EX-10.5



 Exhibit 10.5 

EXECUTION VERSION 
  

 
 CUSTODY
AGREEMENT 
  
  

dated as of March 20, 2018 

by and among 
 BC PARTNERS LENDING
CORPORATION 
 (“Company”) 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 (“Custodian” and “Document Custodian”) 







 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	1.    DEFINITIONS	  	 	1	 
		
	2.    APPOINTMENT OF CUSTODIAN	  	 	7	 
		
	3.    DUTIES OF CUSTODIAN	  	 	7	 
		
	3A. DUTIES OF DOCUMENT CUSTODIAN	  	 	16	 
		
	4.    REPORTING	  	 	16	 
		
	5.    DEPOSIT IN U.S. SECURITIES SYSTEMS	  	 	17	 
		
	6.    [RESERVED.]	  	 	18	 
		
	7.    CERTAIN GENERAL TERMS	  	 	18	 
		
	8.    COMPENSATION OF CUSTODIAN	  	 	20	 
		
	9.    RESPONSIBILITY OF CUSTODIAN	  	 	20	 
		
	10.  SECURITY CODES	  	 	23	 
		
	11.  TAX LAW	  	 	23	 
		
	12.  EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	  	 	24	 
		
	13.  REPRESENTATIONS AND WARRANTIES	  	 	25	 
		
	14.  PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	  	 	25	 
		
	15.  NOTICES	  	 	25	 
		
	16.  CHOICE OF LAW AND JURISDICTION	  	 	26	 
		
	17.  ENTIRE AGREEMENT; COUNTERPARTS	  	 	26	 
		
	18.  AMENDMENT; WAIVER	  	 	27	 
		
	19.  SUCCESSOR AND ASSIGNS	  	 	27	 
		
	20.  SEVERABILITY	  	 	28	 
		
	21.  REQUEST FOR INSTRUCTIONS	  	 	28	 
		
	22.  OTHER BUSINESS	  	 	28	 
		
	23.  REPRODUCTION OF DOCUMENTS	  	 	28	 
		
	24.  ACQUISITION OF FOREIGN SECURITIES	  	 	28	 
		
	25.  MISCELLANEOUS	  	 	28	 
		
	SCHEDULES	  			
		
	  SCHEDULE A – Trade Confirmation
	  			
		
	  SCHEDULE B – Initial Authorized Persons
	  			

  

  
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 This CUSTODY AGREEMENT (this “Agreement”) is dated as of March 20, 2018 and is by and
between BC PARTNERS LENDING CORPORATION(and 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 650 Madison Avenue, New York,
NY 10022, and U.S. BANK NATIONAL ASSOCIATION (in such capacity, along with 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 and the Custodian in its capacity as document custodian (in such capacity, along with any successor or permitted assign acting as custodian hereunder, the “Document Custodian”).  

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

 WHEREAS, the Company desires to retain U.S. Bank National Association to act as custodian and document custodian for the Company and each
Subsidiary hereafter identified to the Custodian and the Document Custodian; 
 WHEREAS, the Company desires that the Company’s
Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act; 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” means the Cash Accounts, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account,
collectively. 
 “Agreement” means this Custody Agreement (as the same may be amended from time to time in accordance with
the terms hereof). 
 “Authorized Person” has the meaning set forth in Section 7.4. 

“Business Day” means a day on which the Custodian or the relevant sub-custodian is
open for business in the market or country in which a transaction is to take place. 
 “Cash Account” or “Cash
Accounts” means any or all of the segregated trust accounts 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 the Securities of the Company, as applicable, which trust accounts shall be designated the “Cash Proceeds Account”, “Principal Account”, and “Interest Account”. 







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

 “Confidential Information” means all information provided by one party (the “Disclosing Party”) to the other
party (the “Receiving Party”) or learned by the Receiving Party as a result of and through performing or receiving services hereunder, regarding the Disclosing Party’s business and operations, including information obtained through
(i) any databases, computer programs, (ii) screen formats, screen designs, report formats, interactive design techniques, and (iii) other similar or related information that may be furnished to the Company by the Custodian from time
to time pursuant to this Agreement. Confidential Information shall not include information which is (i) already known by the Receiving Party prior to receipt from or on behalf of Disclosing Party, (ii) publicly known or becomes publicly
known through no wrongful act of Receiving Party, (iii) rightfully received from a third party without Receiving Party having knowledge of a breach of any other relevant confidentiality obligation, or (iv) independently developed by
Receiving Party. 
 “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. 

