EX-10.7





 Exhibit 10.7 

FUND OF FUNDS INVESTMENT AGREEMENT 

This FUND OF FUNDS INVESTMENT AGREEMENT (the “Agreement”), dated as of April 19, 2022, is between Cliffwater Corporate Lending
Fund, a Delaware statutory trust (the “Acquiring Fund”), and AGTB Private BDC, a Delaware statutory trust (the “Acquired Fund” and, together with the Acquiring Fund, the “Funds”). 

WHEREAS, the Acquiring Fund is a closed-end management investment company that is registered with the
U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (the “1940 Act”); 
 WHEREAS, the Acquired Fund
is a closed-end management investment company that has elected to be regulated as a business development company under the 1940 Act; 

WHEREAS, Sections 12(d)(1) and 60 of the 1940 Act generally limit the ability of a registered investment company or business development
company to invest in shares of another registered investment company or business development company; 
 WHEREAS, Rule 12d1-4 under the 1940 Act generally permits a registered investment company or business development company to invest in shares of another registered investment company or business development company in excess of
the limitations under Sections 12(d)(1) and 60 subject to certain terms and conditions; and 
 WHEREAS, the Acquiring Fund, from time to
time, may wish to acquire shares of the Acquired Fund in excess of the limitations under Sections 12(d)(1) and 60 in reliance on Rule 12d1-4. 

NOW, THEREFORE, in consideration of the potential benefits to the Funds arising out of the investment by the Acquiring Fund in the Acquired
Fund, the Funds agree as follows: 
  

	1.	 Representations and Obligations of the Acquired Fund 



The Acquired Fund agrees to: 
 (a) comply with the terms and
conditions of Rule 12d1-4 and this Agreement; 
 (b) promptly notify the Acquiring Fund if the Acquired Fund fails to
comply with the terms and conditions of Rule 12d1-4 or this Agreement; 
 (c) adopt policies and procedures
reasonably designed to prevent violations of Rule 12d1-4; and 
 (d) provide, subject to applicable law, the
Acquiring Fund and its investment adviser (and, if applicable, subadviser) with information reasonably requested by the Acquiring Fund and its investment adviser (and, if applicable, subadviser) to comply with the terms and conditions of Rule 12d1-4, including information on the fees and expenses of the Acquired Fund. 
  

	2.	 Representations and Obligations of the Acquiring Fund 



The Acquiring Fund agrees to: 
 (a) comply with the terms and
conditions of Rule 12d1-4 and this Agreement; 
 (b) promptly notify the Acquired Fund if the Acquiring Fund fails to
comply with the terms and conditions of Rule 12d1-4 or this Agreement; and 












 (c) adopt policies and procedures reasonably designed to prevent violations of Rule 12d1-4. 
  

	3.	 Condition to Initial Purchase in Reliance on Rule 12d1-4



 The Acquiring Fund and the Acquired Fund agree that, prior to the initial acquisition by the Acquiring Fund of shares of the
Acquired Fund in reliance on Rule 12d1-4, the investment adviser (or, if applicable, subadviser) to each of the Acquiring Fund and the Acquired Fund must make in writing the findings required by Rule 12d1-4 and report such findings to its board as required by Rule 12d1-4. 
  

	4.	 Indemnification 



(a) The Acquiring Fund agrees to hold harmless, indemnify and defend the Acquired Fund, including any principals, directors or trustees, officers, employees
and agents (“Acquired Fund Agents”), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions (“Claims”) asserted against the Acquired Fund, including any Acquired Fund Agents, to the
extent such Claims result from: (i) a violation of any provision of this Agreement or (ii) a violation of the terms and conditions of Rule 12d1-4, in each case by the Acquiring Fund, its principals,
directors or trustees, officers, employees, agents, advisers or if applicable, subadvisers. 
 (b) The Acquired Fund agrees to hold harmless, indemnify and
defend the Acquiring Fund, including any principals, directors or trustees, officers, employees and agents (“Acquiring Fund Agents”), against and from any and all Claims asserted against the Acquiring Fund, including any Acquiring Fund
Agents, to the extent such Claims result from: (i) a violation of any provision of this Agreement or (ii) a violation of the terms and conditions of Rule 12d1-4, in each case by the Acquired Fund,
its principals, directors or trustees, officers, employees, agents, advisers or if applicable, subadvisers. 
 (c) Any indemnification pursuant to this
Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. This Section shall survive any termination of this Agreement. 

