# EDGAR Filing Document

**Accession Number:** 0002061174
**File Stem:** 0001829126-25-010023
**Filing Date:** 2025-12
**Character Count:** 1064581
**Document Hash:** 0ab40c6b96210d71f45d4e60204bd324
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-010023.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001829126-25-010023

**CONFORMED SUBMISSION TYPE**: 10-12G

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sound Point Direct Lending BDC
- **CENTRAL INDEX KEY:** 0002061174

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56803
- **FILM NUMBER:** 251572240

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SOUND POINT CAPITAL MANAGEMENT, LP
- **STREET 2:** 375 PARK AVENUE, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 212-895-2280

**MAIL ADDRESS:**
- **STREET 1:** C/O SOUND POINT CAPITAL MANAGEMENT, LP
- **STREET 2:** 375 PARK AVENUE, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sound Point BDC
- **DATE OF NAME CHANGE:** 20250317

**As filed with the U.S. Securities and Exchange Commission on December 15, 2025**

**File No. 000-** 

**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**Washington, D.C. 20549**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES**<br>**PURSUANT TO SECTION 12(b) OR 12(g) OF**<br>**THE SECURITIES EXCHANGE ACT OF 1934**

**Sound Point Direct Lending BDC**<br>**(Exact name of registrant as specified in charter)**

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| | |
|:---|:---|
| **Delaware** | **33-4342329** |
| **(State or other jurisdiction of<br> incorporation or organization)**<br>**375 Park Avenue, 34<sup>th</sup> Floor<br> New York, New York** | **(I.R.S. Employer<br> Identification No.)**<br>**10152** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 895-2280**

***with copies to:***

**Harry S. Pangas<br>Matthew J. Carter<br>Dechert, LLP**<br>**1900 K Street NW**<br>**Washington, DC 20006**

**Securities registered pursuant to Section 12(b) of the Act:**

**None**

**Securities registered pursuant to Section 12(g) of the Act:**

**Title of Each Class**

Common Shares of Beneficial Interest, par value $0.001 per share

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [EXPLANATORY NOTE](#a_001) | 1 |
| [FORWARD-LOOKING STATEMENTS](#a_002) | 3 |
| [Summary Risk Factors](#a_003) | 4 |
| [Item 1. *Business*](#a_004) | 7 |
| [Item 1A. *Risk Factors*](#a_005) | 45 |
| [Item 2. *Financial Information*](#a_006) | 76 |
| [Item 3. *Properties*](#a_007) | 80 |
| [Item 4. *Security Ownership of Certain Beneficial Owners and Management*](#a_008) | 80 |
| [Item 5. *Trustees and Executive Officers*](#a_009) | 80 |
| [Item 6. *Executive Compensation*](#a_010) | 86 |
| [Item 7. *Certain Relationships and Related Transactions, and Trustee Independence*](#a_011) | 86 |
| [Item 8. *Legal Proceedings*](#a_012) | 91 |
| [Item 9. *Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters*](#a_013) | 91 |
| [Item 10. *Recent Sales of Unregistered Securities*](#a_014) | 92 |
| [Item 11. *Description of Registrant's Securities to be Registered*](#a_015) | 92 |
| [Item 12*. Indemnification of Trustees and Officers*](#a_016) | 97 |
| [Item 13. *Financial Statements and Supplementary Data*](#a_017) | 98 |
| [Item 14. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*](#a_018) | 98 |
| [Item 15. *Financial Statements and Exhibits*](#a_019) | 99 |

---

i

**EXPLANATORY NOTE**

Sound Point Direct Lending BDC is filing this registration statement on Form 10 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis to permit it to file an election to be regulated as a business development company (a "BDC"), under the Investment Company Act of 1940, as amended (the "1940 Act"), to provide current public information to the investment community.

Unless indicated otherwise in this Registration Statement or the context requires otherwise, the "Fund," and "we," "us," and "our" refers to Sound Point Direct Lending BDC, a Delaware statutory trust. The "Adviser" refers to Sound Point Capital Management, LP, a Delaware limited partnership, and the "Administrator" refers to Sound Point Administration LLC, a Delaware limited liability company, together with the Adviser and their other affiliates, "Sound Point" or the "Firm."

Upon the effective date of this Registration Statement, the Fund will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require the Fund, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and the Fund will also be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Upon the effective date of this Registration Statement, the Fund will also be subject to the proxy rules in Section 14 of the Exchange Act, and its trustees, officers and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act.

The Fund has elected to be regulated as a BDC under the 1940 Act. Upon filing of such election, the Fund became subject to the 1940 Act requirements applicable to BDCs.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). As a result, we are eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"). See *"Item 1A. Risk Factors – Emerging Growth-Company Status."*

**Investing in our common shares of beneficial interest (the "Shares") may be considered speculative and involves a high degree of risk, including the following:**

**●** **An investment in our Shares is not suitable for investors who might need access to the money they invest in a specified time frame.** 

**●** **Investors should not expect to be able to sell their Shares regardless of how we perform.** 

**●** **If an investor is unable to sell its Shares, it will be unable to reduce its exposure on any market downturn.** 

**●** **Our Shares are not currently listed on an exchange and, given that we have no current intention of pursuing any such listing, it is unlikely that a secondary trading market will develop for our Shares.** 

**●** **Our distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to us for investment. A distribution that is a return of capital essentially constitutes a return of the common unitholder's original investment in the Fund and does not represent income or capital gains. Any capital returned to an investor through distributions will be distributed after payment of fees and expenses, which fees and expenses serve to reduce the income available for distribution and increase the likelihood of a distribution including a return of capital.** 

**●** **The amount of distributions that the Fund may pay, if any, is uncertain and the Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance (e.g., waiver of management fees).** 

**●** **The risks of capital being returned through distributions (e.g., that this may reduce an investor's adjusted tax basis in the Shares, thereby increasing the investor's potential taxable gain or reducing the potential taxable loss on the sale of Shares).** 

**●** **We will invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk" have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.** 

**●** **Investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund.** 

**●** **We intend to invest primarily in privately-held companies for which very little public information exists. Such companies also could be more vulnerable to economic downturns and could experience substantial variations in operating results.** 

**●** **The privately-held companies and below-investment-grade securities in which we will invest can be difficult to value and are typically illiquid.** 

**●** **We have elected to be regulated as a BDC under the 1940 Act, which imposes numerous restrictions on our activities, including restrictions on leverage and on the nature of our investments.** 

**FORWARD-LOOKING STATEMENTS**

Statements contained in this Registration Statement that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Fund, the Adviser and/or their affiliates. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Registration Statement constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "might," "will," "provided," "should," "would," "if," "seek," "possible," "potential," "likely," "expect," "anticipate," "future," "could," "growth," "plan," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, including those set forth in *Item 1A. Risk Factors,* actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements.

These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such factors include:

● changes in the economy and the capital markets;

● risks associated with negotiation and consummation of pending and future transactions;

● changes in our investment objectives and strategy;

● availability, terms (including the possibility of interest rate volatility) and deployment of capital;

● changes in interest rates, exchange rates, regulation or the general economy;

● the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and the potential impact of such changes on the portfolio companies in which we may invest and the general economy;

● our ability to exit investments in a timely manner;

● our ability to qualify, and maintain our qualification, as a regulated investment company ("RIC");

● use of the proceeds as described in this prospectus or a prospectus supplement;

● our ability to sell our securities in an offering in the amounts and on the terms contemplated, or at all; and

● those factors described in the *Item 1A Risk Factors* section of this prospectus.

We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Actual results could differ materially from those anticipated in our forward-looking statements. We have based forward-looking statements on information available to us on the date of this prospectus. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this prospectus, except as otherwise required by applicable law. The forward-looking statements contained in this prospectus are excluded from the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

**Summary Risk Factors**

Investing in the Fund's Shares involves a high degree of risk. Some, but not all, of the risks and uncertainties that the Fund faces are summarized below. Please refer to *Item 1A Risk Factors* for a more fulsome description of each risk.

*Risks Relating to the Fund's Business and Structure*

● No operating history.

● Dependence on key personnel and Adviser.

● Business and regulatory risks of alternative asset investments.

● Competitive nature of the Adviser's business.

● Cyclicality.

● Investments in companies in regulated industries.

● Trade settlement.

● Artificial intelligence and machine learning developments.

● Systems risk; cyber security breaches and identity theft.

● Interpretation of governing agreements and legal requirements.

● Illiquidity; restrictions on transfer and withdrawal.

● No right to control the Fund's operations.

● Consequences of default.

● Board participation.

● Indemnification obligations.

● Possibility of fraud and other misconduct of employees of the Adviser and service providers.

● Qualifying assets.

● Status as a Business Development Company.

● Emerging Growth Company status.

● The Fund files reports with the SEC under the Exchange Act.

● Exchange Act filing requirements.

● Internal controls.

● RIC related tax risks.

● Phantom income.

● Dividends in shares.

● Dividend reinvestment.

● Certain ERISA and related considerations.

● Investment considerations.

● Prohibited transactions.

● Certain "Plan Asset" considerations.

● Dilution.

● Preferred Shares.

● Unrealized depreciation.

● PIK Interest Payments.

● Distributions.

● Responsible investment considerations.

● Share repurchases and cash reserves.

● Non-diversified investment company.

● Difficulty of locating suitable investments.

● Co-investment with third parties.

● Minority investments.

● Follow-on investments.

● Limitations on leverage.

● Hedging policies/risks.

● Portfolio company management.

● Operating and financial risks of portfolio companies.

● Projections and third-party reports.

● Interest rates.

*Risks Relating to the Fund's Investments*

● Risks related to investments in loans.

● Second-lien or other subordinated loans or debt risk.

● Unsecured loans or debt.

● Unfunded loans.

● Unitranche loan risk.

● High-yield debt.

● Contingent liability risk.

● Risk of borrowing by the Fund.

● Valuation risks.

● Investments in privately held companies.

● Investments in private and middle-market companies.

● Due diligence risk.

● Investments in publicly traded companies.

● Investments in securitizations; asset-backed securities and other structured investments.

● Foreign investments.

● Difficulties upon exit.

● Risks of investing in a credit vehicle.

● Credit risk.

● Variable and floating rate securities.

● Risks related to loan prepayments.

● Risks associated with covenant-lite loans.

● Potential material and adverse effects of market conditions on debt and equity capital markets.

● Risk control and monitoring framework.

**Item 1. *Business*.**

***Executive Summary***

The Fund was formed as a Delaware statutory trust in March 2025 and has elected to be regulated as a BDC under the 1940 Act. The Fund is structured as an externally managed, non-diversified closed-end management investment company and will be a non-exchange traded, perpetual-life BDC. In addition, for tax purposes the Fund intends to elect, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments primarily in private middle market companies. The Fund may also generate income from capital gains on the sales of loans, debt and equity related securities, and various loan origination and other fees and dividends on direct equity investments. The Adviser will determine whether companies qualify as "middle market" in its sole discretion, and the Fund may from time to time invest in larger or smaller companies if an attractive opportunity presents itself.

As a BDC, the Fund must invest at least 70% of its assets in "qualifying assets," which may include investments in "eligible portfolio companies." Under the relevant SEC rules, the term "eligible portfolio company" generally includes U.S. private operating companies and small U.S. public operating companies with a market capitalization of less than $250 million. See *Item 1A. Risk Factors* for a discussion regarding risks associated with an investment in the Fund. The Fund will make investments primarily in debt instruments, including first-lien senior debt and unitranche facilities. Selectively, the Fund may also make investments in second lien debt, junior tranches of private securitizations, accounts receivable, asset based lending, other unsecured debt instruments, and equity co-investments. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar private credit transactions or a combination of the foregoing. The Fund's target credit investments typically have maturities between five and seven years. Additionally, the Fund may utilize derivatives for hedging purposes, although utilization of derivatives is not currently anticipated.

The instruments in which the Fund will invest typically are not rated by any rating agency, but the Adviser believes that if such instruments were rated, they would be below investment grade, which is an indication of having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Investments that are rated below investment grade are sometimes referred to as "high yield bonds," "junk bonds" or "leveraged loans." Therefore, the Fund's investments may result in an above average amount of risk and volatility or loss of principal. No assurance can be given that the Fund's investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly and annual basis. See *Item 1A. Risk Factors* for a discussion regarding risks associated with an investment in the Fund.

***The Adviser***

Subject to the supervision of the Board of Trustees of the Fund (the "Board"), and pursuant to the investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Adviser manages the day-to-day operations of the Fund and provides the Fund with investment advisory and management services. The Board is comprised of a majority of trustees that are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser, which are referred to herein as "Independent Trustees." Trustees who are "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser are referred to herein as "Interested Trustees." For details, see *Item 5. Trustees and Executive Officers.*

The Adviser is a Delaware limited partnership and an investment adviser that is registered with the SEC under the Advisers Act of 1940, as amended (the "Advisers Act"). As of June 30, 2025, the Adviser had approximately $44.7 billion of total assets under management.<sup>1</sup> The Adviser was founded in 2008 by Stephen Ketchum in conjunction with five senior principals of Stone Point Capital. The Adviser's U.S. Direct Lending ("USDL") team is supported by an institutionalized operational team and infrastructure and benefits from its relationship with the principals of Stone Point Capital, a third-party permanent capital fund that is managed by the Dyal Capital division of Blue Owl Capital Inc. ("Blue Owl"), and Assured Guaranty U.S. Holdings Inc., each a minority equity holder in the Adviser. Additionally, the Adviser employed approximately 204 professionals as of October 15, 2025, and is headquartered in New York, with offices in London, Connecticut, Florida, and California. The Adviser's strategies include performing credit, U.S. and European CLOs, opportunistic credit, private credit, structured credit, and commercial real estate credit. Sound Point's strategies are managed via evergreen and drawdown commingled funds, funds of one, separately managed accounts, and co-investments with a particular focus on forming strategic partnerships and providing customized investment solutions.

Sound Point makes the investment professionals on the USDL team (the "USDL Team") available to the Adviser for purposes of originating and identifying investment opportunities, conducting research and due diligence on prospective investments, analyzing and underwriting investment opportunities, structuring investments, and monitoring and servicing the Fund's investments in accordance with the services provided by the Adviser under the Investment Advisory Agreement. The Adviser believes that the USDL Team's extensive network of contacts, which includes financial sponsors, debt investors, investment banks, lenders, and management teams, as well as the Adviser's targeted outbound model, will provide the Fund with a competitive advantage in sourcing and underwriting attractive investment opportunities. Sound Point has expertise in sourcing, monitoring, and workouts/restructuring that may be utilized by the Adviser as needed in managing the Fund's investments. See also *" – The USDL Investment Committee"* (below).

The Adviser believes that the USDL Team's extensive network of contacts, which includes financial sponsors, debt investors, banks and specialty lenders, as well as the Adviser's targeted outbound search model and its reputation and record as a leader in investing in the financial services industry, will provide the Fund with a competitive advantage in sourcing and underwriting attractive investment opportunities. Sound Point has created a network in sourcing, monitoring and workouts/restructuring that may be utilized by the Adviser as needed in managing the Fund's investments.

***Investment Characteristics***

Sound Point believes that the Fund's targeted investments of secured loans in the capital structure of U.S. middle-market companies present an attractive proposition given the fundamental characteristics highlighted below:

*Secured Position*

Direct loans to middle-market companies generally benefit from a secured position within the capital structure. The Fund's loans are generally expected to take first-lien security and, as such, occupy the most senior position within the capital structure, with a priority pledge against the assets and equity of the borrower.

