Document:

Exhibit 10.3

 

ADMINISTRATION AGREEMENT

 

AGREEMENT (this “Agreement”)
made as of this 1st day of July 2021, by and between Golub Capital Direct Lending Corporation, a Maryland corporation (hereinafter referred
to as the “Company”), and Golub Capital LLC, a Delaware limited liability company (the “Administrator”).

 

W I T N E S S E T H:

 

WHEREAS, the Company is a
newly formed closed-end, non-diversified management investment company that has filed an election to be regulated as a business development
company under the Investment Company Act of 1940, as amended (the “Investment Company Act”);

 

WHEREAS, the Company desires
to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

 

WHEREAS, the Administrator
is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

 

NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the Company and the Administrator hereby agree as follows:

 

1.       Duties
of the Administrator

 

(a) Employment of Administrator.
The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish,
the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors
of the Company (the “Board of Directors”), for the period and on the terms and conditions set forth in this Agreement. The
Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and
to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and
such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized
herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

 

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(b) Services. The
Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office
facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the
Administrator, subject to review by the Board of Directors of the Company, shall from time to time determine to be necessary or
useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations
with custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants,
attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other
capacity deemed to be necessary or desirable. The Administrator shall make reports to the members of the Board of Directors (the
 “Directors”) of its performance of obligations hereunder and furnish advice and recommendations with respect to such
other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall
be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the
securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the
Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and
shall prepare reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the
 “SEC”). The Administrator shall provide on the Company’s behalf significant managerial assistance to those
portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator shall assist the
Company in determining and publishing the Company’s net asset value, oversee the preparation and filing of the Company’s
tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally oversee the payment of the
Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

 

2.       Records

 

The Administrator agrees to
maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder
and, if required by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In
compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains
for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall
be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all
records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed
by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered
in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its
confidentiality obligations under this Agreement.

 

3.       Confidentiality

 

The parties hereto agree that
each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential
information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used
by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying
out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall
not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through
a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties
hereto, by judicial or administrative process or otherwise by applicable law or regulation.

 

4.       Compensation;
Allocation of Costs and Expenses 

 

In full consideration of the
provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the
Administrator in performing its obligations and providing personnel and facilities hereunder. If requested to perform significant managerial
assistance to portfolio companies of the Company, the Administrator will be paid an additional amount based on the services provided,
which shall not exceed the amount the Company receives from the portfolio companies for providing this assistance.

 

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The Company shall bear all
costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Company’s investment
adviser (the “Adviser”), pursuant to that certain Investment Advisory Agreement, dated as of [•] by and between the
Company and the Adviser (the “Advisory Agreement”). Costs and expenses to be borne by the Company include, but are not limited
to, those relating to: organizational expenses of the Company; calculating the net asset value of the Company, including the cost and
expenses of any independent valuation firm; fees and expenses incurred by the Adviser and payable to third parties, including agents,
consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company’s investments,
performing due diligence on prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments,
which fees and expenses include, among other items, due diligence reports, appraisal reports, any studies commissioned by GC Advisors
and travel and lodging expenses; interest payable on debt, if any, incurred by the Company to finance its investments and expenses related
to unsuccessful portfolio acquisition efforts; private placements of securities of the Company; investment advisory and management fees;
administration fees and expenses payable under this Agreement as amended from time to time; fees payable to third parties, including agents,
consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs
associated with meeting financial sponsors; fees incurred by the Company for transfer agent, dividend agent and custodial fees and expenses;
U.S. federal and state registration and franchise fees; U.S. federal, state and local taxes; independent Directors’ fees and expenses;
costs of preparing and filing reports or other documents required by the SEC or other regulators; costs of any reports, proxy statements
or other notices to stockholders, including printing costs; costs associated with individual or group stockholders; costs associated with
compliance with the Sarbanes-Oxley Act of 2002, as amended, the Company’s allocable portion of any fidelity bond, directors’
and officers’ errors and omissions liability insurance policies, and any other insurance premiums; direct costs and expenses of
administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside
legal costs; proxy voting expenses; and any and all other expenses incurred by the Company or the Administrator in connection with administering
the Company’s business, including payments made under this Agreement based upon the Company’s allocable portion (subject to
the review and approval of the Company’s independent Directors) of the Administrator’s overhead in performing its obligations
under this Agreement, including rent and the allocable portion of the cost of the Company’s chief compliance officer and chief financial
officer and their respective staffs. To the extent the Administrator outsources any of its functions, the Company shall pay the fees associated
with such functions on a direct basis without profit to the Administrator.

 

5.       Limitation
of Liability of the Administrator; Indemnification 

 

The Administrator (and its
officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Administrator,
including without limitation the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator
in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company,
and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling
persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of
whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from
and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement)
incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding
(including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance
of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding
the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s
duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment
Company Act and any interpretations or guidance by the SEC or its staff thereunder).

 

6.       Activities
of the Administrator 

 

The services of the Administrator
to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It
is understood that Directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and
its affiliates, as Directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator
and Directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become
similarly interested in the Company as stockholders or otherwise.

 

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7.       Duration
and Termination of this Agreement

 

This Agreement shall become
effective as of the date hereof, and shall remain in force with respect to the Company for two years thereafter, and thereafter continue
from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors
of the Company and (ii) a majority of those Directors who are not “interested persons” (as defined in the Investment
Company Act) of any party to this Agreement.

 

This Agreement may be terminated
at any time, without the payment of any penalty, by the Company or by the Administrator, upon 60 days’ written notice to the other
party. This Agreement may not be assigned by a party without the consent of the other party.

 

8.       Amendments
to this Agreement

 

This Agreement may be amended
pursuant to a written instrument by mutual consent of the parties.

 

9.       Governing
Law 

 

This Agreement shall be construed
in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that
the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment
Company Act, if any, the latter shall control.

 

10.       Entire
Agreement 

 

This Agreement contains the
entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof.

