Document:

Exhibit 10.7

 

DIVIDEND REINVESTMENT PLAN

OF

GOLUB CAPITAL BDC 3, INC.

 

Golub Capital BDC 3, Inc.,
a Maryland corporation (the “Corporation”), has adopted the following plan (the “Plan”),
to be administered by the Corporation or such other administrator as the Corporation may appoint (the “Plan Administrator”),
with respect to dividends and other distributions declared by its Board of Directors on shares of its common stock, par value $0.001
per share (the “Common Stock”):

 

1.       Unless
a stockholder specifically elects to receive cash as set forth below, all cash dividends or other distributions hereafter declared
by the Board of Directors of the Corporation (the “Board of Directors”), net of any applicable withholding tax,
shall be automatically reinvested in additional shares of Common Stock, and no action shall be required on such stockholder’s
part to receive a distribution in Common Stock.

 

2.       Such
distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors to stockholders
of record at the close of business on the record date established by the Board of Directors for the distribution involved.

 

3.       With
respect to each distribution pursuant to this Plan, the Board of Directors reserves the right, subject to the provisions of the
Investment Company Act of 1940, as amended, to issue new shares of Common Stock for the accounts of Participants (as defined below).
The number of shares of Common Stock to be issued to a Participant is determined by dividing the total dollar amount of the distribution
payable to such stockholder by the most recent quarterly net asset value per share as determined by the Board of Directors, subject
to adjustment to the extent required by Section 23 of the Investment Company Act of 1940, as amended (“NAV Per Share”).

 

4.       The
Plan Administrator shall issue shares of Common Stock acquired pursuant to the Plan for each stockholder who has not so elected
to receive distributions in cash (each a “Participant”).

 

5.       The
Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable but not
later than 30 business days after the payable date.

 

6.       If
the Plan Administrator is not the Corporation, the Plan Administrator shall forward to each Participant any Corporation-related
proxy solicitation materials and each Corporation report or other communication to stockholders, and shall vote any shares held
by it under the Plan in accordance with the instructions set forth on proxies returned by Participants.

 

7.       In
the event that the Corporation makes available to its stockholders rights to purchase additional shares or other securities, the
shares held by the Plan Administrator for each Participant under the Plan shall be added to any other shares held by the Participant
in calculating the number of rights to be issued to the Participant. Transaction processing may be either curtailed or suspended
until the completion of any stock dividend, stock split or corporate action.

 

     

    	 

    

 

8.       There
will be no brokerage charges or other charges to stockholders who participate in the Plan. If the Plan Administrator is not the
Corporation, the Plan Administrator’s service fee, if any, and expenses for administering the Plan shall be paid for by the
Corporation.

 

9.       Each
participant may elect to receive an entire distribution in cash by notifying the Plan Administrator in writing so that such notice
is received by the Plan Administrator no later than ten days prior to the record date for a distribution to stockholders, otherwise
the election will be effective only with respect to any subsequent distribution.

 

10.       Each
Participant may terminate his or its account under the Plan by so notifying the Plan Administrator by such means as the Plan Administrator
may specify in writing to the Participants. For so long as the Corporation is the Plan Administrator, a Participant may notify
the Plan Administrator at 666 Fifth Avenue, 18th Floor, New York, New York, Attention: Investor Relations. Such termination
shall be effective immediately if the Participant’s notice is received by the Plan Administrator at least ten days prior
to any distribution date; otherwise, such termination shall be effective only with respect to any subsequent distribution.

 

11.       The
Plan may be terminated and these terms and conditions may be amended or supplemented by the Corporation at any time but, except
when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission
or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to any
record date for the payment of any dividend or other distribution by the Corporation. The amendment or supplement shall be deemed
to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice
of the termination of his, her or its account under the Plan at least ten days prior to the effective date. Any such amendment
may include an appointment by the Plan Administrator in its place and stead of a successor agent under these terms and conditions,
with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and
conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the Corporation shall be authorized
to pay to such successor agent, for each Participant’s account, all distributions payable on shares of the Corporation held
in the Participant’s name or under the Plan for retention or application by such successor agent as provided in these terms
and conditions.

 

12.       The
Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and
timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility
and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator’s negligence,
bad faith or willful misconduct or that of its employees or agents.

 

    	 	-2-	 

     

    

  

13.       These
terms and conditions shall be governed by the laws of the State of New York.

 

Adopted August
2, 2017 and effective September 29, 2017

 

    	 	-3-Exhibit 10.10

 

GOLUB CAPITAL BDC 3, INC.

 

SUBSCRIPTION AGREEMENT

 

     

     

    

 

THE SHARES OF GOLUB CAPITAL BDC 3, INC. HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER JURISDICTIONS,
AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE REGISTRATION
AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION
THEREFROM. THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER
SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS
OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

SUBSCRIPTION AGREEMENT

 

Golub Capital BDC 3, Inc.

666 Fifth Avenue, 18th Floor

New York, NY 10103

 

Ladies and Gentlemen:

 

This Subscription Agreement
(“Subscription Agreement”) is being executed and delivered in connection with the subscription by the undersigned
(the “Subscriber”) to purchase the number of shares of common stock, par value $0.001 per share (the “Shares”),
of Golub Capital BDC 3, Inc., a Maryland corporation (the “Company”), through periodic calls of all or a portion
of capital amounts of the Subscriber’s aggregate capital commitment (the “Capital Commitment”) in the
amount set forth on the signature page below. Capitalized terms used herein shall have the same meanings herein as defined in the
Company’s Confidential Private Placement Memorandum, as amended, restated and/or supplemented (the “Memorandum”),
unless otherwise defined herein.

 

In addition to completing
and signing the signature page to this Subscription Agreement, each Subscriber must complete any necessary attachments contained
in this package (such attachments, together with the Subscription Agreement, the “Subscription Documents”) in
the manner described below. For purposes of these Subscription Documents, the “Subscriber” is the person or
entity for whose account the Shares will be purchased and that can satisfy the representations and warranties set forth in the
Subscription Documents. Another person or entity with investment authority may execute the Subscription Documents on behalf of
the Subscriber, but should indicate the capacity in which it is doing so and the name of the Subscriber. All appendices to this
Subscription Agreement are incorporated by reference herein.

 

(a)          Investor
Questionnaire. Complete Appendix A attached to this Subscription Agreement.

 

(b)        Tax
Forms. Fill in and sign and date the attached Form W-9. Each non-U.S. investor is required to fill in and date the relevant
Form(s) W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form. In the event that
any applicable reduction or exemption from U.S. federal withholding tax is claimed, each Subscriber is required to provide all
applicable attachments or addendums as required to claim such exemption or reduction.

 

(c)          Evidence
of Authorization. Each Subscriber must provide satisfactory evidence of authorization and may be required to submit further
information for “know your customer” and anti-money laundering purposes.

 

(i) For Corporations: certified
documentation evidencing the corporation’s existence and certified corporate resolutions authorizing the subscription and
identifying the corporate officer empowered to sign the Subscription Documents.

 

     

     

    

 

(ii) For Partnerships:
certified documentation evidencing the partnership’s existence and a certified copy of the partnership agreement (which,
in the case of a limited partnership, identifies the general partner(s)).

 

(iii) For Limited Liability
Companies: certified documentation evidencing the limited liability company’s existence and a certified copy of the limited
liability operating agreement identifying the manager or managing member, as applicable, empowered to sign the Subscription Documents.

 

(iv) For Trusts:
a copy of the trust agreement

 

(v) For Employee Benefit
Plans: Employee benefit plans must submit a certificate of an appropriate officer certifying that the subscription has been authorized
and identifying the individual empowered to sign the Subscription Documents.

 

(d)          Delivery
of Subscription Documents. Two (2) original completed and executed copies of the Subscription Agreement and all of the documents
referred to in clauses (a) through (c) above, should be delivered to the Company at the address set forth at the beginning of this
Subscription Agreement.

 

(e)          Acceptance
by the Company. If the Company accepts the Subscriber’s subscription (in whole or in part), a fully executed set of the
Subscription Documents will be returned to the Subscriber. The Company may accept and countersign this Subscription Agreement (in
whole or in part) at any time.

 

1.            Subscription.

 

(a)          The
Subscriber acknowledges and agrees that this subscription (i) is irrevocable on the part of the Subscriber, (ii) is conditioned
upon acceptance by the Company and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion
at any time. The Subscriber agrees to be bound by all the terms and provisions of this Subscription Agreement, the Memorandum,
the Company’s bylaws, in the form attached hereto as Appendix B (as amended, the “Bylaws”), the
articles of amendment and restatement of the Company, in the form attached hereto as Appendix C (as amended, the “Charter”),
the Investment Advisory Agreement by and between GC Advisors LLC (the “Adviser”) and the Company, in the form
attached hereto as Appendix D (as amended, the “Advisory Agreement”), and the Administration Agreement
by and between the Company and Golub Capital LLC, our administrator (the “Administrator”), in the form attached
hereto as Appendix E (as amended, the “Administration Agreement” and, together with the Memorandum, the
Bylaws, the Charter and the Advisory Agreement, the “Operative Documents”) together with this Subscription Agreement.

 

(b)          The
Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and
in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. The minimum Capital
Commitment is $25 million, subject to the discretion of the Company to accept a lower amount.