<sup>1</sup> Sound Point assets under management ("AUM") provided as of June 30, 2025. AUM does not include redemptions received or liquidations that may be in effect after June 30, 2025. AUM does include, where relevant, committed capital to discretionary draw-down vehicles that have not yet been drawn and entities that are not open to new investors and/or are in the process of winding down and represents the closed total commitment of all loans managed by commercial real estate credit as of June 30, 2025, including inherited portfolios managed that were originated by another manager and assets attributable to a non-advisory client.

*Strong Cash Yield*

Middle-market loans offer an attractive cash yield relative to the yield on many other alternative investments, with a contractual cash coupon payment due on a monthly or quarterly basis.

*Privately Negotiated Transactions*

The USDL Team will seek to drive the process of structuring and negotiating transactions. Sound Point believes this approach provides enhanced downside protection relative to the syndicated loan market.

*Covenants*

Loans to middle-market companies in the U.S. generally incorporate a series of financial tests that provide the lender with an indication of the operational performance and financial health of the underlying company, allowing for early detection of credit quality deterioration (e.g., maintenance covenants, and other financial and operating covenants). Typical covenants may include tests on leverage, interest, cashflows and capital expenditures.

*Floating-Rate Instruments*

Loans generally will be floating-rate instruments, which allow investors to benefit in a rising interest rate environment. Additionally, yields are protected due to the presence of SOFR floors.

*Medium-Term Duration Loans*

Loans typically exhibit shorter duration relative to alternative bond financing, with an average contractual maturity of five to seven years and a weighted average duration of approximately three years.

*Strong Recovery Rates & Asset Coverage*

Given the general application of covenant tests and the secured position of the loans over the assets and equity of the underlying company, Sound Point believes such investments offer a favorable proposition with respect to maximizing downside protection and minimizing capital loss in the event of a default.

***Investment Process***

The USDL Team follows an integrated origination, underwriting, and account management process that combines extensive U.S. middle market lending expertise with Sound Point's substantial resources.

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Investment Process – Sourcing Capabilities* 

In sourcing investments for the Fund, the USDL Team will rely on the relationship network of the senior USDL Team members. The Fund and USDL Team primarily focuses on investments in borrowers backed by financial sponsors that have a track record of creating value and with whom members of the USDL Team often have an established, long-term relationship. Over the years, the USDL Team has cultivated relationships with over 150 unique sponsors (as of September 30, 2025), in addition to management teams, debt advisors, bankers, and other lenders. Utilizing these touch points, the USDL Team sources and reviews approximately 400+ deals per year. The USDL Team maintains a comprehensive customer relationship management system ("CRM") which tracks all sourcing and new deal activity and contributes to USDL's programmatic sponsor "tiering" approach.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Analysis – Underwriting, Asset Management & Valuation Processes* 

The USDL Team will seek to maintain their established and proven investment principles and processes, honed over their careers focused on lending to U.S. middle-market companies. The Adviser's fundamental and research-intensive investment process, in place since inception, has been refined over time. This has created a systematic and repeatable approach, which Sound Point believes best positions the Fund to deliver attractive returns for its investors.

Analysis, decision making, and ultimately, the construction of the portfolio may benefit from the research and insight of Sound Point's extensive credit coverage (1,000+ issuers), many of which have been monitored on an ongoing basis since initial primary issue. Once an investment opportunity is evaluated by the Sector Research team, even if an investment is not made or brought to the USDL Investment Committee servicing the Fund (the "Investment Committee"), an issuer's information is recorded and periodically updated, such that it can be revisited for potential future diligence. This depth of borrower/sector information allows the USDL Team to make more informed credit decisions.

The investment process of the Fund is focused on fundamental credit analysis, technical market due diligence and the portfolio suitability of each potential investment, which can be represented by the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;a. *Investment Screening & Selection* 

The USDL Team maintains a detailed loan pipeline report via the USDL Team's CRM, which is updated in real time to reflect additional new opportunities and to track status changes to existing deals in the pipeline report. The pipeline report is circulated weekly for internal team meetings and included as part of the weekly Investment Committee materials.

Initial information on a potential borrower is typically received via a confidential information memorandum or a management presentation. If it is determined that there is sufficient information and interest in a new opportunity, a deal team, typically consisting of two or three investment professionals, is assigned to perform preliminary due diligence and compile a screening memo. A screening memo is usually a three to five-page document that provides a high-level summary of the opportunity and includes the USDL Team's initial thoughts around investment merits and potential risks and mitigants. During this screening and selection process, the Investment Committee will provide feedback regarding the risks that will need to be understood and mitigated in order to provide final approval for the transaction, in addition to opining on the transaction pricing and structure.

Once the initial screening process has been completed and the Investment Committee has approved the transaction to move forward, the investment team assigned to the deal will communicate screened terms to the potential borrower and/or sponsor, typically via a non-binding term sheet, and provide feedback including diligence focus areas as determined by the deal team and the Investment Committee. Assuming the borrower or sponsor accepts these terms, the investment team will then complete its diligence, which includes, but is not limited to:

**●** **Business Review**: Includes a review of the borrower's business, including major customers and product lines, customer diversification, customer contracts, sales diversification, management strength and depth, relationship with suppliers, relationship with workforce, barriers to entry/replacement risk, exposure to economic downturns and commodities, supplier dynamics, working capital, and capital expenditure needs/requirements/trends;

**●** **Industry Review:** Evaluates trends within the industry, market forecasts, macroeconomic factors affecting the industry, competitive landscape and the borrower's place within the competitive landscape;

**●** **Cash Flow Underwriting:** Profiles the borrower's prior financial operating history, including revenue trends, margins, levered and unlevered free cash flow, sustainability of such cash flows and margins, and an analysis of the company's proposed pro-forma financial operating/credit metrics and capital structure;

**●** **Detailed Cash Flow Underwriting & Analysis:** Build detailed cashflow model(s) in order to prepare investment and downside cases, as well as investment return and exit analysis;

**●** **Sponsorship/Ownership Review:** Details the sponsor/owner's track record, sector experience, operating expertise, remaining fund capital and structure (or access to capital);

**●** **Transaction Structure/Pricing:** Includes a summary of the deal's expected or proposed terms (i.e., coupon rate, upfront fees, and amortization), leverage, comparable transactions and relative value analysis, position in the capital structure, traditional credit metrics, use of capital requested, and collateral securing the borrowing;

**●** **ESG and Responsible Investing Factors:** Undertake an appropriate level of assessment of environment, social and governance-related ("ESG") and/or responsible investing issues as part of the risk factors evaluation process for all potential investments;

**●** **Third-Party Due Diligence:** Engage and review third-party reports from environmental, insurance, quality of earnings and tax consultants. Third-party providers will also perform background checks on key members of management and the sponsor. The USDL Team may also review third-party market studies (if available), conduct calls with their own third-party industry experts and, if appropriate, perform or review customer interviews;

**●** **Management Meeting:** Verify preliminary due diligence findings, meet the borrower's management team, and evaluate their background/track record; and

**●** **Legal Due Diligence:** Engage external legal counsel to review items such as borrower operating documentation, contracts, material procedures, as well as to draft or review credit agreements and supporting loan documentation.

Potential transactions are often revisited at Investment Committee meetings as the diligence process evolves.

In documenting the loan, the USDL Team will typically utilize standard credit document templates that have been created and refined in consultation with external legal counsel and adapted to market best practices around collateral perfection and enforcement. The USDL Team will also supplement these with customized documentation as per the individual needs of the borrower and sponsor. These documents may incorporate specific covenants or stipulations negotiated by the USDL Team to mitigate deal-specific risks, developed while working alongside the appointed external legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;b. *Investment Approval* 

When the USDL Team is evaluating an investment, there are three to four formal decision-making steps:

**●**  **<u>Deal Screening</u>:** The individual originating the deal identifies an opportunity and, typically with help from other junior members of the team, will present it at an Investment Committee meeting, where there will be a collective decision on whether to proceed or pass on the deal. The Investment Committee also discusses the high-level risks of the transaction and high-level focus areas for diligence.

**●**  **<u>Due Diligence Update</u>:** At the USDL Team's discretion, a deal may be presented to the Investment Committee after preliminary diligence is aggregated to confirm Investment Committee members remain supportive of a transaction.

**●**  **<u>Investment Committee Memo</u>:** Following the completion of due diligence, the deal is fully reviewed by the Investment Committee utilizing a summary of all due diligence via the Investment Committee Memorandum ("ICM"). A decision is then made to either proceed with the final completion of documentation and other confirmatory items including background checks, insurance reviews, etc., or to decline the transaction.

**●**  **<u>Closing and Funding Memo</u>:** Prior to funding, a closing memo is prepared summarizing the final financial details of the transaction and documentation terms, highlighting any differences from the previous approval discussion. The closing memo will also include deal allocations as approved by compliance, and the results of any confirmatory diligence items noted above. A final decision is then made by the Investment Committee to fund the deal or to request deal modifications.

As part of the approval process, the USDL Team works with the Adviser's compliance team to conduct transaction level AML review. The USDL Team will also work closely with the operations & finance team as well as the Fund's administrator at this point in order to establish a formal process with regards to funding. The formal approval process will also evaluate any ESG issues noted throughout the diligence process, with key ESG issues assessed as part of the final approval checklist; these may also form part of the conditions to be met as part of the structuring process. Prior to approval, each investment will be assessed in detail against Sound Point Capital's ESG Policy with an affirmative decision by the Investment Committee and any subsequent closing being subject to achievement of a satisfactory ESG assessment outcome.

At closing, final USDL Team and external counsel-approved credit and loan documents are distributed for execution and are required to be signed by an authorized signatory of the lender. Copies of loan documents are retained by the external legal counsel, who will send a loan file to the USDL Team after each loan closing, for internal records.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Active Management – Ongoing Portfolio Management* 

&nbsp;&nbsp;&nbsp;&nbsp;a. *Credit Monitoring* 

The investment process includes active portfolio monitoring and ongoing management of credits, which seeks to ensure all underlying issuers are performing satisfactorily and allows for early identification of any issues.

Credit monitoring is performed on an ongoing basis with both formal and informal updates as necessary. The USDL Team believes effective asset management requires a consistent, disciplined, and proactive approach to collecting the necessary details regarding borrower financial and operational performance as well as the macroeconomic factors that affect and drive the borrower's operating environment and competitive landscape. The ability to monitor performance at a granular level in an accurate and timely manner is important to the Adviser. Access to high quality data is key, reducing risks and highlighting opportunities. Strong relationships and frequent communications with management teams increases the USDL Team's visibility into borrower performance.

Utilizing the information available, a detailed analysis is performed on each loan to determine a credit risk rating. These risk ratings are ranked on a scale of one through six, which are described in more detail in the table below. **Our Adviser's ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.**

&nbsp;&nbsp;&nbsp;&nbsp;b. *Risk* 

**Rating Description**

---

| | |
|:---|:---|
| **1** | Investments that are performing above expectations |
| **2** | Investments that are performing within expectations, with risks that are neutral or favorable compared to risks at the time of origination. All new loans receive this rating |
| **3** | Investments that are performing below expectations and that require enhanced monitoring, but where no risk of loss is expected for interest, principal, or dividends |
| **4** | Investments that are performing materially below expectations and that require close monitoring. Investments receiving this rating may be out of compliance with financial covenants; however, these investments are generally current with respect to interest and principal. There is a heightened risk of potential loss. Investments rated "4" or higher will remain on the Watch List until performance warrants upgrade and removal |

---

---

| | |
|:---|:---|
| **5** | Investments that are performing materially below expectations and for which risk has increased significantly since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not more than 180 days past due. Some loss of interest or dividend is expected, but no loss of principal |
| **6** | Investments that are performing substantially below expectations and whose risks have increased significantly since origination. Most or all the debt covenants are out of compliance and payments are substantially delinquent and/or a debt restructuring has occurred. Some loss of principal is expected |

---

Investments can move between credit risk ratings based upon their individual credit profiles and evolving circumstances. Credit ratings are formally revisited on a quarterly basis. However, should there be a fundamental credit event that has occurred or is expected, risk ratings are reviewed and adjusted accordingly in real-time.

Loans rated 4 or higher are discussed frequently within the USDL Team, with the account manager committed to taking a hands-on and proactive approach to actively manage positions that are underperforming. At the earliest sign of material underperformance or expected underperformance, the investment analyst discusses the situation with the senior members of the USDL Team with the objective to devise a strategy that mitigates the risk of loss and/or maximize recovery.

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Meeting with Management* 

The USDL Team typically has monthly or quarterly communications with borrowers, sponsors, and other lenders (if applicable). Sound Point also coordinates periodic onsite meetings with management teams. Given the focus on smaller companies and direct investments, access to and engagement with management is generally greater than with strategies that pursue larger sized investments.

As a BDC, we are obligated under the 1940 Act to make available to certain of our portfolio companies significant managerial assistance. "Making available significant managerial assistance" refers to any arrangement whereby we provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us to controlled and non-controlled portfolio companies will vary according to the particular needs of each portfolio company.

Sound Point Administration arranges for the provision of such managerial assistance arrangement on our behalf. When doing so, Sound Point Administration utilizes personnel of our Adviser. We, on behalf of Sound Point Administration, may invoice portfolio companies receiving and paying for contractual managerial assistance, and we remit to Sound Point Administration its cost of providing such services, including the charges deemed appropriate by our Adviser for providing such managerial assistance. No income is recognized by Sound Point.

***The USDL Investment Committee***

The USDL Investment Committee servicing the Fund is currently comprised of Tom Newberry, Andrew Eversfield, David Rous, Marc Sole, and Jane Lawrence. Additionally, Mr. Ketchum serves as advisor to the USDL Investment Committee. All investment and disposition decisions are reviewed and approved by the USDL Investment Committee, which has principal responsibility for approving new investments and overseeing the management of existing investments.

**Tom Newberry, Chief Credit Officer and Executive Chairman of Direct Lending**

Tom Newberry joined Sound Point in 2021 and is currently Chief Credit Officer and Executive Chairman of the U.S. Direct Lending team. Additionally, Mr. Newberry serves on Sound Point's Management Committee and is a member on most risk, investment, and valuation committees at the firm. Prior to joining Sound Point, Mr. Newberry was a Partner, Global Head of Private Debt, and a Senior Portfolio Manager at CVC Credit Partners. Prior to CVC, Mr. Newberry spent 11 years at Credit Suisse, where he was a Managing Director and Head of Global Leveraged Finance Capital Markets and Syndicated Loans. In this capacity, he was responsible for the underwriting of all high yield bond, mezzanine, and syndicated loan transactions, as well as the sale and trading of both par and distressed loan assets. Mr. Newberry joined Credit Suisse in November 2000 when Credit Suisse First Boston merged with DLJ, where he was a Managing Director and head of US Loan Capital Markets. He joined DLJ in 1996 from Deutsche Bank where he was a Managing Director and Head of North American Loan Syndications. Prior to that, Mr. Newberry worked at Toronto-Dominion Securities and NCNB National Bank. He served on the board of directors of the Loan Syndication & Trading Association for six years, acting as both Chairman and Vice Chairman. Mr. Newberry earned a B.A. in Foreign Affairs from the University of Virginia.

