Document:

ex_131935.htm

 

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of this 13th day of December, 2018, to be effective as of November 14, 2018 (the “Effective Date”), by and between Nova Lifestyle Inc., a Nevada corporation (the “Company”), and Min Su (the “Executive”).

 

WITNESSETH:

 

 

WHEREAS, the parties desire to enter into this Agreement setting forth terms and conditions of the employment relationship between the Executive and the Company.

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

1. EMPLOYMENT.

 

1.1 Agreement to Employ. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of this Agreement, as an officer and employee of the Company.

 

1.2 Duties and Schedule. Executive shall serve as the Company’s Secretary. The responsibilities of the Executive shall be subject to the bylaws of the Company and determined by the Board of Directors of the Company (the “Board”) and the Chief Executive Officer (“CEO”). The Executive shall report directly to the Company’s Chief Executive Officer and shall have such responsibilities as designated by the Board and CEO to the extent that such responsibilities are not inconsistent with all applicable laws, regulations and rules. Executive shall devote her best efforts and all of her business time to her position with the Company and shall have no other employment with a third party during the Term.

 

2. TERM OF EMPLOYMENT. Unless Executive’s employment shall sooner terminate pursuant to Section 4, the Company shall employ Executive for a one-year term commencing on the Effective Date (the “Term”), which Term shall be renewable upon mutual agreement of the Company and the Executive.

 

3. COMPENSATION.

 

3.1   Salary. Executive’s salary during the Term shall be $80,000.00 per year (the “Salary”), payable monthly.

 

3.2 Bonus. At the sole discretion of the Board, or any committee duly designated by the Board and authorized to act thereto, the Executive shall be eligible for an annual cash bonus.

 

3.3 Restricted Stock Unit Award. The Company agrees to grant an award of 30,000 Restricted Stock Units (“RSU”) to Executive pursuant to the Company’s 2014 Omnibus Long-Term Incentive Plan (the “2014 Plan”). Each RSU represents the right to receive one share of common stock of the Company. The Company and Executive hereby acknowledge and agree that the fair value of the 30,000 RSU to be calculated based on the closing price per share of the Company’s common stock listed on Nasdaq on the date of the award granted by the Compensation Committee of the Board.  The RSU grants shall vest in accordance with the following schedule: 25% on the date of grant, 25% on March 31, 2019, 25% on June 30, 2019 and 25% on September 30, 2019.

 

3.4 Vacation. Executive shall be entitled to 8 days of paid vacation per year. In the event that Executive remains employed by the Company 3 years past the end of the Term, Executive shall be entitled to 12 days of paid vacation.

 

 

 

 

 

3.5 Business Expenses. Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive; provided that they are incurred and approved in writing in accordance with the Company’s expense policy.

 

4. TERMINATION.

 

4.1 Death. This Agreement shall terminate immediately upon the death of Executive and Executive’s estate or Executive’s legal representative, as the case may be, shall be entitled to Executive’s accrued and unpaid Salary and vacation as of the date of Executive’s death, plus all other compensation and benefits that were vested through the date of Executive’s death.

 

4.2 Disability. In the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled to (a) accrued and unpaid Salary and vacation through the first date that a Disability is determined; and (b) all other compensation and benefits that were vested through the first date that a Disability has been determined. “Disability” shall have the meaning as defined in the 2014 Plan.

 

4.3 Termination by Company for Cause.  The Company may terminate the Executive for Cause without notice and such termination shall take effect upon the receipt by Executive of the Notice of Termination. Upon the effective date of the termination for Cause, Executive shall be solely entitled to accrued and unpaid Salary through such effective date. “Cause” shall have the meaning as defined in the 2014 Plan.

 

4.4 Voluntary Termination by Executive. The Executive may voluntarily terminate her employment for any reason and such termination shall take effect 30 days after the receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall be entitled to (a) accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits that were vested through such termination date.  In the event Executive is terminated without notice, it shall be deemed a termination by the Company for Cause.

 

4.5 Notice of Termination. Any termination of the employment by the Company or the Executive shall be communicated by a notice in accordance with Section 8.4 of this Agreement (the “Notice of Termination”).   Such notice shall (a) indicate the specific termination provision in this Agreement relied upon and (b) if the termination is for Cause, the date on which the Executive’s employment is to be terminated.

 

4.6 Severance. The Executive shall not be entitled to severance payments upon any termination provided in Section 4 herein.

 

5. EMPLOYEE’S REPRESENTATION. The Executive represents and warrants to the Company that: (a) she is subject to no contractual, fiduciary or other obligation which may affect the performance of her duties under this Agreement; (b) she has terminated, in accordance with their terms, any contractual obligation which may affect her performance under this Agreement; and (c) her employment with the Company will not require her to use or disclose proprietary or confidential information of any other person or entity.

  

 6. CONFIDENTIAL INFORMATION Except as permitted or directed by the Board of Directors of the Company in writing, during the time the Executive is employed by the Company or at any time thereafter, the Executive shall not use for her personal purposes nor divulge, furnish, or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential or secret information or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information encompassed by this Section 6 includes, but is not limited to, the Company’s customer and supplier lists, business plans, software, systems, and financial, marketing, and personnel information. The Executive agrees to refrain from any acts or omissions that would reduce the value of any confidential or secret knowledge or information to the Company, both during her employment hereunder and at any time after the termination of her employment. The Executive’s obligations of confidentiality under this Section 6 shall not apply to any knowledge or information that

 

 

 

 

 

is now published publicly or that subsequently becomes generally publicly known, other than as a direct or indirect result of a breach of this Agreement by the Executive.

 

7.  NON-COMPETITION: NON-SOLICITATION; INVENTIONS.

 

7.1 Non-Competition.  During the employment of the Executive under this Agreement and for a period of six (6) months after termination of such employment, the Executive shall not at any time compete on her own behalf, or on behalf of any other person or entity, with the Company or any of its affiliates within all territories in which the Company does business with respect to the business of the Company or any of its affiliates as such business shall be conducted on the date hereof or during the employment of the Executive under this Agreement. The ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise shall not constitute a violation hereof.

 

7.2 Non-Solicitation.  During the employment of the Executive under this Agreement and thereafter Executive shall not at any time (i) solicit or induce, on her own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates; or (ii) solicit or induce, on her own behalf or on behalf of any other person or entity, any customer or Prospective Customer of the Company or any of their respective affiliates to reduce its business with the Company or any of its affiliates. For the purposes of this Agreement, “Prospective Customer” shall mean any individual, corporation, trust or other business entity which has either (a) entered into a nondisclosure agreement with the Company or any Company subsidiary or affiliate or (b) has within the preceding 12 months received a currently pending and not rejected written proposal in reasonable detail from the Company or any of the Company’s subsidiary or affiliate.