 

(c)          The
Company will file or has filed a registration statement on Form 10 (the “Registration Statement”) for the registration
of its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). The Registration Statement is not the offering document pursuant
to which the Company is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information
contained in the Memorandum, together with reports the Company may file under the Exchange Act from time to time, in making its
investment decisions. The Company expects to enter into separate Subscription Agreements (the “Other Subscription Agreements”
and, together with this Subscription Agreement, the “Subscription Agreements”) with other investors (the “Other
Investors,” and together with the Subscriber, the “Investors”), providing for the sale of Shares to
the Other Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of
Shares to the undersigned and the Other Investors are to be separate sales.

 

    	 	- 2 -	 

     

    

 

2.           Acceptance
of Subscription; Closings.

 

This Subscription Agreement
is made subject to the following terms and conditions:

 

(a)          The
Company shall have the right to accept or reject the Subscriber’s subscription, in whole or in part, for any reason, including,
without limitation, (i) the inability of the Subscriber to meet the standards imposed by Regulation D promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), (ii) the ineligibility
of the Subscriber under applicable state or foreign securities laws or (iii) for any other reason.

 

(b)          If
the Subscriber’s subscription is accepted in part and rejected in part, the Subscriber will be so notified and the Subscriber
agrees to deliver promptly upon the Company’s request a new signature page to this Subscription Agreement with respect to
which the Subscriber’s Capital Commitment shall be such lesser amount as may be determined by the Company.

 

(c)          If
the Subscriber’s subscription is wholly rejected, the executed copies of this Subscription Agreement will be returned to
the Subscriber.

 

(d)          The
closing of the subscription for the Shares by the Subscriber (the “Closing”) shall take place on the date that
this Subscription Agreement (having been executed and fully completed by the Subscriber) is accepted in whole or in part by the
Company (such date being the date filled in by the Company on the signature page hereto). On the date of the receipt of the Subscriber’s
first Drawdown Purchase, assuming the Closing has taken place, the Subscriber shall be registered as a stockholder of the Company
(a “Stockholder”).

 

(e)          The
Subscriber agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations
contained herein, including the Investor Questionnaire attached hereto as Appendix A (the “Investor Questionnaire”).

 

(f)          In
the event that the Subscriber is permitted by the Company to make an additional capital commitment to purchase Shares on a date
after its initial subscription has been accepted, the Subscriber shall be required to enter into an addendum to this Subscription
Agreement covering such additional capital commitment.

 

3.            Drawdowns.

 

(a)          Subject
to Section 3(d), the Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable
at such times and in such amounts as required by the Company. Subscriber shall be required to fund a capital contribution to purchase
Shares (a “Drawdown Purchase”) each time the Company delivers a notice (the “Drawdown Notice”)
to the Subscriber. Drawdown Notices shall be delivered at least ten calendar days prior to the date on which payment will be due
(each, a “Drawdown Date”) and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the
“Drawdown Purchase Price”) to be paid by the Subscriber to purchase Shares on such Drawdown Date. Each purchase
of Shares pursuant to a Drawdown Notice will be made at a per Share price equal to the then-current NAV per Share. “NAV
per Share” equals the most recent quarterly net asset value per Share, as determined by the board of directors of the
Company (the “Board”). However, the NAV Per Share shall be subject to adjustment to the extent required by Section
23 under the Investment Company Act of 1940, as amended (the “1940 Act”). No Investor shall be required to invest
more than the total amount of its Capital Commitment.

 

(b)          Each
Drawdown Purchase Price shall be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions
set forth in such Drawdown Notice. In addition to the wire transfer instructions, each Drawdown Notice shall set forth (i) the
Drawdown Date, (ii) the aggregate amount of capital that is being drawn down from all Stockholders and (iii) the Subscriber’s
share of capital drawn. The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber’s
irrevocable and unconditional obligation to pay such Drawdown Purchase Price in the amount set forth therein, without any right
of offset, reduction, counterclaim or defense.

 

    	 	- 3 -	 

     

    

 

(c)          Concurrent
with any payment of all or a portion of the Drawdown Purchase Price, the Company shall issue to the Subscriber a number of Shares
equal to the amount of the Drawdown Purchase Price funded by the Subscriber on the applicable Drawdown Date divided by the NAV
per Share as of such Drawdown Date. For the avoidance of doubt, the Company shall not issue Shares for any portion of the Subscriber’s
Capital Commitment that has not been paid to the Company and used to purchase Shares pursuant to one or more Drawdown Notices (the
“Undrawn Capital Commitment”).

 

(d)          Upon
termination of the period (the “Commitment Period”) beginning on the Closing and ending on the earliest of (i)
the closing of a “Liquidity Event” (as defined below), (ii) the third anniversary of the Closing and (iii) a final,
liquidating distribution to Investors of either (X) cash proceeds from an orderly liquidation of the Company’s investments
or (Y) securities or other assets of the Company as a distribution-in-kind, the Subscriber shall be released from any obligation
to fund any portion of its Capital Commitment for which it has not received a Drawdown Notice prior to the termination of the Commitment
Period, except, in the case of termination of the Commitment Period pursuant to clauses (ii) or (iii), to the extent necessary
to (A) pay expenses of the Company, including management fees, amounts due or that may become due under any financing or similar
obligations, and indemnity obligations or (B) fund investments or obligations (including guarantees) of the Company in connection
with any transaction for which there is a binding written agreement as of the end of the Commitment Period (including phased investments).
A “Liquidity Event” is defined as any of the following: (1) an initial public offering of the Shares (“IPO”)
or a listing of the Shares on a national securities exchange (“listing”) or (2) a sale of all or substantially
all of the Company’s assets to, or other liquidity event with, an entity for consideration of either cash and/or publicly
listed securities of the acquirer, which potential acquirers may include a business development companies (“BDC”),
including BDCs affiliated with the Adviser, and entities that are not BDCs.

 

(e)          The
Subscriber acknowledges and agrees that the Company intends to request contributions from all Investors with an Undrawn Capital
Commitment pro rata in accordance with the Capital Commitments of all investors with Undrawn Capital Commitments; provided
that the Company shall retain the right, if determined by the Company in its sole discretion, to require the Subscriber (i) to
fund a Drawdown Purchase Price that is more or less than its pro rata share or (ii) to fund a Drawdown Purchase Price (but not
require Other Investors to do so), in either case, in order to accelerate the fulfillment of the Subscriber’s Capital Commitment
if less than 20% of the Subscriber’s Capital Commitment remains undrawn, to seek to equalize the percentage of the Subscriber’s
total Capital Commitment that has been contributed to the Company relative to the capital contributions of Other Investors, or
to avoid any of the Default Remedy Limitations (as defined below) or for other regulatory reasons. The Subscriber acknowledges
and agrees that the Company may, if determined by the Company in its sole discretion, from time to time require capital contributions
from Other Investors and not the Subscriber. Accordingly, Drawdown Notices may be issued only to selected investors and Stockholders
(including or excluding the Subscriber) from time to time and require a purchase of Shares by such investors in amounts determined
by the Company in its sole discretion.

 

4.            Pledging.
Without limiting the generality of the foregoing, the Subscriber specifically agrees and consents that the Company may, at any
time, without further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement),
grant security over and, in connection therewith, transfer its right to draw down capital from the Subscriber pursuant to Section
3, and the Company’s right to receive the Drawdown Purchase Price (and any related rights of the Company), to lenders or
other creditors of the Company, in connection with any indebtedness, guarantee or surety of the Company; provided that,
for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the Company’s
right to draw down capital pursuant to Section 3.

 

5.            Dividends;
Dividend Reinvestment Plan. As described more fully in the Memorandum, the Company generally intends to distribute on a quarterly
basis, out of assets legally available for distribution, substantially all of its available earnings in such amount so the Company
will not have to pay corporate-level income tax, subject to the discretion of the Board. The Company has adopted a dividend reinvestment
plan, as may be amended (the “Dividend Reinvestment Plan”), pursuant to which, prior to an IPO or listing, the
Company shall reinvest all cash distributions declared by the Board on behalf of any Stockholder, other than any Stockholder that
has affirmatively elected to opt out of the Dividend Reinvestment Plan, in exchange for such Stockholder receiving a number of
newly issued Shares equal to the quotient determined by dividing the amount of cash otherwise to be distributed to such Stockholder
in connection with such distribution by NAV per Share as of the valuation date fixed by the Board for such distribution. The Subscriber
may opt out of the Dividend Reinvestment Plan in the Investor Questionnaire. An election to opt-out or to opt-in to the Dividend
Reinvestment Plan may be altered, subject to approval by the Company, by notifying the Company in writing at 666 Fifth Avenue,
18th Floor, New York, NY 10103, Attention: Investor Relations. A change in election must be received by the Company at least ten
calendar days prior to any distribution date; otherwise, such election shall be effective only with respect to any subsequent distributions.
The Subscriber acknowledges and agrees that any distributions received by the Subscriber or reinvested by the Company on the Subscriber’s
behalf pursuant to the Dividend Reinvestment Plan shall have no effect on the amount of the Subscriber’s Undrawn Capital
Commitment.

 

    	 	- 4 -	 

     

    

 

6.            Remedies
Upon Drawdown Purchase Price Default. In the event that the Subscriber fails to pay all or any portion of the Drawdown Purchase
Price due from the Subscriber on any Drawdown Date (such amount, together with the amount of the Subscriber’s Undrawn Capital
Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of ten days, then the Company
shall be permitted to declare the Subscriber to be in default on its obligations under this Subscription Agreement (in such capacity,
a “Defaulting Investor” and, collectively with any Other Investors declared to be in default, the “Defaulting
Stockholders”) and shall be permitted to pursue one or any combination of the following remedies:

 

(a)          Participation
in Future Drawdowns. The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown
Date.

