Document:

Exhibit 10.3

 

EXECUTION VERSION

 

ADMINISTRATION AGREEMENT

 

AGREEMENT (this “Agreement”)
made as of this 29th day of September, 2017, by and between Golub Capital BDC 3, Inc., a Maryland corporation (hereinafter referred
to as the “Company”), and Golub Capital LLC, a Delaware limited liability company (the “Administrator”).

 

WITNESSETH:

 

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, 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.

 

(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 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 the terms and conditions of this Agreement and 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.

 

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		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.

 

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 September 29,
2017 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: organization of the Company; calculations of 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 connection with monitoring the financial and legal affairs of 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; interest payable on debt, if any, incurred by the Company to
finance its investments and expenses related to unsuccessful portfolio acquisition efforts; offerings of the common stock and other
securities of the Company, including any public offering of the common stock 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, including
costs associated with meeting potential financial sponsors; fees incurred by the Company in connection with the services of transfer
agents and dividend agents and custodial fees and expenses; U.S. federal and state registration and franchise fees; all costs of
registration and listing the Company’s securities on any securities exchange; 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; 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; and
any and all fees and expenses of the escrow account and the escrow agent as described in the Advisory Agreement. 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.

 

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		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.

 

		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.

 

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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 BDC 3, INC.
	 	 	 
	 	By:	/s/ David B. Golub
	 	 	Name:  David B. Golub
	 	 	Title:  President and Chief Executive Officer

 

	GOLUB CAPITAL LLC
	 	 
	By:	/s/ David B. Golub
	 	Name:  David B. Golub
	 	Title:  PresidentExhibit 10.4

 

EXECUTION VERSION

 

 

 

CUSTODY AGREEMENT

 

 

 

dated as of September 29, 2017

by and between

 

GOLUB CAPITAL BDC 3, INC.

(“Company”)

 

and

 

U.S. BANK NATIONAL ASSOCIATION

(“Custodian”)

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN	5
	3.	DUTIES OF CUSTODIAN	5
	4.	REPORTING	13
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	14
	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES	14
	7.	CERTAIN GENERAL TERMS	16
	8.	COMPENSATION OF CUSTODIAN	18
	9.	RESPONSIBILITY OF CUSTODIAN	18
	10.	SECURITY CODES	20
	11.	TAX LAW	20
	12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	21
	13.	REPRESENTATIONS AND WARRANTIES	21
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	22
	15.	NOTICES	22
	16.	CHOICE OF LAW AND JURISDICTION	23
	17.	ENTIRE AGREEMENT; COUNTERPARTS	23
	18.	AMENDMENT; WAIVER	23
	19.	SUCCESSOR AND ASSIGNS	23
	20.	SEVERABILITY	24
	21.	REQUEST FOR INSTRUCTIONS	24
	22.	OTHER BUSINESS	24
	23.	REPRODUCTION OF DOCUMENTS	24
	24.	MISCELLANEOUS	24

 

SCHEDULES

 

SCHEDULE A – Trade Confirmation

 

SCHEDULE B – Initial Authorized
Persons

 

    	 	 -i-	 

     

    

 

THIS CUSTODY AGREEMENT (this “Agreement”) is dated as of September 29, 2017 and is by and
between GOLUB CAPITAL BDC 3, INC. (or any successor or permitted assign, the “Company”), a corporation organized
under the laws of the State of Maryland, having its principal place of business at 666 Fifth Avenue, 18th Floor, New York, NY 10103,
and U.S. BANK NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the “Custodian”),
a national banking association having a place of business at 8 Greenway Plaza, Suite 1100, Houston TX 77046.

 

RECITALS

 

WHEREAS, the Company is a closed-end management
investment company, which has elected to do business as a business development company under the Investment Company Act of 1940,
as amended (the “1940 Act”), and is authorized to issue shares of common stock;

 

WHEREAS, the Company desires to retain U.S.
Bank National Association to act as custodian for the Company;

 

WHEREAS, the Company desires that certain of
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 Securities Account and any Subsidiary Cash Account.

 

“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, including a Foreign Sub-custodian, is open for business in the market or
country in which a transaction is to take place.

 

“Cash Account” means the
segregated trust account to be established at the Custodian to which the Custodian shall deposit or credit and hold any cash or
Proceeds received by it from time to time from or with respect to the Securities or the sale of any securities of the Company,
as applicable, which account shall be designated the “Golub Capital BDC 3, Inc. Cash Proceeds Account”.