 

7.3 Inventions and Patents. The Company shall be entitled to the sole benefit and exclusive ownership of any inventions or improvements in products, processes, or other things that may be made or discovered by Executive while she is in the service of the Company, and all patents for the same. During the Term, Executive shall do all acts necessary or required by the Company to give effect to this section and, following the Term, Executive shall do all acts reasonably necessary or required by the Company to give effect to this section.  In all cases, the Company shall pay all costs and fees associated with such acts by Executive.

  

 7.4 Return of Property.  The Executive agrees that all property in the Executive’s possession that she obtains or is assigned in the course of her employment with the Company, including, without limitation, all documents, reports, manuals, memoranda, customer lists, credit cards, keys, access cards, and all other property relating in any way to the business of the Company, is the exclusive property of the Company, even if the Executive authored, created, or assisted in authoring or creating such property. The Executive shall return to the Company all such property immediately upon termination of employment or at such earlier time as the Company may request.

 

7.5 Court Ordered Revisions. If any portion of this Section 7 is found by a court of competent jurisdiction to be invalid or unenforceable, but would be valid and enforceable if modified, this Section 7 shall apply with such modifications necessary to make this Section 7 valid and enforceable.  Any portion of this Section 7 not required to be so modified shall remain in full force and effect and not be affected thereby.

 

7.6 Specific Performance. The Executive acknowledges that the remedy at law for any breach of any of the provisions of Section 7 will be inadequate, and that the Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent injunctive relief and specific performance.

 

8. MISCELLANEOUS.

 

8.1 Indemnification.  The Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Executive harmless from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, Executive’s employment by the Company, other than

 

 

 

 

 

any such Losses incurred as a result of Executive’s negligence or willful misconduct.  The Company shall, or shall cause a subsidiary thereof to, advance to Executive any expenses, including attorney’s fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law.  Such costs and expenses incurred by Executive in defense of any such proceeding shall be paid by the Company or applicable subsidiary in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that Executive is not entitled to be indemnified by the Company or any subsidiary thereof.  The Company will provide Executive with coverage under all directors and officers liability insurance policies that it has in effect during the Term, with no deductible to Executive.

 

8.2 Applicable Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, applied without reference to principles of conflict of laws. Any legal action or proceeding arising out of or relating to this Agreement shall be brought in the courts in the State of Nevada.

 

8.3 Amendments. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors or legal representatives.

 

8.4 Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party, by an international mail courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

 

Mindy (Min) Su

c/o Nova Lifestyle, Inc.

6565 East Washington Blvd.

Commerce, CA 90040

 

With a copy to (which shall not constitute a notice):

 

If to the Company:

Chief Executive Officer

6565 East Washington Blvd.

Commerce, CA 90040

 

With a copy to (which shall not constitute notice):

 

Garvey Schbuert Barer

1000 Potomac Street NW, 2nd Floor

Washington, DC 20007

Jeffrey Li

 

Or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when delivered to the addressee.

 

8.5 Withholding. The Company may withhold from any amounts payable under the Agreement, such federal, state and local income, unemployment, social security and similar employment related taxes and similar employment related withholdings as shall be required to be withheld pursuant to any applicable law or regulation.

 

 

 

 

 

8.6 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and any such provision which is not valid or enforceable in whole shall be enforced to the maximum extent permitted by law.

 

   8.7 Captions. The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

8.8 Entire Agreement. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto.

 

8.9 Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s employment hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

8.10 Waiver. Either Party's failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

8.11 Successors.  This Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive. This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

8.12 Joint Efforts/Counterparts. Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely against any party.  This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

8.13 Representation by Counsel.   Each Party hereby represents that it has had the opportunity to be represented by legal counsel of its choice in connection with the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

 

 

	
			Executive:

			 

			 

			 

			By:_/s/ Min Su________________________

			      Min Su

				
			  

				
			NOVA LIFESTYLE, INC.

			 

			 

			 

			By:_/s/ Tawny Lam_____________________________

			       Tawny Lam, Chief Executive OfficerExhibit 10.1

 

EXECUTION COPY

 

GCIC CLO II LLC

 

NOTES

 

U.S.$490,000,000 Class A-1 Senior Secured
Floating Rate Notes due 2031

 

U.S.$38,500,000 Class A-2 Senior Secured
Fixed Rate Notes due 2031

 

U.S.$18,000,000 Class B-1 Senior Secured
Floating Rate Notes due 2031

 

U.S.$27,000,000 Class B-2 Senior Secured
Floating Rate Notes due 2031

 

U.S.$95,000,000 Class C Secured Deferrable
Floating Rate Notes due 2031

 

U.S.$60,000,000 Class D Secured Deferrable
Floating Rate Notes due 2031

 

U.S.$179,695,000 Subordinated Notes due
2118

 

NOTE PURCHASE AGREEMENT

 

December 13, 2018

 

Wells Fargo Securities, LLC,

as the Initial Purchaser

550 S. Tryon Street

5th Floor

Charlotte, NC 28202

Attention: Asset-Backed Finance –  GCIC
CLO II LLC

 

Ladies and Gentlemen:

 

    			 

     

    

Section 1.         Authorization
of Notes.

 

This Note Purchase Agreement
(the "Agreement") is entered into between GCIC CLO II LLC, a limited liability company organized under the laws
of the State of Delaware (the "Issuer") and Wells Fargo Securities, LLC, as the initial purchaser (in such capacity,
the "Initial Purchaser"). The Issuer will issue (i) U.S.$490,000,000 Class A-1 Senior Secured Floating Rate Notes
due 2031 (the "Class A-1 Notes"), (ii) U.S.$38,500,000 Class A-2 Senior Secured Fixed Rate Notes due 2031 (the
"Class A-2 Notes"), (iii) U.S.$18,000,000 Class B-1 Senior Secured Floating Rate Notes due 2031 (the "Class
B-1 Notes"), (iv) U.S.$27,000,000 Class B-2 Senior Secured Floating Rate Notes due 2031 (the "Class B-2 Notes"),
(v) U.S.$95,000,000 Class C Secured Deferrable Floating Rate Notes due 2031 (the "Class C Notes") and (vi) U.S.$60,000,000
Class D Secured Deferrable Floating Rate Notes due 2031 (the "Class D Notes" and, together with the Class A-1
Notes, the Class A-2 Notes, the Class B-1 Notes, the Class B-2 Notes, and the Class C Notes, the "Secured Notes").
The Issuer will also issue U.S.$179,695,000 principal amount of Subordinated Notes due 2118 (the "Subordinated Notes"
and, together with the Secured Notes, the "Notes"). The Issuer will sell to the Initial Purchaser the Secured
Notes set forth on Schedule I hereto (the "Purchased Notes" or the "Offered Notes"). Any Notes
which the Issuer intends to sell directly to GCIC CLO II Depositor LLC (the "Purchaser") or any Related Entity
are referred to herein as the "Direct Placement Notes" (provided that the Initial Purchaser may facilitate the
settlement of the Direct Placement Notes solely as an accommodation to the Issuer and the initial purchasers of the Direct Placement
Notes). Any reference herein to the sale of the Notes to or by the Initial Purchaser shall include the distribution to, and sale
by, the Initial Purchaser to the extent reflected as such on Schedule I hereto. The Secured Notes will be secured by
the assets of the Issuer. The Notes will be issued pursuant to an Indenture to be dated as of December 13, 2018 (the "Indenture"),
between the Issuer and The Bank of New York Mellon Trust Company, National Association, as the Trustee (the "Trustee").
Pursuant to the Indenture, as security for the indebtedness represented by the Secured Notes, the Issuer will pledge and grant
to the Trustee a security interest in the Collateral Obligations. The Collateral Obligations will be managed by GC Advisors LLC
(the "Collateral Manager") pursuant to the Collateral Management Agreement. The Issuer has retained the Collateral
Administrator to perform certain administrative duties with respect to the Collateral Obligations pursuant to the Collateral Administration
Agreement. This Agreement, the Indenture, the Collateral Management Agreement, and the Collateral Administration Agreement are
referred to collectively herein as the "Transaction Documents."

