_____________________


 


CUSTODY AGREEMENT


_____________________


 


dated as of August 13, 2012


by and between


 


 


 


 


BUSINESS DEVELOPMENT CORPORATION OF AMERICA


(“Company”)


 


and


 


U.S. BANK NATIONAL ASSOCIATION


(“Custodian”)


 


 


 



    	 



    	 



    

TABLE OF CONTENTS


 


Page


 


	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN	6
	3.	DUTIES OF CUSTODIAN	7
	4.	REPORTING	15
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	15
	6.	RESERVED.	16
	7.	CERTAIN GENERAL TERMS	16
	8.	COMPENSATION OF CUSTODIAN	18
	9.	RESPONSIBILITY OF CUSTODIAN	18
	10.	SECURITY CODES	21
	11.	TAX LAW	21
	12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	21
	13.	REPRESENTATIONS AND WARRANTIES	22
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	23
	15.	NOTICES	23
	16.	CHOICE OF LAW AND JURISDICTION	24
	17.	ENTIRE AGREEMENT; COUNTERPARTS	24
	18.	AMENDMENT; WAIVER	24
	19.	SUCCESSOR AND ASSIGNS	25
	20.	SEVERABILITY	25
	21.	INSTRUMENT UNDER SEAL; HEADINGS	25
	22.	REQUEST FOR INSTRUCTIONS	25
	23.	OTHER BUSINESS	25
	24.	REPRODUCTION OF DOCUMENTS	26
	25.	MISCELLANEOUS	26
	SCHEDULES
	 	SCHEDULE A –  Trade Confirmation	 
	 	SCHEDULE B –  Initial Authorized Persons	 


 



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THIS CUSTODY AGREEMENT (this “Agreement”)
is dated as of August 13, 2012 and is by and between Business Development Corporation of America (and any successor or permitted
assign), a corporation organized under the laws of the State of Maryland (the “Company”), having its principal
place of business at 405 Park Avenue, 12th Floor, New York, New York 10022, 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 One Federal Street, Boston, MA 02110.


 


RECITALS


 


WHEREAS, the Company is registered under
the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end management investment company,
which has elected to do business as a business development company 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 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



 


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


 


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


 


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


 


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


 


“Business Day” means a day on which
the Custodian is open for business in the market or country in which a transaction is to take place.


 


“Cash Account” means the trust
account to be established at the Custodian to which the Custodian shall deposit and hold any cash Proceeds received by it from
time to time from or with respect to the Securities or the sale of the common stock of the Company, as applicable, which deposit
account shall be designated the “Business Development Corporation of America Cash Proceeds Account”.


 


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


 



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“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 Custodian” means
the Custodian when acting in the role of a document custodian hereunder.


 


“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.


 


“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.


 



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


 


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


 


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


 


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


 


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


 


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


 


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


 


(a)in writing signed by the
Authorized Person (and delivered by hand, by mail, by overnight courier or by facsimile);


 


(b)by electronic mail from
an Authorized Person;


 


(c)in tested communication;


 


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


 


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


 



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“Required Loan Documents”
means, for each Loan:


 


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


 


(b)with the exception of Noteless
Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or
to the Company, as identified on the Loan Checklist;


 


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


 


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


 


(e)a copy of the Loan Checklist, and


 


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


 


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


 


“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 “Business Development
Corporation of America Securities Custody Account”.


 


“Securities Custodian” means the
Custodian when acting in the role of a securities custodian hereunder.


 


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


 


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


 



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“Shares” means the shares of common
stock issued by Business Development Corporation of America, a Maryland corporation.


 


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


 


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


 


“Subsidiary Cash Account” shall
have the meaning set forth in Section 3.13(b).


 


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


 


“Subsidiary Securities Account”
shall have the meaning set forth in Section 3.13(a).


 


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


 


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


 


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


 


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


 


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


 


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


 



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



 


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



 


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



 


		(d)	a reference to a Person includes a reference to the Person’s executors, Custodian, 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



 


		(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.



 


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


 


		2.	APPOINTMENT OF CUSTODIAN



 


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


 


2.2Instructions.
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.


 



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2.3Company 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
compliance with 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



 


3.1Segregation.
All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the account of the Company
or Subsidiary (other than 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. Any Account may contain
any number of sub-accounts for the convenience of the Custodian or as required by the Company for convenience in administering
such accounts.