 

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

 

“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.

 

     

     

    

 

“Document Custody Agreement”
means the Document Custody Agreement dated as of even date between the Document Custodian and the Company.

 

“Document Custodian” means
U.S. Bank National Association in its capacity as document custodian under that certain Document Custody 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 and (iii) any sub-custodian appointed to administer any of the Company’s Foreign Securities, pursuant to Section
6.6 below.

 

“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.

 

“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 by the issuer or the prior holder of record.

 

    	 	-2-	 

     

    

 

“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 offerings 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, (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 (iv) the net
cash proceeds to the Company of any borrowing or other financing by the Company (and any Reinvestment Earnings from investment
of the foregoing, as defined in Section 3.6(b) hereof), as delivered to the Custodian from time to time.

 

“Proper Instructions” means
instructions (including Trade Confirmations) received by the Custodian, in form acceptable to it, from the Company, 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 overnight courier or by telecopier);

 

(b)          by
electronic mail from an Authorized Person;

 

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

 

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

 

“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).

 

“Securities Account” means
the segregated trust 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 BDC 3,
Inc. Securities Custody Account”.

 

“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.

 

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

 

    	 	-3-	 

     

    

 

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

 

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

 

“Subsidiary Securities” means,
collectively, the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian by such Subsidiary
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).

 

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

 

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

 

		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)	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,” and

 

    	 	-4-	 

     

    

 

		(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.

 

		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
delivered to the Custodian by the Company from time to 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, 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 subject to this
Agreement.

 

3.2.         Securities
Custody Account. The Custodian shall open and maintain in its trust department a segregated trust 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), and other investment assets of the Company which are delivered to it in accordance with this Agreement. For
the 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, 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.

 

    	 	-5-	 

     

    

 

		3.3.	Delivery of Securities to Custodian.

 

		(a)	The Company shall deliver, or cause to be delivered, to
the Custodian certain of the Company’s Securities, cash and other investment assets, including (a) 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 assets
other than Loans, such assets shall be delivered to the Custodian at the address identified below. 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.

 

    	 	-6-	 

     

    

 

	(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 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.

 

		(ii)	Notwithstanding anything herein to the contrary, delivery
of Securities acquired by the Company 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 its nominee) and or a copy (which may be a facsimile copy) of an assignment agreement in favor of the
Company 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.

 

		(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 becomes 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 Document Custodian under the Document Custody Agreement, 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.

 

    	 	-7-	 

     

    

 

		(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 Document 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 and (iii) 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) 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, 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 or similar party with respect to the related Loan, or from the Company, and shall be entitled to update its
records (as it may deem necessary or appropriate), on the basis of such information or notices received, without any obligation
on its part independently to verify, investigate or recalculate such information.

 

		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 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
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 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 Securities;

 

    	 	-8-	 

     

    

 

		(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;

 

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

 

    	 	-9-	 

     

    

 

		(b)	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).

 

		(c)	In the event that the Company shall at any time request
a withdrawal of amounts from the Cash Account, 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. Investment instructions may be in the form of standing instructions (in the form of Proper Instructions acceptable
to the Custodian).

 

		(d)	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.

 

		(e)	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-custodian
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.

 

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 securities 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 Securities held
in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian’s
agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.

 

    	 	-10-	 

     

    

 

		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 3.7 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 instruction from the Company, any amounts
due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, 9.4 or 12.5 below, provided,
however, that in each case all such payments shall be accounted for to the Company.

 

3.10.       Proxies.
The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the
registered holder of such Securities proxies received by the Custodian from its agents or its sub-custodians or from issuers of
the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and, upon receipt
of Proper Instructions, shall promptly deliver such proxies, proxy soliciting materials and notices relating to such Securities.
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 Custodian nor any nominee of Custodian shall vote any of the
Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

 

    	 	-11-	 

     

    

 

3.11.       Communications Relating to Securities.
The Custodian shall transmit promptly to the Company all written information (including 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 Instruction
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-custodians 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-custodians 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 and prior notice and at the Company’s
expense.

 

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)	With respect to each Subsidiary identified to the Custodian
by the Company, there shall be established at the Custodian a segregated trust 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”); provided that, with respect to such Loans, all required loan documents
shall be held in safekeeping by the Document 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 Subsidiary as set forth in this Agreement.