 

11.       Notices

 

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

  

[Remainder of Page Intentionally
Left Blank]

 

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

 

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

 

	GOLUB CAPITAL LLC
	 
	By:	 	 
	 	Name: David B. Golub	 
	 	Title: President	 

 

[Signature Page to Administration
Agreement]Exhibit 10.4

 

 

 

CUSTODY AGREEMENT

 

 

 

dated as of June 30, 2021

 

by and between

 

Golub Capital Direct Lending LLC

(“Company”)

 

and

 

Deutsche Bank Trust Company Americas

(“Custodian”)

 

     

     

    

 

Table
of Contents

 

Page

 

	1.	DEFINITIONS	1
	 	1.1.	Defined Terms	1
	 	1.2.	Construction	6
	 	1.3.	Headings	7
	2.	APPOINTMENT OF CUSTODIAN	7
	 	2.1.	Appointment and Acceptance	7
	 	2.2.	Instructions	7
	 	2.3.	Company Responsible For Directions	7
	3.	DUTIES OF CUSTODIAN	7
	 	3.1.	Segregation	7
	 	3.2.	Securities Custody Account	7
	 	3.3.	Delivery of Securities to Custodian	8
	 	3.4.	Release of Securities	10
	 	3.5.	Registration of Securities	11
	 	3.6.	Bank Accounts and Management of Cash	11
	 	3.7.	Foreign Exchange	12
	 	3.8.	Collection of Income	13
	 	3.9.	Payment of Moneys	13
	 	3.10.	Proxies	14
	 	3.11.	Communications Relating to Securities	14
	 	3.12.	Records	14
	 	3.13.	Responsibility for Property Held by Sub-custodians	15
	 	3.14.	Custody of Subsidiary Securities	15
	4.	REPORTING	16
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	16
	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES	17
	 	6.1.	Appointment of Foreign Sub-custodian	17
	 	6.2.	Assets to be Held	17
	 	6.3.	Omnibus Accounts	17
	 	6.4.	Reports Concerning Foreign Sub-custodians	17

 

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Table
of Contents

(continued)

Page

 

	 	6.5.	Transactions in Foreign Custody Account	17
	 	6.6.	Foreign Sub-custodians	17
	 	6.7.	Custodian’s Responsibility for Foreign Sub-custodians.	18
	7.	CERTAIN GENERAL TERMS	19
	 	7.1.	No Duty to Examine Underlying Instruments	19
	 	7.2.	Resolution of Discrepancies	19
	 	7.3.	Improper Instructions	19
	 	7.4.	Proper Instructions.	20
	 	7.5.	Actions Permitted Without Express Authority	20
	 	7.6.	Evidence of Authority	21
	 	7.7.	Receipt of Communications	21
	 	7.8.	Actions on the Loans	21
	8.	COMPENSATION OF CUSTODIAN	21
	 	8.1.	Fees	21
	 	8.2.	Expenses	21
	9.	RESPONSIBILITY OF CUSTODIAN	22
	 	9.1.	General Duties	22
	 	9.2.	Instructions.	22
	 	9.3.	General Standards of Care	22
	 	9.4.	Indemnification; Custodian’s Lien.	24
	 	9.5.	Force Majeure	25
	10.	SECURITY CODES	25
	11.	TAX LAW	25
	 	11.1.	Domestic Tax Law	25
	 	11.2.	Foreign Tax Law	25
	12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	26
	 	12.1.	Effective Date	26
	 	12.2.	Termination	26
	 	12.3.	Resignation	26
	 	12.4.	Successor	26

 

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Table
of Contents

(continued)

Page

 

	 	12.5.	Payment of Fees, etc.	26
	 	12.6.	Final Report	26
	13.	REPRESENTATIONS AND WARRANTIES	26
	 	13.1.	Representations of the Company	26
	 	13.2.	Representations of the Custodian	26
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	27
	15.	NOTICES	27
	16.	CHOICE OF LAW AND JURISDICTION	28
	17.	ENTIRE AGREEMENT; COUNTERPARTS	28
	 	17.1.	Complete Agreement	28
	 	17.2.	Counterparts	28
	 	17.3.	Facsimile and Electronic Signatures	28
	18.	AMENDMENT; WAIVER	29
	 	18.1.	Amendment	29
	 	18.2.	Waiver	29
	19.	SUCCESSOR AND ASSIGNS	29
	 	19.1.	Successors Bound	29
	 	19.2.	Merger and Consolidation	29
	20.	SEVERABILITY	29
	21.	REQUEST FOR INSTRUCTIONS	29
	22.	OTHER BUSINESS	29
	23.	REPRODUCTION OF DOCUMENTS	30
	24.	MISCELLANEOUS	30

 

SCHEDULES

 

SCHEDULE A – Trade Confirmation

SCHEDULE B – Initial Authorized Persons

 

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THIS CUSTODY AGREEMENT
(this “Agreement”) is dated as of June 30, 2021 and is by and between Golub Capital Direct Lending LLC (and any successor
or permitted assign, including Golub Capital Direct Lending Corporation following its conversion to a Maryland corporation, the “Company”),
a non-diversified, closed-end management investment company that intends to elect to do business as a business development company, having
its principal place of business at 200 Park Avenue, 25th Floor, New York, New York 10166, and Deutsche Bank Trust Company Americas
(or any successor or permitted assign acting as custodian hereunder, the “Custodian”), a New York banking corporation having
a place of business at c/o Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, California 92705.

 

RECITALS

 

WHEREAS, the Company
intends to operate as a closed-end management investment company electing to do business as a business development company under the Investment
Company Act of 1940, as amended (the “1940 Act”) and, following its conversion to a Maryland corporation, is authorized to
issue shares of common stock;

 

WHEREAS, the Company
(as defined below) desires to retain Deutsche Bank Trust Company Americas to act as custodian for the Company and each Subsidiary hereafter
identified to the Custodian;

 

WHEREAS, the Company
desires that the Company’s Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement;
and

 

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

 

		1.	DEFINITIONS

 

1.1.           
Defined Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings
as used in this Agreement:

 

“Account”
or “Accounts” means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities
Account, collectively.

 

“Agreement”
means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person”
has the meaning set forth in Section 7.4.

 

“Business Day”
means a day on which the Custodian or the relevant sub-custodian, is open for business in the market or country in which a transaction
is to take place, except with respect to Section 4 reporting obligations of the Custodian or actions to be taken only by the Custodian,
then only the Custodian’s location shall be applicable.

 

“Cash Account”
means any or all of the segregated non-interest bearing account to be established at the Custodian to which the Custodian shall deposit
or credit and hold any cash Proceeds received by it from time to time from or with respect to the Securities or the sale of the common
stock of the Company, as applicable, which deposit account shall be designated the “Golub Capital Direct Lending Corporation Cash
Proceeds Account”.

 

     

     

    

 

“Company”
means Golub Capital Direct Lending LLC and its successors or permitted assigns, including Golub Capital Direct Lending Corporation following
the Company’s conversion to a Maryland corporation.

 

“Confidential Information”
means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar
or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

 

“Custodian”
has the meaning set forth in the first paragraph of this Agreement.

 

“Eligible Investment”
means any investment that at the time of its acquisition is one or more of the following:

 

(a)              
United States government and agency obligations;

 

(b)              
commercial paper having a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s
Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized
rating organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood
that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1”
and such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

(c)              
interest bearing deposits in United States dollars in United States or Canadian banks with an unrestricted surplus of at least
U.S. $250,000,000, maturing within one year; and

 

(d)              
money market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities
funds designed to maintain a fixed share price and high liquidity.

 

“Eligible Securities
Depository” has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“Federal Reserve
Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United
States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Financing Documents”
has the meaning set forth in Section 3.3(b)(ii).