**Andrew Eversfield, Co-Head of Direct Lending** 

Andrew Eversfield joined Sound Point in 2021 and is currently the Co-Head of Direct Lending. Mr. Eversfield was a Managing Director at CVC Credit Partners prior to Sound Point's acquisition of their U.S. Direct Lending platform in June 2021. Prior to CVC Credit Partners, Mr. Eversfield was the Head of Investor Relations for GE's Gas Power business. During his time at GE, Mr. Eversfield was selected for GE's Corporate Leadership Staff and held a variety of senior level financial, sales, and platform leadership roles based in North America, Europe, and Africa. At GE, Mr. Eversfield spent much of his career in GE Antares Capital where he helped build the Senior Secured Loan Program and had investment selection and workout responsibility. Mr. Eversfield began his career in GE Capital's Investment Analyst Program. Mr. Eversfield earned a B.B.A. in Finance, Investment, and Banking from the University of Wisconsin and an M.B.A. from Northwestern's Kellogg School of Management.

**David Rous, Co-Head of Direct Lending** 

David Rous joined Sound Point in 2021 and is currently the Co-Head of Direct Lending. Mr. Rous was previously a Managing Director and Portfolio Manager at Sound Point U.S. Direct Lending (and its predecessor firms including CVC Credit Partners). Prior to CVC Credit Partners, Mr. Rous spent 12 years at GE Antares Capital, where he was most recently a Senior Vice President & Team Leader and a member of the Antares underwriting leadership team. Mr. Rous was a founding member of the Senior Secured Loan Program, an $11 billion strategic partnership between GE and Ares Capital, formed to offer single source unitranche financings. Mr. Rous began his career in GE Capital's Financial Management Program. Mr. Rous earned a B.S. in Finance, magna cum laude, from the University of Vermont and an M.B.A. from Kellogg School of Management at Northwestern University.

**Marc Sole, Deputy Chief Investment Officer and Portfolio Manager**

Mr. Sole joined Sound Point in 2015 and is currently Deputy Chief Investment Officer. Mr. Sole serves as a Portfolio Manager of the Tactical Loan Opportunity Strategy, the Strategic Capital Strategy and President of Sound Point Acquisition Corp I, Ltd, an affiliated special purpose acquisition company. Mr. Sole also serves on Sound Point's Management Committee as well as most of the firm's investment and risk committees. Mr. Sole began his career practicing law at Cravath, Swaine & Moore where he had a diverse corporate practice. He left the law when he joined D. E. Shaw & Co. in 2001 where he eventually became co-Head of Research and then co-Portfolio Manager of Sound Point's U.S. Credit Opportunities strategy. He has been investing in stressed and distressed corporate credit in both public and private markets at all levels of the capital structure for over 20 years. Prior to joining Sound Point, Mr. Sole also worked as a Portfolio Manager at Plainfield Asset Management and Hudson Bay Capital Management. Mr. Sole currently serves on the Board of Directors of Ecobat Technologies and Relativity Media and has previously served as a Board Member of Owens Corning, Schuff International, Inc. and several private specialty finance companies. Mr. Sole graduated cum laude with an A.B. in Public Policy from Princeton University's School of Public and International Affairs. Mr. Sole earned a J.D. from the Columbia University School of Law, where he was a Harlan Fiske Stone Scholar.

**Jane Lawrence, CFA, Portfolio Manager**

Ms. Lawrence joined Sound Point in 2020 and is currently a Portfolio Manager for the U.S. CLO platform and the Sound Point Senior Floating Rate Strategy. Additionally, Ms. Lawrence serves on Sound Point's Risk Committee, U.S. Floating Rate Fund Investment Committee and CLO Risk Committee. She has over 18 years of credit market experience spanning structuring, research and investment across both leveraged loans and underlying CLO tranches. Prior to joining Sound Point, Ms. Lawrence served as a Director of Structured Products at BlackRock. Prior to that, she has held credit research positions at Halcyon Capital Management, MatlinPatterson/UrsaMine and Bear Stearns Asset Management covering numerous sectors including Aerospace & Defense, Business Services, Chemicals, Consumer Products, Media and Retail. Ms. Lawrence earned a B.S. in Marketing from Rutgers University and is a Chartered Financial Analyst (CFA) charterholder.

***Senior Management of Sound Point***

**Stephen Ketchum, Managing Partner and Chief Investment Officer**

Mr. Ketchum is the Founder, Managing Partner and Chief Investment Officer of Sound Point Management, LP, overseeing Sound Point's investments across all fund offerings. In addition, Mr. Ketchum is the lead Portfolio Manager for the Sound Point Credit Opportunities Fund and several other accounts. Mr. Ketchum chairs the Management Committee and sits on most committees at Sound Point. Mr. Ketchum is Chairman of the Board of Directors and Chief Executive Officer of Sound Point Acquisition Corp I, Ltd, an affiliated special purpose acquisition company. A veteran with over 34 years' experience in the credit markets, Mr. Ketchum founded Sound Point in 2008. Previously, he was Global Head of Media & Telecom Investment and Corporate Banking for Banc of America Securities ("BofA"), where he was a member of the Global Investment Banking Leadership Team. As Global Head of Media & Telecom Banking, Mr. Ketchum was responsible, together with a risk partner, for a multi-billion-dollar portfolio of bank and bridge loans. Prior to joining BofA, he was a Managing Director at UBS in the TMT Investment Banking Group. From 1990 to 2000, he was employed in the Investment Banking Department of Donaldson, Lufkin & Jenrette, most recently as a Managing Director. Mr. Ketchum is on the Board of Trustees of the New York Police & Fire Widows' & Children's Benefit Fund and the Museum of the City of New York. Mr. Ketchum earned a B.A. from New England College, magna cum laude, and an M.B.A. from the Harvard Business School.

**Sarah Seelaus, Chief Operating Officer**

Ms. Seelaus joined Sound Point in 2010 and currently serves as the Chief Operating Officer. Additionally, Ms. Seelaus is on Sound Pointl's Management Committee and is a member of most operations and risk committees. Prior to joining Sound Point, Ms. Seelaus was at Plainfield Asset Management LLC, where she was primarily responsible for marketing to investors in North and South America. Prior to joining Plainfield, Ms. Seelaus was Head of Business Development at Cedarview Capital Management, LP, where she was solely responsible for marketing, client relations and the development and launch of new products. Ms. Seelaus earned an A.B. in Politics and Economics from Princeton University. She is a Member of the Children's Board at Columbia University Medical Center.

**Daniel Fabian, Global Chief Financial Officer**

Mr. Fabian joined Sound Point in 2025 and currently serves as Global Chief Financial Officer. In this capacity, he serves on the firm's Management Committee and plays a key role on multiple operations and risk committees. Prior to joining Sound Point, Mr. Fabian spent 14 years at Alcentra, serving in a range of executive roles including President, COO, and CFO. During his tenure, he oversaw the firm's growth from $10 billion to $45 billion in assets and led all operational functions. Additionally, Mr. Fabian served on Alcentra's Board of Directors and chaired the Executive Management Committee. Before Alcentra, Mr. Fabian began his career at KPMG in its Financial Services Assurance group, later transitioning to the Real Estate and Debt Advisory team. Mr. Fabian holds a BSc in Digital Business from the University of Nottingham and is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).

**Vincent D'Arpino, General Counsel**

Mr. D'Arpino joined Sound Point in 2022 and currently serves as General Counsel. Prior to joining Sound Point, Mr. D'Arpino spent nearly 11 years as the Chief Legal Officer for a single family investment office in New York. Prior to that, he spent 8 years at Clinton Group, most recently as General Counsel and Chief Compliance Officer. Previously, he spent 7 years in various in-house counsel roles at Morgan Stanley and began his career at Cravath, Swaine & Moore. Mr. D'Arpino earned a B.S. in Finance from the University of Virginia and a J.D. from Fordham University School of Law.

**Andrea Sayago, Chief Compliance Officer/Associate General Counsel**

Ms. Sayago joined Sound Point in 2022 and is currently Chief Compliance Officer and Associate General Counsel. Prior to joining Sound Point, Ms. Sayago spent 17 years at Cowen Investment Management, serving as Chief Compliance Officer since 2011. At Cowen, she managed and administered a compliance program covering a broad range of public market and private investment strategies across six affiliated registered investment advisors. Ms. Sayago began her career at Debevoise & Plimpton LLP, where she represented hedge fund sponsors in connection with the development, formation and operation of domestic and offshore hedge funds, fund of hedge funds and registered investment companies. Ms. Sayago earned a B.A. in Political Science from the University of Vermont and a J.D., magna cum laude, from New York Law School. Ms. Sayago is a member of the New York State bar.

**Jordan Michels, Deputy COO and Co-Head of Operations**

Mr. Michels joined Sound Point in 2013 and is currently Deputy COO and Co-Head of Operations, overseeing the entire operations function at the firm. Additionally, Mr. Michels serves on Sound Point 's Management Committee and a member of most operations and risk committees at Sound Point. Prior to joining Sound Point, Mr. Michels was a distressed credit and equity trader at UBS and previously supported the group as an Associate Director, in capacities as trading assistant and Senior Operations Manager within middle-office operations. Prior to UBS, he was a Senior Analyst for financial control within the Treasury and Funding group at Merrill Lynch. Mr. Michels earned a B.S. in Finance and an M.B.A. from Fairfield University.

***The Administrator***

Sound Point Administration LLC, a Delaware limited liability company, (the "Administrator") serves as the administrator of the Fund. Subject to the supervision of the Board, a majority of which is made up of Independent Trustees, the Administrator provides the administrative services necessary for the Fund to operate, which includes and the Fund utilizing the Administrator's office facilities, equipment and recordkeeping services. In addition, the Fund will reimburse the Administrator for the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the compensation of certain of the Fund's officers, including the Fund's Chief Financial Officer, Chief Compliance Officer and any support staff. The Fund will reimburse the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Fund and the Administrator (the "Administration Agreement"). In addition, the Administrator will be permitted to delegate its duties under the Administration Agreement to third parties, and the Fund will reimburse the expenses of these parties incurred directly and/or paid by the Administrator on the Fund's behalf. To the extent permitted by applicable law, the Administrator may elect to defer or waive all or a portion of its fees for a specified period of time.

***The Private Offering***

The Fund held the initial closing of its private placement for the sale of its Shares on December 15, 2025, and commenced operations upon such closing (the "Initial Closing"). The Fund expects to enter into Subscription Agreements relating to its Shares (collectively, the "Subscription Agreements") with investors for the private placement of the Fund's Shares (the "Private Offering"). Shares will be sold only to persons who are "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. Each investor will make a capital commitment to purchase Shares pursuant to such investor's Subscription Agreement. Pursuant to their respective Subscription Agreement, shareholders generally will be required to make capital contributions to purchase Shares as directed by the Fund (including each time the Fund delivers a drawdown notice ("Drawdown Notice")) by funding their portion of the Drawdown Amount (as defined below) in an aggregate amount not to exceed their respective aggregate capital commitments (each, a "Drawdown"). The Fund will deliver each Drawdown Notice at least 10 business days prior to the Drawdown Date. Drawdown purchases will generally be allocated among investors with unfunded capital commitments in amounts proportional to each investor's capital commitment in such increments as the Adviser deems necessary to fund the Fund's operations; provided, however, that the Fund reserves the right to require certain shareholders to fully fund their subscription amount by wire to the Fund's bank account on or before the last business day of the month of its respective closing. All purchases of Shares will be made at a purchase price per Share that is not less than the net asset value ("NAV") per Share (plus an additional amount equal to any subsequent investor's allocable portion of the initial offering and organizational expenses then recorded in the Fund's financial statements or accounts in accordance with U.S. GAAP (i.e., an investor that does not participate in the Initial Closing will be required to pay an additional amount to cover their portion of the offering and organizational expensed by the Fund prior to their investment).

The Fund expects to hold additional closings on a quarterly basis as additional capital commitments are obtained (each, a "Closing"). The "Commitment Period", as to each shareholder, will commence on the later of (i) the date on which the Fund commences operations (the "Commencement Date") and (ii) the date on which the shareholder's Subscription Agreement is accepted by the Fund, and ends on the three-year anniversary thereafter.

At the end of the Commitment Period, shareholders will be released from any further obligation under their respective Subscription Agreements to fund Drawdowns and purchase additional Shares; provided, however that for two years following the end of the Commitment Period, shareholders will remain obligated to fund Drawdowns to the extent necessary to (i) pay Fund expenses, including management fees, amounts that may become due under any borrowings or other financings or similar obligations, or indemnity obligations, (ii) complete investments in any transactions for which there are binding written agreements as of the end of the Commitment Period (including investments that are funded in phases), (iii) fund follow-on investments made in existing portfolio companies within three years from the end of the Commitment Period that, in the aggregate, do not exceed 5% of total commitments, (iv) fund obligations under any Fund guarantee, and/or (v) as necessary for the Fund to preserve its status as a RIC.

***Initial Portfolio***

Prior to our election to be regulated as a business development company, we acquired our initial portfolio of investments. Effective as of December 15, 2025, we purchased an initial portfolio of approximately $132.5 million of gross commitments. The initial portfolio of investments consists primarily of debt instruments, including first-lien senior debt and unitranche facilities, issued by U.S. middle-market companies. There are no material differences between the underwriting standards used in the acquisition of our initial portfolio of investments and the underwriting standards to be employed by the Adviser on our behalf going forward. See *Item 1. Business – Investment Process – Investment Screening & Selection* for additional information about our underwriting standards.

