AGREEMENT, dated as of May 5, 2006 between Gladstone Capital Corporation, a corporation existing under
the laws of the State of Maryland having its principal office and place of business at 1521 Westbranch Drive,
Suite 200, McLean, Virginia 22102 (the “Corporation”) and The Bank of New York, a New York corporation
authorized to do a banking business having its principal office and place of business at One Wall Street,
New York, New York 10286 (“Custodian”).
W I T N E S S E T H:
that for and in consideration of the mutual promises hereinafter set forth the Corporation and Custodian agree as
Whenever used in this Agreement, the following words shall have the meanings set forth below:
1. “Authorized Person” shall be any person, whether or not an officer or employee of the
Corporation, duly authorized by the Corporation’s board to execute any Certificate or to give any Oral
Instruction with respect to one or more Accounts, such persons to be designated in a Certificate annexed hereto
as Schedule I hereto or such other Certificate as may be received by Custodian from time to time.
2. “Custodian Affiliate” shall mean any office, branch or subsidiary of The Bank of New York
3. “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving
and delivering securities, its successors and nominees.
4. “Business Day” shall mean any day on which Custodian and relevant Depositories are open for
5. “Certificate” shall mean any notice, instruction, or other instrument in writing, authorized or
required by this Agreement to be given to Custodian, which is actually received by Custodian by letter or
facsimile transmission and signed on behalf of the Corporation by an Authorized Person or a person reasonably
believed by Custodian to be an Authorized Person.
6. “Composite Currency Unit” shall mean the Euro or any other composite currency unit consisting