 

Capitalized terms used
herein but not otherwise defined shall have the meanings set forth in the Indenture or the Final Memorandum, as applicable.

 

The Offered Notes are to
be offered without being registered under the Securities Act of 1933, as amended (the "Securities Act"), to (i) non-United
States persons outside of the United States in reliance on Regulation S under the Securities Act ("Regulation S"),
and (ii) persons that are both (A) (x) "qualified institutional buyers" in compliance with the exemption
from registration provided by Rule 144A under the Securities Act ("QIBs") or (y) solely in the case
of Offered Notes issued as Certificated Secured Notes, to institutional "accredited investors" (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) ("Institutional Accredited Investors") and (B) "qualified
purchasers" ("Qualified Purchasers") for purposes of Section 3(c)(7) under the Investment Company Act
of 1940, as amended (the "1940 Act") or entities owned exclusively by Qualified Purchasers.

 

In connection with the
sale of the Purchased Notes, the Issuer has prepared an initial preliminary offering circular dated November 8, 2018 (including
all annexes and exhibits thereto and all information incorporated therein by reference, the "Initial Preliminary Memorandum"),
a second preliminary offering circular dated November 28, 2018 (including all annexes and exhibits thereto and all information
incorporated therein by reference, the "Second Preliminary Memorandum") and a final offering circular dated December
10, 2018 (including all annexes, exhibits, amendments or supplements thereto and all information incorporated therein by reference,
the "Final Memorandum", and each of the Initial Preliminary Memorandum, the Second Preliminary Memorandum and
the Final Memorandum, a "Memorandum") including a description of the terms of the Purchased Notes, the terms of
the offering, and the Issuer.

 

    	 	2	 

     

    

 

It is understood and agreed
that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements, underwriting agreements
or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and nothing contained
herein shall be construed in any way as precluding or restricting the Initial Purchaser’s right to sell or offer for sale
any securities issued by any person, including securities similar to, or competing with, the Notes.

 

Subject to any Refinancing
or Re-Pricing, during each Interest Accrual Period, the Class A-1 Notes shall bear interest at a per annum rate equal
to the then applicable LIBOR plus 1.48% per annum, the Class A-2 Notes shall bear interest at a per annum rate
equal 4.665% per annum, the Class B-1 Notes shall bear interest at a per annum rate equal to the then applicable
LIBOR plus 2.25% per annum, the Class B-2 Notes shall bear interest at a per annum rate equal to the then applicable
LIBOR plus 1.75% per annum, the Class C Notes shall bear interest at a per annum rate equal to the then applicable
LIBOR plus 2.30% per annum, and the Class D Notes shall bear interest at a per annum rate equal to the then
applicable LIBOR plus 2.75% per annum.

 

The Issuer hereby agrees
with the Initial Purchaser as follows:

 

Section 2.         Purchase
and Sale of Notes.

 

Subject to the terms and
conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to the Initial Purchaser
the Purchased Notes, and the Initial Purchaser has agreed to use its reasonable best efforts to resell the aggregate principal
amount of Purchased Notes set forth on Schedule I hereto with investors in accordance with the terms hereof. If purchased,
the Purchased Notes will be purchased at the price specified on Schedule I. It is understood and agreed that the structuring
and placement fee payable by the Issuer to the Initial Purchaser on the Closing Date with respect to the Purchased Notes is $1,912,750.
Such fee payable by the Issuer may be netted by the Initial Purchaser against its purchase price payment for the Purchased Notes.
It is understood and agreed that the Initial Purchaser is not acquiring, and has no obligation to acquire, the Direct Placement
Notes (which Direct Placement Notes will be acquired by the Purchaser on the Closing Date). It is further understood and agreed
that the Initial Purchaser may retain the Purchased Notes, purchase the Purchased Notes for its own account, place the Purchased
Notes directly with its affiliates, or sell the Purchased Notes to its affiliates or to any other investor in accordance with the
applicable provisions hereof and of the Indenture.

 

(a)       In
addition, the Issuer agrees to pay all costs and expenses, including, without limitation, the reasonable fees and disbursements
of counsel to the Initial Purchaser (not to exceed $150,000), incident to the performance by the Initial Purchaser and the Issuer
of their obligations hereunder and under the documents to be executed and delivered in connection with the offering, co-issuance,
sale and delivery of the Notes subject to and in accordance with the limitations contained in that certain engagement letter dated
as of November 9, 2018 between the Initial Purchaser and GC Advisors LLC.

 

    	 	3	 

     

    

 

Section 3.         Delivery.

 

Delivery of the Purchased
Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Purchased
Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser for purposes
of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined herein), shall be delivered in fully
registered, certificated form in an amount not less than the applicable minimum denomination set forth in the Final Memorandum
at the offices of Dechert LLP at 10:00 a.m. New York City, New York time, on December 13, 2018, or such other place, time or date
as may be mutually agreed upon by the Initial Purchaser and the Issuer (the "Closing Date"). Subject to the foregoing,
the Purchased Notes will be registered in such names and such denominations as the Initial Purchaser shall specify in writing to
the Collateral Manager and the Trustee.

 

Section 4.         Representations
and Warranties of the Issuer.

 

The Issuer represents and
warrants to the Initial Purchaser, as of the Closing Date, that:

 

(i)        The
Final Memorandum and any additional information and documents concerning the Purchased Notes, including but not limited to one
or more marketing books or preliminary offering circulars, delivered by or on behalf of the Issuer to prospective purchasers of
the Purchased Notes (collectively, such additional information and documents, the "Additional Offering Documents"),
did not, each as of their respective dates or the date on which such statement was made and, with respect to the Final Memorandum,
as of the Closing Date, include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements in each, in light of the circumstances under which they were made, not misleading; provided that (i) no
representation or warranty is being made as to the information contained in or omitted from the Final Memorandum or the Additional
Offering Documents furnished in writing by or on behalf of the Initial Purchaser referenced in the last sentence of Section 8(a)
herein and (ii) no representation or warranty is being made as to any statements or omissions made in any Additional Offering
Documents to the extent such statements or omissions were corrected, included or clarified in any subsequent Additional Offering
Documents or in the Final Memorandum.