 

	5.	 Voting Waiver Arrangement 



In the event the Acquiring Fund owns, controls or holds the power to vote 5% or more of the outstanding shares of the Acquired Fund, the Acquiring Fund hereby
foregoes and waives any “voting rights” it has in respect of its shares of the Acquired Fund to the extent that the “voting rights” of the Acquiring Fund equal or exceed 5% of the “voting rights” of the shareholders of
the Acquired Fund, and the Acquiring Fund and the Acquired Fund hereby agree that such portion of the shares of the Acquiring Fund subject to such waiver shall automatically, and without any further action required by either party, be deemed a non-voting interest. For purposes of this Agreement, “voting rights” shall be rights deemed to be the equivalent to the right to vote for the election or removal of a director under applicable
interpretations of the term “voting security” under the 1940 Act by the Securities and Exchange Commission or its staff, but for the avoidance of doubt, matters that are presented to the Acquiring Fund in connection with voting and consent
rights afforded to the shareholders of the Acquired Fund under the operative documents of the Acquired Fund that do not constitute “voting rights” under the 1940 Act, shall not be subject to the provisions of this paragraph. 

 

	6.	 Notices 



Except as otherwise noted, all notices, including all information that either party is required to provide under the terms of this Agreement, shall be in
writing and shall be delivered to the contact identified below (which may be changed from time to time upon written notice to the other party) by (i) Federal Express or other comparable overnight courier; (ii) registered or certified mail,
postage prepaid, return receipt requested; (iii) facsimile with confirmation during normal business hours; or (iv) e-mail (to all parties set forth below). All notices, demands or requests so given
will be deemed given when actually received. 

  
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 If to the Acquiring Fund: 

Cliffwater Corporate Lending Fund 

c/o Cliffwater LLC 
 4640
Admiralty Way, 11th Floor 
 Marina del Rey, CA 90292 

Attn: General Counsel 
 Tel: 310-448-5000 
 Fax: 310-448-5001 
 Email: legal@cliffwater.com 

If to the Acquired Fund: 
 AGTB Private BDC 

245 Park Avenue, 26th Floor 

New York, NY 10167 
 Attn: Jenny
B. Neslin 
 Tel: (212) 692-8237 

Email: jneslin@angelogordon.com 

Simpson Thacher & Bartlett LLP 

900 G Street, N.W. 
 Washington,
D.C. 20001 
 Attn: Steven Grigoriou 

Tel: (202) 636-5592 

Email: steven.grigoriou@stblaw.com 
  

	7.	 Termination and Governing Law 



(a) This Agreement will continue until terminated in writing by either party upon 60 days’ notice to the other party. Upon termination of this Agreement,
to the extent necessary to comply with Section 12(d)(1) of the 1940 Act and Rule 12d1-4, the Acquiring Fund shall be entitled to reduce the amount of any remaining unpaid capital commitment to the
Acquired Fund pursuant to the Subscription Agreement between the Acquiring Fund and the Acquired Fund to $0. 
 (b) This Agreement will be governed by laws
of New York without regard to choice of law principles. 
  

	8.	 Miscellaneous 



(a) This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a
third party as provided in this Section, such third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section shall be null and void. 

(b) Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their
respective successors and permitted assigns. 
 (c) No amendment, modification, or supplement of any provision of this Agreement will be valid or effective
unless made in writing by the parties. 
 (d) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one and the same instrument. This Agreement shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof, a
facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original. 

  
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 (e) If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining
provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable. 

[Remainder of page intentionally left blank] 

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

	
	CLIFFWATER CORPORATE LENDING FUND
	
	 /s/ Stephen L. Nesbitt

	
	Print Name: Stephen L. Nesbitt
	Title: President
	
	AGTB PRIVATE BDC
	
	 /s/ Jenny B. Neslin

	
	Print Name: Jenny B. Neslin
	Title: General Counsel and Secretary

 [Signature page to Cliffwater-AGTB P-BDC Fund-of-Funds Agreement] 

  
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