Below is an unaudited schedule of investments as of December 2, 2025 for our initial portfolio of investments acquired as of December 15, 2025:

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 15, 2025**

**(dollars in thousands)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>1,2,4</sup>** | **Investment** | **Spread<sup>3</sup>** | **Interest Rate** | **Maturity Date** | **Par Amount** | **Amortized<br> Cost** | **Fair Value** | **% of<br> Net Assets<sup>5</sup>** |
| **Investments** |  |  |  |  |  |  |  |  |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **Aerospace / MRO Services** |  |  |  |  |  |  |  |  |
| TurbineAero Inc.<sup>6</sup> | First Lien Debt - Term Loan | S + 6.50% | 10.12% | 10/21/2029 | 6017 | 6017 | 6017 | 6.02% |
| **Total Aerospace / MRO Services** |  |  |  |  |  | 6017 | 6017 | 6.02% |
| **Application Software** |  |  |  |  |  |  |  |  |
| Upland Software, Inc.<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 10.00% | 7/25/2031 | 7360 | 7239 | 7239 | 7.24% |
| Upland Software, Inc. | First Lien Debt - Revolver | S + 6.00% | 0.00% | 7/25/2031 | 920 | - | - | 0.00% |
| **Total Application Software** |  |  |  |  |  | 7240 | 7240 | 7.24% |
| **Architectural & Engineering Services** |  |  |  |  |  |  |  |  |
| CSG Buyer Inc.<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 10.09% | 7/29/2029 | 3732 | 3732 | 3732 | 3.73% |
| CSG Buyer Inc | First Lien Debt - Delayed Draw | S + 6.00% | 0.00% | 7/29/2029 | 756 |  |  | 0.00% |
| CSG Buyer Inc | First Lien Debt - Revolver | S + 6.00% | 0.00% | 7/29/2029 | 252 | - | - | 0.00% |
| **Total Architectural & Engineering Services** |  |  |  |  |  | 3732 | 3732 | 3.73% |
| **Business Services** |  |  |  |  |  |  |  |  |
| BNP Associates Buyer Inc.<sup>6</sup> | First Lien Debt - Term Loan | S + 5.75% | 9.50% | 8/19/2030 | 198 | 198 | 198 | 0.20% |
| BNP Associates Buyer Inc. | First Lien Debt - Revolver | S + 5.75% | 9.66% | 8/19/2030 | 15 | - | - | 0.00% |
| **Total Business Services** |  |  |  |  |  | 198 | 198 | 0.20% |
| **Data Center / Other Commercial Services** |  |  |  |  |  |  |  |  |
| C3 AcquisitionCo, LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 9.71% | 11/26/2030 | 4312 | 4249 | 4249 | 4.25% |
| C3 AcquisitionCo, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 9.77% | 11/26/2030 | 1335 | 742 | 742 | 0.74% |
| C3 AcquisitionCo, LLC<sup>6</sup> | First Lien Debt - Revolver | S + 6.00% | 9.82% | 11/26/2030 | 501 | 293 | 293 | 0.29% |
| Salute Mission Critical Holdings LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.22% | 9.11% | 11/30/2029 | 907 | 907 | 907 | 0.91% |
| Salute Mission Critical Holdings LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.22% | 9.11% | 11/30/2029 | 1839 | 1839 | 1839 | 1.84% |
| Salute Mission Critical Holdings LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.22% | 8.71% | 11/30/2029 | 5273 | 5273 | 5273 | 5.28% |
| Salute Mission Critical Holdings LLC | First Lien Debt - Delayed Draw | S + 5.22% | 0.00% | 11/30/2029 | 2919 | - | - | 0.00% |
| **Total Data Center / Other Commercial Services** |  |  |  |  |  | 13303 | 13303 | 13.31% |
| **Dermatology** |  |  |  |  |  |  |  |  |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 10.10% | 7/1/2028 | 308 | 308 | 308 | 0.31% |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 10.10% | 7/1/2028 | 127 | 127 | 127 | 0.13% |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 9.85% | 7/1/2028 | 379 | 155 | 155 | 0.16% |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 10.05% | 7/1/2028 | 452 | 452 | 452 | 0.45% |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 9.69% | 7/1/2028 | 303 | 303 | 303 | 0.30% |
| SDG MANAGEMENT CO LLC<sup>6</sup> | First Lien Debt - Revolver | S + 6.00% | 9.79% | 7/1/2028 | 76 | 19 | 19 | 0.02% |
| **Total Dermatology** |  |  |  |  |  | 1364 | 1364 | 1.37% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>1,2,4</sup>** | **Investment** | **Spread<sup>3</sup>** | **Interest Rate** | **Maturity Date** | **Par Amount** | **Amortized<br> Cost** | **Fair Value** | **% of<br> Net Assets<sup>5</sup>** |
| **Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| Sens Intermediate Holdings LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 8.96% | 3/10/2031 | 1916 | 1916 | 1916 | 1.92% |
| Sens Intermediate Holdings LLC | First Lien Debt - Delayed Draw | S + 5.00% | 0.00% | 3/10/2031 | 680 |  |  | 0.00% |
| Sens Intermediate Holdings LLC | First Lien Debt - Revolver | S + 5.00% | 9.30% | 3/10/2031 | 453 | - | - | 0.00% |
| **Total Electrical Components & Equipment** |  |  |  |  |  | 1916 | 1916 | 1.92% |
| **Global Consumer Products** |  |  |  |  |  |  |  |  |
| DRS Holdings III, Inc.<sup>6</sup> | First Lien Debt - Term Loan | S + 5.25% | 9.21% | 11/1/2028 | 6446 | 6419 | 6419 | 6.42% |
| DRS Holdings III, Inc. | First Lien Debt - Revolver | S + 5.25% | 0.00% | 11/1/2028 | 343 | - | - | 0.00% |
| **Total Global Consumer Products** |  |  |  |  |  | 6419 | 6419 | 6.42% |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| PAR EXCELLENCE HOLDINGS INC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 9.12% | 9/3/2030 | 1024 | 1008 | 1008 | 1.01% |
| PAR EXCELLENCE HOLDINGS INC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 9.17% | 9/3/2030 | 4151 | 4085 | 4085 | 4.09% |
| PAR EXCELLENCE HOLDINGS INC | First Lien Debt - Revolver | S + 5.00% | 0.00% | 9/3/2030 | 965 | - | - | 0.00% |
| **Total Healthcare & Pharmaceuticals** |  |  |  |  |  | 5093 | 5093 | 5.10% |
| **HVAC Consulting & Distribution** |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 9.25% | 6/30/2030 | 7617 | 7617 | 7617 | 7.62% |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.75% | 9.25% | 6/30/2030 | 278 | 278 | 278 | 0.28% |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.25% | 9.25% | 6/30/2030 | 1005 | 1005 | 1005 | 1.01% |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.25% | 9.09% | 6/30/2030 | 1242 | 1242 | 1242 | 1.24% |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.75% | 9.25% | 6/30/2030 | 89 | 89 | 89 | 0.09% |
| Ambient Enterprises Holdco LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.25% | 9.24% | 6/30/2030 | 1715 | 323 | 323 | 0.32% |
| Ambient Enterprises Holdco LLC | First Lien Debt - Delayed Draw | S + 5.25% | 0.00% | 6/30/2030 | 2070 |  |  | 0.00% |
| Ambient Enterprises Holdco LLC | First Lien Debt - Revolver | S + 6.00% | 10.05% | 12/8/2029 | 1036 | - | - | 0.00% |
| **Total HVAC Consulting & Distribution** |  |  |  |  |  | 10554 | 10554 | 10.56% |
| **Industrial Products Distribution / After-Market Services** |  |  |  |  |  |  |  |  |
| NWP ACQUISITION HOLDINGS, LLC.<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 10.00% | 11/21/2030 | 5842 | 5842 | 5842 | 5.85% |
| NWP ACQUISITION HOLDINGS, LLC.<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 9.97% | 11/21/2030 | 3264 | 2392 | 2392 | 2.39% |
| NWP ACQUISITION HOLDINGS, LLC. | First Lien Debt - Revolver | S + 6.00% | 0.00% | 11/21/2030 | 1090 | - | - | 0.00% |
| **Total Industrial Products Distribution / After-Market Services** |  |  |  |  |  | 8234 | 8234 | 8.24% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Argano LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.75% | 9.75% | 9/13/2029 | 8611 | 8611 | 8611 | 8.60% |
| Argano LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.75% | 9.71% | 9/13/2029 | 1664 | 1146 | 1146 | 1.15% |
| Argano LLC | First Lien Debt - Revolver | S + 5.75% | 0.00% | 9/13/2029 | 269 | - | - | 0.00% |
| **Total IT Services** |  |  |  |  |  | 9757 | 9757 | 9.75% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>1,2,4</sup>** | **Investment** | **Spread<sup>3</sup>** | **Interest Rate** | **Maturity Date** | **Par Amount** | **Amortized<br> Cost** | **Fair Value** | **% of<br> Net Assets<sup>5</sup>** |
| **Life Sciences** |  |  |  |  |  |  |  |  |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 7.00% | 9.69% | 6/10/2027 | 1730 | 1730 | 1730 | 1.73% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.10% | 9.69% | 6/10/2027 | 989 | 989 | 989 | 0.99% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.35% | 9.81% | 6/20/2027 | 1843 | 1843 | 1843 | 1.84% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.10% | 9.69% | 6/10/2027 | 593 | 593 | 593 | 0.59% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.10% | 9.69% | 6/10/2027 | 306 | 306 | 306 | 0.31% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.10% | 9.69% | 6/10/2027 | 306 | 306 | 306 | 0.31% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.50% | 9.81% | 6/10/2027 | 2660 | 1384 | 1384 | 1.38% |
| Life Science Intermediate Holdings, LLC<sup>6</sup> | First Lien Debt - Revolver | S + 5.75% | 9.92% | 6/7/2027 | 985 | 468 | 468 | 0.47% |
| **Total Life Sciences** |  |  |  |  |  | 7619 | 7619 | 7.62% |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| Alpha US Buyer LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 8.81% | 4/4/2030 | 176 | 176 | 176 | 0.18% |
| Alpha US Buyer LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.75% | 8.88% | 4/4/2030 | 115 | 115 | 115 | 0.12% |
| Alpha US Buyer LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 8.86% | 4/4/2030 | 102 | 102 | 102 | 0.10% |
| Alpha US Buyer LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.75% | 8.81% | 4/4/2030 | 89 | 12 | 12 | 0.01% |
| Alpha US Buyer LLC | First Lien Debt - Revolver | S + 6.00% | 11.31% | 4/4/2030 | 36 | - | - | 0.00% |
| **Total Manufacturing** |  |  |  |  |  | 405 | 405 | 0.41% |
| **Residential & Light Commercial HVAC** |  |  |  |  |  |  |  |  |
| ResiXperts Holdco, LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 8.89% | 5/2/2030 | 4511 | 4451 | 4451 | 4.45% |
| ResiXperts Holdco, LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 5.00% | 9.22% | 5/2/2030 | 13565 | 2064 | 2064 | 2.07% |
| ResiXperts Holdco, LLC | First Lien Debt - Revolver | S + 5.00% | 0.00% | 5/2/2030 | 1696 | - | - | 0.00% |
| **Total Residential & Light Commercial HVAC** |  |  |  |  |  | 6515 | 6515 | 6.52% |
| **Roofing Services** |  |  |  |  |  |  |  |  |
| OSR Opco LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.00% | 9.73% | 3/15/2029 | 2458 | 2458 | 2458 | 2.46% |
| OSR Opco LLC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.00% | 9.64% | 3/15/2029 | 498 | 498 | 498 | 0.50% |
| OSR Opco LLC<sup>6</sup> | First Lien Debt - Revolver | S + 6.00% | 9.77% | 3/15/2029 | 749 | 674 | 674 | 0.67% |
| OSR Opco LLC | First Lien Debt - Revolver | S + 5.75% | 9.74% | 3/31/2026 | 553 | - | - | 0.00% |
| **Total Roofing Services** |  |  |  |  |  | 3630 | 3630 | 3.63% |
| **Supply Chain Equipment & Services** |  |  |  |  |  |  |  |  |
| BARCODING INC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.25% | 9.73% | 9/1/2029 | 1043 | 1032 | 1032 | 1.03% |
| BARCODING INC<sup>6</sup> | First Lien Debt - Term Loan | S + 6.25% | 9.73% | 9/1/2029 | 1159 | 1147 | 1147 | 1.15% |
| BARCODING INC<sup>6</sup> | First Lien Debt - Delayed Draw | S + 6.25% | 9.75% | 9/1/2029 | 270 | 267 | 267 | 0.27% |
| BARCODING INC<sup>6</sup> | First Lien Debt - Revolver | S + 6.25% | 10.86% | 9/1/2029 | 273 | 161 | 161 | 0.16% |
| **Total Supply Chain Equipment & Services** |  |  |  |  |  | 2607 | 2607 | 2.61% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>1,2,4</sup>** | **Investment** | **Spread<sup>3</sup>** | **Interest Rate** | **Maturity Date** | **Par Amount** | **Amortized<br> Cost** | **Fair Value** | **% of<br> Net Assets<sup>5</sup>** |
| **Transportation** |  |  |  |  |  |  |  |  |
| SALT US HOLDCO LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 9.73% | 7/31/2029 | 1531 | 789 | 789 | 0.79% |
| SALT US HOLDCO LLC<sup>6</sup> | First Lien Debt - Term Loan | S + 5.00% | 9.73% | 7/31/2029 | 4555 | 4555 | 4555 | 4.56% |
| **Total Transportation** |  |  |  |  |  | 5344 | 5344 | 5.35% |
| **Total Debt Investments** |  |  |  |  |  | 99947 | 99947 | 100.00% |

---

(1) All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities.

(2) The issuers of debt and equity held by the Company is domiciled in the United States unless otherwise noted.

(3) The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR"or "S", which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2025. As of September 30, 2025, effective rates for 1MS, 3M S, 6M S and 12M S were 4.1292%, 3.9764%, 3.8459%, and 3.6595%, respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

(4) Investment valued using unobservable inputs (Level 3). See "Description of ASC 820 Fair Value Hierarchy" for more information.

(5) Percentage is based on pro forma net assets of $99,947 as of December 15, 2025 giving effect to the acquisition of the Initial Portfolio.

(6) Denotes that all or a portion of the assets are owned by Sound Point Direct Lending BDC SPV LLC ("SPV I"). SPV I has entered into a senior secured revolving credit facility (the "SPV I Financing Facility") on December 15, 2025. The lenders of the SPV I Financing Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Company.

***Investment Advisory Agreement***

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the Fund's day-to-day operations and provides investment advisory services to the Fund. Under the terms of the Investment Advisory Agreement, the Adviser:

● determines the composition and allocation of the Fund's investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;

● identifies, evaluates and negotiates the structure of the investments made by the Fund;

● performs due diligence on prospective portfolio companies;

● executes, closes, services and monitors the Fund's investments;

● determines the securities and other assets that the Fund shall purchase, retain or sell;

● arranges financings and borrowing facilities for the Fund; and

● provides the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds.

Under the Investment Advisory Agreement, the Fund will pay the Adviser fees for investment management services consisting of the Management Fee and the Incentive Fee, each as defined below.

*Management Fee*

The Fund will pay to the Adviser an asset-based fee (the "Base Management Fee") for management services in an amount equal to an annual rate of 0.625% of the average value of the Fund's gross assets at the end of the two most recently completed quarters. Gross assets means the Fund's total assets, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles, including assets purchased with borrowed funds or other forms of leverage, but excluding cash and cash equivalents ("Gross Assets"). The Base Management Fee will be calculated and payable quarterly in arrears. The Base Management Fee for any partial quarter will be appropriately pro-rated. The initial payment of the Base Management Fee shall be calculated based on the average Gross Assets as of the date of execution of the Investment Advisory Agreement, including, for the avoidance of doubt, assets acquired on such date, and the end of the fiscal quarter in which the Investment Advisory Agreement was executed.

*Incentive Fee*

The Fund will pay to the Adviser an incentive fee (the "Incentive Fee") as set forth below. The Incentive Fee will consist of two parts, (i) the income-based incentive fee (the "Income Incentive Fee") and the capital gains-based incentive fee (the "Capital Gains Incentive Fee"). Each component is independent of the other such that one component may be payable even if the other is not.

*Income Incentive Fee*

Commencing on the first fiscal quarter immediately following the three-year anniversary of the Commencement Date, the Fund will pay the Adviser an Income Incentive Fee each quarter equal to 12.50% of the amount by which the Pre-Incentive Fee Net Investment Income (defined below) for the quarter exceeds a hurdle rate of 1.50% (6.00% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision.

The Fund will pay the Adviser the Income Incentive Fee with respect to the Fund's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) no Income Incentive Fee for any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the Fund's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that exceeds the hurdle rate but is less than 1.714% (6.857% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 1.714%) as the "catch-up." The "catch-up" is meant to provide the Adviser with 12.50% of our Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this net investment income meets or exceeds 1.714% in calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) 12.50% of the amount of the Fund's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that exceeds 1.714% (6.857% annualized).

*Pre-Incentive Fee Net Investment Income*

"Pre-Incentive Fee Net Investment Income" means interest income, fee income, distribution/dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from an investment) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter, including the Base Management Fee and expenses payable under the Administration Agreement, but excluding any Incentive Fee. In the case of investment with a deferred interest feature, Pre-Incentive Fee Net Investment Income will include accrued income that the Fund has not yet received in cash.