 

(ii)       [Reserved].

 

(iii)      The
Issuer is duly organized and validly existing under the laws of its jurisdiction of organization, has all power and authority necessary
to own or hold its properties and conduct its business in which it is engaged as described in each Memorandum and has all licenses
necessary to carry on its business as it is now being conducted and is licensed and qualified in each jurisdiction in which the
conduct of its business (including, without limitation, acquisition of Collateral Obligations and performing its obligations hereunder
and under the other Transaction Documents) requires such licensing or qualification and in which the failure so to qualify would
have a material adverse effect on the business, properties, assets, or (financial) of such entity.

 

(iv)     This
Agreement has been duly authorized, executed and delivered by, the Issuer and, assuming due authorization, execution and delivery
thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Issuer enforceable against the Issuer
in accordance with its terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in
any proceeding, whether at law or in equity.

 

    	 	4	 

     

    

 

(v)      Each
of the other Transaction Documents has been duly authorized, executed and delivered by the Issuer, and, assuming due authorization,
execution and delivery thereof by the other parties thereto, constitutes the valid and binding agreement the Issuer, enforceable
against the Issuer, in accordance with their respective terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the application
of equitable principles in any proceeding, whether at law or in equity.

 

(vi)     The
Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to and paid
for by the Initial Purchaser in accordance with this Agreement, the Notes will constitute valid and binding obligations of the
Issuer, enforceable against the Issuer in accordance with its terms, subject, as to enforcement only, to the effect of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the
application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits of the
Indenture.

 

(vii)    Other
than as set forth in or contemplated by the Final Memorandum, there are no legal or governmental proceedings pending to which the
Issuer is a party or of which any property or assets of the Issuer are the subject of which could reasonably be expected to materially
adversely affect the financial position, stockholders’ or members’ equity or results of operations of the Issuer or
on the performance by the Issuer of its obligations hereunder or under the other Transaction Documents to which it is a party.

 

(viii)   The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation
by the Issuer and of the transactions contemplated herein and therein and in all documents relating to the Notes will not result
in any breach or violation of, or constitute a default under, any agreement or instrument to which the Issuer is a party or to
which any of its properties or assets are subject, except for such of the foregoing as to which relevant waivers, consents or amendments
have been obtained and are in full force and effect or which would not reasonably be expected to have a material adverse effect
on the financial position, stockholders’ or members’ equity or results of operations of the Issuer or on the performance
by the Issuer of its obligations hereunder or under the other Transaction Documents to which it is a party, nor will any such action
result in a violation of the organizational documents of the Issuer or any applicable law.

 

(ix)      Neither
the Issuer nor the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by the Transaction
Documents will be, required to be registered as an "investment company" under the 1940 Act.

 

(x)      Assuming
the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection with the offer, sale
and delivery of the Notes in the manner contemplated by this Agreement and each Memorandum to register the Notes under the Securities
Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

 

    	 	5	 

     

    

 

(xi)     The
Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. As of the Closing Date, the Notes will
not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered
under Section 6 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or (ii) quoted
in any "automated inter-dealer quotation system" (as such term is used in the Exchange Act) in the United States.

 

(xii)     [Reserved].

 

(xiii)    After
giving effect to the transfers on or prior to the Closing Date and any contemporaneous releases, the Issuer will own the Collateral
Obligations conveyed to it on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests
("Liens") other than Liens permitted by the Transaction Documents.

 

(xiv)    Upon
the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Purchased Notes and delivery
to the Initial Purchaser of the Purchased Notes, the Initial Purchaser will acquire title to the Purchased Notes free of Liens
except such Liens as may be created or granted by the Initial Purchaser and those permitted in the Transaction Documents.

 

(xv)     No
consent, authorization or order of, or filing or registration with, any court or governmental agency is required for the co-issuance
and sale of the Notes or the execution, delivery and performance by the Issuer of this Agreement or the other Transaction Documents
to which it is a party, except such consents, approvals, authorizations, filings, registrations or qualifications as have been
obtained or as may be required under the Securities Act or state securities or blue sky laws or the rules and regulations of the
Financial Industry Regulatory Authority in connection with the sale and delivery of the Notes in the manner contemplated herein.

 

(xvi)    The
Collateral Obligations in all material respects have the characteristics described in the Final Memorandum.

 

(xvii)   [Reserved].

 

(xviii)  Each
of the representations and warranties of the Issuer set forth in each of the other Transaction Documents to which it is a party
is true and correct in all material respects.

 

(xix)     No
adverse selection procedures were used in selecting the Collateral Obligations from among the loans that meet the criteria set
forth in the Indenture and that are included in the Assets.

 

    	 	6	 

     

    

 

(xx)     Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act ("Regulation D"))
of the Issuer nor anyone acting on their behalf has, directly or indirectly (except to or through the Initial Purchaser), sold
or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of,
any of the Notes and neither the Issuer nor any of its affiliates will do any of the foregoing. As used herein, the terms "offer"
and "sale" have the meanings specified in Section 2(3) of the Securities Act.

 

(xxi)    Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer has directly, or through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any security (as defined in the Securities
Act) which is or will be integrated with the sale of the Notes in a manner that would require the registration under the Securities
Act of the offering contemplated by each Memorandum or engaged in any form of general solicitation or general advertising in connection
with the offering of the Notes.

 

(xxii)   With
respect to any Secured Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has not offered or
sold such Secured Notes during the Distribution Compliance Period to a U.S. person or for the account or benefit of a U.S. person
(other than the Initial Purchaser). For this purpose, the term "Distribution Compliance Period" and "U.S. person"
are defined as such term is defined in Regulation S.

 

(xxiii)  [Reserved].

 

(xxiv)  The
Notes and the Transaction Documents conform in all material respects to the descriptions thereof in the Final Memorandum.

 

(xxv)  Any
taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and the other Transaction
Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date.

 

(xxvi) On
or before the Closing Date, the Issuer has provided a written representation (the "17g-5 Representations") to
each nationally recognized statistical rating organization hired to rate the Notes, which satisfies the requirements of paragraph
(a)(3)(iii) of Rule 17g-5 of the Exchange Act, and a copy of which has been delivered to the Initial Purchaser. The Issuer has
complied, and has caused each of its affiliates to comply, with the 17g-5 Representations.

 

(xxvii) No
proceeds received by the Issuer in respect of the Notes will be used by the Issuer to acquire any security in any transaction which
is subject to Section 13 or 14 of the Exchange Act.