 


3.2Securities 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), cash and other assets of the Company which are delivered to it in accordance with this Agreement. For avoidance
of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a
register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such information
as the Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required Loan Documents 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 Company in a manner consistent with Rule 17f-1 under the 1940
Act and as set forth in this Agreement.


 


3.3Delivery of Securities
to Custodian.


 


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



 



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		(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 (in its
roles as, and at the address identified for, the Custodian and Document 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, and shall deliver to the Document Custodian (in its role as,
and at the address identified for, the Document Custodian) the Required Loan Documents for all Loans, including the Loan Checklist.



(ii)Notwithstanding anything herein to the contrary, delivery of Loans acquired by the Company (or, if applicable, Subsidiary
thereof) which constitute Noteless Loans or Participations or which are otherwise not evidenced by a “security” or
“instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery
to the Document Custodian of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan
evidencing registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Company
or, if applicable, a Subsidiary (or, in either case, its nominee) or a copy (which may be a facsimile copy) of an assignment agreement
in favor of the Company (or the applicable Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related
participation agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the
exercise of reasonable care by the Custodian in the physical custody of any such documents delivered to it, and any related
instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively,
“Financing Documents”), that may be delivered to it. Nothing herein shall require the Custodian to credit to
the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or
other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to “maintain”
a sufficient quantity thereof.



 



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




 


(iv)Contemporaneously with
the acquisition of any Loan, the Company shall (i) cause the Required Loan Documents evidencing
such Loan to be delivered to the 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 reasonably necessary for the Company
to acquire good title to such Loan; and (v) take all actions as may be reasonably 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 Asset, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the
basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate
such information.


 


3.4Release of Securities.


 


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



 



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		(i)	upon sale of such Securities by or on behalf of the Company and, unless otherwise directed by Proper Instructions:



 


		(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;



 


		(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-custodian);



 


		(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-custodian 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-custodian);



 


		(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-custodian);
and/or



 



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		(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 Business Development Corporation of America or an authorized committee thereof
approving the delivery of such Proper Instructions.



 


3.5Registration of
Securities. Securities held by the Custodian, its agents or its sub-custodian (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-custodian 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-custodian shall not be obligated to accept Securities on behalf
of the Company under the terms of this Agreement unless such Securities are in Street Name or other good deliverable form.


 


3.6Bank Accounts,
and Management of Cash


 


		(a)	Proceeds from the Securities received by the Custodian from time to time shall be credited to the Cash Account. All amounts
credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian.



 


		(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).



 



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		(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 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.



 


3.7[Reserved]


 


3.8Collection of
Income. The Custodian, its agents or its sub-custodian 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.


 


3.9Payment 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-custodian, 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



 



    	12



    	 



    



		(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)	[reserved]; 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 Section 12.5 below, provided, however, that in each case all
such payments shall be accounted for to the Company.



 


3.10Proxies.
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-custodian 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.


 


3.11Communications
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-custodian 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-custodian unless:


 


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



 


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



 


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


 



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3.12Records.
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, with particular attention to Section 31
of the 1940 Act, and Rules 31a-1 and 32a-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. The Custodian shall, at the Company’s request, supply the Company with
a tabulation of securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and
for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate
numbers in such tabulations, to the extent such information is available to the Custodian.


 


3.13Custody 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”).



 


		(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 any Subsidiary Securities, Subsidiary Securities Account and Subsidiary Cash Account,
respectively. The parties hereto agree that 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 shall be required to establish for such Subsidiary as herein provided.



 



    	14



    	 



    



		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) and (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.



 


		5.	DEPOSIT IN U.S. SECURITIES SYSTEMS



 


The Custodian may deposit and/or maintain Securities in a Securities
System within the United States 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



 



    	15



    	 



    



		(d)	Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct
loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent
resulting from the gross negligence, misfeasance or misconduct 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.	RESERVED.



 


		7.	CERTAIN GENERAL TERMS



 


7.1No 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.


 


7.2Resolution 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.


 


7.3Improper 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.


 


7.4Proper 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.



 



    	16



    	 



    



		(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.



 


7.5Actions 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.



 


7.6Evidence 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 or of any action by the Company as described in such certificate,



 


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


 


7.7Receipt 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).