 

(b)          Forfeiture
of Shares. One-third of the Shares then held by the Defaulting Investor may be automatically forfeited and transferred on the
books of the Company to the Other Investors (other than any other Defaulting Stockholders), pro rata in accordance with
their respective number of Shares held; provided that no Shares shall be transferred to any Other Investor pursuant to this
Section 6(b) in the event that such transfer would (i) violate the Securities Act, the 1940 Act or any state (or other jurisdiction)
securities or “blue sky” laws applicable to the Company or such transfer, (ii) constitute a non-exempt “prohibited
transaction” under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or (iii) cause all or any
portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (the “Default
Remedy Limitations”) (it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence
of the consequences contemplated herein and shall not prevent any Other Investor from receiving a partial allocation of its pro
rata portion of Shares); and provided, further, that any Shares that have not been transferred to one or more Other
Investors pursuant to the previous proviso shall be allocated among the participating Other Investors pro rata in accordance with
their respective number of Shares held. The mechanism described in this Section 6(b) is intended to operate as a liquidated damage
provision since the damage to the Company and the Other Investors resulting from a default by the Defaulting Investor is both significant
and not easily susceptible to precise quantification. By entry into this Subscription Agreement, the Subscriber agrees to this
Section 6(b) and acknowledges that the automatic transfer of one-third of its Shares constitutes a reasonable liquidated damages
remedy for any default of the Subscriber’s obligations to fund a Drawdown Purchase Price.

 

(c)          Inability
to Vote. To the maximum extent permitted by applicable law, the Defaulting Investor hereby makes, constitutes and appoints
the Company with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting
Investor with respect to the Shares, at every annual, special or adjourned meeting of the stockholders of the Company and in every
written consent in lieu of such meeting in exact proportion to the votes or consents cast by Stockholders other than Defaulting
Stockholders or, in the absence of any such Stockholders, in the discretion of the proxy.

 

(d)          Other
Remedies. The Company may pursue any other remedies against the Defaulting Investor available to the Company at law or in equity.
No course of dealing between the Company and any Defaulting Stockholder and no delay in exercising any right, power or remedy conferred
in this Section 6 or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice
any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the
Defaulting Investor for specific performance of its obligation to pay any Drawdown Purchase Price and any other payments to be
made by the Defaulting Investor pursuant to this Subscription Agreement and to collect any overdue amounts hereunder. Notwithstanding
any other provision of this Subscription Agreement, the Subscriber agrees (i) to pay on demand all costs and expenses (including
attorneys’ fees) incurred by or on behalf of the Company in connection with the enforcement of this Subscription Agreement
against the Subscriber sustained as a result of any default by the Subscriber and (ii) that any such payment shall not constitute
payment of a Drawdown Purchase Price or reduce the Subscriber’s Capital Commitment.

 

    	 	- 5 -	 

     

    

 

The Subscriber agrees that
this Section 6 is solely for the benefit of the Company and shall be interpreted by the Company against the Defaulting Investor
in the discretion of the Company. The Subscriber further agrees that the Subscriber cannot and will not seek to enforce this Section
6 against the Company or any other investor in the Company

 

7.            Representations
and Warranties of the Subscriber.

 

The Subscriber represents
and warrants as follows:

 

(a)          Private
Placement.

 

(i)          The
Subscriber understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities
Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption
from registration provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and
exemptions under the laws of any non-U.S. jurisdictions, and the Subscriber agrees that any Shares acquired by the Subscriber may
not be Transferred (as defined below) in any manner that would require the Company to register the Shares under the Securities
Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Subscriber was offered the Shares
through private negotiations, not through any general solicitation or general advertising.

 

(ii)         The
Subscriber understands that the Company requires each investor in the Company to be an “accredited investor” as defined
in Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”), and the Subscriber represents
and warrants that it is an Accredited Investor.

 

(iii)        The
Subscriber understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions
and limitations and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations
and other legal requirements applicable to the Subscriber, including the legal requirements of jurisdictions in which the Subscriber
is resident and in which such acquisition is being consummated. In furtherance, and not in limitation, of the foregoing, if the
Subscriber is a resident of any of the jurisdictions set forth in the Memorandum, the Subscriber represents, warrants and covenants
as specified in the Memorandum hereto for such jurisdiction.

 

(iv)        The
Shares to be acquired hereunder are being acquired by the Subscriber for the Subscriber’s own account for investment purposes
only and not with a view to resale or distribution. The Subscriber shall not, directly or indirectly, Transfer all or any portion
of such Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such
Shares) except in accordance with (i) the registration provisions of the Securities Act or an exemption from such registration
provisions, (ii) any applicable U.S. federal or state or non-U.S. securities laws and (iii) the terms of
this Agreement and the Charter. The Subscriber understands that it may be required to bear the economic risk of its investment
in the Shares for a substantial period of time because, among other reasons, the offering and sale of the Shares have not been
registered under the Securities Act and, therefore, the Shares cannot be sold other than through a privately negotiated transaction
unless they are subsequently registered under the Securities Act or an exemption from such registration is available. “Transfer”
(or any derivative thereof) shall mean to sell, offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate,
grant any option to purchase or otherwise dispose of or agree to dispose of, in any case whether directly or indirectly.

 

(b)          The
Subscriber is not subject to and is not aware of any facts that would cause such Subscriber to be subject to any of the “Bad
Actor” disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

 

    	 	- 6 -	 

     

    

 

(c)          The
Subscriber has received, read carefully in its entirety, and understands the Memorandum. The Subscriber has consulted with its
own attorney, accountant, investment adviser or other adviser with respect to the investment contemplated hereby and its suitability
for the Subscriber, and the Subscriber understands and consents to the fees, risks and other considerations relating to the purchase
of the Shares and an investment in the Company, including the fees outlined in the section titled “Management Agreements”
of the Memorandum and the risks and other considerations set forth in the sections titled “Risk Factors” and “Certain
Relationships and Related Party Transactions” in the Memorandum. The Subscriber has had the opportunity to ask questions
of and receive answers from representatives of the Company, all such questions have been answered to the Subscriber’s full
satisfaction, and the Subscriber has obtained any additional information concerning the Company sought by the Subscriber. The Subscriber
acknowledges that no representations have been made to the Subscriber in connection with its investment in the Company, other than
the Offering Materials.

 

(d)          The
Subscriber has substantial knowledge and experience in business and financial matters and is capable of evaluating the merits and
risks of a purchase of the Shares. The Subscriber understands that there can be no assurance that the Company will meet its investment
objective or otherwise be able to successfully carry out its investment program.

 

(e)          The
Subscriber has the financial ability to bear the economic risk of its investment in the Company (including the possible loss of
its investment), has adequate means for providing for its current needs and has no current need for liquidity in connection with
its purchase of the Shares.

 

(f)          The
purchase of the Shares by the Subscriber is consistent with the general investment objectives of the Subscriber.

 

(g)          If
the Subscriber is a natural person, the Subscriber’s domicile and principal residence are at the address shown on the signature
page below. If the Subscriber is not a natural person, the Subscriber has its domicile, principal place of business, or principal
office at the address shown on the signature page below. The Subscriber received the Offering Materials, the Operative Documents,
and this Subscription Agreement at the address of the Subscriber on the signature page below.

 

(h)          The
Subscriber is not an entity (including a qualified retirement plan) in which a holder of an interest in the Subscriber may decide
whether or how much to invest through the Subscriber in various investment vehicles, including the Company, unless the Subscriber
has so notified the Company in writing.

 

(i)          If
the Subscriber is not a natural person, then, unless the Subscriber has notified the Company in writing that the Subscriber was
formed for the specific purpose of acquiring Shares and all of the equity holders of the Subscriber are accredited investors, the
Subscriber’s Capital Commitment does not exceed 40% of the Subscriber’s assets. If at any time the Subscriber holds
Shares, the Subscriber shall no longer be in compliance with the provisions of this Section 7(i), it shall promptly notify the
Company.

 

(j)          If
the Subscriber is not a citizen of the United States, or a resident of or entity created under the laws of any state of the United
States (any such citizen, resident or entity being hereinafter called a “Domestic Person”), the Subscriber is
not purchasing the Shares on behalf of any Domestic Person, and the Subscriber has no present intention of becoming a Domestic
Person.

 

(k)          If
the Subscriber is a natural person, the Subscriber is of legal age in its country or state of residence and has legal capacity
to execute, deliver and perform its obligations under this Subscription Agreement and the Charter and to subscribe for and purchase
the Shares hereunder. If the Subscriber is not a natural person, the Subscriber is an entity of the kind set forth under the applicable
item of the Investor Questionnaire and has been duly organized, formed or incorporated, as the case may be, and is validly existing
and in good standing under the laws of its jurisdiction of organization, formation or incorporation, and the Subscriber has all
requisite power and authority to execute, deliver and perform its obligations under this Subscription Agreement and to subscribe
for and purchase the Shares hereunder. The Subscriber’s purchase of the Shares and its execution, delivery and performance
of this Subscription Agreement (i) has been duly executed and delivered by the Subscriber, (ii) constitutes the legal, valid and
binding obligation of the Subscriber (except (A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the rights and remedies of creditors generally, as from time to time in effect, (B) as limited by general
principles of equity, and (C) as the enforcement of remedies rests in the discretion of any court) and (iii) does not result in
the violation of, constitute a default under, or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment,
decree, order, statute, rule or regulation applicable to the Subscriber.