    	 	-12-	 

     

    

 

		(b)	With respect to each Subsidiary identified to the Custodian
by the Company, there shall be established at the Custodian a segregated trust 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 Subsidiary Securities,
any Subsidiary Securities Account and Subsidiary Cash Account, respectively; furthermore, 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; and identify in writing any accounts the Custodian is required to establish for such Subsidiary.

 

		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 or Foreign Sub-custodian appointed pursuant to
Section 6.1.

 

		(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.

 

    	 	-13-	 

     

    

 

		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 U.S. 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).

 

		6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES

 

6.1          Appointment
of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian in its sole discretion 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 approve or disapprove 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.

 

    	 	-14-	 

     

    

 

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 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; (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.

 

		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.

 

    	 	-15-	 

     

    

 

		(b)	At the end of each calendar quarter, 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 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). 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.

 

		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.

 

    	 	-16-	 

     

    

 

		7.4.	Proper Instructions.

 

		(a)	The Company will give a notice to the Custodian, in form
acceptable to the Custodian, specifying the names and specimen signatures of persons authorized to give Proper Instructions (collectively,
“Authorized Persons” and each is an “Authorized Person”) which notice shall be signed 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 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); and the Company hereby represents and warrants that the true
and accurate specimen signatures of such initial Authorized Persons are set forth on Schedule B.

 

		(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), or to make payments to itself or others for minor 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.

 

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 or otherwise given by or on behalf
of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed 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 of or 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).

    	 	-17-	 

     

    

 

		8.	COMPENSATION OF CUSTODIAN

 

8.1.         Fees.
The Custodian shall be entitled to compensation for its services in accordance with the terms set forth in a separate fee
letter between the Company and the Custodian.

 

8.2.         Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances,
and expenses (including, reasonable fees and expenses of legal counsel) 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 or execution 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).

 

		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 Instruction 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):

 

    	 	-18-	 

     

    

 

		(a)	The Custodian may rely on and shall be protected in acting
or refraining from acting in reliance upon any written notice, instruction, statement, certificate, request, waiver, consent,
opinion, report, receipt or other paper or document furnished to it (including any of the foregoing provided to it by telecopier
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 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 appearing thereon. 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 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.

 

		(b)	Neither the Custodian nor any of its directors, officers
or employees shall be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by
it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain
from doing in connection herewith, unless such action or inaction constitutes gross negligence, willful misconduct or bad faith
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 as otherwise expressly provided herein, 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,
special, consequential or punitive damages (including lost profits) 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 an employee working in its Corporate Trust Services group and
charged with responsibility for administering this Agreement 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.

 

		(f)	No provision of this Agreement shall require the Custodian
to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve
any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. 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.

 

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

 

    	 	-19-	 

     

    

 

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

 

		(i)	All indemnifications contained in this Agreement in favor
of the Custodian shall survive the termination of this Agreement.

 

		9.4.	Indemnification; Custodian’s Lien.

 

		(a)	The Company shall and does hereby indemnify and hold harmless the Custodian, and any Foreign
                                                                                 Sub-custodian appointed pursuant to Section 6.1 above, for and from any and all costs and expenses (including reasonable
                                                                                 attorney’s fees and expenses), and any and all losses, damages, claims and liabilities, that may arise, be brought
                                                                                 against or incurred by the Custodian, and any 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, or the relationship between the Company and the Custodian created
                                                                                 hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the
                                                                                 Custodian’s action or inaction constituting gross negligence, fraud or willful misconduct.

 

		(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, 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.

 

    	 	-20-	 

     

    

 

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 (i.e., 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.

 

		12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT

 

12.1.         Effective Date. This Agreement
shall become effective as of its due execution 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 sixty (60) 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 sixty (60) 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 Instruction 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 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;

 

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

 

    	 	-21-	 

     

    

 

		(c)	in giving any instructions which purport to be “Proper
Instructions” under this Agreement, the Company will act in accordance with the provisions of its articles 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:

 

		(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 applicable regulatory requirements.

 

		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) hand, (ii) certified
or registered mail, postage prepaid, (iii) recognized courier or delivery service, or (iv) confirmed telecopier, telex, or by electronic
mail,with a duplicate sent on the same day by first class mail, postage prepaid:

 

	 	(a)	if to the Company, to

 

	 	 	Golub Capital BDC 3, Inc.
	 	 	666 Fifth Avenue, 18th Floor
	 	 	New York, New York 10103
	 	 	Attention: David B. Golub
	 	 	Fax: (212) 750-3756

 

	 	(b)	if to the Custodian, to

 

	 	 	U.S. Bank National Association
	 	 	Global Corporate Trust Services
	 	 	8 Greenway Plaza, Suite 1100
	 	 	Houston, Texas 77046
	 	 	Attention: Leslie Hundley
	 	 	Fax: (713) 212-3722

 

    	 	-22-	 

     

    

 

		16.	CHOICE OF LAW AND JURISDICTION; WAIVER

 

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. Each party hereby WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

		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 or understandings, oral or written, between the parties to this Agreement
relating to such matters.