 

“Foreign Intermediary”
means a Foreign Sub-custodian and Eligible Securities Depository.

 

“Foreign
Sub-custodian” means and includes (i) any branch of a “U.S. Bank,” as that term is defined in Rule 17f-5 under
the 1940 Act, (ii) any “Eligible Foreign Custodian,” as that term is defined in Rule 17f-5 under the 1940 Act, having a
contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the
standards specified in Section 6.7 below.

 

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“Foreign Securities”
means Securities for which the primary market is outside the United States.

 

“Loan”
means any U.S. dollar denominated commercial loan, or participation therein, made by a bank or other financial institution that by its
terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations, acquired by
the Company from time to time.

 

“Loan Checklist”
means a list delivered to the Custodian in connection with delivery of each Loan to the Custodian that identifies the items contained
in the related Loan File.

 

“Loan File”
means, with respect to each Loan delivered to the Custodian, each of the Required Loan Documents identified on the related Loan List.

 

“Noteless Loan”
means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note
to evidence the indebtedness created under such Loan, and (ii) no Underlying Notes are outstanding with respect to the portion of the
Loan transferred to the issuer.

 

“Participation”
means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including
any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

 

“Proceeds”
means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company and any subsequent offering
by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other
cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable
paying agent or administrative agents, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable,
Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing, as defined
in Section 3.6(b) hereof), and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company.

 

“Proper Instructions”
means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company (on its behalf
or on behalf of any Subsidiary thereof), or any Person duly authorized by the Company in any of the following forms acceptable to the
Custodian:

 

(a)              
in writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by telecopier);

 

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(b)              
 by electronic mail (or other electronic transmission) from an Authorized Person;

 

(c)              
in tested communication;

 

(d)              
in a communication utilizing access codes effected between electro mechanical or electronic devices; or

 

(e)              
such other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral
instructions.

 

“Responsible Officer”
means any officer within the corporate trust group of the Custodian (or any successor group of the Custodian) including any vice
president, assistant vice president or officer of the Custodian customarily performing functions similar to those performed by the persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the corporate trust group of
the Custodian because of such person’s knowledge of and familiarity with the particular subject and, in each case, having direct
responsibility for the administration of this Agreement.

 

“Required Loan Documents”
means, for each Loan:

 

(f)               
other than in the case of a Participation, an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

 

(g)              
with the exception of Noteless Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior
holder of record in blank or to the Company;

 

(h)              
an executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist),
together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist;

 

(i)                
a copy of each related security agreement (if any) signed by the applicable obligor(s), as identified on the Loan Checklist;

 

(j)                
a copy of the Loan Checklist; and

 

(k)              
a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan Checklist.

 

“Securities”
means, collectively, the (i) investments, including Loans, acquired by the Company and delivered to the Custodian by the Company from
time to time during the term of, and pursuant to the terms of, this Agreement, and (ii) all dividends in kind (e.g., non-cash dividends)
from the investments described in clause (i) above.

 

“Securities
Account” means the segregated account to be established at the Custodian to which the Custodian shall deposit or credit
and hold the Securities (other than Loans) received by it pursuant to this Agreement, which account shall be designated the
 “Golub Capital Direct Lending Corporation Securities Custody Account”.

 

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“Securities Depository”
means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of securities
where all securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the securities.

 

“Securities System”
means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for
the central handling of securities (including an Eligible Securities Depository).

 

“Shares”
means the shares of common stock, par value $0.001 per share, issued by the Company.

 

“Street Delivery
Custom” means a custom of the United States securities market to deliver securities which are being sold to the buying broker
for examination to determine that the securities are in proper form.

 

“Street Name”
means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the
purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form
for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

 

“Subsidiary Cash
Account” shall have the meaning set forth in Section 3.14(b).

 

“Subsidiary Securities”
collectively, the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the
term of, and pursuant to the terms of, this Agreement, and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i) above.

 

“Subsidiary Securities
Account” shall have the meaning set forth in Section 3.14(a).

 

“Subsidiary”
means, collectively, any wholly owned subsidiary of the Company.

 

“Trade Confirmation”
means a confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable information
with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part hereof, subject
to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian and the Company from
time to time.

 

“Underlying Loan
Agreement” means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant
to which such Loan is made.

 

    5

     

    

 

“Underlying Loan
Documents” means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments
(including any Underlying Note) executed or delivered in connection therewith.

 

“Underlying Note”
means the one or more promissory notes executed by an obligor evidencing a Loan.

 

“UCC” means
the Uniform Commercial Code as in effect in the State of New York.

 

1.2.           
Construction. In this Agreement unless the contrary intention appears:

 

(a)              
any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended,
modified or otherwise rewritten from time to time;

 

(b)              
a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations,
amendments, re-enactments or replacements of any of them;

 

(c)              
any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

(d)              
a reference to a Person includes a reference to the Person’s executors, custodians, successors and permitted assigns;

 

(e)              
an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

 

(f)               
an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

 

(g)              
a reference to the term “including” means “including, without limitation,”

 

(h)              
a reference to any accounting term is to be interpreted in accordance with generally accepted principles and practices in the United
States, consistently applied, unless otherwise instructed by the Company; and

 

(i)                
any reference to “execute”, “executed”, “sign”, “signed”, “signature”
or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg
file, or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures
in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”),
which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company
and reasonably available at no undue burden or expense to the Custodian), except to the extent the Custodian requests otherwise. Any such
electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall
be deemed to have been duly and validly delivered for all purposes hereunder.

 

    6

     

    

 

 

1.3.           
 Headings. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

 

		2.	APPOINTMENT OF CUSTODIAN

 

2.1.           
Appointment and Acceptance. The Company hereby appoints the Custodian as custodian of all Securities and cash owned by the
Company and the Subsidiaries (as applicable) and deposited with the Custodian at any time during the period of this Agreement, on the
terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made
a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in
this Agreement with respect to it subject to and in accordance with the provisions hereof.

 

2.2.           
Instructions. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all
necessary instructions and information in writing, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably
be necessary to enable the Custodian to perform its duties hereunder.

 

2.3.           
Company Responsible For Directions. The Company is solely responsible for directing the Custodian with respect to deposits
to, withdrawals from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility
for the Company’s compliance with the 1940 Act, any restrictions, covenants, limitations or obligations to which the Company may
be subject or for which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability
for the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing
all applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing the Custodian
with respect to the allocation or application of all such deposits.

 

		3.	DUTIES OF CUSTODIAN

 

3.1.           
Segregation. All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the account
of the Company or Subsidiary, respectively, (other than Securities and Subsidiary Securities maintained in a Securities Depository or
Securities System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including
the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as property of the Company
and subject to this Agreement.