 



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		8.	COMPENSATION OF CUSTODIAN



 


8.1Fees. The
Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated August
__, 2012, between the Company and the Custodian.


 


8.2Expenses.
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 and documented out-of-pocket 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



 


9.1General 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.


 


9.2Instructions


 


		(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.



 


9.3General 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):


 



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		(a)	The Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, 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 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. 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 or consequential 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.



 



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		(e)	The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by
an officer 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 duty.



 


		(h)	The Custodian may act or exercise its duties or powers hereunder through agents 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.



 


9.4Indemnification;
Custodian’s Lien.


 


		(a)	The Company shall and does hereby indemnify and hold harmless each of the Custodian for and from any and all costs and expenses
(including reasonable and documented out-of-pocket 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
own actions constituting gross negligence or willful misconduct.



 



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		(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.



 


9.5Force 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 safeguard any security codes, passwords, test keys or other security devices which the Custodian
shall make available.


 


		11.	TAX LAW



 


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


 


11.2[Reserved].


 


		12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT



 


12.1Effective 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.


 



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


 


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


 


12.4Successor.
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.


 


12.5Payment 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.


 


12.6Final 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



 


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


 


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



 


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



 


13.2Representations
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;



 



    	22



    	 



    



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


 


		(a)	if to the Company, to



  


Business Development Corporation of America


405 Park Avenue, 12th Floor


New York, New York 10022


Attention: Peter M. Budko, President & Chief Operating
Officer


Fax: (212) 421-5799






		(b)	if to the Custodian (other than in its role as Document Custodian), to



 


U.S. Bank National Association


Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Ref: Business Development Corporation
of America


Attention: Jeffrey Stone


Email: jeffrey.stone@usbank.com


Fax: (866) 373-5984


 



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		(c)	if to the Custodian solely in its role as Document Custodian, to



 


U.S. Bank National Association


1719 Range Way


Florence, South Carolina 29501


Mail Code: Ex - SC - FLOR


Ref: Business Development Corporation
of America


Attn: Steven Garrett


E-mail: steven.garrett@usbank.com


Facsimile No.: 843-673-0162


 


 


		16.	CHOICE OF LAW AND JURISDICTION



 


This Agreement shall be construed, and the provisions thereof
interpreted under and in accordance with and governed by the laws of The Commonwealth of Massachusetts 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.


 


		17.	ENTIRE AGREEMENT; COUNTERPARTS



 


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


 


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


 


17.3Facsimile Signatures.
The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution
and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures
of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.


 


		18.	AMENDMENT; WAIVER



 


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


 


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


 



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		19.	SUCCESSOR AND ASSIGNS



 


19.1Successors 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.


 


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


 


		20.	SEVERABILITY



 


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


 


		21.	INSTRUMENT UNDER SEAL; HEADINGS



 


This Agreement is intended to take effect as, and shall be deemed
to be, an instrument under seal.


 


		22.	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) 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-day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.


 


		23.	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.


 



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		24.	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.


 


		25.	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.]


 



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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 the date
written above.


 


	Witness:	BUSINESS DEVELOPMENT CORPORATION OF AMERICA
	 	 
	 	 
	     /s/ Brian Block                                          	By: /s/ Peter Budko                                             
	Name:  Brian S. Block	Name:  Peter M. Budko
	Title:    Chief Financial Officer	Title:    President & Chief Operating Officer


 


 


 


	Witness:	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	     /s/ Steven Gomes                                     	By: /s/ Jeffrey Stone                                           
	Name:  Steven J. Gomes	Name:  Jeffrey B. Stone
	Title:    Vice President	Title:    Vice President


  



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SCHEDULE
A


 


 


(Trade Confirmation)


 


[See Attached.]


 



    	 



    	 



    

SCHEDULE B


 


 


 


Any of the following persons (each acting
singly) shall be an Authorized Person (as this list may subsequently be modified by the Company from time to time by written notice
to the Custodian):


 


 


	NAMES:	SPECIMEN SIGNATURE
	
        Nicholas S. Schorsch

         
	/s/ Nicholas Schorsch
	
        Peter M. Budko

         
	/s/ Peter Budko
	
        Brian S. Block

         
	/s/ Brian Block
	Robert K. Grunewald	
        /s/ Robert Grunewald