  
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 “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). 

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

“Loan Checklist” means a list delivered to the Document Custodian in connection with delivery of each Loan to the Custodian by
the Company 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 by the issuer or the prior holder of record. 

“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 (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 any of the foregoing), 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, by any of the following means: 
 (a) in writing signed by an
Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier); 

  
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 (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. 
 “Reinvestment Earnings” has the meaning set forth in Section 3.6(b). 

“Request for Release” means a request for release of any Required Loan Document (or other Underlying Loan Documents), which
request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit A attached hereto or (ii) as otherwise agreed to between the Document Custodian and the Company. 

“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) (i) if the
Company is the sole lender or if the Company or an affiliate of the Company acts as agent for the lenders (in each case as notified to the Custodian in the Loan Checklist), (A) 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, (B) a copy of each related security agreement (if any) signed by the applicable
obligor(s), as identified on the Loan Checklist, and (C) a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan Checklist, and (ii) in all other cases, such copies of the documents described
in clauses (A), (B) and (C), which may not be executed copies, as are reasonably available to the Company, as identified on the Loan Checklist; and 

(d) a copy of the Loan Checklist. 

“Securities” means, collectively, (i) the 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). For avoidance of confusion, the term
“securities” includes stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other 

  
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 instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or
representing any other rights or interests therein, or in any property or assets. 
 “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 “BC Partners
Lending Corporation 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 (including an Eligible Securities Depository). 
 “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 any wholly owned subsidiary of the Company identified to the Custodian by the
Company. 
 “Subsidiary Cash Account” shall have the meaning set forth in Section 3.13(b). 

“Subsidiary Securities” collectively, (i) the 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). 

“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. 

  
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 “UCC” shall have the meaning set forth in Section 3.3(a). 

“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 to evidence 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)	a reference to a Person includes a reference to the Person’s executors, 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.


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

  
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	2.	APPOINTMENT OF CUSTODIAN 

 2.1    Appointment and
Acceptance. The Company hereby appoints the Custodian as custodian of certain Securities and cash owned by the Company and the Subsidiaries (as applicable) 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. All Required Loan Documents and Securities in certificated form shall be maintained and held on behalf of the
Company by the Custodian in its vaults or the vaults of a sub-custodian. 

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 and non-cash property held by the Custodian, as applicable, for the account of the Company (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 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(a), 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; provided that, with respect to such Loans, all 

  
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 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. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company under terms of the Agreement. 

3.3    Delivery of Cash and 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) cash received by the Company for the issuance, at any time during such
period, of securities or in connection with a borrowing by the Company, except as otherwise permitted by the 1940 Act. With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role as, and (where relevant) at
the address identified for, the Custodian. Except to the extent otherwise expressly provided herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible for such
Securities, cash or other assets until actually delivered to, and received by it. With respect to Securities (other than assets in the nature of “general intangibles” (as hereinafter defined)) held by the Custodian in its capacity as a
“securities intermediary” (as defined in Section 8-102 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”)), the Custodian shall be obligated to
exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and maintain such Securities. 


 

	 	(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 Loan Files acquired by the Company (or, if applicable,
a 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 thereof (or, in either case, its nominee) or a copy (which 

  
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 may be a facsimile copy) of an assignment agreement in favor of the Company (or, if applicable, a
Subsidiary thereof) 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 become
available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any
time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian. 

(iv)    Contemporaneously with the acquisition of any Loan, the Company shall (A) cause any appropriate Financing
Documents evidencing such Loan to be delivered to the Custodian; (B) 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; (C) provide a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the
Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (D) take all actions
necessary for the Company to acquire good title to such Loan; and (E) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (x) all payments
in respect of the Loan to be made to the Custodian and (y) 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 

  
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 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 Company, the related bank agent, obligor or similar party with respect to the related Loan, 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 ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Securities 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 to be released, with such delivery and other
information as may be necessary to enable the Custodian to perform (including the delivery method)), which may be standing instructions (in form acceptable to the Custodian), in the following cases: 


 

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


 

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

  

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


 

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

  

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

  

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


  
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	 	(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 any 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-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 (if the Custodian determines it
cannot hold such security in the name of the Company), 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
Instructions, 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. 
 3.6     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 respective Cash Account as designated by the Company. All amounts deposited or credited to the designated Cash
Account shall be subject to clearance and receipt of final payment by the Custodian. 