*Capital Gains Incentive Fee*

The Fund will pay the Adviser the Capital Gains Incentive Fee in cash annually in arrears in an amount equal to 12.5% of (i) realized capital gains, if any, on a cumulative basis beginning January 1, 2029 *less* (ii) the sum of realized capital losses and unrealized capital depreciation since January 1, 2029 on a cumulative basis and previously paid Capital Gains Incentive Fees. Any realized capital gains, realized capital losses, and unrealized capital depreciation with respect to the Company's portfolio as of December 31, 2028 shall be excluded from the calculations of the second part of the incentive fee.

*Indemnification of the Adviser and its Affiliates*

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement or otherwise as our investment adviser.

*Duration and Termination*

Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the Fund's outstanding voting securities, and, in either case, if also approved by a majority of the Independent Trustees. The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by the Board or the Adviser without penalty upon 60 days' written notice to the other. The holders of a majority of the Fund's outstanding voting securities may also terminate the Investment Advisory Agreement without penalty upon 60 days' written notice.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.

***Administration Agreement***

The Fund has entered into an Administration Agreement, pursuant to which the Administrator furnishes the Fund with office facilities, equipment, and clerical, bookkeeping, and record-keeping services at such facilities. Under the Administration Agreement, the Administrator performs, or arranges for the performance of, the Fund's required administrative services, which include being responsible for the financial records that the Fund is required to maintain and preparing reports to stockholders. In addition, the Administrator provides the Fund with accounting services, assists in determining and publishing NAV, oversees the preparation and filing of tax returns, monitors the Fund's compliance with tax laws and regulations, and prepares, and assists with any audits by an independent public accounting firm of, the Fund's financial statements. The Administrator is also responsible for the printing and dissemination of reports to our stockholders and the maintenance of our website. It provides support for the Fund's investor relations, generally oversees the payment of expenses and the performance of administrative and professional services rendered to the Fund by others, and provides such other administrative services as may be designated from time to time.

Payments under the Administration Agreement are equal to an amount based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement. The Fund's allocable portion of such total compensation is based on an allocation of the time spent on us relative to other matters. To the extent permitted by applicable law, the Administrator may elect to defer or waive all or a portion of its fees for a specified period of time. To the extent the Administrator outsources any of its functions, the Fund pays the fees on a direct basis, without profit to the Administrator. Additionally, the Fund is also responsible for its allocable portion of the costs of compensation and related expenses of the Fund's chief compliance officer, chief financial officer, chief operating officer and their respective support staff.

All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. The Fund bears all other costs and expenses of our operations and transactions, including, without limitation, those relating to: (a) the Fund's initial organization costs and operating costs incurred prior to the filing of its election to be regulated as a BDC; (b) the costs associated with any private or public offerings of the Fund's Shares and other securities; (c) calculating individual asset values and the Fund's net asset value (including the costs and expenses of any independent valuation firm or pricing service); (d) debt service and other costs of borrowings or other financing arrangements incurred to finance the Fund's investments; (e) fees and expenses, including legal fees, out-of-pocket expenses and travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments, monitoring the Fund's investments and, if necessary, enforcing the Fund's rights; (f) amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; (g) the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; (h) brokerage fees and commissions; (i) costs of hedging; (j) federal and state registration fees; (k) fees payable to ratings agencies; (l) federal, state and local taxes; (m) costs of offerings or repurchases of the Fund's Shares and other securities, as applicable; (n) the management fees and incentive fees payable under the Investment Advisory Agreement; (o) distributions on the Fund's Shares and other securities, including costs and expenses relating to such distributions, as applicable; (p) administration fees payable to the Administrator under this Agreement and any sub-administration agreements and related expenses; (q) transfer agent and custody fees and expenses; (r) independent trustee fees and expenses; (s) the costs of any reports, proxy statements or other notices to the Fund's securityholders, including printing and mailing costs; (t) costs of holding meetings of the Fund's securityholders and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; (u) litigation, indemnification and other non-recurring or extraordinary expenses; (v) fees and expenses associated with marketing and investor relations efforts; (w) dues, fees and charges of any trade association of which the Fund is a member; (x) the costs and expenses associated with subscriptions to data service, research-related subscriptions, quotation equipment and services used in making or holding investments, and the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; (y) the direct costs and expenses of administration and operation, including printing, mailing, telecommunications and staff, including fees payable in connection with outsourced administration functions; (z) fees and expenses associated with independent audits and outside legal costs; (aa) the Fund's fidelity bond; (bb) trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (cc) the costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws, including but not limited to (i) the costs of preparing financial statements and maintaining books and records as set forth in <u>Section 2.2</u> herein, (ii) the costs of preparing and filing such other documents with the SEC (or other regulatory body) as required, and (iii) the compensation and expenses of the professionals responsible for the foregoing; (dd) the costs of winding up; and (ee) all other expenses reasonably incurred by the Fund or the Administrator in connection with administering the Fund's business or incurred by the Administrator on the Fund's behalf, such as the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation paid to, distributions received by, and related expenses of the Fund's chief compliance officer, chief financial officer, chief operating officer and their respective support staff, and any internal audit staff to the extent internal audit performs a role in the Fund's internal control assessments.

Certain accounting and other administrative services may be delegated by the Administrator to select sub-administrators. The Administration Agreement may be terminated by us without penalty upon not less than 60 days' written notice to the Administrator and by the Administrator upon not less than 90 days' written notice to us. The Administration Agreement will remain in effect if approved by the board of directors, including by a majority of our independent directors, on an annual basis.

When considering the approval of the Administration Agreement, the board of directors considers, among other factors, (i) the reasonableness of the compensation paid by us to the Administrator and any third-party service providers in light of the services provided, the quality of such services, any cost savings to us as a result of the arrangements, and any conflicts of interest, (ii) the methodology employed by the Administrator in determining how certain expenses are allocated to the Fund, the Adviser and other relevant persons, (iii) the breadth, depth, and quality of such administrative services provided, (iv) the at-cost nature of the compensation provided by the Adviser to the Fund, and (v) the possibility of obtaining such services from a third party.

*Indemnification of the Administrator*

The Administration Agreement provides that the Administrator and its officers, directors, employees, agents, control persons, and affiliates are not liable to us or any of our stockholders for any act or omission by it or its employees in the supervision or management of our investment activities or for any damages, liabilities, costs, and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) or losses sustained by us or our stockholders, except that the foregoing exculpation does not extend to any act or omission constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations under the Administration Agreement. The Administration Agreement also provides for indemnification by us of the Administrator's members, directors, officers, employees, agents, control persons, and affiliates for liabilities incurred by them in connection with their services to us, subject to the same limitations and to certain conditions.

***Distributions; Dividend Reinvestment Plan***

The Fund intends to make quarterly distributions to shareholders. The Fund's distributions, if any, will be determined by the Board.

Distributions may be made out of any amounts legally available for such purpose, including earnings and profits. Distributions in excess of current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) first will reduce a shareholder's tax basis (which will result in higher gains or lower losses when the investment is sold) and, after the tax basis is reduced to zero, will constitute gains to such shareholder.

The Fund expects quarterly distributions to be paid from income primarily generated by interest and dividends earned on the Fund's investments, although distributions to shareholders may also include a return of capital (the distribution of an investment's original principal back to the investors, rather than distributing profits or earnings). The specific tax characteristics of the Fund's distributions each year will be reported to shareholders after the end of the calendar year.

The Fund has adopted an "opt-out" dividend reinvestment plan ("DRIP"), under which a shareholder's distributions will automatically be reinvested under the DRIP for additional whole and fractional Shares, unless the shareholder "opts out" of the DRIP, thereby electing to receive cash distributions.

Shareholders who receive distributions under the DRIP in the form of additional Shares generally will be subject to the same U.S. federal, state and local tax consequences as shareholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a shareholder's capital commitment.

***Valuation Procedures***

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's "Valuation Designee." The Adviser, with the assistance of the Adviser's Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund's investments in instances where there is no readily available market value. Investments for which market quotations are readily available may be priced by independent pricing services. The Fund has retained external, independent valuation firms to provide data and valuation analyses on the Fund's portfolio companies.

The Fund's investment portfolio will be recorded at fair value as determined in good faith in accordance with the Valuation Policy established by the Adviser and approved by the Board and, as a result, there is and will be uncertainty as to the value of the Fund's portfolio investments. Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Fund intends to hold and make. The Fund's investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Fund may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making recommendations of fair value. The types of factors that may be considered in determining the fair values of the Fund's investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by the Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Fund's NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

***Description of ASC 820 Fair Value Hierarchy***

The Adviser follows ASC Topic 820, *Fair Value Measurements and Disclosures*, as amended ("ASC 820"), for measuring fair value. Under ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Fund's portfolio securities, fair value is generally the amount that the Fund might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Fund does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

**Level 1 Inputs** – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 Inputs** – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

**Level 3 Inputs** – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the quarter in which the transfer occurred.

As described above, the Fund's investment portfolio will include certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Fund determines the fair value of the Fund's investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Fund assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) the Fund's understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

There is no single method for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Fund's Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

**Leverage**

The Fund is permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the Shares if its asset coverage, as defined in the 1940 Act, is at least 150% after such issuance or issuances (such classes of indebtedness and class of stock is referred to herein as "senior securities"). As defined in the 1940 Act, asset coverage of 150% means that for every $100 of total assets less all liabilities and indebtedness not represented by senior securities, the Fund may raise $200 from borrowing and issuing senior securities. The amount of leverage that the Fund employs will depend on the Adviser's assessment of market conditions and other factors at the time of any proposed borrowing. The Fund's sources of leverage may include, without limitation, one or more credit facilities and/or note issuances; a subscription credit facility secured by the Fund's right, title and interest in and to the capital commitments of its shareholders, which may be used for various purposes including facilitating timely and efficient drawdowns of capital commitments; and the issuance of notes, debt securities or preferred shares.

**Discretionary Share Repurchase Program**

The Fund does not intend to list its Shares on a securities exchange and the Fund does not expect there to be a public market for its Shares. As a result, shareholders' ability to sell their Shares will be limited.

Subject to market conditions and the discretion of the majority-independent Board, the Fund intends to commence a Share repurchase program in which the Fund plans to offer to repurchase, on a quarterly basis, a number of Shares as determined by the Board in its discretion in an amount up to 5% of the Fund's Shares outstanding (by number of Shares), as of the close of the previous calendar quarter in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. The Board may amend, suspend or terminate the Share repurchase program at any time if in its reasonable judgment it deems such action to be in the Fund's best interest and/or the best interest of shareholders. As a result, Share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the liquidity of the Fund, adversely affect operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. All Shares repurchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Shares.

The majority of the Fund's assets will consist of instruments that cannot generally be readily liquidated without impacting the Fund's ability to realize full value upon their disposition. Therefore, the Fund may not always have sufficient liquid resources to make repurchase offers. The Fund may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although the Fund generally expects to fund distributions from cash flow from operations, the Fund has not established any limits on the amounts the Fund may pay from such sources. Should making repurchase offers, in the Board's judgment, place an undue burden on the Fund's liquidity, adversely affect the Fund's operations or risk having an adverse impact on the Fund as a whole, or should it otherwise determine that investing the Fund's liquid assets in originated loans or other illiquid investments rather than repurchasing Shares is in the best interests of the Fund as a whole, then the Fund may choose to offer to repurchase fewer Shares than described above, or none at all.

Payment for repurchased Shares may require us to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment-related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Shares.

**Regulation as a Business Development Company**

A BDC is regulated under the 1940 Act. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. A BDC may use capital provided by stockholders and from other sources to make long-term, private investments in businesses.

The Fund may not change the nature of its business so as to cease to be, or withdraw the Fund's election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of the Fund's Board must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, the Fund will be required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the Fund. Furthermore, as a BDC, the Fund will be prohibited from protecting any trustee or officer against any liability to the Fund or shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

As a BDC, the Fund is generally required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) to the Fund's outstanding senior securities, of at least 150% after each issuance of senior securities. The Fund may also be prohibited under the 1940 Act from knowingly participating in certain transactions with its affiliates without the prior approval of the Fund's Independent Trustees and, in some cases, prior approval by the SEC. As a BDC, the Fund is generally limited in its ability to invest in any portfolio company in which the Adviser or any of its affiliates currently has an investment or to make any co-investments with the Adviser or its affiliates by the conditions contained in the Order (as defined below), subject to certain exceptions.

In October 2020, the SEC adopted certain regulatory changes related to the ability of investment companies, including BDCs, to invest in other investment companies in excess of the limits imposed by the 1940 Act. These changes include, among other things, the adoption of Rule 12d1-4 under the 1940 Act. Under Rule 12d1-4, the Fund may acquire securities issued by any investment company in excess of the limits imposed by the 1940 Act as long as the Fund complies with the conditions of Rule 12d1-4, which include, among other things, certain post-acquisition limits on control and voting of any acquired RIC.

On July 15, 2025, the SEC granted the Fund and certain affiliates of the Fund exemptive relief (the "Order") that permits the Fund to co-invest alongside other funds, vehicles and/or accounts managed by the Investment Adviser or certain of its affiliates, if, among other things, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees make certain conclusions with respect to the co-investment transaction, including, but not limited to, that (i) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Fund and shareholders and do not involve overreaching in respect of the Fund or shareholders on the part of any person concerned, and (ii) the potential co-investment transaction is consistent with the interests of shareholders and is consistent with the Fund's then-current investment objective and strategies. The Order further provides that the Fund may participate in any such co-investment transaction on terms that are same to those applicable to the other funds, vehicles and/or accounts managed by the Investment Adviser or certain of its affiliates.

The Fund is generally not be able to issue and sell the Shares at a price below NAV per share. The Fund may, however, sell Shares, or warrants, options or rights to acquire Shares, at a price below the then-current NAV of the Shares if the Board determines that such sale is in the Fund's best interests and the best interests of shareholders, and shareholders approve such sale. In addition, the Fund may generally issue new shares of its Shares at a price below NAV in rights offerings to existing shareholders, in payment of dividends and in certain other limited circumstances.

The Fund will be periodically examined by the SEC for compliance with the 1940 Act.

Qualifying Assets

The Fund may invest up to 30% of the Fund's portfolio opportunistically in non-eligible portfolio company investments, which will be driven primarily through opportunities sourced through the Adviser. However, under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to the Fund's proposed business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding thirteen months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;2. Securities of any eligible portfolio company which the Fund controls.

&nbsp;&nbsp;&nbsp;&nbsp;3. Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;4. Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;5. Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;6. Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

Managerial Assistance to Portfolio Companies

A BDC must have been organized under the laws of, and have its principal place of business in, any state or states within the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

Temporary Investments

The Fund generally expects to call any undrawn capital for investment purposes only at the time the Fund identifies an investment opportunity. Notwithstanding the foregoing, until such time as the Fund invests the proceeds of such capital calls in portfolio companies and while new investments are pending, the Fund's investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, referred to herein, collectively, as "temporary investments," so that 70% of the Fund's assets are qualifying assets. The Fund may invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as the Fund, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of the Fund's assets that may be invested in such repurchase agreements. However, if more than 25% of the Fund's net assets constitute repurchase agreements from a single counterparty, the Fund may not meet the diversification tests in order to qualify as a RIC. Thus, the Fund does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which the Fund enters into repurchase agreement transactions.

Code of Ethics

The Fund and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by the Fund's personnel. These codes of ethics generally will not permit investments by the Fund's and the Adviser's personnel in securities that may be purchased or sold by the Fund.