 

3.2.            Securities
Custody Account. The Custodian shall open and maintain a segregated account in the name of the Company, subject only to order of
the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3 (b), all Securities (other than Loans),
cash and other investment assets of the Company which are delivered to it in accordance with this Agreement. For avoidance of doubt,
the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in
book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such information as the
Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required Loan Documents received by
the Custodian shall be held in safekeeping by the Custodian, individually segregated from the securities and investments of any
other person and marked so as to clearly identify them as the property of the Company in a manner consistent with Rule 17f-1 under
the 1940 Act and as set forth in this Agreement.

 

    7 

     

    

 

3.3.           
Delivery of Securities to Custodian.

 

(a)              
The Company shall deliver, or cause to be delivered, to the Custodian all of the Company’s Securities, cash and other investment
assets, including (a) all payments of income, payments of principal and capital distributions received by the Company with respect to
such Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (b) all cash received
by the Company for the issuance, at any time during such period, of Shares or other securities or in connection with a borrowing by the
Company. With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Custodian (at the
address identified for it in Section 15). With respect to assets other than Loans, such assets shall be delivered to the Custodian in
its role as, and (where relevant) at the address identified for, the Custodian.  Except to the extent otherwise expressly provided
herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible
for such Securities, cash or other assets until actually delivered to, and received by it.

 

(b)           
(i)             In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver
or cause to be delivered to the Custodian (at the address identified for it in Section 15) a properly completed Trade Confirmation containing
such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties
hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form
and format as the Custodian reasonably may require, and shall deliver to the Custodian (at the address identified for it in Section 15)
the Required Loan Documents, including the Loan Checklist.

 

(ii)              Notwithstanding
anything herein to the contrary, delivery of Securities acquired by the Company (or, if applicable, Subsidiary thereof) which
constitute Noteless Loans or Participations or which are otherwise not evidenced by a “security” or
 “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to
the Custodian of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing
registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Company or, if
applicable, a Subsidiary (or, in either case, its nominee) or a copy (which may be a facsimile copy) of an assignment agreement
(“Loan Assignment Agreement”) in favor of the Company (or the applicable Subsidiary) as assignee, and (ii) in the case
of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian with respect to the custody
of such Loans shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such documents
delivered to it, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents,
if any (collectively, “Financing Documents”), that may be delivered to it. Nothing herein shall require the Custodian to
credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such
Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to
 “maintain” a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents, or
any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or
enforceability of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no
responsibility for the genuineness or completeness thereof), or for the Company’s title to any related Loan. The Custodian may
assume the genuineness of each such Financing Document it may receive and the genuineness and due authority of any signatures
appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an
original Security or instrument is or shall be or become available with respect to any such Loan, it shall be the sole
responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any
obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made
available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

 

    8 

     

    

 

(iii)           
The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of
any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports
to be. If an original “security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC,
respectively, is or shall be or become available with respect to any Loan to be held by the Custodian under this Agreement, it shall be
the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation
at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect
of any Loan or to compel or cause delivery thereof to the Custodian.

 

(iv)             Contemporaneously
with the acquisition of any Loan, the Company shall (i) cause the Required Loan Documents evidencing such Loan to be delivered to
the Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a
schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for
such Loan; (iii) if applicable, provide a properly completed Trade Confirmation containing such information in respect of such Loan
as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on
which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian
reasonably may require; (iv) take all actions necessary for the Company to acquire good title to such Loan; and (v) take all actions
as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents or
administrative agents) to cause (A) all payments in respect of the Loan to be made to the Custodian, and (B) all notices,
solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability
for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein
or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank
agents and other paying agents or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian
shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor,
participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source, or similar
party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or
from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify,
investigate or recalculate such information.

 

    9 

     

    

 

3.4.           
Release of Securities.

 

(a)              
The Custodian shall release and deliver, or direct its agents or sub-custodians to release and deliver, as the case may be, Securities
or Required Loan Documents of the Company held by the Custodian, its agents or its sub-custodians from time to time upon receipt of Proper
Instructions (which shall, among other things, specify the Securities or Required Loan Documents to be released, with such delivery and
other information as may be necessary to enable the Custodian to perform (including the delivery method)), which may be standing instructions
(in form acceptable to the Custodian) in the following cases:

 

(i)                
upon sale of such Securities by or on behalf of the Company and, such sale may, unless and except to the extent otherwise directed
by Proper Instructions, be carried out by the Custodian:

 

(A)            
in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving
later payment; or

 

(B)             
in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the Securities
System;

 

(ii)             
upon the receipt of payment in connection with any repurchase agreement related to such Securities;

 

(iii)           
to a depositary agent in connection with tender or other similar offers for such securities;

 

(iv)            
to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become payable (unless otherwise
directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its sub-custodians);

 

(v)              
to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the Custodian or into the
name of any of its agents or sub-custodians or their nominees or for exchange for a different number of bonds, certificates or other evidence
representing the same aggregate face amount or number of units;

 

    10 

     

    

 

(vi)            
 to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery Custom;

 

(vii)         
for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
securities of the issuer of such securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the
new securities and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodians);

 

(viii)       
in the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar
securities or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper
Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodians); and/or

 

(ix)            
for any other purpose, but only upon receipt of Proper Instructions and an officer’s certificate signed by an officer of
the Company (which officer shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified
securities to be delivered, (ii) the purpose for such delivery, (iii) that such purpose is a proper corporate purpose, and (iv) naming
the person or persons to whom delivery of such securities shall be made and attaching a certified copy of a resolution of the board of
directors of the Company or an authorized committee thereof approving the delivery of such Proper Instructions.

 

3.5.           
Registration of Securities. Securities held by the Custodian, its agents or its sub-custodians (other than bearer securities,
securities held in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the
Company or its nominee; or, at the option of the Custodian, in the name of the Custodian or in the name of any nominee of the Custodian,
or in the name of its agents or its sub-custodians or their nominees; or if directed by the Company by Proper Instruction, may be maintained
in Street Name. The Custodian, its agents and its sub-custodians shall not be obligated to accept Securities on behalf of the Company
under the terms of this Agreement unless such Securities are in Street Name or other good deliverable form.

 

3.6.           
Bank Accounts and Management of Cash.

 

(a)              
As of the date of this Agreement, the Company shall make the initial deposit of funds into the Cash Account and such deposit shall
consist of all of the Company’s cash and cash equivalents.

 

(b)              
Proceeds from the Securities and other cash received by the Custodian from time to time shall be credited or deposited to the Cash
Account as designated by the Company. All amounts deposited into or credited to the Cash Account shall be subject to clearance and receipt
of final payment by the Custodian.

 

(c)               Amounts
held in the Cash Account from time to time may be invested in Eligible Investments pursuant to specific written Proper Instructions
(which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such
investments shall be subject to availability and the Custodian’s then applicable transaction charges (which shall be at the
Company’s expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such
written instruction from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on
deposit in the Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any
earnings from such investment of amounts held in the Cash Account from time to time (collectively, “Reinvestment
Earnings”) shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company).
Investment instructions may be in the form of standing instructions (in the form of Proper Instructions acceptable to
Custodian).