 

    	 	- 7 -	 

     

    

 

(l)          The
execution and delivery of this Subscription Agreement, the consummation of the transactions contemplated hereby and under the Charter
and the performance of the Subscriber’s obligations hereunder and under the Charter do not and will not conflict with, or
result in any violation of or default under, (i) if the Subscriber is not a natural person, any provision of any certificate
of formation, certificate of incorporation, charter, by-laws, memorandum and articles of association, trust agreement, partnership
agreement, limited liability company agreement or other organizational or governing instrument applicable to the Subscriber, (ii)
any agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound,
or (iii) any permit, franchise, judgment, decree, statute, writ, injunction, order, law, rule or regulation applicable
to the Subscriber or to its business or properties. In addition, the Subscriber represents that its power of attorney contained
in this Agreement and to be exercised in connection with the Charter has been granted by the Subscriber, including as to the
manner of any execution by the Subscriber, in compliance with all laws applicable to the Subscriber, including the laws
of the state or jurisdiction in which the Subscriber executed this Agreement. The Subscriber has obtained all authorizations, consents,
approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit
the Subscriber to enter into this Agreement and to consummate the transactions contemplated hereby and thereby.

 

(m)          The
Subscriber understands that the Company intends to file or has filed an election to be treated as a BDC under the 1940 Act and
intends to elect or has elected to be treated as a “regulated investment company” within the meaning of Section 851
of the Code for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain
information to the Company as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber
is unable or refuses to provide such information directly to the Company, the Subscriber understands that it shall be required
to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

 

(n)          The
Subscriber: (i) is not registered or required to be registered as an “investment company” under the 1940 Act;
(ii) has not elected to be regulated as a BDC under the 1940 Act; and (iii) either (A) is not relying on the
exception from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder
or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC.

 

(o)          ERISA
Matters.

 

(i)          One
of the following applies to the Subscriber: (A) the Subscriber is or will be (1) an “employee benefit plan”
as defined in Section 3(3) of ERISA, that is subject to ERISA, (2) a “plan” described in Section 4975(e)(1)
of the Code, that is subject to Section 4975 of the Code, or (3) an entity that is, or is deemed to be, using (under the
Plan Assets Regulation or otherwise for purposes of ERISA or Section 4975 of the Code) “plan assets” to purchase or
hold its investments (each, a “Plan”), and in which case the Subscriber has so indicated in, and has completed
each applicable question in, the Investor Questionnaire; (B) the Subscriber is not a Plan and will not be but a portion
of the funds used by the Subscriber to acquire the Shares constitutes or will constitute (in whole or in part) assets allocated
to an insurance company general account, in which case the Subscriber has so indicated in, and has completed each applicable question
in, its Investor Questionnaire; or (C) the Subscriber is not and will not be a Plan and no part of the funds used by the
Subscriber to acquire the Shares constitutes or will constitute assets of a Plan.

 

(ii)         If
the Subscriber is or will be an insurance company using the assets of its general account, then the Subscriber is and will be eligible
for and meets the requirements of DOL Prohibited Transaction Class Exemption 95-60 with respect to the acquisition and subsequent
holding of the Shares being purchased by the Subscriber hereunder.

 

    	 	- 8 -	 

     

    

 

(iii)        If
the Shares are being acquired by or on behalf of a Plan or are being acquired using Plan assets, (A) such acquisition has
been duly authorized in accordance with the applicable governing documents, (B) such acquisition and the subsequent holding
of such Shares do not and will not constitute a non-exempt “prohibited transaction” within the meaning of Section 406
of ERISA or Section 4975 of the Code, (C) a true, correct and complete list of the employers and affiliates participating
in such plan and each affiliate of such an employer has been provided to the Company in Section III of the Investor Questionnaire,
(D) information necessary for the Company to complete Schedule D, Part II of DOL Form 5500 has been provided to the Company in
Section III of the Investor Questionnaire, if applicable, (E) the “fiduciary” of the Plan within the meaning
of Section 3(21) of ERISA or Section 4975(e)(3) of the Code is independent of the Company, the Adviser and their respective employees,
representatives and affiliates, is qualified to make investment decisions on behalf of the Plan and has authorized the Subscriber’s
investment in the Company, which conforms in all respects to the documents governing the Plan and, assuming the assets of the Company
do not constitute “plan assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, complies
with all applicable requirements of ERISA and Section 4975 of the Code, and has been informed about the fee structure of the Company,
including the incentive fee component, and has concluded that such fees are reasonable and the investment in the Company otherwise
constitutes a reasonable contract or arrangement, and (F) the Subscriber acknowledges and agrees that, assuming the assets
of the Company do not constitute “plan assets” subject to the provisions of Title I of ERISA or Section 4975 of the
Code, none of the Adviser or its employees, representatives or affiliates have any discretion, or are otherwise acting in a fiduciary
capacity with respect to the Plan’s investment in the Company, pursuant to the provisions of ERISA, the Code or any applicable
law, or otherwise, and, without limiting the generality of the foregoing, the Subscriber has not relied on, and is not relying
on, any investment advice or recommendation of any such person with respect to the Plan’s investment in the Company.

 

(iv)        The
Subscriber acknowledges that the Company has the authority to require the redemption, withdrawal or other cancellation of any Shares
if it is determined that the continued holding of such Shares could result in the Company being subject to the provisions of Title
I of ERISA or Section 4975 of the Code.

 

(v)         Without
limiting the remedies in the event of a breach, prior to a Liquidity Event, the Subscriber agrees to promptly provide to the Company
such information as the Company may from time to time reasonably request for purposes of determining whether the assets of the
Company are “plan assets” within the meaning of the DOL Regulations, the applicability of certain exemptions from prohibited
transactions under ERISA and the Code and any other matters relating to ERISA or compliance with ERISA arising in connection with
the Subscriber’s investment in the Company, or the operation or investments of the Company.

 

(vi)        The
representations and warranties set forth in this Section 7(o) shall be deemed repeated and reaffirmed on each day the Subscriber
holds Shares. Without limiting the remedies available in the event of a breach, if at any time prior to the dissolution and termination
of the Company the representations and warranties set forth in this Section 7(o) shall cease to be true, including because there
is a change in the Subscriber’s Plan status or the percentage of assets that constitute “plan assets” subject
to the provisions of Title I of ERISA or Section 4975 of the Code, then the Subscriber shall promptly notify the Company in writing.

 

(p)          Matters
Related to the U.S. Department of Labor Fiduciary Rule. If the Subscriber is (A) a Plan or any part of the funds used by the
Subscriber to acquire the Shares constitutes or will constitute assets of a Plan or (B) an individual retirement account (“IRA”),
then the party representing such Subscriber hereby represents as follows:

 

(i)          Such
party: (A) is a fiduciary as defined in Section 3(21)(A) of ERISA or Section 4975(e)(3) of the Code with respect to such Subscriber,
and is not a participant or beneficiary of any Subscriber that is an employee benefit plan (or a relative of such participant or
beneficiary), and is not the IRA owner or a relative of such owner with respect to a Subscriber that is an IRA and (B) is independent
of the Adviser and any of its affiliates (such party meeting these requirements is referred to herein as the “Independent
Fiduciary”).

 

(ii)         The
Independent Fiduciary is: (A) a bank as defined in section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers
Act”), or similar institution that is regulated and supervised and subject to periodic examination by a state or federal
agency; (B) an insurance carrier which is qualified under the laws of more than one state to perform the services of managing,
acquiring or disposing of assets of a Plan; (C) an investment adviser registered under the Advisers Act or, if not so registered
by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state
in which it maintains its principal office and place of business; (D) a broker-dealer registered under the Exchange Act; or (E)
any independent fiduciary that holds, or has under management or control, total assets of at least $50 million.

 

    	 	- 9 -	 

     

    

 

(iii)        The
Independent Fiduciary is capable of evaluating investment risks independently, both in general and with regard to a potential investment
in the Company.

 

(iv)        The
Independent Fiduciary understands that the Adviser and its affiliates are not undertaking to provide impartial investment advice,
or to give advice in a fiduciary capacity, with respect to investment in the Company.

 

(v)         The
Independent Fiduciary understands and agrees that it is responsible for exercising its independent judgment in evaluating the proposed
investment, and is not relying upon advice from the Adviser or its affiliates in its exercise of such judgment.

 

(vi)        The
representations and warranties set forth in this Section 7(p) shall be deemed repeated and reaffirmed on each day the Subscriber
holds Shares. Without limiting the remedies available in the event of a breach, if at any time prior to the dissolution and termination
of the Company the representations and warranties set forth in this Section 7(p) shall cease to be true, then the Subscriber shall
promptly notify the Company in writing.

 

(q)          The
Subscriber has notified, or shall promptly notify, the Company if the Subscriber is or becomes a person that may be disqualified
from participating in the Company’s acquisition of Securities sold in a public offering under Rules 5130 an 5131 of the Financial
Industry Regulatory Authority, as in effect from time to time.

 

(r)          If
the Subscriber is a partnership or any other entity that is treated as a partnership for U.S. income tax purposes, a grantor trust
within the meaning of Sections 671-679 of the Code, or a S corporation within the meaning of Section 1361 of the Code, the Subscriber
represents that at no time during the term of the Company will 65% or more of the value of any beneficial owner’s direct
or indirect interest in the Subscriber be attributable to the Subscriber’s interest in the Company. Except as otherwise disclosed
to the Company in writing, the Subscriber is not disregarded as an entity separate from its owner within the meaning of Treasury
Regulation Section 301.7701-3.

 

(s)          None
of the information concerning the Subscriber nor any statement, certification, representation or warranty made by the Subscriber
in this Agreement or in any document required to be provided under this Agreement (including the Investor Questionnaire and any
Form W-9 or the relevant Forms W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.