Compliance Policies and Procedures

The Fund and the Adviser each adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws. The Fund and the Adviser are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures. Frederick C. Teufel, Jr. serves as the Fund's Chief Compliance Officer.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements will affect the Fund. For example:

● pursuant to Rule 13a-14 of the Exchange Act, the Fund's Chief Executive Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in the Fund's periodic reports;

● pursuant to Item 307 of Regulation S-K, the Fund's periodic reports must disclose the Fund's conclusions about the effectiveness of its disclosure controls and procedures;

● pursuant to Rule 13a-15 of the Exchange Act, the Fund's management must prepare an annual report regarding its assessment of the Fund's internal control over financial reporting and (once the Fund ceases to be an emerging growth company under the JOBS Act or, if later, for the year following the Fund's first annual report required to be filed with the SEC) must obtain an audit of the effectiveness of internal control over financial reporting performed by its independent registered public accounting firm; and

● pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, the Fund's periodic reports must disclose whether there were significant changes in the Fund's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires the Fund to review its current policies and procedures to determine whether the Fund complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Fund will continue to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that the Fund is in compliance therewith.

**Proxy Voting Policies and Procedures**

The Fund has delegated its proxy voting responsibility to the Adviser. As a fiduciary, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of the Fund and not to subrogate Fund interests to its own interests. To meet its fiduciary obligations, the Adviser seeks to ensure that it votes proxies in the best interest of the Fund, and addresses how the Adviser will resolve any conflict of interest that may arise when voting proxies. The Adviser's proxy voting policy attempts to generalize a complex subject and the Adviser may, from time to time, determine that it is in the best interests of the Fund to depart from specific policies described therein.

Shareholders may, without charge, obtain information regarding how the Fund voted proxies with respect to the Fund's portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, 375 Park Avenue, 34<sup>th</sup> Floor, New York, New York 10152 or by contacting the Fund's investor relations department at IR@soundpointcap.com.

**Privacy Principles**

Sound Point considers privacy to be fundamental to the Fund's relationship with its investors. The Fund is committed to maintaining the confidentiality, integrity, and security of non-public personal information of its investors. The Fund will not disclose any non-public personal information about its investors to third parties, except as may be permitted or required by law or as otherwise set out below.

**Material U.S. Federal Income Tax Considerations**

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Shares. The discussion is based upon the Code, the regulations of the U.S. Department of Treasury promulgated thereunder, referred to herein as the "Treasury Regulations," the legislative history of the Code, current administrative interpretations and practices of the Internal Revenue Service, referred to herein as the "IRS" (including administrative interpretations and practices of the IRS expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers that requested and received those rulings) and judicial decisions, each as of the date of this Registration Statement and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Fund has not sought, and will not seek, any ruling from the IRS regarding any matter discussed in this summary, and this summary is not binding on the IRS. Accordingly, there can be no assurance that the IRS will not assert, and a court will not sustain, a position contrary to any of the tax consequences discussed below.

Investors should note that this summary does not purport to be a complete description of all the tax aspects affecting the Fund or the shareholders. For example, this summary does not describe all of the U.S. federal income tax consequences that may be relevant to certain types of shareholders subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, partnerships or other pass-through entities and their owners, Non-U.S. Shareholders (as defined below) engaged in a trade or business in the United States or entitled to claim the benefits of an applicable income tax treaty, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar, persons holding the Fund's Shares in connection with a hedging, straddle, conversion or other integrated transaction, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, and financial institutions. This summary assumes that shareholders hold Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This summary does not discuss any aspects of U.S. estate or gift taxation, U.S. state or local taxation or non-U.S. taxation. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Fund invests in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of Shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof, including, for this purpose, the District of Columbia;

● a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more "United States persons" (as defined in the Code) have the authority to control all substantive decisions of the trust, or (ii) the trust has in effect a valid election to be treated as a domestic trust for U.S. federal income tax purposes; or

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

For purposes of this discussion, a "Non-U.S. Shareholder" is a beneficial owner of Shares that is not a U.S. Shareholder or a partnership (or an entity or arrangement treated as a partnership) for U.S. federal income tax purposes.

If a partnership, or other entity or arrangement treated as a partnership for U.S. federal income tax purposes, holds Shares, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. A shareholder that is a partnership holding Shares, and each partner in such a partnership, should consult his, her or its own tax adviser with respect to the tax consequences of the purchase, ownership and disposition of Shares.

Tax matters are very complicated and the tax consequences to each shareholder of the ownership and disposition of Shares will depend on the facts of his, her or its particular situation. Investors should consult their own tax adviser regarding the specific tax consequences of the ownership and disposition of Shares to them, including tax reporting requirements, the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws, eligibility for the benefits of any applicable income tax treaty and the effect of any possible changes in the tax laws.

Election to be Taxed as a RIC

The Fund intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not pay corporate-level U.S. federal income taxes on any income or gains that the Fund timely distributes as dividends to shareholders. Rather, dividends the Fund distributes generally will be taxable to shareholders, and any net operating losses, foreign tax credits and other of the Fund's tax attributes generally will not pass through to shareholders, subject to special rules for certain items such as net capital gains and qualified dividend income the Fund recognizes. See *– Taxation of U.S. Shareholders* and *– Taxation of Non-U.S. Shareholders*, below.

To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify as a RIC, the Fund must timely distribute dividends to shareholders of an amount generally at least equal to 90% of the Fund's investment company taxable income (determined without regard to the dividends paid deduction), which is generally the Fund's net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any, for each taxable year (the "Annual Distribution Requirement").

Taxation as a RIC

If the Fund qualifies as a RIC and satisfies the Annual Distribution Requirement, then the Fund will not be subject to U.S. federal income tax on the portion of the Fund's investment company taxable income and net capital gain (generally, net long-term capital gain in excess of net short-term capital loss) that the Fund timely distributes (or is deemed to timely distribute) as dividends to shareholders. The Fund will be subject to U.S. federal income tax at the regular corporate rate on any income or capital gain not distributed (or deemed distributed) to shareholders.

The Fund generally will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year unless the Fund distributes dividends in a timely manner to shareholders of an amount at least equal to the sum of (1) 98% of the Fund's net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the Fund's capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending October 31 in such calendar year and (3) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years (the "Excise Tax Avoidance Requirement"). Any distribution declared by the Fund during October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by the Fund, as well as received by U.S. Shareholders, on December 31 of the calendar year in which the distribution was declared. The Fund will not be subject to the U.S. federal excise tax on amounts on which the Fund is required to pay U.S. federal income tax (such as retained net capital gains). Depending upon the level of taxable income earned in a taxable year, the Fund may choose to carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax.

The Fund may incur the 4% nondeductible U.S. federal excise tax in the future on a portion of its income and capital gains. While the Fund intends to distribute income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, the Fund may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Fund generally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by which the Fund does not meet the Excise Tax Avoidance Requirement. The Fund generally will endeavor in each taxable year to avoid any material U.S. federal excise tax on its earnings.

In order to qualify as a RIC for U.S. federal income tax purposes, the Fund must, among other things:

● qualify and have in effect an election to be treated as a BDC under the 1940 Act at all times during each taxable year;

● derive in each taxable year at least 90% of the Fund's gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income derived from an interest in a "qualified publicly traded partnership" (as defined in the Code), or other income derived with respect to the Fund's business of investing in such stock or securities (the "90% Income Test"); and

● diversify the Fund's holdings so that at the end of each quarter of the taxable year:

● at least 50% of the value of the Fund's assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of the issuer; and

● no more than 25% of the value of the Fund's assets is invested in (a) the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same or similar or related trades or businesses or (b) the securities of one or more qualified publicly traded partnerships (the "Diversification Tests").

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's expenses in a given taxable year exceed its investment company taxable income, the Fund may experience a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, the Fund may for tax purposes have aggregate taxable income for several years that the Fund is required to distribute and that is taxable to shareholders even if such taxable income is greater than the net income the Fund actually earns during those taxable years.

For U.S. federal income tax purposes, the Fund will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Fund holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that the Fund has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Fund may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Fund's ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued will be included in the Fund's investment company taxable income for the taxable year of accrual, the Fund may be required to make distributions to shareholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Avoidance Requirement, even though the Fund will have not received any corresponding cash payments. Accordingly, to enable the Fund to make distributions to shareholders that will be sufficient to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Fund may need to raise additional equity or debt capital or the Fund may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Fund is unable to obtain cash from other sources to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

Because the Fund expects to use a subscription facility, the Fund may be prevented from making distributions to shareholders in certain circumstances. In addition, under the 1940 Act, the Fund is generally not permitted to make distributions to shareholders while its debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Limits on the Fund's distributions to shareholders may prevent the Fund from satisfying the Annual Distribution Requirement and, therefore, may jeopardize the Fund's qualification for taxation as a RIC, or may cause the Fund to be subject to the 4% nondeductible U.S. federal excise tax.

Although the Fund does not presently expect to do so, the Fund may borrow funds and sell assets in order to make distributions to shareholders that are sufficient for the Fund to satisfy the Annual Distribution Requirement. However, the Fund's ability to dispose of assets may be limited by (1) the illiquid nature of its portfolio and/or (2) other requirements relating to the Fund's status as a RIC, including the Diversification Tests. If the Fund disposes of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous. Alternatively, although the Fund currently does not intend to do so, to satisfy the Annual Distribution Requirement, the Fund may declare a taxable dividend payable in the Fund's Shares or cash at the election of each shareholder. In such case, for U.S. federal income tax purposes, the amount of the dividend paid in the Fund's Shares will generally be equal to the amount of cash that could have been received instead of the Fund's Shares. See *– Taxation of U.S. Shareholders* below for a discussion of the tax consequences to shareholders upon receipt of such dividends.

Distributions the Fund makes to shareholders may be made from the Fund's cash assets or by liquidation of its investments, if necessary. The Fund may recognize gains or losses from such liquidations. In the event the Fund recognizes net capital gains from such transactions, shareholders may receive a larger capital gain distribution than they would have received in the absence of such transactions.

Failure to Qualify as a RIC

If the Fund failed to satisfy the 90% Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Fund might nevertheless continue to qualify as a RIC for such taxable year if certain relief provisions of the Code applied (which might, among other things, require the Fund to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Fund failed to qualify for treatment as a RIC and such relief provisions did not apply to the Fund, the Fund would be subject to U.S. federal income tax on all of its taxable income at the regular corporate U.S. federal income tax rate (and the Fund also would be subject to any applicable state and local taxes), regardless of whether the Fund makes any distributions to shareholders. The Fund would not be able to deduct distributions to shareholders, nor would distributions to shareholders be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes generally would be taxable to U.S. Shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the 20% maximum rate generally applicable to individuals and other non-corporate U.S. Shareholders, to the extent of the Fund's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. Shareholders that are corporations for U.S. federal income tax purposes generally would be eligible for the dividends-received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain.

Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one taxable year prior to disqualification and that re-qualify as a RIC no later than the second consecutive taxable year following the non-qualifying taxable year, the Fund could be subject to U.S. federal income tax on any unrealized net built-in gains in the assets held by the Fund during the period in which the Fund failed to qualify as a RIC that are recognized during the five-taxable year period after its requalification as a RIC, unless the Fund made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of the Fund's requalification as a RIC. The Fund may decide to be taxed as a regular corporation even if the Fund would otherwise qualify as a RIC if the Fund determines that treatment as a corporation for a particular taxable year would be in the Fund's best interests.

The Fund's Investments – General

Certain of the Fund's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (3) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (4) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (5) cause the Fund to recognize income or gain without receipt of a corresponding cash payment, (6) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (7) adversely alter the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Income Test. The Fund intends to monitor its transactions and may make certain tax elections to mitigate the potential adverse effect of these provisions, but there can be no assurance that the Fund will be eligible for any such tax elections or that any adverse effects of these provisions will be mitigated.

The Fund plans to invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. The Fund intends to address these and other issues to the extent necessary in order to seek to ensure that the Fund distributes sufficient income to avoid any material U.S. federal income or the 4% nondeductible U.S. federal excise tax.

A portfolio company in which the Fund invests may face financial difficulties that require the Fund to work-out, modify or otherwise restructure the Fund's investment in the portfolio company. Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. Any such transaction could also result in the Fund receiving assets that give rise to non-qualifying income for purposes of the 90% Income Test or otherwise would not count toward satisfying the Diversification Tests. Furthermore, some of the income that the Fund might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to the Fund's investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify the Fund as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay U.S. federal income tax on their earnings, which ultimately will reduce the yield to shareholders on such fees and income.

Gain or loss recognized by the Fund from warrants or other securities acquired by the Fund, as well as any loss attributable to the lapse of such warrants, generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term depending on how long the Fund held a particular warrant or security.

The Fund's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, the Fund's yield on those securities would be decreased. U.S. Shareholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund.

If the Fund acquires shares in a passive foreign investment company ("PFIC"), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares even if the Fund distributes such income as a taxable dividend to shareholders. Additional charges in the nature of interest generally will be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. If the Fund invests in the shares of a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in income each year the Fund's proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, the Fund may be able to elect to mark its shares in a PFIC at the end of each taxable year to market; in this case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases in such value included in the Fund's income. The Fund's ability to make either election will depend on factors beyond the Fund's control, and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, the Fund may be required to recognize in a taxable year income in excess of any distributions the Fund receives from PFICs and any proceeds from dispositions of PFIC stock during that taxable year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Fund satisfies the Excise Tax Avoidance Requirement. See *– Taxation as a RIC* above.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency-denominated forward, futures and option contracts, as well as certain other financial instruments, and the disposition of debt obligations denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

The remainder of this discussion assumes that the Fund qualifies as a RIC for each taxable year.

Taxation of U.S. Shareholders

The following discussion only applies to U.S. Shareholders. Prospective shareholders that are not U.S. Shareholders should refer to – *Taxation of Non-U.S. Shareholders* below.

Distributions

Distributions by the Fund (including distributions where shareholders can elect to receive cash or Shares) generally are taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of the Fund's investment company taxable income will be taxable as ordinary income to U.S. Shareholders to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or Shares. To the extent that such distributions paid by the Fund to non-corporate U.S. Shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") may be eligible for a reduced maximum U.S. federal income tax rate of 20%. In this regard, it is anticipated that the Fund's distributions generally will not be attributable to dividends received by the Fund and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualifying Dividends. Distributions of the Fund's net capital gain (which is generally the Fund's realized net long-term capital gains in excess of realized net short-term capital losses) properly designated by the Fund as "capital gain dividends" will be taxable to U.S. Shareholders as long-term capital gains (currently taxable at a maximum U.S. federal income tax rate of 20% in the case of non-corporate U.S. Shareholders (including individuals)), regardless of the U.S. Shareholder's holding period for his, her or its Shares and regardless of whether paid in cash or Shares. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such shareholder's Shares and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

The Fund may decide to retain some or all of the Fund's net capital gain for reinvestment, but designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, (i) the Fund will pay tax on the retained amount, (ii) each U.S. Shareholder will be required to include his, her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and (iii) the U.S. Shareholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by the Fund. Because the Fund expects to pay tax on any retained net capital gains at the regular corporate U.S. federal income tax rate, and because that rate is in excess of the maximum U.S. federal income tax rate currently payable by individuals (and other non-corporate U.S. Shareholders) on long-term capital gains, the amount of tax that individuals (and other non-corporate U.S. Shareholders) will be treated as having paid will exceed the tax they owe on the capital gain distribution. Such excess generally may be claimed as a credit against the U.S. Shareholder's other federal income tax obligations or may be refunded to the extent it exceeds the U.S. Shareholder's U.S. federal income tax liability. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's tax basis for his, her or its Shares. In order to utilize the deemed distribution approach, the Fund must provide written notice to shareholders prior to the expiration of 60 days after the close of the relevant taxable year. The Fund cannot treat any of its investment company taxable income as a "deemed distribution."