  
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	 	(b)	Amounts held in the respective 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, as agreed to between the Custodian and the Company (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 and shall not invest (or otherwise
pay interest on) amounts on deposit in the respective Cash Accounts. 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 Accounts from time
to time (collectively, “Reinvestment Earnings”) shall be redeposited in the respective Cash Accounts (and may be reinvested pursuant to specific Proper Instructions of the Company). 


 

	 	(c)	In the event that the Company shall at any time request a withdrawal of amounts from any of the Cash Accounts, 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 Cash 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, with notice to be provided to the Company. 


3.7    Foreign Exchange 
  

	 	(a)	Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodian 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-custodian or any
affiliates of the Custodian or the sub-custodian. 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 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. 


  
 -12- 









	 	(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-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 nominees); 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. 
 3.9    Payment of Moneys. 

 

	 	(a)	Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the respective Cash Account designated by the Company (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 Instructions; 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-custodian, as contemplated by Section 3.8 above; and 


  
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	 	(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 any of the Cash Accounts, 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 not disputed in good faith by the Company in writing, and (ii) as otherwise permitted by Section 7.5, 9.4 or Section 12.5 below; provided, however, that in each case (i) the Custodian
shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly 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-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 to the applicable issuer such proxies 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, except to the extent otherwise expressly provided herein, 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. 

3.11     Communications Relating to Securities. The Custodian shall transmit promptly to the Company all written
information (including proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its
sub-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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 3.12 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 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 (including its
independent public accountants) 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. 
 3.13 Custody of
Subsidiary Securities.  
  

	 	(a)	At the request of the Company, 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 pursuant to this Agreement, which account shall be designated the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).
 

  

	 	(b)	At the request of the Company, with respect to each Subsidiary identified 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 Proceeds received by it from time to time from or with respect to Subsidiary Securities or other Proceeds, 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 Accounts shall be applicable to any Subsidiary Securities, cash and other
investment assets, Subsidiary Securities Account and Subsidiary Cash Account, respectively. The parties hereto agree that 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. 


  
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	3A.	DUTIES OF DOCUMENT CUSTODIAN 

  

	 	(a)	With respect to Loans, 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. 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. 

  

	 	(b)	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 Document Custodian the Required Loan Documents, including the
Loan Checklist. 

  

	 	(c)	The Document Custodian shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Required Loan Documents (or
other Underlying Loan Documents) of the Company held by the Document Custodian, its agents or its sub-custodians from time to time upon receipt of a Required for Release (which shall, among other things,
specify the Required Loan Documents (or other Underlying Loan Documents) to be released with such delivery and other information as may be necessary to enable the Document Custodian to perform (including the delivery method). Any request for release
by the Company shall be in the form of the Request for Release. The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted in the form attached hereto
as Exhibit A (or as otherwise agreed between the Document Custodian and the Company). 

  

	 	(d)	For the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required Loan Documents or other Underlying Loan Documents but shall only be required to hold those Required Loan
Documents or other Underlying Loan Documents received by it in accordance with this Agreement. For avoidance of doubt, all rights, protections, indemnities and immunities provided in this Agreement in favor of the Custodian shall also apply to the
Document Custodian. 

  

	4.	REPORTING 

  

	 	(a)	The Custodian shall render to the Company a monthly report of all deposits to and withdrawals from the Cash Accounts 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, all transactions in the 


  
 -16- 









	 	
Securities during the 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 Accounts 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, promptly upon request, with such reports as are reasonably available to it and as the Company may reasonably request from time to time, concerning the internal accounting
controls, including procedures for safeguarding securities which are employed by the Custodian and the financial strength of the Custodian. 

  

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

  

	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS 

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

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

  

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


 

	 	(c)	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 or willful 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).



  
 -17- 









	6.	[RESERVED.] 

  

	7.	CERTAIN GENERAL TERMS 

 7.1    No Duty to Examine Financing
Documents. Nothing herein shall obligate the Custodian to review or examine the terms of any Financing Document, 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 or any Required Loan Documents or other Underlying Loan Documents (and shall have no responsibility for the genuineness or
completeness thereof), or otherwise, or for the Company’s title to any Security. 
 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 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. 

7.4    Proper Instructions. 
  

	 	(a)	The Company will give written notice to the Custodian, in forms 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”) on its behalf, which notice shall be signed by any two Authorized Persons of the Company, 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 of the Company 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 


  
 -18- 









	 	
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 (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and
(ii) all such payments shall be regularly 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 or 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. 

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). 