 

    11 

     

    

 

(d)              
In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account or the Custodian is otherwise
required or entitled to pay out funds in accordance with Section 3.9 of this Agreement without requiring further instructions from the
Company, the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation
of, any investment of the funds credited to such account as needed to provide necessary liquidity.

 

(e)              
The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian) may make a margin
or generate banking income for which such bank shall not be required to account to the Company. The Company further acknowledges that
the Custodian or its affiliates are permitted to receive additional compensation that could be deemed to be in the Custodian’s economic
self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect
to certain of the Eligible Investments, (ii) using affiliates to effect transactions in certain Eligible Investments and (iii) effecting
transactions in certain Eligible Investments.

 

(f)               
The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its
duties hereunder.

 

3.7.           
Foreign Exchange.

 

(a)              
Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodians may (but shall not be obligated to) enter
into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in
each case at the Company’s expense), including transactions entered into with the Custodian, its sub-custodians or any affiliates
of the Custodian or the sub-custodians. The Custodian shall have no liability for any losses incurred in or resulting from the rates obtained
in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have
any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal
or regulatory requirements applicable to currency or foreign exchange transactions.

 

(b)              
The Company acknowledges that the Custodian, any sub-custodians or any affiliates of the Custodian or any sub-custodian, involved
in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into
pursuant to this section for which they shall not be required to account to the Company.

 

    12 

     

    

 

3.8.           
 Collection of Income. The Custodian, its agents or its sub-custodians shall use reasonable efforts to collect on a timely
basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent
consistent with usual custom in the Custodian business in the United States. Such efforts shall include collection of interest income,
dividends and other payments with respect to registered domestic securities if, on the record date with respect to the date of payment
by the issuer, the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or sub-custodian, or
their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment
by the issuer, such Securities are held by the Custodian or its sub-custodian or agent; provided, however, that in the case of the Securities
held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. Nothing herein shall be construed
to obligate the Custodian to (i) undertake any collection actions on behalf of the Company against any issuer or obligor (or agents thereof)
of a Security or (ii) commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company on its own behalf
or otherwise, with respect to any matter arising hereunder or relating to this Agreement or the services contemplated hereby.

 

3.9.           
Payment of Moneys.

 

(a)              
Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the Cash Account (or
remit to its agents or its sub-custodians, and direct them to pay out) moneys of the Company on deposit therein in the following cases:

 

(i)                
upon the purchase of Securities for the Company pursuant to such Proper Instruction; and such purchase may, unless and except to
the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

 

(A)            
in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation
of receiving later delivery of such securities; or

 

(B)             
in the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such
Securities System;

 

(ii)             
for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company, including transactions
executed with or through the Custodian, its agents or its sub-custodians, as contemplated by Section 3.8 above; and

 

(iii)           
for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the amount of such payment,
and naming the Person or Persons to whom such payment is to be made.

 

(b)               At
any time or times, the Custodian shall be entitled to pay (i) itself from the Cash Account, whether or not in receipt of
express direction or written instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and
(ii) as otherwise permitted by Sections 7.5, 9.4 or 12.5 below, provided, however, that in each case all such payments
shall be accounted for to the Company.

 

    13 

     

    

 

3.10.       
Proxies. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be made available
to the Company proxies, proxy soliciting materials and notices relating to such Securities received by the Custodian from its agents or
its sub-custodians or from issuers of the Securities being held for the Company in respect of the Assets, without indication of the manner
in which such proxies are to be voted. The Company may respond to such proxies, or may provide Proper Instructions to the Custodian to
respond to such proxies on its behalf. In order for the Custodian to act, it must receive Proper Instructions no later than one Business
Day (or such shorter period of time as the Custodian may find reasonably acceptable) prior to the deadline applicable to responses for
corporate actions for the bank serving as Custodian. In the absence of such Proper Instructions, or in the event that such Proper Instructions
are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above,
neither the Custodian nor any nominee of the Custodian shall vote any of the Securities held hereunder by or for the account of the Company,
except in accordance with Proper Instructions.

 

3.11.       
Communications Relating to Securities. The Custodian shall transmit promptly to the Company all written information (including
proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith)
received by the Custodian, from its agents or its sub-custodians or from issuers of the Securities being held for the Company. The Custodian
shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and
except to the extent it has received timely Proper Instructions from the Company in accordance with the next sentence. The Custodian will
not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents
or sub-custodian unless:

 

(i)                
the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

 

(ii)             
the Custodian, or its agents or sub-custodian are in actual possession of such Securities,

 

in each case, at least three (3) Business
Days prior to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian
of the Person to whom such communications must be forwarded under this Section.

 

3.12.        Records.
The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect
to the Securities, cash or other property held for the Company under this Agreement, as required by Section 31 of the 1940 Act, and
Rules 31a-1 and 31a-2 thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall
provide assistance to the Company (at the Company’s reasonable request made from time to time) by providing sub-certifications
regarding certain of its services performed hereunder to the Company in connection with the Company’s certification
requirements pursuant to the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall
at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or
agents of the Company and employees and agents of the Securities and Exchange Commission, upon reasonable request. The Custodian
shall, at the Company’s request, supply the Company with a tabulation of securities owned by the Company and held by the
Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company
and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is
available to the Custodian.

 

    14 

     

    

 

3.13.       
Responsibility for Property Held by Sub-custodians. The Custodian’s responsibility with respect to the selection or
appointment of a sub-custodian shall be limited to a duty to exercise reasonable care in the selection or retention of such sub-custodian
in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any
costs, expenses, damages, liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of the
acts or the failure to act by any sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages,
liabilities, or claims from such sub-custodian; provided that the Custodian’s sole liability in that regard shall be limited to
amounts actually received by it from such sub-custodian (exclusive of related costs and expenses incurred by the Custodian).

 

3.14.       
Custody of Subsidiary Securities.

 

(a)              
At the request of the Company, with respect to each Subsidiary identified in writing to the Custodian by the Company, there shall
be established at the Custodian a segregated account to which the Custodian shall deposit and hold any Subsidiary Securities (other than
Loans) received by it (and any Proceeds received by it in the form of dividends in kind) pursuant to this Agreement, which account shall
be designated the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

(b)              
At the request of the Company, with respect to each Subsidiary identified in writing to the Custodian by the Company, there shall
be established at the Custodian a segregated non-interest account to which the Custodian shall deposit and hold any cash Proceeds received
by it from time to time from or with respect to Subsidiary Securities, which account shall be designated the “[INSERT NAME OF SUBSIDIARY]
Cash Proceeds Account” (the “Subsidiary Cash Account”).