 

(xxviii)
(i) To the extent applicable thereto, the Issuer and its ERISA Affiliates is in compliance in all material respects with ERISA
unless any failure to so comply could not reasonably be expected to have a material adverse effect and (ii) no lien under
Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph, the term
"ERISA Affiliate" means, with respect to any Person, a corporation, trade or business that is, along with such
Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA).

 

    	 	7	 

     

    

 

(xxix)   The
Issuer has not paid or agreed to pay to any Person any compensation for soliciting another Person to purchase any of the Notes
(except as contemplated by this Agreement).

 

(xxx)    The
Issuer has not taken, directly nor indirectly, any action designed to cause or to result in, or that has constituted or which might
reasonably be expected to constitute, the stabilization or manipulation of the price of any Note or to facilitate the sale or resale
of the Notes.

 

(xxxi)    On
and immediately after the Closing Date, the Issuer (after giving effect to the issuance of the Notes and to the other transactions
related thereto as described in the Final Memorandum) will be Solvent. As used in this paragraph, the term "Solvent"
means, with respect to a particular date such Person, that on such date (A) the present fair market value (or present fair
saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such
Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (B) such
Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they
mature and become due in the normal course of business, (C) assuming the sale of the Notes as contemplated by this Agreement
and the Final Memorandum, such Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities
mature and (D) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction,
for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in
the industry in which such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended
that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

Section 5.         Sale
of Purchased Notes on Closing Date.

 

The sale of the Purchased
Notes to the Initial Purchaser will be made without registration of the Purchased Notes under the Securities Act, in reliance upon
the exemption therefrom provided by Section 4(a)(2) of the Securities Act.

 

(a)       The
Initial Purchaser and the Issuer hereby agree that the Purchased Notes will be offered and sold only in transactions exempt from
registration under the Securities Act. The Initial Purchaser and the Issuer will each reasonably believe at the time of any sale
of the Purchased Notes by the Issuer through the Initial Purchaser (i) that either (A) each purchaser of the Purchased
Notes is (1) a QIB who is a Qualified Purchaser purchasing for its own account (or for the accounts of QIBs who are Qualified
Purchasers to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule 144A
under the Securities Act) in transactions meeting the requirements of Rule 144A under the Securities Act or (2) solely
in the case of Purchased Notes issued as Certificated Secured Notes, an Institutional Accredited Investor who is a Qualified Purchaser
who purchases for its own account and provides the Initial Purchaser with a written certification in substantially the form attached
to the Indenture, or (B) each purchaser is acquiring the Purchased Notes in an offshore transaction meeting the requirements
of Regulation S, and (ii) that the offering of the Purchased Notes will be made in a manner that will enable the offer
and sale of the Purchased Notes to be exempt from registration under state securities or Blue Sky laws; and each such party understands
that no action has been taken to permit a public offering in any jurisdiction where action would be required for such purpose.
The Initial Purchaser and the Issuer each further agree not to (i) engage (and each such party represents that it has not
engaged) in any activity that would constitute a public offering of the Purchased Notes within the meaning of Section 4(a)(2)
of the Securities Act or (ii) offer or sell the Purchased Notes by (and each such party represents that it has not engaged
in) any form of general solicitation or general advertising (as those terms are used in Regulation D), including the methods
described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Purchased Notes.

    	 	8	 

     

    

(b)       The
Initial Purchaser hereby represents and warrants to and agrees with the Issuer, that (i) it is a QIB and a Qualified Purchaser
and (ii) it will offer the Purchased Notes only (A) to persons who it reasonably believes are QIBs who are Qualified
Purchasers in transactions meeting the requirements of Rule 144A under the Securities Act, (B) to institutional investors
who it reasonably believes are Institutional Accredited Investors who are Qualified Purchasers or (C) to persons acquiring
the Purchased Notes in offshore transactions in accordance with Regulation S. The Initial Purchaser further agrees that (i) it
will deliver to each purchaser of the Purchased Notes, prior to the Closing Date, a copy of the Final Memorandum, as then amended
or supplemented, and (ii) prior to any sale of the Purchased Notes to an Institutional Accredited Investor that it does not
reasonably believe is a QIB who is a Qualified Purchaser, it will receive from such Institutional Accredited Investor a written
certification in substantially the applicable form attached to the Indenture.

 

(c)       The
Initial Purchaser hereby represents that it is duly authorized and possesses the requisite corporate power to enter into this Agreement.

 

(d)       The
Initial Purchaser hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the Initial
Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency,
or official which could reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform its
obligations under this Agreement.

 

(e)       The
Initial Purchaser hereby represents and agrees that all offers and sales of the Purchased Notes by it to non–United States
persons, prior to the expiration of the Distribution Compliance Period, will be made only in accordance with the provisions of
Rule 903 or Rule 904 of Regulation S and only upon receipt of certification of beneficial ownership of the securities
by a non–U.S. person in the form provided in the Indenture. For this purpose, the term "Distribution Compliance
Period" and "U.S. person" are defined as such terms are defined in Regulation S.

 

(f)       The
Initial Purchaser hereby represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell
or otherwise make available any Offered Notes which are the subject of the offering contemplated by the Final Memorandum to
any retail investor in the EEA. For the purposes of this provision:

 

    	 	9	 

     

    

 

(i)       the
expression "retail investor" means a person who is one (or more) of the following:

 

		A.	a retail client as defined in point (11) of Article 4(1) of MiFID II as amended; or

 

		B.	a customer within the meaning of Directive 2002/92/EC (known as the Insurance Mediation Directive)
as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II;
or

 

		C.	not a qualified investor as defined in Directive 2003/71/EC (known as the Prospectus Directive)
as amended; and

 

(ii)       the
expression "offer" includes the communication in any form and by any means of sufficient information on the terms of
the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes.

 

Section 6.         Certain
Agreements of the Issuer.

 

The Issuer covenants and
agrees with the Initial Purchaser as follows:

 

(a)       If,
at any time prior to the earlier of the completion of the distribution and the 90th day following the Closing Date, any event involving
the Issuer or, to the knowledge of a Responsible Officer, the Collateral Manager shall occur as a result of which the Final Memorandum
(as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, the Issuer will immediately
notify the Initial Purchaser and will prepare and furnish to the Initial Purchaser an amendment or supplement to the Final Memorandum
that will correct such statement or omission. The Issuer will not at any time amend or supplement the Final Memorandum (i) prior
to having furnished the Initial Purchaser with a copy of the proposed form of the amendment or supplement and giving the Initial
Purchaser a reasonable opportunity to review the same or (ii) except to the extent the Issuer may determine that the Issuer
is required to so disclose pursuant to applicable law and after consultation with the Initial Purchaser (and, in such a circumstance,
shall remove all references to the Initial Purchaser therefrom if so requested by the Initial Purchaser), in a manner to which
the Initial Purchaser or its counsel shall object.

 

(b)       During
the period referred to in Section 6(a), the Issuer will furnish to the Initial Purchaser, without charge, copies of
the Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all
amendments or supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial
Purchaser may from time to time reasonably request.