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, under certain circumstances, the Fund may elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, U.S. Shareholders will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been received by U.S. Shareholders on December 31 of the calendar year in which the dividend was declared.

Until and unless the Fund is treated as a publicly offered RIC as a result of either (1) Shares collectively being held by at least 500 persons at all times during a taxable year, (2) Shares being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Shares being treated as regularly traded on an established securities market, each U.S. Shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Fund in the amount of such U.S. Shareholder's allocable share of the management and incentive fees paid to the Adviser and certain of the Fund's other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. Shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. Shareholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

The Fund's U.S. Shareholders will receive, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S. Shareholder's taxable income for such calendar year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each calendar year's distributions from the Fund generally will be reported to the IRS (including the amount of any dividends that are Qualifying Dividends eligible for the 20% maximum rate). Dividends paid by the Fund generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because the Fund's income generally will not consist of dividends. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. Shareholder's particular situation.

Certain distributions reported by the Fund as Section 163(j) interest dividends may be treated as interest income by the U.S. Shareholders for purposes of the tax rules applicable to interest expense limitations under the Code. Such treatment by the U.S. Shareholders is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

Dispositions

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its Shares (except pursuant to a repurchase by the Fund, as described below). The amount of gain or loss will be measured by the difference between such shareholder's adjusted tax basis in the Shares sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its shares for more than one year; otherwise, any such gain or loss will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of Shares may be disallowed if other Shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

In general, non-corporate U.S. Shareholders (including individuals) currently are subject to a maximum U.S. federal income tax rate of 20% on their net capital gain (*i.e.*, the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders (including individuals) incurring net capital losses (*i.e.*, capital losses in excess of capital gains) for a taxable year generally may deduct up to $3,000 of such losses against their ordinary income each taxable year; any net capital losses of a non-corporate U.S. Shareholder (including an individual) in excess of $3,000 generally may be carried forward and used in subsequent taxable years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any net capital losses for a taxable year, but may carry back such capital losses for three taxable years or carry forward such capital losses for five taxable years.

The Code and the related U.S. Treasury Regulations require the Fund to annually report the adjusted cost basis information of covered securities, which generally include shares of a RIC, to the IRS and to taxpayers. Shareholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

From time to time, the Fund may offer to repurchase its outstanding Shares. Shareholders who tender all Shares of the Fund held, or considered to be held, by them will be treated as having sold their shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its Shares or fewer than all Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Shares. In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming shares of the Fund.

Medicare Tax on Net Investment Income

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of the Fund's shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Tax Shelter Reporting Regulations

Under applicable Treasury Regulations, if a U.S. Shareholder recognizes a loss with respect to the Fund's Shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Shareholders should consult their own tax advisers to determine the applicability of these Treasury Regulations in light of their individual circumstances.

Backup Withholding

The relevant withholding agent may be required to withhold U.S. federal income tax ("backup withholding"), at a current rate of 24%, from any taxable distribution to a U.S. Shareholder (other than a "C" corporation, a financial institution, or a shareholder that otherwise qualifies for an exemption) (1) that fails to provide a correct taxpayer identification number or a certificate that such shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies the withholding agent that such shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Backup withholding is not an additional tax, and any amount withheld under the backup withholding rules is allowed as a credit against the U.S. Shareholder's U.S. federal income tax liability, provided that proper information is timely provided to the IRS.

Taxation of Non-U.S. Shareholders

The following discussion applies only to Non-U.S. Shareholders. Whether an investment in Shares is appropriate for a Non-U.S. Shareholder will depend upon that shareholder's particular circumstances. An investment in Shares by a Non-U.S. Shareholder may have adverse tax consequences to such Non-U.S. Shareholder. Non-U.S. Shareholders should consult their own tax advisers before investing in the Fund's Shares.

Distributions; Dispositions

Subject to the discussion below, distributions of the Fund's investment company taxable income to a Non-U.S. Shareholder that are not effectively connected with the Non-U.S. Shareholder's conduct of a trade or business within the United States will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of the Fund's current or accumulated earnings and profits.

Certain properly reported dividends are generally exempt from withholding of U.S. federal income tax where paid in respect of a RIC's (i) "qualified net interest income" (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a trust, corporation or partnership in which the RIC or the non-U.S. Shareholder are at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) "qualified short-term capital gains" (generally, the excess of the RIC's net short-term capital gain, other than short-term capital gains recognized on the disposition of U.S. real property interests, over the RIC's long-term capital loss), as well as if certain other requirements are satisfied. Nevertheless, no assurance can be given as to whether any of the Fund's distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Fund. Furthermore, in the case of Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Fund reported the payment as an interest-related dividend or short-term capital gain dividend. Since the Fund's Shares will be subject to significant transfer restrictions, and an investment in the Fund's Shares will generally be illiquid, Non-U.S. Shareholders whose distributions on the Fund's Shares are subject to withholding of U.S. federal income tax may not be able to transfer their Shares easily or quickly or at all.

Distributions of the Fund's investment company taxable income to a Non-U.S. Shareholder that are effectively connected with the Non-U.S. Shareholder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. Shareholder), generally will not be subject to withholding of U.S. federal income tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements, although the distributions (to the extent of the Fund's current or accumulated earnings and profits) will be subject to U.S. federal income tax on a net basis at the rates and in the manner applicable to U.S. Shareholders generally.

Actual or deemed distributions of the Fund's net capital gains, other than any net capital gains recognized on the disposition of U.S. real property interests, to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale of the Fund's Shares, will not be subject to U.S. federal income tax or any withholding of such tax, unless (a) the distributions or gains, as the case may be, are effectively connected with the Non-U.S. Shareholder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. Shareholder), in which case the distributions or gains will be subject to U.S. federal income tax on a net basis at the rates and in the manner applicable to U.S. Shareholders generally or (b) the Non-U.S. Shareholder is an individual who has been present in the United States for 183 days or more during the taxable year and satisfies certain other conditions, in which case, except as otherwise provided by an applicable income tax treaty, the distributions or gains, which may be offset by certain U.S.-source capital losses, generally will be subject to a flat 30% U.S. federal income tax, even though the Non-U.S. Shareholder is not considered a resident alien under the Code.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return, even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. Shareholder, both distributions (actual or deemed) and gains realized upon the sale of the Fund's Shares that are effectively connected with the Non-U.S. Shareholder's conduct of a trade or business within the United States may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty).

Backup Withholding

A Non-U.S. Shareholder who is a non-resident alien individual, and who is otherwise subject to withholding of U.S. federal income tax, will be subject to information reporting and may be subject to backup withholding of U.S. federal income tax on taxable distributions unless the Non-U.S. Shareholder provides the applicable withholding agent with a U.S. nonresident withholding tax certificate (e.g., an IRS Form W-8BEN, IRS Form W-8BEN-E or an acceptable substitute form) or otherwise establishes an exemption from backup withholding.

**Non-U.S. Shareholders should consult their own tax advisers with respect to the U.S. federal income and withholding tax consequences, and state, local and non-U.S. tax consequences, of an investment in Shares.**

Withholding and Information Reporting on Foreign Financial Accounts

Numerous jurisdictions have enacted, or have committed to enact, legislation and administrative guidance requiring the collection and sharing of certain information in order to combat tax avoidance. Pursuant to these regimes, entities such as the Fund may be required to collect information concerning their owners and may be required to share such information with the taxing authorities of jurisdictions in which the Fund invests or holds a financial account. The Fund will be subject to one or more of these reporting regimes during the course of its life.

The United States Foreign Account Tax Compliance Act ("FATCA") aims to combat tax evasion by U.S. tax residents using foreign accounts. Pursuant to the FATCA regime, the applicable withholding agent generally will be required to withhold 30% of U.S. source interest and dividends paid to (i) a non-U.S. financial institution (whether such financial institution is the beneficial owner or an intermediary) unless such non-U.S. financial institution agrees to verify, report and disclose its U.S. accountholders and meets certain other specified requirements or (ii) a non-financial non-U.S. entity (whether such entity is the beneficial owner or an intermediary) unless such entity certifies that it does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each substantial U.S. owner and such entity meets certain other specified requirements. Additionally, although FATCA withholding with respect to gross proceeds of a disposition of stock had been scheduled to begin on January 1, 2019, proposed regulations, which can be relied on until final regulations are issued, suspended such withholding indefinitely. If payment of this withholding tax is made, Non-U.S. Shareholders that are otherwise eligible for an exemption from, or a reduction in, withholding of U.S. federal income taxes with respect to such dividends or proceeds will be required to seek a credit or refund from the IRS to obtain the benefit of such exemption or reduction. The Fund will not pay any additional amounts in respect to any amounts withheld.

**Certain ERISA Considerations**

General

The fiduciary responsibility standards and prohibited transaction restrictions of ERISA apply to a variety of employee retirement and welfare benefit plans maintained by U.S. private sector employers and certain entities in which those plans invest ("ERISA Plans"). Although ERISA generally does not apply to individual retirement accounts, "Keogh" plans and certain other plans, such plans (collectively with ERISA Plans, "Plans"), are generally subject to Section 4975 of the Code, which contains prohibited-transaction provisions that are similar to those contained in ERISA. The following summary of certain aspects of ERISA and Section 4975 of the Code is general in nature and does not purport to be complete. Accordingly, each prospective investor should consult with its own counsel in order to understand such issues affecting its investment in the Fund.

Investment Considerations

The assets of the Fund are invested in accordance with the investment objective and policies described in this Registration Statement. The fiduciary of an ERISA Plan (and not the Adviser) will be solely responsible for the ERISA Plan's decision to invest in the Fund, including, without limitation, the role that an investment in the Fund would play in the ERISA Plan's portfolio and whether an investment in the Fund is reasonably designed as part of the overall investment of the ERISA Plan's assets. Accordingly, an authorized fiduciary of an ERISA Plan proposing to invest in the Fund should, in consultation with its own advisors, consider whether such investment is consistent with the terms of the ERISA Plan's governing documents (including any investment guidelines) and applicable law. Neither the Adviser nor the Fund or any of their respective affiliates is responsible for determining, and none of them makes any representation regarding, whether the Fund's Shares is an appropriate investment for Plans generally or any particular Plan.

Prohibited Transactions

Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of Plans and certain persons, referred to as "parties in interest" under ERISA or "disqualified persons" under Section 4975 of the Code, having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction.

A purchase of the Fund's Shares by an ERISA Plan having a relationship with the Adviser or the Fund, or any of their respective affiliates could, under certain circumstances, be considered a transaction prohibited under ERISA or Section 4975 of the Code. Accordingly, an authorized fiduciary of an investing Plan will be deemed to have represented and agreed, among other things, that the ERISA Plan's purchase and holding of the Fund's Shares are not and will not constitute or otherwise result in a non-exempt prohibited transaction. In addition, as discussed below, other issues under the rules governing prohibited transactions may arise to the extent that the assets of the Fund constitute "plan assets."

Certain "Plan Assets" Considerations

The Plan Assets Regulation describes when the assets of an entity are to be treated as "plan assets" for purposes of ERISA and Section 4975 of the Code. The Plan Assets Regulation provides that, if a Benefit Plan Investor (as defined below) acquires an "equity interest" in an entity, and if Benefit Plan Investors in the aggregate hold 25% or more of the value of any class of equity interests in the entity, the entity's assets will be treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, unless the Fund's Shares constitutes a "publicly-offered security" (as described below) or another exception under the Plan Assets Regulation applies. For these purposes, a "Benefit Plan Investor" includes (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Part 4 of Subtitle B of Title I of ERISA, (ii) a "plan" as defined in and to which Section 4975 of the Code applies, including, without limitation, an individual retirement account, and (iii) any entity whose underlying assets include plan assets by reason of an employee benefit plan's or other plan's investment in the entity or otherwise. In addition, assets of the general account of an insurance company may, in certain circumstances, be considered "plan assets." For the purpose of determining whether the 25% test is met, equity interests held by any person (other than a Benefit Plan Investor) who has discretionary authority or control over the assets of the entity or provides investment advice for a fee with respect to such assets, or by any affiliates of such person, will be disregarded. Under ERISA, an entity that does not satisfy the 25% test will be deemed for various purposes (for example, when making investments in other entities) to hold plan assets only to the extent of the percentage of the equity interests in the entity held by Benefit Plan Investors.

In order to attempt to prevent the assets of the Fund from constituting "plan assets" for purposes of ERISA and/or Section 4975 of the Code, based upon representations from investors, the Fund will endeavor to restrict the sale and transfer of the Fund's Shares to Benefit Plan Investors such that at all times less than 25% of the Fund's Shares, as determined for purposes of the Plan Assets Regulation, will be held by Benefit Plan Investors and, therefore, the Fund's assets will not be expected to constitute "plan assets" for purposes of ERISA or Section 4975 of the Code, and the Adviser would not be expected to be considered a fiduciary under ERISA with respect to investing ERISA Plans. In order to prevent Benefit Plan Investors from owning (or be at substantial likelihood of owning) 25% or more of any class of equity interest of the Fund, the Fund may also exercise its right to cause a compulsory withdrawal of Benefit Plan Investors.

In addition to the foregoing, the Plan Assets Regulation provides an exception to plan assets treatment where the equity interest purchased by Plans is a "publicly-offered security." The Plan Assets Regulation defines a "publicly-offered security" as a security that is "freely transferable," "widely held" and either part of a class of securities registered under the Exchange Act or sold pursuant to an effective Registration Statement under the Securities Act if the securities are registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the public offering occurred. A security is considered "widely held" only if it is part of a class of securities that is owned by 100 or more investors independent of the issuer and of one another. However, a security will not fail to be "widely held" solely because the number of independent investors falls below 100 subsequent to the initial public offering as a result of events beyond the issuer's control. The Plan Assets Regulation provides that whether a security is "freely transferable" is a factual question to be determined on the basis of all relevant facts and circumstances. The Plan Assets Regulation further provides that when a security is part of an offering in which the minimum investment is $10,000 or less, certain restrictions ordinarily will not, alone or in combination, affect the finding that such securities are "freely transferable." It is noted that the Plan Assets Regulation only establishes a presumption in favor of the finding of free transferability where the restrictions are consistent with the particular types of restrictions listed in the Plan Assets Regulation.

In order to attempt to avoid the Fund's assets being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code during any time during which the Shares are not a "publicly-offered security" for purposes of the Plan Assets Regulation, the Fund intends to limit investment in the Fund so that, at all such times, less than 25% of the Shares (as determined for purposes of the Plan Assets Regulation) are held by Benefit Plan Investors based on assurances provided by investors or their transferees. Initial or additional investments by Benefit Plan Investors could be restricted, and existing Benefit Plan Investors could be required to redeem, withdraw or otherwise cancel their Shares in the Fund's attempt to avoid its assets being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code. Any such restrictions or mandatory redemptions, withdrawals, or cancellations will be effected in such manner as the Fund's Board, in its discretion, determines to be reasonable and appropriate under the circumstances.