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

	8.	COMPENSATION OF CUSTODIAN 

 8.1    Fees. The Custodian
and the Document Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated February 6, 2018, between the Company, the Custodian and the Document 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 


  
 -20- 









	 	
is required to be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company and otherwise in accordance with any applicable
terms of this Agreement. 

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

	 	(a)	The Custodian may rely on (and shall be protected in acting or refraining from acting 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. 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. 


  
 -21- 









	 	(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 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 (including, for 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 (i) appointed with the Company’s prior written consent specifically acknowledging such limitation of liability and (ii) maintained with reasonable due
care. 

  

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


9.4    Indemnification; Custodian’s Lien. 

 

	 	(a)	The Company shall and does hereby indemnify and hold harmless each of the Custodian 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, whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any
inquiry or investigation) by any person, including without limitation the Company or any Subsidiary, and any advances or disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback,



  
 -22- 









	 	
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 (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and
expenses as are directly caused by the Custodian’s action or inaction constituting gross negligence 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 owed 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. 

  
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 11.2 [Reserved.] 
  

	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 the Company or the Custodian 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. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Custodian. 

12.4 Successor. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the
Custodian, as the case may be, the Company shall give Proper Instructions to the Custodian designating a successor Custodian, if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the
successor Custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry
System or Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which
it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement (if
such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities. 

12.5 Payment of Fees, etc. Upon termination of this Agreement or resignation or removal 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. 

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

	13.	REPRESENTATIONS AND WARRANTIES 

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

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


  

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

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

	 	(a)	it is qualified to act as a custodian pursuant to Sections 17(f) and 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, executed and delivered this Agreement so as to constitute its valid and binding obligations; and 

  

	 	(d)	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 (to the extent given by hand, mail, courier, electronic mail or
telecopier) 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 or telex or by electronic mail: 
  

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

 BC PARTNERS LENDING CORPORATION 

650 Madison Avenue 

New York, NY 10022 

Attention: Joseph A. Barillaro 

Email: joseph.barillaro@bcpartners.com 

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

 U.S.
Bank Global Corporate Trust Services 
 One Federal Street, 

Boston, MA 02110 

Ref: BC Partners Lending Corporation 

Attention: Natalia Gutierrez 

Fax No.: 855-588-3651 

Email: natalia.gutierrez@usbank.com 
  

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

 U.S. Bank
National Association 
 1719 Otis Way 

Mail Code: Ex – SC – FLOR 

Florence, South Carolina 29501 

Ref: BC Partners Lending Corporation 

Attention: Steven Garrett 

Fax No.: (843) 673-0162 

Email: steven.garrett@usbank.com 
  

	16.	CHOICE OF LAW AND JURISDICTION 

 This Agreement shall be construed, and the provisions thereof
interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including the
1940 Act, in which case such federal securities laws shall govern. The Custodian and the Company each waive, 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, any other 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. 

  
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 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. The words “execution,” “signed,” “signature,” and words of like import shall be deemed to include electronic signatures
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law. 
  

	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 and the Document 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; provided further, that such delegation, or employment of agents and attorneys shall not relieve the Custodian of any of its obligations and duties hereunder. 

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. 

  
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	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 three (3) 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.	ACQUISITION OF FOREIGN SECURITIES 

 The Custodian acknowledges that, upon the Company’s
written notice to the Custodian of its anticipated acquisition of any foreign securities to be held pursuant to this Agreement, the Company and the Custodian will negotiate in good faith to amend this Agreement to reflect the holding of such foreign
securities pursuant to this Agreement, including with respect to provisions that may be required by law for a business development company. 
  

	25.	MISCELLANEOUS 

 25.1 The Company acknowledges receipt of the following notice:


  
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 “ 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.” 

25.2 Data Security. The Custodian represents and warrants that its procedures with respect to data security are complaint with federal bank
regulatory requirements. The Custodian further agrees to at all times keep the Confidential Information provided by the Company confidential and in accordance with its internal policies and procedures. 

[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 of the date first written above. 
  

			
	 BC PARTNERS LENDING CORPORATION

as the Company

		
	    By:	 	 /s/ Edward (Ted) Goldthorpe

	    Name:	 	Edward (Ted) Goldthorpe
	    Title:	 	Director


  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as the Custodian

		
	    By:	 	 /s/ Natalie Gutierrez

	    Name:	 	Natalie Gutierrez
	    Title:	 	Assistant Vice President


  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as the Document Custodian

		
	    By:	 	 /s/ Kenneth Brandt

	    Name:	 	Kenneth Brandt
	    Title:	 	Assistant Vice President