 

(c)              
To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the Securities Account and
the Cash Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account and
Subsidiary Cash Account, respectively. The parties hereto agree that (i) any Subsidiary shall have the same rights and obligations as
the Company under this Agreement and (ii) the Company shall notify the Custodian in writing as to the establishment of any Subsidiary
as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; identify in writing any accounts the Custodian
shall be required to establish for such Subsidiary as herein provided; and provide to the Custodian, upon its request such identifying
information and documentation in order to enable Custodian to comply with Applicable Law and the requirements and limitations of Custodian’s
 “know your customer” rules that may be in effect from time to time with respect to each such Subsidiary.

 

    15 

     

    

 

		4.	REPORTING

 

(a)              
If requested by the Company, the Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals
from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the
last day of the subject month), (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each
month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties
may agree from time to time.

 

(b)              
For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from
the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled
trades of Securities for such Business Day.

 

(c)              
The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

 

(d)              
The Custodian shall provide the Company with such reports as are reasonably available to it and as the Company may reasonably request
from time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian.

 

(e)              
In accordance with Section 3.12, at the reasonable request of, and at the expense of, the Company, the Custodian agrees to cooperate
with the Company’s independent public accountants and shall provide requested information to the extent such information is reasonably
available to the Custodian.

 

		5.	DEPOSIT IN U.S. SECURITIES SYSTEMS 

 

The Custodian may deposit
and/or maintain Securities in a Securities System within the United States (a “U.S. Securities System”) in accordance with
applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the
1940 Act, and subject to the following provisions:

 

(a)              
The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are represented in an account
of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary,
custodian or otherwise for customers;

 

(b)              
The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall identify by book-entry
those Securities belonging to the Company;

 

(c)              
If requested by the Company, the Custodian shall provide to the Company copies of all notices received from the U.S. Securities
System of transfers of Securities for the account of the Company; and

 

(d)              
 Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct loss,
damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting
from the gross negligence, willful misconduct or bad faith of the Custodian itself or from failure of the Custodian to enforce effectively
such rights as it may have against the U.S. Securities System).

 

    16 

     

    

 

		6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES

 

6.1.           
Appointment of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian upon approval of the Company’s
board or directors to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as Foreign Sub-custodian
to hold the Securities and other assets of the Company maintained outside the United States. If, after the initial approval of a Foreign
Sub-custodian by the board of directors of the Company in connection with this Agreement, the Custodian wishes to appoint other Foreign
Sub-custodians to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information
reasonably necessary to determine any such new Foreign Sub-custodian’s eligibility under Rule 17f-5 under the 1940 Act, including
a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its board of directors next following
receipt of such notice and information give a written approval or disapproval of the proposed action.

 

6.2.           
Assets to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian
to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may
determine to be reasonably necessary to effect the Company’s transactions in such investments.

 

6.3.           
Omnibus Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians
or Eligible Securities Depositories in each case in a single account with such Foreign Sub-custodian or Securities Depository that is
identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect
to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those
Securities and other property as belonging to the Company.

 

6.4.           
Reports Concerning Foreign Sub-custodians. The Custodian will supply to the Company, upon request from time to time, statements
in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign
Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

 

6.5.           
Transactions in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and
payment for Securities received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary
established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction
occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against
a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer.

 

6.6.           
 Foreign Sub-custodians. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall
include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the
Company will be adequately protected against the risk of loss of assets held in accordance with such contract or agreement; (ii) that
the Company’s assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Foreign
Sub-custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens
or rights in favor of creditors of the Foreign Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial
ownership for the Company’s assets will be freely transferable without the payment of money or value other than for safe custody
or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by
a third party for the benefit of the Company; (v) that the Company’s independent public accountants will be given access to those
records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the
safekeeping of the Company’s assets, including notification of any transfer to or from a Company’s account or a third-party
account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified
above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection
for the Company’s assets as the specified provisions, in their entirety.

 

    17 

     

    

 

6.7.           
Custodian’s Responsibility for Foreign Sub-custodians.

 

(a)              
With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence
such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that
the Foreign Securities will be subject to reasonable care, based on the standards applicable to custodians in the relevant market, if
maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the
Foreign Sub-custodian’s practices, procedures, and internal controls for certificated securities (if applicable), method of keeping
custodial records, and security and data protection practices; (ii) whether the Foreign Sub-custodian has the requisite financial strength
to provide reasonable care for the Company’s assets; (iii) the Foreign Sub-custodian’s general reputation and standing and,
in the case of Eligible Securities Depository, the Eligible Securities Depository’s operating history and number of participants;
and (iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Foreign Sub-custodian, such as by
virtue of the existence of any offices of the Foreign Sub-custodian in the United States or the Sub-custodian’s consent to service
of process in the United States. If a Foreign Sub-custodian shall have been approved by the board of directors of the Company pursuant
to Section 6, the foregoing factors and applicable standards for such Foreign Sub-custodian shall be deemed to be satisfied.

 

(b)              
At the end of each calendar quarter, if requested by the Company, the Custodian shall provide written reports notifying the board
of directors of the Company as to the placement of the Foreign Securities and cash of the Company with a particular Foreign Sub-custodian
and of any material changes in the Company’s foreign custody arrangements. The Custodian shall promptly take such steps as may
be required to withdraw assets of the Company from any Foreign Sub-custodian that Custodian has actual knowledge, or received written
notice, that such Foreign Sub-custodian has ceased to meet the requirements of Rule 17f-5 under the 1940 Act.

 

(c)              
The Custodian shall establish a system to monitor the appropriateness of maintaining the Company’s assets with a particular
Foreign Sub-custodian and the performance of the contract governing the Company’s arrangements with such Foreign Sub-custodian.

 

(d)              
The Custodian’s responsibility with respect to the selection or appointment of Foreign Sub-custodians shall be limited to
a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and
securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities,
or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any Foreign
Sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign
Sub-custodian; provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from
such Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian); provided, further, that the Custodian
shall not be obligated to pursue legal proceedings against any Foreign Intermediary. The Custodian shall have no responsibility for any
act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event the Company incurs
a loss due to the negligence, willful misconduct, or insolvency of a Securities System (including an Eligible Securities Depository),
the Custodian shall make reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository; provided that
the Custodian shall not be obligated to pursue legal proceedings against any Eligible Securities Depository.

 

    18 

     

    

 

		7.	CERTAIN GENERAL TERMS

 

7.1.           
No Duty to Examine Underlying Instruments. Nothing herein shall obligate the Custodian to review or examine the terms of
any underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other Financing Document evidencing
or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have no responsibility
for the genuineness or completeness thereof), or otherwise.