 

    	 	10	 

     

    

 

(c)        Subject
to compliance with Regulation FD, at all times during the course of the private placement contemplated hereby and prior to
the Closing Date, (i) the Issuer will make available to each offeree such information concerning any other relevant matters
as it or any of its affiliates possess or can acquire without unreasonable effort or expense, as determined in good faith by it
or such affiliate, as applicable, (ii) the Issuer will provide each offeree the opportunity to ask questions of, and receive
answers from, it concerning the terms and conditions of the offering and to obtain any additional information, to the extent it
or any of its affiliates possess such information or can acquire it without unreasonable effort or expense (as determined in good
faith by it or such affiliate, as applicable), necessary to verify the accuracy of the information furnished to the offeree, (iii) 
the Issuer will not publish or disseminate any material in connection with the offering of the Notes except as contemplated herein
or as consented to by the Initial Purchaser, (iv) the Issuer will advise the Initial Purchaser promptly of the receipt by
the Issuer of any communication from the SEC or any state securities authority concerning the offering or sale of the Notes, (v) the
Issuer will advise the Initial Purchaser promptly of the commencement of any lawsuit or proceeding to which the Issuer is a party
relating to the offering or sale of the Notes, and (vi) the Issuer will advise the Initial Purchaser of the suspension of
the qualification of the Notes for offering or sale in any jurisdiction, or the initiation or threat of any procedure for any such
purpose.

 

(d)        Subject
to compliance with Regulation FD, the Issuer will furnish, upon the written request of any Noteholder or of any owner of a
beneficial interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities
Act (i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein designated
by such Noteholder or beneficial owner, or (iii) to the Trustee for delivery to such Noteholder, beneficial owner or prospective
purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A under the Securities Act in
connection with the resale of such Note or beneficial interest therein by such holder or beneficial owner in reliance on Rule 144A
under the Securities Act unless, at the time of such request, the Issuer is subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act or is exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b)
of the Exchange Act.

 

(e)         Except
as otherwise provided in the Indenture, each Purchased Note will contain legends in the forms set forth in the Final Memorandum.

 

(f)          [Reserved].

 

(g)         Neither
the Issuer nor any of its affiliates or any other Person acting on their behalf shall engage, in connection with the offer and
sale of the Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D
under the Securities Act, including, but not limited to, the following:

 

(i)     any
advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over
television or radio; and

 

(ii)     any
seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

    	 	11	 

     

    

 

(h)       The
Issuer shall not solicit any offer to buy from, or offer to sell, or sell to any Person any Notes, except through the Initial Purchaser
or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time on or prior to the Closing
Date; on or prior to the Closing Date, neither the Issuer nor any of its affiliates (except for compliance with Regulation FD)
shall publish or disseminate any material other than the Additional Offering Documents consented to by the Initial Purchaser and
the Final Memorandum in connection with the offer or sale of the Notes as contemplated by this Agreement, unless the Initial Purchaser
shall have consented to the use thereof; if the Issuer or any of its affiliates makes any press release including "tombstone"
announcements, in connection with the Transaction Documents, the Issuer shall permit the Initial Purchaser to review and approve
such release in advance.

 

(i)       The
Issuer shall not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of requiring
the registration, under the Securities Act, of the offer or sale of the Notes.

 

(j)       The
Issuer shall not take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected
to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Note to facilitate
the sale or resale of the Notes.

 

(k)       The
Issuer shall apply the net proceeds from the sale of the Notes as set forth in the Final Memorandum under the heading "Use
of Proceeds".

 

Section 7.         Conditions
of the Initial Purchaser Obligations.

 

The obligation of the Initial
Purchaser to purchase the Purchased Notes on the Closing Date will be subject to the accuracy, in all material respects, of the
representations and warranties of the Issuer herein, to the performance, in all material respects, by the Issuer of its obligations
hereunder and to the following additional conditions precedent:

 

(a)       The
Notes shall have been duly authorized, executed, authenticated and delivered, the Transaction Documents shall have been duly authorized,
executed and delivered by the respective parties thereto and shall be in full force and effect, and the documents required to be
delivered pursuant to the Indenture in respect of the Collateral Obligations shall have been delivered to the Custodian pursuant
to and as required by the Transaction Documents.

 

(b)       The
Initial Purchaser shall have received a certificate, dated as of the Closing Date, of a manager of the Collateral Manager to the
effect that such officer has carefully examined the Final Memorandum and that, to the best of such officer’s knowledge, nothing
has come to the attention of such officer that would lead such officer to believe that the "CM Offering Circular Information"
(as defined in the Final Memorandum), as of the date of the Final Memorandum and as of the Closing Date, contained any untrue statement
of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

(c)       The
Class A-1 Notes shall have been rated "AAA(sf)" by S&P and "AAAsf" by Fitch, the Class A-2 Notes shall
have been rated "AAA(sf)" by S&P, the Class B-1 Notes shall have been rated no less than "AA(sf)" by S&P,
the Class B-2 Notes shall have been rated no less than "AA(sf)" by S&P, the Class C Notes shall have been rated no
less than "A(sf)" by S&P, and the Class D Notes shall have been rated no less than "BBB-(sf)" by S&P,
such ratings shall not have been rescinded, and no public announcement shall have been made by either S&P or Fitch that any
ratings of the Offered Notes have been placed under review.

 

    	 	12	 

     

    

 

(d)       [Reserved].

 

(e)       The
Initial Purchaser shall have received an opinion, dated the Closing Date, of Locke Lord LLP, counsel to the Trustee, in form and
substance satisfactory to the Initial Purchaser.

 

(f)       The
Initial Purchaser shall have received legal opinions or letters of Dechert LLP, counsel to the Issuer, the Retention Provider and
the Collateral Manager, with respect to certain corporate matters with respect to the Issuer, the Retention Provider and the Collateral
Manager and certain federal tax, securities law and investment company matters and bankruptcy matters, in form and substance satisfactory
to the Initial Purchaser.

 

(g)       The
Initial Purchaser shall have received legal opinions of Clark Hill PLC, Delaware counsel to the Issuer and the Retention Provider
with respect to certain limited liability company and other matters with respect to the Issuer and the Retention Provider in form
and substance satisfactory to the Initial Purchaser.

 

(h)       The
Initial Purchaser shall have received legal opinions of Venable LLP, Maryland counsel to Golub Capital Investment Corporation with
respect to certain corporate matters in form and substance satisfactory to the Initial Purchaser;

 

(i)       The
Initial Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers of the Trustee,
dated the Closing Date, in customary form.

 

(j)       [Reserved].

 

(k)       The
Purchaser shall have purchased or otherwise acquired the Subordinated Notes in accordance with the terms of the Subordinated Note
Purchase Agreements.

 

(l)       The
Indenture, the Collateral Management Agreement and all other documents incident hereto and to the other Transaction Documents shall
be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel.