 

(t)          The
Subscriber agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify
the accuracy of the Subscriber's representations and warranties herein or to comply with any law or regulation to which the Company,
the Adviser, the Administrator or a portfolio company of the Company may be subject.

 

(u)          The
Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with, the Company’s Privacy
Policies and Practices attached hereto as Appendix F.

 

    	 	- 10 -	 

     

    

 

(v)         The
Subscriber agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance
of this Agreement, each Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the foregoing,
the Subscriber agrees to give the Company prompt written notice in the event that any statement, certification, representation
or warranty of the Subscriber contained in this Section 7 or any information provided by the Subscriber herein or in any document
required to be provided under this Agreement (including the Investor Questionnaire and any Form W-9 or Forms W-8 (W-8BEN, W-8IMY,
W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

 

8.            Representations
and Warranties of the Company.

 

The Company represents
and warrants as follows (in reliance, where applicable, on the representations and warranties of the Subscriber contained in this
Subscription Agreement and the representations and warranties of the Other Investors):

 

(a)          The
Company is duly incorporated validly existing as a corporation under the laws of the State of Maryland, and has all requisite corporate
power to conduct the business in which it proposes to engage as described in the Memorandum.

 

(b)          No
consent, approval or authorization of, or filing or registration with, any governmental authority on the part of the Company is
required for the execution and delivery of this Subscription Agreement by it, or the issuance of Shares as contemplated thereby,
except for any consents, approvals, authorizations or filings which are required under any applicable securities laws (federal,
state or foreign) and which have been made or obtained prior to the Closing or are made or obtained hereafter within the time prescribed
by law. All action required to be taken by the Company as a condition to the issuance and sale of the Shares will have been taken
at or before the Closing. The execution and delivery of this Subscription Agreement by the Company will not result in the violation
of, constitute a default under, or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order,
statute, rule or regulation applicable to the Company. Upon execution and delivery by the Company, this Subscription Agreement
(i) will have been duly executed and delivered by the Company, and (ii) will constitute the legal, valid and binding obligation
of the Company, except (A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
the rights and remedies of creditors generally, as from time to time in effect, (B) as limited by general principles of equity
and (C) as the enforcement of remedies rests in the discretion of any court.

 

9.            Additional
Limitations on Transfer of Capital Commitments and Shares.

 

(a)          General
Restrictions on Transfer.

 

(i)          The
Subscriber may not Transfer its Capital Commitment. Prior to any Liquidity Event, the Subscriber may not Transfer any of its Shares
unless the Transfer is made in accordance with applicable securities laws and is otherwise in compliance with the transfer restrictions
set forth in Appendix G. Each transferee must agree to be bound by these restrictions and all other obligations as an investor
in the Company. Following an IPO or listing, the Subscriber shall be restricted from selling or disposing of its Shares by applicable
securities laws, contractually by a lock-up agreement with the underwriters of the IPO, and pursuant to the terms of this Agreement.

 

(ii)         The
Subscriber acknowledges that the Subscriber is aware and understands that there are other substantial restrictions on the transferability
of its Capital Commitment or Shares under this Subscription Agreement, the Charter and applicable law, including the fact that
(A) there is no established market for the Shares and it is possible that no public market for the Shares will develop;
(B) the Shares are not currently, and Stockholders have no rights to require that the Shares be, registered under the Securities
Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently
registered or unless an exemption from such registration is available; and (C) the Subscriber may have to hold the Shares
herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Subscriber
to liquidate its investment in the Company.

 

    	 	- 11 -	 

     

    

 

(b)           IPO
and Listing-Related Restrictions. The Subscriber agrees that for a period beginning on the date of the pricing of an IPO or
the initial trade date of a listing and continuing to and including at least 180 calendar days thereafter, the Subscriber shall
not, without the prior written consent of the Company, (A) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file (or participate in
the filing of) a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the
SEC promulgated thereunder with respect to, any Shares of the Company or any securities convertible into or exercisable or exchangeable
for common stock, or warrants or other rights to purchase Shares, (B) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of Shares or any securities convertible into or exercisable
or exchangeable for Shares, or warrants or other rights to purchase Shares, whether any such transaction is to be settled by delivery
of Shares or such other securities, in cash or otherwise, or (C) publicly announce an intention to effect any transaction specified
in clause (A) or (B) (collectively, the “Prohibited Activities”). The Subscriber agrees that the specific terms
of the foregoing restriction on Prohibited Activities, including the exact time periods of such restriction, and any other limitations
on the sale of Shares in connection with or following an IPO or listing will be agreed prior to the IPO or listing between the
Board and the Adviser, acting on behalf of the Stockholders, and the underwriters of the IPO or other similar institutions, acting
on the Company’s behalf, in connection with a listing, and that the Subscriber will be bound by any such terms and limitations.

 

10.          Compliance
with Specific Laws.

 

(a)           Anti-Money
Laundering.

 

(i)          Neither
the Subscriber, any of its affiliates or beneficial owners, nor any person for whom the Subscriber is acting as agent or nominee,
(A) appears on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control
of the U.S. Department of the Treasury (“OFAC”), the list of Foreign Sanctions Evaders maintained by OFAC, or
any other lists of restricted parties maintained by the U.S. Government, nor are they otherwise a party with which any entity is
prohibited to deal under the laws of the United States, (B) is a senior foreign political figure or any immediate family member
or close associate of a senior foreign political figure or (C) is identified as a terrorist organization on any other relevant
lists maintained by governmental authorities. The Subscriber further represents and warrants that the monies used to fund the investment
in the Shares are not derived from, invested for the benefit of, or related in any way to, and that no monies or dividends received
as a result of the investment in the Shares will be provided to or for the benefit of, the governments of, or persons within, any
country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a “non-cooperative country or territory”
by the U.S. Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary of the Treasury
as a “primary money laundering concern.” The Subscriber further represents and warrants that the Subscriber: (x) has
conducted thorough due diligence with respect to all of its beneficial owners, (y) has established the identities of all beneficial
owners and the source of each of the beneficial owner’s funds and (z) will retain evidence of any such identities, any such
source of funds and any such due diligence. The Subscriber further represents and warrants that the Subscriber does not know or
have any reason to suspect that (I) the monies used to fund the Subscriber’s investment in the Shares have been or will be
derived from or related to any illegal activities, including money laundering activities and all Capital Contributions by the Subscriber
were not, and will not be, directly or indirectly derived from activities that may contravene federal, state or international laws
and regulations, including anti-money laundering laws and regulations, and (II) the proceeds from the Subscriber’s investment
in the Shares will be used to finance any illegal activities.

 

(ii)         The
Subscriber shall provide to the Company at any time such information as the Company determines to be necessary or appropriate (A)
to comply with the USA PATRIOT Act or the anti-money laundering laws, rules and regulations of any applicable jurisdiction and
(B) to respond to requests for information concerning the identity of such Subscriber from any governmental authority, self-regulatory
organization or financial institution in connection with its anti-money laundering compliance procedures (which, notwithstanding
anything in the Company’s privacy policies to the contrary, may then be disclosed to such persons), or to update such information.
The Subscriber hereby represents that the Subscriber is in compliance with all such laws. Failure to provide such information upon
request may result in the compulsory redemption of the Subscriber’s Shares. Subscriber represents that all evidence of identity
provided is genuine.

 

    	 	- 12 -	 

     

    

 

(iii)        To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Subscriber to the
Company, and all payments and distributions to the Subscriber, shall only be made in the Subscriber’s name and to and from
a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either
based or incorporated in or formed under the laws of the United States and that is not a “foreign shell bank” within
the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder
by the U.S. Department of the Treasury, as such regulations may be amended.

 

(b)          Affirmation.
The representations and warranties set forth in this Section 10 shall be deemed repeated and reaffirmed by the Subscriber to the
Company as of each date that the Subscriber is required to make a Drawdown Purchase or other payment to, or receives dividends
or other distributions from (even if such distribution is reinvested pursuant to the Dividend Reinvestment Plan), the Company.
If at any time during the term of the Company, the representations and warranties set forth in this Section 10 cease to be true,
the Subscriber shall promptly so notify the Company in writing.

 

(c)          Remedies
for Failure to Comply with Section 10. The Subscriber understands and agrees that the Company may not accept any amounts from
the Subscriber if it cannot make the representations set forth in this Section 10, and may require the compulsory Transfer of the
Subscriber’s Shares. In addition, the Subscriber understands and agrees that, in addition to the foregoing remedial measures,
(1) in order to comply with governmental regulations or if the Company determines in its sole discretion that such action is in
the best interests of the Company, the Company may “freeze the account” of the Subscriber, either by prohibiting additional
investments by the Subscriber, refusing to process a distribution to Subscriber or suspending other rights the Subscriber may have
under this Agreement or the Charter and the Bylaws and (2) the Company may be required to report such action or confidential information
relating to the Subscriber (including disclosing the Subscriber’s identity) to regulatory authorities.

 

11.          FATCA
Compliance. The Subscriber acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account
Tax Compliance Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company and the Administrator
may from time to time require further information or documentation from the Subscriber and, if and to the extent required under
FATCA, the Subscriber’s direct and indirect beneficial owners (if any), relating to or establishing such person’s identity,
residence (or jurisdiction of formation) and income tax status, and may provide or disclose such information and documentation
to the U.S. Internal Revenue Service.  The Subscriber agrees that it shall provide such information and documentation concerning
itself and its beneficial owners (if any), as and when requested by the Company or the Administrator sufficient for the Company
to comply with its obligations under FATCA.  The Subscriber acknowledges that, if the Subscriber does not provide the requested
information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in
equity, immediately redeem the Subscriber’s Shares or prohibit the Subscriber from purchasing additional Shares or participating
in additional investments in the Company. The Subscriber hereby agrees to indemnify and hold harmless the Company from any and
all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account of the Subscriber
not providing all requested information and documentation in a timely manner.  The Subscriber shall have no claim against
the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result
of any of the aforementioned actions.

