercise of an option to purchase Shares under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by will or by laws of descent and distribution) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect, except that the Company shall treat such act as an election to withdraw funds in accordance with Section 11.

17.Use of Funds. All Eligible Compensation deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such funds.

18.Reports. Individual Participant Accounts will be maintained for each Participant, and statements will be made available to Participants promptly following an Exercise Date, which statements will set forth the amount of Eligible Compensation deductions for the applicable Offering Period, the per-Share purchase price, the number of Shares purchased, and the remaining cash balance, if any.

19.Adjustments Upon Changes in Capitalization and Certain Transactions. In the event of  (a) any merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash, shares or other property, other than a regular cash dividend), stock split (including a stock split in the form of a stock dividend), reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Shares or the value thereof, such adjustments and other substitutions shall be made to the Plan and to outstanding options as the Committee, in its sole discretion, deems equitable or appropriate taking into consideration any applicable accounting and tax consequences, including such adjustments in the limitations in Section 7(a) and Section 13 and in the class and number of Shares and Exercise Price with respect to outstanding options under the Plan; and (b) any transaction or event described in (a) above, or any unusual or nonrecurring transaction or events affecting the Company or any changes in applicable laws, regulations or accounting principles, the Committee, in its sole discretion and on such terms and conditions as it deems appropriate, is hereby authorized to: (i) provide for either (X) termination of any outstanding option in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon exercise of such option had such option been currently exercisable or (Y) the replacement of such outstanding option with other rights or property selected by the Committee in its sole discretion; (ii) provide that the outstanding options under the Plan shall be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and exercise prices; (iii) make adjustments in the number and type of Shares (or other securities or property) subject to outstanding options under the Plan and/or in the terms and conditions of outstanding options and options which may be granted in the future; (iv) shorten the Offering Period then in progress and 
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set a new Exercise Date, which shall be a date immediately prior to the date of any transaction or event described in (a) above and provide for any other necessary procedures to effectuate such actions; and/or (v) provide that all outstanding options shall terminate without being exercised.

Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee, no issuance by the Company or shares of stock of any class, or securities convertible into stock of any class, shall affect, and no adjustment by reason thereof, shall be made with respect to, the number of Shares subject to an option or the grant or Exercise Price of any option.

20.Amendment or Termination.

(a)The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time and for any reason; provided, however, that the Board (i) shall not, without the approval of the shareholders of the Company, increase the maximum number of Shares which may be issued under the Plan (except pursuant to Section 19) and (ii) shall otherwise obtain shareholder approval of any amendment, alteration, suspension, discontinuance or termination of the Plan, if, and to the extent, required by applicable law. Except as specifically provided in the Plan or as required to obtain a favorable ruling from the Internal Revenue Service, no such amendment, alteration, suspension, discontinuation or termination of the Plan pursuant to this Section 20 may make any change in any option theretofore granted which adversely affects the rights of any Participant without the consent of such Participant.

(b)The Plan shall automatically terminate on the Exercise Date that Participants become entitled to purchase a number of Shares greater than the number available for purchase under Section 13.

21.Notices.

(a)All notices or other communications by an Eligible Employee or a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

(b)All notices or other communications by the Employer, the Company, the Board or the Committee under or in connection with the Plan shall be deemed to have been duly given when (i) personally delivered, including electronic transmission in such form as the Board or the Committee shall direct, or (ii) placed in the mail of the country of the sender in an envelope addressed to the last known address of the person to whom the notice is given.

22.Shareholder Approval. The effectiveness of the Plan shall be subject to approval by the shareholders of the Company within 12 months before or after the date the Plan is adopted by the Board. Notwithstanding any provision to the contrary, failure to obtain such shareholder approval 
8

shall void the Plan, any options granted under the Plan, any Share purchases pursuant to the plan, and all rights of all Participants.

23.Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated under both sets of laws and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

24.Withholding; Disqualifying Disposition. Notwithstanding any other provision of the Plan, at the time a Participant’s option under the Plan is exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan are disposed of by a Participant, the Participant must make adequate provision for his or her Employer’s federal, state, or other tax withholding obligations, which arise upon the exercise of the option or the disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s compensation, the amount necessary for the Company to meet applicable tax withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to a sale or early disposition of Shares by the Participant.

25.Effective Date of the Plan. The Plan shall be effective as of the Effective Date, subject to its approval by the shareholders of the Company as described in Section 22.

26.Term of Plan. The Plan shall continue in effect until the earliest to occur of  (a) the ten year anniversary of the Effective Date; (b) the maximum number of Shares available for issuance under the Plan have been issued in accordance with Section 20(b); or (c) the Board terminates the Plan in accordance with Section 20(a).

27.No Rights Implied. Nothing contained in the Plan, any modification or amendment to the Plan, or the creation of any Participant Account, the execution of any Subscription Agreement, or the issuance of any Shares, shall give any Employee or Participant any right to continue his or her employment, any legal or equitable right against the Employer or Company or any officer, director, or employee of the Employer or the Company, or interfere in any way with the Employer’s or the Company’s right to terminate or otherwise modify an Employee’s employment at any time, except as expressly provided by the Plan.

28.Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or entity, or would disqualify the Plan under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan, such provision 
9

shall be stricken as to such jurisdiction, person or entity, and the remainder of the Plan shall remain in full force and effect.

29.Waiver of Notice. Any person entitled to notice under the Plan may waive such notice.

30.Successors and Assigns. The Plan shall be binding upon all persons entitled to purchase Shares under the Plan, their respective heirs, legatees, and legal representatives, including, without limitation, such person’s estate and the executors, any receiver, trustee in bankruptcy or representative of creditors of such person, and upon the Employer, its successors and assigns.

31.Data Privacy. By participating in the Plan, the Participant consents to the holding and processing of personal information provided by the Participant to the Company or any subsidiary, trustee or third-party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

(a)administering and maintaining Participant records;

(b)providing information to the Company, Subsidiaries, trustees of any employee benefit trust, registrars, brokers or third-party administrators of the Plan;

(c)providing information to future purchasers or merger partners of the Company or any subsidiary, or the business in which the Participant works; and

(d)transferring information about the Participant to any country or territory that may not provide the same protection for the information as the Participant’s home country.

32.Headings. The titles and headings of the sections are included for convenience of reference only and are not to be considered in construction of the provisions hereof.

33.Governing Law; Venue. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware. The exclusive venues for all disputes arising out of the Plan shall be the United States District Court for the Eastern District of Michigan and the Third Judicial Circuit, Wayne County, Michigan (the “Agreed-Upon Venues”), and no other venues. The Company and any Participants to the Plan stipulate that participation in the Plan is an arms-length transaction entered into by sophisticated parties, and that the Agreed-Upon Venues are convenient, are not unreasonable, unfair, or unjust, and will not deprive any party of any remedy to which it may be entitled. The Company and any Participants to the Plan further agree to consent to the dismissal of any action arising out of the Plan that may be filed in a venue other than one of the Agreed-Upon Venues; the reasonable legal fees and costs of the party seeking dismissal for improper venue will be paid by the party that filed suit in the improper venue.

 
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