 

If any of the conditions
specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above shall not be in all material respects reasonably satisfactory in form
and substance to the Initial Purchaser, this Agreement and all of the Initial Purchaser’s obligations hereunder may be canceled
by the Initial Purchaser at or prior to delivery of and payment for the Purchased Notes. Notice of such cancellation shall be given
to the Collateral Manager in writing, or by telephone or facsimile confirmed in writing.

 

    	 	13	 

     

    

 

Section 8.         Indemnification
and Contribution.

 

(a)       The
Issuer (an "indemnifying party" as such term is used in this Agreement), shall indemnify and hold harmless the
Initial Purchaser, its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser within
the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial Purchaser (each an "indemnified
party" as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several, and
any action in respect thereof, to which any indemnified party may become subject, under the Securities Act or Exchange Act or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue
statement of a material fact contained in any Memorandum or any Additional Offering Document or arises out of, or is based upon,
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein in light of the circumstances under which they were made not misleading, and shall reimburse any such indemnified party
for any legal and other expenses reasonably incurred by such indemnified party in investigating or defending or preparing to defend
against any such loss, claim, damage, liability or action; provided, however, that the indemnifying
parties shall not be liable to any such indemnified party in any such case to the extent that any such loss, claim, damage, liability
or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made
in any Memorandum or any Additional Offering Document written information relating to such indemnified party and furnished to the
Collateral Manager by such indemnified party specifically for inclusion therein; provided, further,
that the foregoing indemnity shall not inure to the benefit of any indemnified party from whom the person asserting any such loss,
claim, damage or liability purchased the Purchased Notes which are the subject thereof if the indemnified party sold Purchased
Notes to the person alleging such loss, claim, damage or liability without sending or giving a copy of the Final Memorandum at
or prior to the confirmation of the sale of the Purchased Notes, if the Collateral Manager shall have previously furnished copies
thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue statement or omission
of a material fact contained in the Initial Preliminary Memorandum or the Second Preliminary Memorandum which was corrected in
the Final Memorandum. The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise have
to any indemnified party. The indemnifying parties acknowledge that the statements set forth in the Final Memorandum (x) under
the caption: "Plan of Distribution" (but solely the second, fourth, seventh, ninth, eleventh, twelfth and thirteenth
paragraphs under such caption) of the Final Memorandum, (y) relating to Wells Fargo Securities, LLC on page i of the Final
Memorandum in the ninth, tenth and eleventh paragraphs under the heading "Important Information Regarding This Offering Circular
and the Secured Notes" and (z) under the caption "Risk Factors—Relating to Certain Conflicts of Interest—The
Issuer will be subject to various conflicts of interest involving Wells Fargo Securities and its Affiliates" constitute the
only written information furnished to the Collateral Manager by or on behalf of the indemnified parties specifically for inclusion
in any Memorandum or any Additional Offering Document.

 

(b)       Golub
Capital Investment Corporation (the "Company") (an "indemnifying party" as such term is used
in this Agreement, solely for purposes of the indemnity provided under this clause (b)), shall indemnify and hold harmless each
indemnified party from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to
which any indemnified party may become subject, under the Securities Act or Exchange Act or otherwise, insofar as such loss, claim,
damage, liability or action arises out of, or is based upon, any material breach by the Purchaser of its representations, covenants
or obligations under the E.U. Risk Retention Letter and shall reimburse any such indemnified party for any legal and other expenses
reasonably incurred by such indemnified party in investigating or defending or preparing to defend against any such loss, claim,
damage, liability or action. The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise
have to any indemnified party.

 

    	 	14	 

     

    

  

(c)       Promptly
after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action,
the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8,
notify such indemnifying party in writing of the claim or commencement of that action; provided, however,
that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have
to an indemnified party under this Section 8, except to the extent that such indemnifying party has been prejudiced
by such failure; and, provided, further, that the failure to notify an indemnifying party shall not
relieve such indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 8.
If any such claim or action shall be brought against an indemnified party, and it shall notify an indemnifying party thereof, such
indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly
notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After
notice from any such indemnifying party or parties to the indemnified party or parties of its or their election to assume the defense
of such claim or action, any such indemnifying party or parties shall not be liable to the indemnified party under this Section 8
for any legal or other expenses subsequently incurred by the indemnified party or parties in connection with the defense thereof;
provided that the indemnified party seeking such indemnity shall have the right to employ counsel to represent it
and any other indemnified party who may be subject to liability arising out of any claim or action in respect of which indemnity
may be sought by an indemnified party against an indemnifying party under this Section 8, if (i) in the reasonable
judgment of such indemnified party, there may be legal defenses available to it and any other indemnified party different from
or in addition to those available to the Company or the Issuer, as applicable, or there is a conflict of interest between it and
any other indemnified party, on one hand, and the Company or the Issuer, as applicable, on the other hand, or (ii)  the Company
or the Issuer, as applicable, shall fail to select counsel reasonably satisfactory to such indemnified party or parties, and in
such event the fees and expenses of such separate counsel shall be paid by the Company or the Issuer, as applicable. In no event
shall the Company or the Issuer, as applicable, be liable for the fees and expenses of more than one separate firm of attorneys
for all indemnified parties in connection with any other action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
(i) does not include a statement as to, or admission of, fault, culpability or a failure to act by or on behalf of any such
indemnified party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that
are the subject matter of such proceeding.

 

    	 	15	 

     

    

 

(d)       If
the indemnification provided for in Section 8 shall for any reason be unavailable to an indemnified party under subsection 8(a)
or (b) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion
as shall be appropriate to reflect the relative benefits received by the Issuer or the Company, as applicable, on the one hand,
and the Initial Purchaser on the other hand from the offering and sale of the Notes or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Issuer or the Company, as applicable, on
the one hand and the Initial Purchaser on the other hand with respect to the statements, omissions (or, in the case of the Company,
breach) that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable
considerations. The relative benefits received by the Issuer or the Company, as applicable, on the one hand and the Initial Purchaser
on the other hand with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the
offering and sale of the Notes (after deducting expenses) received by the Issuer bear to the total fees actually received by the
Initial Purchaser with respect to such offering and sale. The relative fault as between the Initial Purchaser and the Issuer shall
be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Issuer or by the Initial Purchaser, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Issuer, the
Company and the Initial Purchaser agree that it would not be just and equitable if contributions pursuant to this subsection 8(d)
were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this subsection 8(d) shall be deemed to include, for
purposes of this subsection 8(d), any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection 8(d), the
Initial Purchaser shall not be required to contribute any amount in excess of the aggregate fee actually paid to the Initial Purchaser
with respect to the offering of the Offered Notes. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this subsection
(d), the term "as applicable" shall not be deemed to refer to the relative benefits or fault of the Company except
to the extent that a contribution is required solely in respect of an indemnification obligation of the Company under subsection
(b) and, in any case, the relative benefits or fault of the Company and the Issuer shall not be deemed to be cumulative.