 

12.          Subscriber
Information.

 

The Company reserves the
right to request such information as is necessary to verify the identity of the Subscriber or as may reasonably be requested by
the Company in connection with its operations, including such information requested by the Company in connection with entering
into any borrowing or other financing arrangement. The Subscriber shall promptly on demand provide such information and execute
and deliver such documents as the Company may request to verify the accuracy of the Subscriber’s representations and warranties
or as required for the Company’s operations. In the event of delay or failure by the Subscriber to produce any information
required for verification purposes, or if otherwise required by law or regulation, the Company may refuse to accept the Subscription
or may refuse to process a distribution until proper information has been provided.

 

    	 	- 13 -	 

     

    

 

The Subscriber agrees further
that the Adviser and the Company shall be held harmless and indemnified against any loss, claim, cost, damage or expense arising
as a result of a failure to process any subscription or distribution if such information as has been required by the Company has
not been provided by the Subscriber or which the Adviser or the Company may suffer as a result of any violations of law committed
by the Subscriber.

 

13.         Applicable
Law.

 

This Subscription Agreement
shall be governed by, and construed in accordance with, the law of the State of Maryland. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

14.         Notices.

 

All notices and other communications
hereunder shall be in writing and shall be sufficiently given if personally delivered or sent by postage prepaid, registered or
certified mail, return receipt requested, or by overnight courier or by facsimile transmission with transmission confirmed, addressed
as follows: if intended for the Company, to the Company’s principal office, and if intended for any Subscriber to the address
of such Subscriber set forth on the signature page hereto, or to such other address as the Company or such Subscriber may designate
by written notice. Notices shall be deemed to have been given (i) when personally delivered (ii), if mailed, on the date on which
received, or (iii) if sent by overnight courier or facsimile transmission, on the date on which received; provided, that
notices of a change of address shall not be deemed given until the actual receipt thereof. The provisions of this Section 14 shall
not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only when actually
received.

 

15.         Power
of Attorney.

 

By executing this Subscription
Agreement the Subscriber hereby makes, constitutes and appoints the Company with full power of substitution, its true and lawful
attorney-in-fact, in its name, place and stead for its use and benefit, to approve, execute, acknowledge, swear to, file and record:

 

(a)          any
and all filings required to be made by the Subscriber under the Exchange Act with respect to any of the Company’s securities
that may be deemed to be beneficially owned by the Subscriber under the Exchange Act;

 

(b)          all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or other
financing arrangement and to grant any pledge or other security interest, including over the Subscriber’s Capital Commitment
or Shares, in connection therewith;

 

(c)          all
certificates and other instruments deemed advisable by the Company to comply with the provisions of this Agreement and applicable
law or regulation to permit the Company to become or to continue as a BDC;

 

(d)          all
conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Company; and

 

(e)          all
other instruments or papers not inconsistent with the terms of this Agreement that may be required by law to be filed on behalf
of the Company

 

    	 	- 14 -	 

     

    

 

(f)          any
amendment or modification to any of the foregoing and all other certificates, instruments and documents which said attorney-in-fact
determines in its sole discretion are necessary or desirable to effectuate the provisions of this Subscription Agreement or any
Other Subscription Agreements and the purposes of the Company.

 

It is expressly acknowledged
by the Subscriber that the foregoing power of attorney is coupled with an interest and shall survive death or legal incapacity
of the Subscriber, and is irrevocable. Such power of attorney may be exercised by said attorney-in-fact either by signing separately
as attorney-in-fact for each of the Investors or by listing all the Investors with a single signature as attorney-in-fact for all
of them. Such power of attorney shall survive the termination or dissolution of the Subscriber or the assignment of its interest
in the Company; provided, however, that such power of attorney will so survive only to the extent necessary to enable said
attorney-in-fact to effect substitution (if approved by the Company) of the Subscriber’s successor-in-interest. Assignee
hereby waives any and all defenses which may be available to contest, negate or disaffirm the actions of said attorney-in-fact
taken in good faith under such power of attorney.

 

This power of attorney
does not supersede the terms of this Subscription Agreement or any written agreement between the Company and the Subscriber nor
is it to be used to deprive the Subscriber of its rights as a Stockholder, and is intended only to provide a simplified system
for execution of documents. The Subscriber shall execute and deliver to the Company, within five days after the receipt of a request
therefor, such confirmatory powers of attorney as the Company may request.

 

16.          Effect
of Representations; Survival; Indemnity

 

The Subscriber understands
that the offer and sale of the Shares is being made in reliance on specific exemptions from requirements of federal and state securities
laws and that the Company and the controlling persons thereof, will rely on the representations, warranties, agreements, acknowledgements
and understandings of the Subscriber set forth herein in determining the applicability of such exemptions. The Subscriber hereby
confirms that all such representations and warranties will remain true and complete on the date of acceptance by the Company of
the Subscriber’s subscription hereunder.

 

This Subscription Agreement,
including all representations and warranties of the Subscriber contained herein, shall survive the sale of the Shares to the Subscriber,
and the admission of the Subscriber as a Stockholder of the Company.

 

To the fullest extent permitted
under applicable law, the Subscriber agrees to indemnify and hold harmless the Company, the Adviser, the Administrator and their
respective affiliates, and each partner, member, shareholder, officer, director, employee and agent thereof, from and against any
loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Subscriber contained
in this Agreement (including the Investor Questionnaire) or in any other document provided by the Subscriber to the Company or
in any agreement executed by the Subscriber in connection with the Subscriber’s investment in Shares.

 

    	 	- 15 -	 

     

    

 

17.         Confidentiality.

 

The Subscriber acknowledges
that the Memorandum and other information relating to the Company (the “Confidential Information”) have been
submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber’s consideration of the
purchase of Shares. In addition, Confidential Information includes non-public information regarding Golub Capital Investment Corporation,
Golub Capital BDC, Inc. and any other investment vehicles whose investment adviser is the Adviser or an affiliate of the Adviser.
Subscriber agrees to comply with all laws, including securities laws, concerning Confidential Information, and Subscriber agrees
that it shall not trade in the securities of any issuer about which Subscriber receives material non-public information under this
Agreement or in its capacity as a holder of Shares and shall refrain from such trading until any material non-public information
no longer constitutes material non-public information. The Subscriber agrees that, without the prior written consent of the Company
(which consent may be withheld at the sole discretion of the Company), the Subscriber shall not (a) reproduce the Memorandum or
any other Confidential Information, in whole or in part, or (b) disclose the Memorandum or any other Confidential Information to
any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited)
or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only
be permitted to disclose the Memorandum or other Confidential Information if the Subscriber has required its investors to enter
into confidentiality undertakings no less onerous than the provisions of this Section 17 and the Subscriber remains liable for
any breach of this Section 17 by its investors), except to the extent (i) such information is in the public domain (other than
as a result of any action or omission of the Subscriber or any person to whom the Subscriber has disclosed such information) or
(ii) such information is required by applicable law or regulation to be disclosed, in which case the Subscriber shall first notify
the Company of such requirement (unless such notification is prohibited by law) so that the Company may pursue a protective order
or other appropriate remedy or waive compliance with the terms of this Section 17, and if a protective order or other appropriate
remedy is not obtained, or if the Company waives compliance with the terms of this Section 17, then the Subscriber shall disclose
only that portion of Confidential Information that the Subscriber is advised by counsel is legally required to be disclosed and
shall use its commercially reasonable efforts to protect the confidentiality of such information disclosed, including by requesting
that confidential treatment be accorded such information. The Subscriber further agrees to return the Memorandum and any other
information relating to the Company upon the Company’s request therefor. The Subscriber acknowledges and agrees that monetary
damages would not be sufficient remedy for any breach of this Section 17 by the Subscriber and that, in addition to any other remedies
available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or
other equitable relief as a remedy for any such breach.

 

18.         No
Joint Liability Among the Company, the Adviser, and the Administrator.

 

The Company shall not be
liable for the fulfillment of any obligation of the Adviser or the Administrator under or in connection with this Agreement. The
Adviser shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the Company or the
Administrator under or in connection with this Agreement. The Administrator shall not be liable for the fulfillment of any obligation
or for the accuracy of any representation of the Company or the Adviser under or in connection with this Agreement. There shall
be no joint and several liability of the Company, the Adviser and the Administrator for any obligation under or in connection with
this Agreement.

 

19.         Independent
Nature of Subscribers’ Obligations and Rights.

 

The obligations of the
Subscriber hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other
agreement or document delivered at any closing, and no action taken by the Subscriber pursuant hereto or thereto, shall be deemed
to constitute the Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Stockholders are in any way acting in concert with respect to such obligations or the transactions contemplated by this
Agreement.

 

20.         Construction.

 

The captions used herein
are intended for convenience of reference only, and shall not modify or affect in any manner the meaning or interpretation of any
of the provisions of this Agreement.

 

As used herein, the singular
shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine
and feminine, unless the context otherwise requires.

 

The words “hereof,”
“herein,” and “hereunder,” and words of similar import, when used in this Subscription Agreement shall
refer to this Subscription Agreement as a whole and not to any particular provision of this Subscription Agreement.

 

All references herein to
Sections shall be deemed to refer to Sections of this Subscription Agreement, unless specified to the contrary.