 

7.2.           
Resolution of Discrepancies. In the event of any discrepancy between the information set forth in any report provided by
the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the
Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

 

7.3.           
Improper Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any
action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement
or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

 

    19 

     

    

 

7.4.           
 Proper Instructions.

 

(a)              
The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
(whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions on behalf of the Company
or any Subsidiary thereof (collectively, “Authorized Persons” and each is an “Authorized Person”)
which notice shall be signed (whether manual, facsimile, pdf or other electronic signature) by an Authorized Person previously certified
to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice
from an Authorized Person of the Company to the contrary. The initial Authorized Persons for the Company (and, if applicable, any Subsidiary
thereof) are set forth on Schedule B attached hereto and made a part hereof (as such Schedule B may be modified from time
to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act upon Proper Instructions
sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person on behalf of the Company
elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its
discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions shall be deemed controlling.
The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s good faith
reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent
written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk
of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions
than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission
of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 

(b)              
The Custodian shall have no responsibility or liability to the Company (or any other person or entity), and shall be indemnified
and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral
instructions received by the Custodian. The Custodian shall not have an obligation to act in accordance with purported instructions to
the extent that they conflict with applicable law or regulations, local market practice or the Custodian’s operating policies and
practices. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

 

7.5.           
Actions Permitted Without Express Authority. The Custodian may, at its discretion, without express authority from the Company:

 

(a)              
make payments to itself as described in or pursuant to Section 3.9(b) of this Agreement, or to make payments to itself or
others for customary expenses of handling securities or other similar items relating to its duties under this Agreement, provided that
all such payments shall be accounted for to the Company;

 

(b)              
surrender Securities in temporary form for Securities in definitive form;

 

(c)              
 endorse for collection cheques, drafts and other negotiable instruments; and

 

(d)              
in general attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other
dealings with the Securities and property of the Company.

 

    20 

     

    

 

7.6.           
Evidence of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate
instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other
electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept
a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

 

(a)              
the authority of any person to act in accordance with such certificate; or

 

(b)              
any determination or of any action by the Company as described in such certificate,

 

and such certificate may be considered as in full force
and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

 

7.7.           
Receipt of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30
p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed
to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business
Day, the Custodian will use its best efforts to process such communications as soon as possible after receipt).

 

7.8.           
Actions on the Loans. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company,
to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or
remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the
Company.

 

		8.	COMPENSATION OF CUSTODIAN

 

8.1.           
Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee
letter dated on or around the date herof, between the Company and the Custodian.

 

8.2.            Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request and as agreed upon between the Company, including pursuant
to Section 3.9(b), and the Custodian from time to time all reasonable costs, disbursements, advances, and expenses and
indemnification amounts (including reasonable fees and expenses of legal counsel and experts) incurred, and any disbursements and
advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback,
returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation, execution or enforcement of
this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by
the Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed
necessary by the Custodian to collect any amounts owing to it under this Agreement).

 

The obligations of the Company
under this Section 8 and such separate agreements shall survive the termination of this Agreement or the earlier resignation or removal
of the Custodian.

 

    21 

     

    

 

		9.	RESPONSIBILITY OF CUSTODIAN

 

9.1.           
General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect
to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and
obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or
responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

 

9.2.           
Instructions.

 

(a)              
The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions)
from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions
to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper Instructions
of the Company.

 

(b)              
Whenever the Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated
by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise
in accordance with any applicable terms of this Agreement; and whenever any report or other information is required to be produced or
distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance
with any applicable terms of this Agreement.

 

9.3.           
General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of
its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions
of this Agreement (whether or not so stated therein):

 

(a)               The
Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement,
certificate, request, waiver, consent, opinion, report, instrument, document, receipt or other paper, electronic communication or
document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its due
execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes
to be genuine and signed (whether manual, facsimile, pdf or other electronic signature), sent or presented by the proper person
(which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian shall be
entitled to presume the genuineness and due authority of any signature (whether manual, facsimile, pdf or other electronic
signature) appearing thereon. The Custodian shall be entitled to refrain from taking any action unless it has such instruction from
the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that instructions to it
be in writing. The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such
notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic communication or other
paper or document, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the
Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof.

 

    22 

     

    

 

(b)              
Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, unless
it shall be conclusively determined by a court of competent jurisdiction that the Custodian was negligent in ascertaining the pertinent
facts. Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any act done or step taken
or omitted to be taken by it (or any of its directors, officers or employees), or for any mistake of fact or law, or for anything which
it may do or refrain from doing in connection herewith, unless there has been a final, non-appealable judicial determination that such
act or omission was performed or omitted constituted gross negligence, or willful misconduct on its part and in breach of the terms of
this Agreement. The Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within
powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be
taken by it by reason of the lack of direction or instruction required hereby for such action. Except for the Custodian’s agreement
to hold loan documents in safe keeping in a manner consistent with Rule 17f-1 and keep records in accordance with Roles 31a-1 and 31a-2,
the Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations
thereunder, or the Company’s investment objectives and policies then in effect.

 

(c)              
In no event shall the Custodian be liable for any indirect, incidental, special, punitive or consequential damages (including lost
profits or diminution of value) whether or not it has been advised of the likelihood of such damages.

 

(d)              
The Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to
any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian in good faith
in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section
8.2 above.

 

(e)              
The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible
Officer or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section
15 and specifically referencing this Agreement. With the exception of this Agreement, the Custodian is not responsible for or chargeable
with knowledge of any terms or conditions contained in any agreement referred to herein.

 

(f)                The
Custodian shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds
for believing that prompt repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to
it. No representation, warranty, covenant, agreement, obligation or duty of the Custodian shall be implied with respect to this
Agreement or the services of the Custodian hereunder. Nothing herein shall obligate the Custodian to commence, prosecute or defend
legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter
arising hereunder, or relating to this Agreement or the services contemplated hereby. The liabilities of the Custodian shall be
limited to those expressly set forth in this Agreement.

 

    23 

     

    

 

(g)              
If the Custodian is to ship any Required Loan Documents, then the Company shall provide written instructions as to the method of
shipment and shipper that the Custodian is to utilize in connection with the transmission of the Mortgage Files.  In the event the
Company fails to provide such written instructions, the Customer is authorized, and shall be reimbursed and indemnified herein by the
Company, to utilize a nationally recognized courier service.

 

(h)              
The permissive right of the Custodian to take any action hereunder shall not be construed as duty.

 

(i)                
The Custodian may act or exercise its duties or powers hereunder through agents, sub-custodians, or attorneys, and the Custodian
shall not be liable or responsible for the actions or omissions of any such agent, sub-custodians, or attorney appointed with due care.

 

(j)                
All indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of this Agreement or the
earlier resignation or removal of the Custodian.