 

(e)       The
indemnity agreements contained in this Section 8 shall survive the delivery of the Notes, and the provisions of this
Section 8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or
any investigation made by or on behalf of any indemnified party.

 

    	 	16	 

     

    

 

Section 9.         Termination.

 

This Agreement shall be
subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the Issuer prior to delivery of
and payment for the Purchased Notes, if prior to such time (i) trading in securities generally on the New York Stock Exchange
shall have been suspended or materially limited or any setting of minimum prices for trading on such exchange shall have occurred,
(ii) there shall have been, since the respective dates as of which information is given in the Final Memorandum, any material
adverse change in the condition, financial or otherwise, or in the properties (including, without limitation, the Collateral Obligations)
or the earnings, business affairs or business prospects of the Issuer or the Collateral Manager, whether or not arising in the
ordinary course of business, (iii) a general moratorium on commercial banking activities in New York shall have been declared
by either U.S. federal or New York State authorities, or (iv) there shall have occurred any material outbreak or escalation
of hostilities or other calamity or crises the effect of which on the financial markets of the United States is such as to make
it, in the reasonable judgment of the Initial Purchaser, impracticable or inadvisable to market the Purchased Notes on the terms
and in the manner contemplated by each Memorandum as amended or supplemented.

 

Section 10.       Severability
Clause.

 

Any part, provision, representation,
or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof.

 

Section 11.       Notices.

 

All demands, notices and
communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by
overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial Purchaser,
will be delivered to Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, North Carolina
28202, Attention: Asset-Backed Finance – GCIC CLO II LLC or if sent to the Issuer, c/o Golub Capital Investment Corporation,
666 Fifth Avenue, 18th Floor, New York, New York 10103, with a copy to c/o Puglisi & Associates, 850 Library Avenue, Suite
204, Newark, Delaware 19711.

 

Section 12.       Representations
and Indemnities to Survive.

 

The respective agreements,
representations, warranties, indemnities and other statements of the Company, the Issuer and their respective officers and of the
Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation
made by or on behalf of the Initial Purchaser, the Company, the Issuer or any indemnified party referred to in Section 8
of this Agreement, and will survive delivery of and payment for the Notes.

 

Section 13.       Successors.

 

This Agreement will inure
to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition
of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and,
except as specifically set forth herein, no other person will have any right or obligation hereunder.

    	 	17	 

     

    

 

Section 14.       Applicable
Law.

 

(a)       THIS
AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

(b)       EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO
(I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 14(b).

 

(c)       ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT
OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE NON–EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION
TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

Section 15.       Counterparts,
Etc.

 

This Agreement supersedes
all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of
such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which
shall be deemed an original, which taken together shall constitute one and the same instrument.

    	 	18	 

     

    

Section 16.       [Reserved].

 

Section 17.       No
Petition; Limited Recourse.

 

(a)       The
Initial Purchaser covenants and agrees that, prior to the date that is one year (or such longer preference period as shall then
be in effect) plus one day after the payment in full of each Class of Notes, it will not institute against the Issuer or join any
other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceedings under the laws of the United States or any state of the United States.

 

(b)       Notwithstanding
anything to the contrary herein, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, respectively,
payable solely from the Assets securing the Offered Notes, and following the exhaustion of such Assets, any claims of the Initial
Purchaser hereunder against the Issuer shall be extinguished. All payments by the Issuer to the Initial Purchaser hereunder shall
be made subject to and in accordance with the Priority of Payments set forth in the Indenture.

 

(c)       This
Section 17 will survive the termination of this Agreement.

 

Section 18.       Arm’s-Length
Transaction; Other Transactions.

 

(a)       The
Issuer acknowledges and agrees that (i) the purchase and sale of the Purchased Notes pursuant to this Agreement, including
the determination of the offering price of the Purchased Notes and any related discounts and commissions, is an arm’s-length
commercial transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand, (ii) in connection
with the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting
solely as a principal and is not an agent or fiduciary of the Issuer or any of its equity holders, creditors, employees or any
other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility in favor
of the Issuer with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Initial
Purchaser has advised or is currently advising the Issuer on other matters) and the Initial Purchaser has no obligation to the
Issuer with respect to the offering contemplated hereby, except the obligations expressly set forth in this Agreement, and (iv) the
Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby
and the Issuer has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

(b)       The
Issuer acknowledges and agrees that the Initial Purchaser and its Affiliates may presently have and may in the future have investment
and commercial banking, trust and other relationships with parties other than the Issuer, which parties may have interests with
respect to the purchase and sale of the Notes. Although the Initial Purchaser in the course of such other relationships may acquire
information about the purchase and sale of the Notes, potential purchasers of the Notes or such other parties, the Initial Purchaser
shall not have any obligation to disclose such information to the Issuer. Furthermore, the Issuer acknowledges that the Initial
Purchaser may have fiduciary or other relationships whereby the Initial Purchaser may exercise voting power over securities of
various persons, which securities may from time to time include securities of the Issuer or its Affiliates or of potential purchasers.
The Issuer acknowledges that the Initial Purchaser may exercise such powers and otherwise perform any functions in connection with
such fiduciary or other relationships without regard to its relationship to the Issuer hereunder.

    	 	19	 

     

    

 

[REST OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	20	 

     

    

 

	 	GCIC CLO II LLC
	 	 
	 	By: Golub Capital Investment Corporation, its 

designated manager
	 	 
	 	By:	/s/ Ross A. Teune
	 	Name: Ross A. Teune
	 	Title: Chief Financial Officer

 

GCIC CLO II LLC

Purchase Agreement

 

    			 

     

    

 

	 	GOLUB CAPITAL INVESTMENT CORPORATION, solely with respect to Sections 8(b), 8(c), 8(d), 8(e), 10, 12, 13, 14, 15 and 17 (in each case, as they relate to its obligations under Section 8(b))
	 	 
	 	By:	/s/ Ross A. Teune
	 	Name: Ross A. Teune
	 	Title: Chief Financial Officer

 

GCIC CLO II LLC

Purchase Agreement

 

    			 

     

    

 

The foregoing Agreement is hereby confirmed and

accepted as of the date first above written.

 

	WELLS FARGO SECURITIES, LLC,	 
	as the Initial Purchaser	 
	 	 
	By:	/s/ Steve Sebo	 
	Name: Steve Sebo	 
	Title: Vice President	 

 

GCIC CLO II LLC

Purchase Agreement

 

    			 

     

    

 

SCHEDULE I

 

Notes to be Purchased by the Initial
Purchaser

 

	 	 	Price
	 	 	 
	Principal Amount of Class A-1 Notes to be Purchased:	U.S.$490,000,000	100%
	 	 	 
	Principal Amount of Class A-2 Notes to be Purchased:	U.S.$38,500,000	99.97999%
	 	 	 
	Principal Amount of Class B-1 Notes to be Purchased:	U.S.$18,000,000	100%

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