 

Whenever the words “include”,
“includes” or “including” are used in this Subscription Agreement, they shall be deemed to be followed
by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.

 

    	 	- 16 -	 

     

    

 

Nothing in this Subscription
Agreement shall be deemed to create any right in or benefit for any Person other than the Company and the Subscriber and this Subscription
Agreement shall not be construed in any respect to be for the benefit of, and no provision of this Subscription Agreement may be
enforced by, any such Person.

 

21.         Severability

 

If any one or more of the
provisions contained in this Subscription Agreement, or any application thereof, shall be invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications
thereof shall not in any way be affected or impaired thereby.

 

22.         Entire
Agreement.

 

This Subscription Agreement,
together with any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the
entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations,
and memoranda or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations
of any character or nature other than those expressly stated herein or in any such other document have been made to induce any
party to enter into this Subscription Agreement.

 

[End of page – signature pages follow]

 

    	 	- 17 -	 

     

    

 

GOLUB CAPITAL BDC 3, INC.

Subscription Agreement Signature Page

 

IN WITNESS WHEREOF, the
Subscriber has executed this Subscription Agreement as of ____________________, 201__ with a capital commitment of $_________________________________.

 

 

	Name of the Subscriber (exactly as it

appears in the Company’s records)	 	 
	 	 	 
	 	 	 
	Signature of Subscriber or Authorized Signatory	 	Additional Signature if Required
	 	 	 
	 	 	 
	Print Name	 	Print Name of Additional Signatory
	 	 	 
	 	 	 
	Title	 	Print Title of Additional Signatory

Record Address of the Subscriber

(P.O. Boxes cannot be accepted)**:
	Federal Tax Identification Number

(if applicable)	 	 
	 	 	 
	 	 	 

 

Name of Trustees or Fiduciaries exercising
investment discretion with respect to the Subscriber:

 

	Signature	Printed Name	Title
	 	 	 
	 
	 
	 
	 
	 

 

If applicable, the custodian of the Subscriber,
including a custodian for an IRA, should complete and sign the bottom line of this signature page

 

	Signature	Printed Name	Title
	 	 	 
	 

 

*If the Subscriber is an IRA, the
person who directed the IRA’s investment in the Partnership should execute the representation on the next page.

 

**The record address should be the
legal residence address where the Subscriber files tax returns.

 

     

     

    

  

ADDITIONAL REPRESENTATION WITH RESPECT TO INVESTMENT FROM AN IRA

 

If the Subscriber is an IRA, the individual
who established the IRA or other person who directed the IRA’s investment in the Partnership, as the case may be: (i) has
directed the custodian of the IRA to execute this Subscription Agreement as an Authorized Signatory; (ii) has exclusive authority
with respect to the decision to invest in the Partnership; and (iii) has signed below to indicate that he or she has reviewed this
Subscription Agreement and so directs the custodian, and certifies as to the accuracy of the representation and warranties made
by the Subscriber herein.

 

	 	 
	Signature of Person Directing an IRA Investment	 
	 	 
	 	 
	Print Name of IRA	 
	 	 
	 	 
	Print Name of Custodian	 
	 	 
	Address and E-mail of Custodian and	 
	Contact Person:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Account or Other Reference Number:	 
	 	 
	 	 
	 	 
	Custodian’s Tax I.D. Number	 
	 	 
	 	 

 

     

     

    

  

The foregoing Subscription
Agreement is accepted and agreed by the Company, for a Capital Commitment of $________________ as of __________________, 201__.

 

	 	 	GOLUB CAPITAL BDC 3, INC.
	 	 	 	 
	 	 	By:  	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

APPENDIX A

INVESTOR QUESTIONNAIRE

 

Please complete each Section
of this Investor Questionnaire.

 

		I.	General Information.

 

1.           If
Subscriber is not holding for Subscriber’s own account, provide the name and address for whom the interest is being held:

 

 

  

2.           Investor
category of Subscriber (check all that apply)

 

	 ̈	Individual U.S. person (including your trust)	 ̈	Banking or thrift institution
	 ̈	Individual Non-U.S. person (including trust)	 ̈	State or municipal government entity
	 ̈	Broker-dealer	 	  (excluding pension plans)
	 ̈	Insurance company	 ̈	State or municipal pension plan
	 ̈	Investment company registered with SEC	 ̈	Sovereign wealth fund and
	 ̈	Private fund	 	  foreign official institutions
	 ̈	Non-profit	 ̈	Other Non-U.S. person
	 ̈	Pension plan (excluding government plans)	 ̈	Other

  

3.           Form
of Subscriber (check all that are applicable):

 

	 ̈	Individual	 ̈	Grantor trust
	 ̈	Joint tenants	 ̈	Other trust
	 ̈	Tenants in common	 ̈	IRA/Keough Plan/SEP
	 ̈	Limited partnership	 ̈	Other Employee benefit plan
	 ̈	General partnership	 ̈	Non-profit, endowment or foundation
	 ̈	Limited liability company	 ̈	Other exempt organization
	 ̈	C corporation	 ̈	Nominee
	 ̈	S corporation	 ̈	Fiduciary
	 ̈	Estate	 ̈	Disregarded entity
	 	 	 ̈	Other (describe):_____________________

 

4.          Tax
year end (month and day): _____________________

 

5.          Is
the Subscriber a “fund of funds”?  ̈ Yes  ̈ No

 

6.          If
the Subscriber is an individual, or if the Subscriber is an entity in which an individual holds, directly or indirectly, more than
five percent of the ownership or beneficial interests, please identify (i) all such individuals, and (ii) all entities for which
such individuals serve as employee, officer or director. _____________________________

 

 

 

     

     

    

  

GOLUB CAPITAL BDC 3, INC.

INVESTOR QUESTIONNAIRE

 

		II.	Accredited Investor Status

 

The Subscriber represents
and warrants that it is an “accredited investor” within the meaning of Regulation D under the U.S. Securities Act of
1933, as amended (the “Securities Act”), and has indicated below each category under which the Subscriber qualifies
as an accredited investor.

 

The Subscriber is:

 

	 ̈	(i)	A bank, as defined in Section 3(a)(2) of the Securities Act, whether acting in regard to this offering in its individual or a fiduciary capacity.
	 	 	 
	 ̈	(ii)	A savings and loan or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in regard to this offering in its individual or a fiduciary capacity.
	 	 	 
	 ̈	(iii)	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
	 	 	 
	 ̈	(iv)	An insurance company, as defined in Section 2(a)(13) of the Securities Act.
	 	 	 
	 ̈	(v)	An investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
	 	 	 
	 ̈	(vi)	A business development company, as defined in Section 2(a)(48) of the Investment Company Act.
	 	 	 
	 ̈	(vii)	A private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”).
	 	 	 
	 ̈	(viii)	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
	 	 	 
	 ̈	(ix)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000.
	 	 	 
	 ̈	(x)	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if the investment decision regarding this offering was made by a plan fiduciary (as such term is defined in Section 3(21) of ERISA) which is either a bank, savings and loan association, insurance company (as described above) or investment adviser duly registered under the Investment Advisers Act.
	 	 	 
	 ̈	(xi)	An employee benefit plan within the meaning of ERISA with total assets in excess of $5,000,000, whether or not the investment decision regarding this offering was made by a bank, insurance company or registered investment adviser.
	 	 	 
	 ̈	(xii)	An employee benefit plan within the meaning of ERISA which is a self-directed plan with investment decisions made solely by persons described by one or more of the categories set forth in subsections (i) through (ix) and (xiii) through (xviii) of this Section II.
	 	 	 
	 ̈	(xiii)	Either (A) a corporation, (B) a Massachusetts or similar business trust, (C) a partnership, (D) a limited liability company, or (E) an organization described in Section 501(c)(3) of the Internal Revenue Code, in any case not formed for the specific purpose of acquiring the Shares and having total assets in excess of $5,000,000.

 

    	 	A-2 	 

     

    

  

GOLUB CAPITAL BDC 3, INC.

INVESTOR QUESTIONNAIRE

	 ̈	(xiv)	A natural person whose individual net worth, or joint net worth with his or her spouse, excluding the value of his or her primary residence, exceeds $1,000,0001.
	 	 	 
	 ̈	(xv)	A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and who reasonably expects income in excess of such amounts in the current year.
	 	 	 
	 ̈	(xvi)	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person who has, alone or together with his or her purchaser representative (as defined in the aforementioned Regulation D), such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of this investment.
	 	 	 
	 ̈	(xvii)	A trust pursuant to which the grantor(s) of the trust may revoke the trust at any time and regain title to the trust assets and has (have) retained sole or shared investment control over the assets of the trust, and the (each) grantor is described by one or more of the categories set forth above in subsections (xiv) or (xv) of this Section II.
	 	 	 
	 ̈	(xviii)	A partnership, corporation or other entity, not formed for the specific purpose of acquiring Shares, in which all of the equity holders are persons described by one or more of the categories set forth above in subsections (i) through (xvii) of this Section II.
	 	 	 
	 ̈	(xix)	A partnership, corporation or other entity which is formed for the specific purpose of acquiring Shares and in which all of the equity holders are persons described by one or more of the categories set forth above in subsections (i) through (xviii) of this Section II, in which case the Subscriber has so notified the Company in writing that it is relying on this clause (xix), and agrees to provide the Company with information requested by it respecting the Subscriber’s equity holders.)
	 	 	 
	 ̈	(xx)	An employee benefit plan within the meaning of Title I of ERISA, acting for its own account or for the accounts of other “qualified institutional buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the plan.
	 	 	 