 

9.4.           
Indemnification; Custodian’s Lien.

 

(a)              
The Company shall and does hereby indemnify and hold harmless each of the Custodian and each of its officers, directors, employees,
attorneys, agents, advisors, successors and assigns (collectively, the “Indemnified Persons” and each an “Indemnified
Person”) for and from any costs and expenses (including reasonable attorney’s fees and expenses), and any reasonable losses,
damages, claims and liabilities, that may arise, be brought against or incurred by an Indemnified Person, whether brought by or involving
any third party or the Company whether direct, indirect or consequential, as a result of or arising from or in any way relating to any
claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company
or any Subsidiary, and any reasonable advances or disbursements made by the Custodian (including in respect of any Account overdraft,
returned deposit item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as
a result of, relating to, or arising out of this Agreement, or the administration or performance of the Custodian’s duties hereunder,
the enforcement of any provision of this Agreement, or the relationship between the Company (including, for the avoidance of doubt, any
Subsidiary) and the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly
caused by the Custodian’s own actions constituting gross negligence, bad faith or willful misconduct.

 

    24 

     

    

 

(b)              
 The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against,
the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether
now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under
or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

 

9.5.           
Force Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company
for any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities
market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods,
earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, pandemics,
epidemics, government-mandated closures, work stoppages, strikes, national disasters of any kind,
or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian; or changes
in applicable law, regulation or orders.

 

		10.	SECURITY CODES

 

If the Custodian issues to
the Company, security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper
Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security
codes, passwords, test keys or other security devices which the Custodian shall make available.

 

		11.	TAX LAW

 

11.1.       
Domestic Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on
the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political
subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including
taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this agreement) withholding,
certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses
(including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

 

11.2.       
Foreign Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the
Company, or the Custodian as custodian of any foreign Securities or related Proceeds by the tax law of foreign (e.g., non-U.S.) jurisdictions,
including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting.
The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company
with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

 

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		12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT

 

12.1.       
Effective Date. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic
signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter
provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the
Custodian or the Company pursuant to Section 12.2.

 

12.2.       
Termination. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified
in any written notice of termination given by either party to the other not later than ninety (90) days prior to the effective date of
termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

12.3.       
Resignation. The Custodian may at any time resign under this Agreement by giving not less than ninety (90) days advance
written notice thereof to the Company.

 

12.4.       
Successor. Prior to the effective date of termination of this Agreement, or the effective date of the resignation of the
Custodian, as the case may be, the Company shall give Proper Instructions to the Custodian designating a successor Custodian, if applicable.

 

12.5.       
Payment of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the Custodian for its reasonable costs, expenses and disbursements, as may be due as of
the date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this
Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

 

12.6.       
Final Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a
complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

		13.	REPRESENTATIONS AND WARRANTIES

 

13.1.       
Representations of the Company. The Company represents and warrants to the Custodian that:

 

(a)              
it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed
this Agreement so as to constitute its valid and binding obligation; and

 

(b)              
in giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in
accordance with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations. 

 

13.2.       
Representations of the Custodian. The Custodian hereby represents and warrants to the Company that:

 

    
26

    

    

 

(a)              
 it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act;

 

(b)              
it has the power and authority to enter into and perform its obligations under this Agreement;

 

(c)              
it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations; and

 

(d)            
that it maintains business continuity policies and standards that include data file backup and recovery procedures that comply
with all governmental or regulatory requirements applicable to it.

 

		14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended
for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third
parties (other than successors and permitted assigns pursuant to Section 19).

 

		15.	NOTICES

 

Any Proper Instructions shall
be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise
any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following
address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered
mail, postage prepaid, (ii) recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile, with a duplicate
sent on the same day by first class mail, postage prepaid:

 

(a)              
if to the Company or any Subsidiary, to

 

Golub Capital Direct Lending Corporation

200 Park Avenue, 25th Floor

New York, New York 10166

Attention: David B. Golub

Facsimile: (212) 750-3756

 

(b)              
if to the Custodian, to

 

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705

Attn: Structured Credit Services –

Golub Capital Direct Lending Corporation

 

    
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		16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed,
and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes
(without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including
the 1940 Act in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly
or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New
York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company
and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and
any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or
in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall
be brought in a forum outside of the United States of America.

 

		17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1.       
Complete Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters
addressed herein and supersedes and terminates as of the date hereof, all prior agreements, agreements or understandings, oral or written
between the parties to this Agreement relating to such matters.

 

17.2.       
Counterparts. This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number
of counterparts and all counterparts taken together shall constitute one and the same instrument.

 

17.3.       
Facsimile and Electronic Signatures. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or
other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in
lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their
original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian
to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions
and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic
signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic
signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the
Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything
to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures.
Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed
or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no
duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively
rely on any such electronic signature without any liability with respect thereto.

 

    
28

    

    

 

		18.	AMENDMENT; WAIVER

 

18.1.       
Amendment. This Agreement may not be amended except by an express written instrument duly executed by each of the Company
and the Custodian.

 

18.2.       
Waiver. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or
term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against
whom it is to be charged.

 

		19.	SUCCESSOR AND ASSIGNS

 

19.1.       
Successors Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of
the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this
Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian
to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in
this Agreement.

 

19.2.       
Merger and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which
it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian
shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business,
shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

		20.	SEVERABILITY

 

The terms of this Agreement
are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall
not affect the remaining terms.

 

		21.	REQUEST FOR INSTRUCTIONS

 

If, in performing its duties
under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged
to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions
within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking
any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request
after such two Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such
instructions.

 

		22.	OTHER BUSINESS

 

Nothing herein shall
prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or
financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other
Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members
of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue
of the engagement or relationship established by this Agreement.

 

    
29

    

    

 

 

		23.	REPRODUCTION OF DOCUMENTS

 

This Agreement and all schedules,
exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself
in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made
by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in
evidence.

 

		24.	MISCELLANEOUS

 

The Company acknowledges receipt
of the following notice:

 

“IMPORTANT INFORMATION ABOUT PROCEDURES

FOR OPENING A NEW ACCOUNT.

 

In order to comply with the
laws, rules, regulations, and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering including Section 326 of the USA PATRIOT Act of the United
States (“Applicable Law”), Custodian is required to obtain, verify, record, and update certain information relating
to individuals and entities which maintain a business relationship with Custodian. Accordingly, each of the parties agrees to provide
to Custodian upon its request from time to time such identifying information and documentation as may be available for such party in order
to enable Custodian to comply with Applicable Law.”

 

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR
ON NEXT PAGE.]

 

    
30

    

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect
as of the 30th day of June, 2021.

 

	 	GOLUB
    CAPITAL DIRECT LENDING LLC, Company
	 	 
	 	By:	/s/
    David B. Golub        
	 	Name:
    David B. Golub
	 	Title:
    President and Chief Executive Officer
	 	 
	 	DEUTSCHE
    BANK TRUST COMPANY AMERICAS, Custodian
	 	 
	 	By: 	/s/ Kathleen Gannaway
	 	Name: Kathleen Gannaway
	 	Title: Vice President
	 	 
	 	By:	/s/
Cindy Lai
	 	Name: Cindy Lai
	 	Title: Assistant Vice President

 

    
31

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