 

17.2.         Counterparts. This Agreement may
be executed in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

 

17.3.         Facsimile Signatures. The exchange
of copies of this Agreement and of signature pages by facsimile transmission or pdf 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.

 

		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 express 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.

 

    	 	-23-	 

     

    

 

		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.

 

		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.

 

To help the government fight the funding of terrorism
and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that
identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other
legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may
also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority
to represent the entity or other relevant documentation.”

 

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

 

     

     

    

 

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 date first above written.

 

	Witness:	 	 	GOLUB CAPITAL BDC 3, INC.
	 	 	 	 	 
	/s/ Ross A. Teune	 	By: 	/s/ David B. Golub
	Name:	Ross A. Teune	 	 	Name:	David B. Golub
	Title:	Chief Financial Officer	 	 	Title:	President and Chief Executive Officer
	 	 	 	 	 	 
	 	 	 	 	 	 
	Witness:	 	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 	 
	/s/ Elaine P. Mah	 	By: 	/s/ Leslie H. Hundley
	Name:	Elaine P. Mah	 	 	Name:	Leslie H. Hundley
	Title:	Senior Vice President	 	 	Title:	Vice President

 

[Signature Page to Custody Agreement]

 

     

     

    

 

SCHEDULE A 

(Trade Confirmation)

 

 

     

     

    

 

SCHEDULE B

 

CERTIFICATE OF AUTHORIZED PERSONS

 

Each of the undersigned
hereby certifies that he/she is the duly elected and acting chairman, president and chief executive officer, chief financial officer,
and chief compliance officer, respectively, of Golub Capital BDC 3, Inc. (the “Client”)
and chief financial officer of Golub Capital LLC and further certifies that the following officers or authorized persons of the
Client have been duly authorized to deliver Proper Instructions to the Custodian pursuant to the Agreement between the Client and
Custodian dated September 29, 2017, and that the signatures appearing opposite their names are true and correct:

 

	Lawrence E. Golub	 	Chairman	 	/s/ Lawrence E. Golub
	Name	 	Title	 	Signature
	 	 	 	 	 
	David B. Golub	 	President and CEO	 	/s/ David B. Golub
	Name	 	Title	 	Signature
	 	 	 	 	 
	Ross A. Teune	 	Chief Financial Officer	 	/s/ Ross A. Teune
	Name	 	Title	 	Signature
	 	 	 	 	 
	Joshua M. Levinson	 	Chief Compliance Officer	 	/s/ Joshua M. Levinson
	Name	 	Title	 	Signature
	 	 	 	 	 
	Francis P. Straub III	 	CFO of Golub Capital LLC	 	/s/ Francis P. Straub III
	Name	 	Title	 	Signature
	 	 	 	 	 
	Gregory W. Cashman	 	Authorized Person	 	/s/ Gregory W. Cashman
	Name	 	Title	 	Signature
	 	 	 	 	 
	Patrick W. Hayes	 	Authorized Person	 	/s/ Patrick W. Hayes
	Name	 	Title	 	Signature
	 	 	 	 	 
	Christina D. Jamieson	 	Authorized Person	 	/s/ Christina D. Jamieson
	Name	 	Title	 	Signature
	 	 	 	 	 
	Marc C. Robinson	 	Authorized Person	 	/s/ Marc C. Robinson
	Name	 	Title	 	Signature
	 	 	 	 	 
	Andrew H. Steuerman	 	Authorized Person	 	/s/ Andrew H. Steuerman
	Name	 	Title	 	Signature
	 	 	 	 	 
	Robert G. Tuchscherer	 	Authorized Person	 	/s/ Robert G. Tuchscherer
	Name	 	Title	 	Signature

 

     

     

    

 

This certificate supersedes
any certificate of Authorized Persons you may currently have on file.

 

	 	Golub Capital BDC 3, Inc.
	 	 	 
	 	By: 	/s/ David B. Golub
	 	Name:  	David B. Golub
	 	Title: 	President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]