	 ̈	(xxi)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, acting for its own account or for the accounts of other “qualified institutional buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the plan.

 

Check all applicable
categories.

 

 

1 For purposes of this net
worth calculation you may exclude the amount of indebtedness secured by the Subscriber’s primary residence up to the amount
of the estimated fair market value of such residence. However, if the amount of the indebtedness secured by the Subscriber’s
primary residence exceeds the value of such residence, the amount of that excess debt should be treated as a liability and deducted
from Subscriber’s net worth. In addition, indebtedness secured by the Subscriber’s primary residence that is incurred
within sixty (60) days of the date of subscription must be included as a liability unless such indebtedness is incurred in connection
with the acquisition of the Subscriber’s primary residence.

 

    	 	A-3 	 

     

    

  

GOLUB CAPITAL BDC 3, INC.

INVESTOR QUESTIONNAIRE

 

		III.	Supplemental Information

 

		1.	Is the Subscriber, or will the Subscriber be, a Benefit Plan Investor (as defined below) or is it or will it use the assets
of an entity or other Person that is or will in the future be a Benefit Plan Investor to invest in the Company?

 

 ̈ yes               ̈
no

 

A “Benefit
Plan Investor” is

 

		·	Any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to
ERISA. This includes, without limitation, employee welfare benefit plans (generally, plans that provide for health, medical or
other welfare benefits) and employee pension benefit plans (generally, plans that provide for retirement or pension income).

 

		·	Any “plan” described in Section 4975(e)(1) of the Code that is subject to Section 4975
of the Code. Generally, such a plan includes, without limitation, an “individual retirement account” plan, a Keogh
plan, a pension plan, an Archer MSA described in Section 220(d) of the Code, a Coverdell education savings account described in
Section 530 of the Code and a health saving account described in Section 223(d) of the Code.

 

		·	Any entity that is, or would be deemed to be using (under U.S. Department of Labor Regulation 2510.3-101
as modified by Section 3(42) of ERISA), “plan assets” to purchase or hold its investments, including, without limitation,
a master trust or a plan assets fund.

 

		2.	Answer this Question only if the answer to Question (1) above is “yes”: What is the maximum percentage of
the Subscriber’s assets that (up until a Liquidity Event) constitutes or will constitute “plan assets” subject
to ERISA or Section 4975 of the Code?

 

_____________%

 

		3.	If the Subscriber is or will be an insurance company general account, does or will any portion of its underlying assets in
its general account constitute “plan assets” subject to ERISA or Section 4975 of the Code?

 

 ̈ yes               ̈
no

 

		4.	Answer this Question only if the answer to Question (3) above is “yes”: What is the maximum percentage of
the assets in the Subscriber’s general account that (up until a Liquidity Event) constitutes or will constitute “plan
assets” subject to ERISA or Section 4975 of the Code?

 

_____________%

 

	Without limiting the remedies available in the event of a breach, the Subscriber agrees to promptly notify the Company in writing if there is a change in the percentage as set forth in Question (2) or Question (4) above and at such time or times as the Company may request.

 

		5.	If the Subscriber is investing assets of an “employee benefit plan,” as defined in Section 3(3) of ERISA that are
subject to ERISA, please provide:

 

	 	(a)	The name of the plan sponsor:
	 	 	 
	 	 	 

 

    	 	A-4 	 

     

    

  

GOLUB CAPITAL BDC 3, INC.

INVESTOR QUESTIONNAIRE

 

	 	(b)	The plan number:	 

 

	 	(c)	The name of each employer whose employees participate in each such plan whose assets the Subscriber is investing and each affiliate of such an employer, as defined in Section 407(d)(7) of ERISA (attach separate sheet(s) if necessary).
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

______ %

 

Related Parties/Other Beneficial Parties

 

		6.	Is the Subscriber or will the Subscriber be a person (including an entity) that has discretionary authority or control with
respect to the assets of the Company or a person who provides investment advice with respect to the assets of the Company or an
“affiliate” of such a person (a “Controlling Person”)? For purposes of this representation, an “affiliate”
is any person controlling, controlled by or under common control with any such person, including by reason of having the power
to exercise a controlling influence over the management or policies of such person.

 

 ̈ yes               ̈
no

 

		7.	To the best of the Subscriber’s knowledge, does the Subscriber control, or is the Subscriber controlled by or under common
control with, any other investor in the Company?

 

 ̈ yes               ̈
no

 

If the question above was answered “Yes,”
please indicated the name of such other investor in the space below:

 

	 	 	 

 

		8.	Will any other person or persons have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder,
partner, policy owner or other beneficial owner of equity interests in the Subscriber)? (By way of example, and not limitation,
a “nominee” Subscriber or a Subscriber who has entered into swap or other synthetic or derivative instruments or arrangements
with regard to the Shares to be acquired herein would check “Yes.”)

 

 ̈
yes               ̈
no

 

If either question above was answered “Yes,”
please contact the Administrator for additional information that will be required.

 

    	 	A-5 	 

     

    

  

GOLUB CAPITAL BDC 3, INC.

INVESTOR QUESTIONNAIRE

 

BHC Investor Status

 

		9.	Is the Subscriber a “BHC Investor”?*

 

 ̈
yes               ̈
no

 

*A “BHC Investor” is defined
as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the
“BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking
organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any
successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary
is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

 

New York State Tax Domicile

 

		10.	Is the Subscriber’s tax domicile the State of New York?

 

 ̈
yes               ̈
no

 

		IV.	Dividend Reinvestment Plan.

 

Pursuant to the Company’s
dividend reinvestment plan, cash distributions to investors are automatically reinvested for additional Shares. Subscribers may
opt in or opt out of the plan by checking the appropriate box below. Elections may be altered, subject to approval by the Company,
by notifying the Company in writing at 666 Fifth Avenue, 18th Floor, New York, NY 10103, Attention: Investor Relations. A change
in election must be received by the Company at least ten calendar days prior to any distribution date; otherwise, such election
shall be effective only with respect to any subsequent distributions.

 

If neither box is checked, Subscriber
will be automatically enrolled in the Company’s dividend reinvestment plan.

 

 ̈ Opt-out
of the Dividend Reinvestment Plan to receive cash distributions

 

 ̈ Opt-in
to the Dividend Reinvestment Plan to reinvest distributions for additional Shares

 

    	 	A-6 	 

     

    

  

APPENDIX B

BYLAWS OF THE COMPANY

 

     

     

    

 

APPENDIX C

ARTICLES OF AMENDMENT AND RESTATEMENT OF THE COMPANY

 

     

     

    

 

APPENDIX D

INVESTMENT ADVISORY AGREEMENT

 

     

     

    

  

APPENDIX E

ADMINISTRATION AGREEMENT

 

     

     

    

  

APPENDIX F

NOTIFICATION OF PRIVACY POLICIES AND PRACTICES

 

Maintaining the confidentiality
of the personal information of current and prospective investors is one of the Company and the Adviser’s highest priorities.
This notice sets forth the type of personal information collected, how that information is used, and how personal information is
protected.

 

HOW AND WHY WE COLLECT PERSONAL INFORMATION

 

		1.	Collection.

 

The Company
will collect nonpublic personal information about its stockholders in the ordinary course of establishing and servicing their accounts.
Nonpublic personal information means personally identifiable financial information that is not publicly available and any list,
description, or other grouping of stockholders that is derived using such information. For example, it includes a stockholder’s
address, social security number, account balance, income, investment activity and bank account information.

 

		2.	Use of Personal Information

 

Personal information is
collected and maintained by the Company and the Adviser so that they may fulfill their respective legal and regulatory requirements.
Access to nonpublic personal information about stockholders of the Company is restricted to employees of the Adviser and its affiliates
with a legitimate business need for the information. The Company, the Adviser, and their affiliates maintain physical, electronic
and procedural safeguards designed to protect the nonpublic personal information of the Company’s stockholders.

 

     

     

    

 

APPENDIX G

TRANSFER RESTRICTIONS

 

This Appendix G is attached to and made
a part of the Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned
to them in the Subscription Agreement.

 

Prior to a Liquidity Event, no Transfer of
the Subscriber’s Capital Commitment or all or any portion of the Subscriber’s Shares may be made without (a) registration
of the Transfer on the Company books and (b) the prior written consent of the Company. In any event, the consent of the Company
may be withheld (i) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is
not sufficient to satisfy all obligations under the Subscription Agreement or (ii) unless, in the opinion of counsel (who may be
counsel for the Company) satisfactory in form and substance to the Company:

 

		·	such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities
or “blue sky” laws applicable to the Company or the Shares to be Transferred; and

 

		·	in the case of a transfer to a Plan (as defined in Section 7(p) of the Subscription Agreement)
or a Controlling Person (as defined in Section III.6 of the Investor Questionnaire), such Transfer would not be a “prohibited
transaction” under ERISA or Section 4975 of the Code or cause all or any portion of the assets of the Company to constitute
“plan assets” under ERISA or Section 4975 of the Code.

 

Any person that acquires all or any portion
of the Shares of the Subscriber in a Transfer permitted under this Appendix G shall be obligated to pay to the Company the
appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor
in interest. The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the
Company it shall remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee
of such Shares, or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose
any purported Transfer of all or any portion of the Shares and shall be entitled to treat the transferor of Shares as the absolute
owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the
Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such
Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser,
assignee or transferee, and such notice (a) contains the acceptance by the purchaser, assignee or transferee of all of the terms
and provisions of this Subscription Agreement and its agreement to be bound thereby, and (b) represents that such Transfer was
made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable
to the transferee and the transferor.

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