Other Plans

Governmental plans, certain church plans and non-U.S. plans, while generally not subject to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code, may nevertheless be subject to other laws that are substantially similar to the provisions of ERISA and Section 4975 of the Code ("Similar Law"). The Adviser and its affiliates disclaim all responsibility for determining whether an investment in the Fund would comply with any such statute or body or regulation for a given investor and expressly disclaim that they have adequately summarized or even identified such considerations. In addition, any investor that is a governmental plan, church plan, or foreign plan, and certain other investors may be required to represent that its investment will not subject the Fund or the Adviser to any Similar Law or other statute, body, or regulation that may be applicable to such an investor.

Certain Other Matters

No information that the Fund, the Adviser, or any entity or other person providing marketing services on the Fund's or their behalf, or any of their respective affiliates (collectively, the "Issuer Parties") is providing shall be considered to be or is advice on which any Benefit Plan Investor may rely for any investment decision. Benefit Plan Investors need to make their own decisions, with whatever third-party advice they may wish to obtain, and are not authorized to rely on any information any Issuer Party is providing as advice that is a basis for their decisions. The Issuer Parties have not made and are not making a recommendation, have not provided and are not providing investment advice of any kind whatsoever (whether impartial or otherwise), and have not given and are not giving any advice in ‎a fiduciary capacity, in connection with any Benefit Plan Investor's decision to purchase Shares.

A fiduciary of an ERISA Plan that proposes to invest in the Fund will be required, among other things, to represent that it has been informed of and understands the Fund's investment objectives, policies, and strategies and that the decision to invest in the Fund was made in accordance with its fiduciary responsibilities under ERISA and that neither the Fund, the Adviser or any of its affiliates has provided investment advice with respect to such decision. The Adviser will also require any investor that is, or is acting on behalf of, a Plan to represent and warrant that its acquisition and holding of Shares will not result in a nonexempt prohibited transaction under ERISA and/or Section 4975 of the Code.

THE PRECEDING DISCUSSION IS ONLY A SUMMARY OF CERTAIN CONSIDERATIONS UNDER ERISA AND SECTION 4975 OF THE CODE WITH RESPECT TO AN INVESTMENT IN THE FUND AND DOES NOT PURPORT TO BE COMPLETE. PROSPECTIVE INVESTORS SHOULD CONSULT WITH THEIR OWN LEGAL, TAX, FINANCIAL AND OTHER ADVISORS PRIOR TO INVESTING IN THE FUND TO REVIEW THESE IMPLICATIONS IN LIGHT OF THE INVESTOR'S PARTICULAR CIRCUMSTANCES. ACCEPTANCE OF SUBSCRIPTIONS ON BEHALF OF PLANS IS IN NO RESPECT A REPRESENTATION BY THE ADVISER OR ANY OTHER PARTY RELATED TO THE FUND THAT THIS INVESTMENT MEETS THE RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN, OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN. ANY POTENTIAL INVESTOR CONSIDERING AN INVESTMENT IN THE FUND THAT IS, OR IS ACTING ON BEHALF OF, A PLAN (OR A GOVERNMENTAL PLAN, CHURCH PLAN, FOREIGN PLAN, OR OTHER INVESTOR SUBJECT TO SIMILAR LAW) IS STRONGLY URGED TO CONSULT ITS OWN LEGAL, TAX AND ERISA ADVISERS REGARDING THE CONSEQUENCES OF SUCH AN INVESTMENT AND THE ABILITY TO MAKE THE REPRESENTATIONS DESCRIBED ABOVE.

**Item 1A. *Risk Factors*.**

**An investment in the Fund involves a significant degree of risk and should not be made by prospective investors who cannot afford to lose their entire investment. Prospective investors should carefully consider, in addition to the matters set forth elsewhere in this Registration Statement, the factors discussed below, each of which could have an adverse effect on the value of the Shares. Prospective investors should also consult their own financial, tax and legal advisors regarding the suitability of the investment offered herein. As a result of factors discussed below, as well as other risks set forth elsewhere in this Registration Statement, there can be no assurance that the Fund will meet its investment objectives or otherwise be able to carry out successfully its investment strategy. The returns of the Fund may be unpredictable and, accordingly, the Shares are suitable investments only for sophisticated investors who fully understand and who are willing to assume the risks involved in the Fund's specialized investment program and have the financial resources necessary to bear the potential loss of their entire investment in the Fund's Shares. Investors should not construe the performance of any investments mentioned in this Registration Statement as providing any assurances regarding the future performance of the Fund.**

**<u>Risks Relating to the Fund's Business and Structure</u>**

***No Operating History***. The Fund has no operating history upon which to evaluate the Fund's performance. The performance of past portfolio investments associated with Sound Point is not necessarily indicative of the results that will be achieved by the Fund. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objective, or that the Fund will not qualify or maintain the Fund's qualification to be treated as a RIC under Subchapter M of the Code, and that the value of any shareholder's investment could decline substantially.

The investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Adviser and USDL Team in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. The Adviser and its affiliates' limited experience in managing a portfolio of assets under such constraints may hinder its ability to take advantage of attractive investment opportunities and, as a result, achieve the Fund's investment objective.

Based on the amount of proceeds raised in the Closings, it could take some time to invest substantially all of the capital the Fund expects to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments. In order to comply with the RIC diversification requirements during the startup period, the Fund may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which the Fund expects will earn yields substantially lower than the interest, dividend or other income that the Fund seeks to receive in respect of suitable portfolio investments. The Fund may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions the Fund expects to pay when the Fund's portfolio is fully invested. The Fund will pay management fees to the Adviser throughout this interim period irrespective of the Fund's performance. If the management fees and the Fund's other expenses exceed the return on the temporary investments, the Fund's equity capital will be eroded.

***Dependence on Key Personnel and Adviser.*** The success of the Fund depends in substantial part on the experience and knowledge of the Adviser and the USDL Team. There can be no assurance that any individual will continue to be employed by the Adviser throughout the term of the Fund. The loss of key personnel could have a material adverse effect on the Fund.

***Business and Regulatory Risks of Alternative Asset Investments.*** Legal, tax and regulatory changes could occur that may adversely affect the Fund at any time during its term. The legal, tax and regulatory environment for BDCs and other vehicles that invest in alternative investments is evolving, and changes in the legislation or regulation and market perception of such vehicles, including changes to existing laws and regulations and increased criticism of the Fund, private credit and other sectors within the alternative asset industry by some politicians, government representatives, regulators and market commentators, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing and the value of investments held by the Fund. In recent years, market disruptions and the dramatic increase in the capital allocated to alternative investment strategies have led to increased governmental as well as self-regulatory scrutiny of the alternative investment fund industry in general, and certain legislation proposing greater regulation of the industry periodically is considered by the governing bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes may be instituted with respect to the legislation or regulations applicable to the Fund, the Adviser, their respective affiliates, the markets in which they trade and invest, the shareholders or the counterparties with which they do business, or what other effect such legislation or regulations might have. There can be no assurance that the Fund, the Adviser or their respective affiliates will be able, for financial reasons or otherwise, to comply with future laws and regulations, and any regulations that restrict the ability of the Fund to implement its investment strategy could have a material adverse impact on the Fund's portfolio. To the extent that the Fund or its investments are or may become subject to regulation by various agencies in the United States or other non-U.S. jurisdictions, certain costs of compliance will be borne by the Fund.

The SEC and other various U.S. federal, state and local agencies usually conduct examinations and inquiries into, and may bring enforcement and other proceedings against, the Fund, the Adviser or their respective affiliates. The Fund, the Adviser or their respective affiliates could receive requests for information or subpoenas from the SEC and other state, federal and non-U.S. regulators from time to time in connection with such inquiries and proceedings and otherwise in the ordinary course of business. These requests may relate to a broad range of matters, including specific practices of the Fund, the Adviser, the securities in which the Adviser invests on behalf of the Fund and/or clients, or industry-wide practices. Certain costs of any such increased reporting, registration and compliance requirements may be borne by the Fund and may furthermore place the Fund at a competitive disadvantage to the extent that the Fund or the Adviser is required to disclose sensitive business information.

***Competitive Nature of the Adviser's Business.*** The business of identifying and structuring investments of the types contemplated by the Fund is highly competitive and involves a high degree of uncertainty. The Adviser expects to encounter competition from other entities having similar investment objectives, including other BDCs, private equity and credit funds, strategic industry acquirers, registered investment companies, specialty finance companies, banks, broker-dealers, investment partnerships and corporations, and other financial investors. Some of these competitors may have more relevant experience and contacts or better resources than the Adviser or may not be subject to the regulatory restrictions that the 1940 Act imposes on the Fund as a BDC and that the Code imposes on the Fund as a RIC. Such other investors may make competing offers for investment opportunities that are identified, and even after an agreement in principle has been reached with the board of directors or owners of an acquisition target, consummating the transaction will be subject to myriad uncertainties, only some of which are foreseeable or within the control of the Adviser. To the extent that the Adviser encounters competition with respect to the Fund's investments, yields to shareholders may be reduced. In addition to competition from other investors, the availability of investment opportunities generally will be subject to market conditions as well as, in many cases, the prevailing regulatory or political climate.

***Cyclicality****.* Certain sectors targeted by the Fund are cyclical and subject to significant fluctuation due to competition, the high level of government regulation, general economic conditions and the level of interest rates and other factors. The returns on the Fund's investments may therefore be lower in certain periods.

***Investments in Companies in Regulated Industries***. Certain industries, such as the communications and technology industries, are heavily regulated. The Fund may make investments in portfolio companies operating in industries that are subject to greater amounts of regulation than other industries generally. These more highly regulated industries may include energy and power, gaming and healthcare. Investments in portfolio companies that are subject to greater amounts of governmental regulation pose additional risks relative to investments in other companies generally. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such issuer. Governments have considerable discretion in implementing regulations that could impact an issuer's business and governments may be influenced by political considerations and may make decisions that adversely affect an issuer's business. Additionally, certain portfolio companies may have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio company's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company's operations and profitability could suffer if it experiences labor relations problems. Upon the expiration of any such portfolio company's collective bargaining agreements, it may be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business operations at one or more of its facilities may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. A work stoppage at one or more of any such portfolio company's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may bring scrutiny and attention to the Fund itself, which could adversely affect the Fund's ability to implement its investment objectives.

***Trade Settlement***. The Fund may invest in loans, which often requires the involvement of third parties, such as administrative or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or settlement of all bank loan trades. For these reasons, among others, trade settlements generally take a longer period of time to settle in such markets than they do in the securities markets, and adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the Fund.

***Artificial Intelligence and Machine Learning Developments.***. Recent technological advances in artificial intelligence and machine learning technology (collectively, "Machine Learning Technology"), including OpenAI's release of its ChatGPT application, pose risks to the Adviser, the Fund and the Fund's portfolio companies. While the Adviser could utilize Machine Learning Technology in connection with its business activities, including investment activities, the Adviser continues to evaluate the use of Machine Learning Technology by its personnel. The Adviser, the Fund and the Fund's portfolio companies could be further exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties, whether or not known to the Adviser, also use Machine Learning Technology in their business activities. The Adviser will not be in the position to control the manner in which third-party products are developed or maintained or the manner in which third-party services are provided.

Use of Machine Learning Technology by any of the parties described in the previous paragraph could include the input of confidential information (including material non-public information) into Machine Learning Technology applications, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users.

Independent of its context of use, Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent that the Adviser, the Fund or the Fund's portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on the Adviser, the Fund or the Fund's portfolio companies. Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

***Systems Risk; Cyber Security Breaches and Identity Theft.*** The Fund and the Adviser rely extensively on computer programs and systems (and could rely on new systems and technology in the future) for various purposes, including trading, clearing, and settling transactions, evaluating certain investments, monitoring their portfolios and net capital, and generating risk management and other reports that are critical to oversight of the Fund's activities. Certain of the Fund's and the Adviser's operations will be dependent upon systems operated by third parties, including prime brokers, administrators, market counterparties and their sub-custodians and other service providers, though the Adviser could perform certain of these functions internally in reliance on their own systems (the cost of which could be borne by the Fund). The Fund's service providers could also depend on information technology systems that could or could not be controlled by them and, notwithstanding the diligence that the Fund could perform on its service providers, the Fund could not be able to verify the risks or reliability of such information technology systems.

The Fund, the Adviser, and their affiliates and their service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes and practices designed to protect networks, systems, computers, programs, and data from both intentional cyber-attacks and hacking by other computer users, as well as unintentional damage or interruption that, in either case, can result in damage and disruption to hardware and software systems, loss or corruption of data and/or misappropriation of confidential information. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser and its service providers' information and technology systems may be vulnerable to damage or interruption from computer viruses and other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals or service providers, power, communications or other service outages and catastrophic events such as fires, tornadoes, floods, hurricanes, and earthquakes.

Cybersecurity threats may involve unauthorized access to sensitive information, including, without limitation, information regarding the Adviser's or the Fund's investment activities, or could render data or systems unusable, any of which could result in significant losses. Any cybersecurity attacks against the Adviser, the Fund, or the Fund's portfolio companies could lead to the loss of sensitive information essential to such entity's operations, could have a material adverse effect on such entity's reputations, financial positions or cash flows, could lead to financial losses from remedial actions or loss of business, or could lead to potential liability. Neither the Adviser nor the Fund control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser and the Fund, each of whom could be negatively impacted as a result. Breaches such as those involving covertly introduced malware, attempts to induce Sound Point personnel (or third-party agents) to provide data or payments under false pretenses (e.g., via a falsified email), unauthorized release of confidential or otherwise protected information, including personal information relating to the Fund, and corruption of data, and other electronic security breaches could lead to disruptions in critical systems, potentially resulting in further harm and could require the Adviser, the Fund, or any such portfolio Fund to make a significant investment to fix or replace such systems. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on systems or websites, rendering them unavailable. If unauthorized parties gain access to such information and technology systems, they could be able to steal, publish, delete, or modify private and sensitive information. If the information and technology systems of the Adviser and the Fund and their respective service providers are compromised, become inoperable for extended periods of time or cease to function properly, the Adviser, the Fund, and/or their service providers may have to make a significant investment to fix or replace such systems. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the Adviser's, the Fund's, and/or a portfolio company's operations and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to investors of the Fund (and their beneficial owners), material non-public information relating to, and the intellectual property and trade secrets of the Adviser, the Fund, and/or its portfolio companies. Such a failure or unauthorized disclosure of data could harm the Adviser, the Fund, and/or a portfolio company's reputation, subject any such entity and their respective affiliates to legal claims, regulatory action, increased costs, financial losses, data privacy breaches or enforcement action arising out of applicable privacy or other laws and adverse publicity and otherwise affect their business and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means.

***Interpretation of Governing Agreements and Legal Requirements.*** The governing and related documents of the Fund (the "Governing Agreements") are detailed agreements that establish complex arrangements among the Adviser, the Fund and its investors, and other entities and individuals. Questions will arise from time to time under the Governing Agreements regarding the parties' rights and obligations in certain situations, some of which the parties may not have considered while drafting and executing the Governing Agreements. In these instances, the applicable provisions of the Governing Agreements, if any, may be broad, general, ambiguous, or conflicting, and may permit more than one reasonable interpretation. At times, there may not be provisions directly applicable to the situation at hand. While the Fund will construe the provisions set forth in the Governing Agreements (including any "hedge clauses" discussed below) in good faith and in a manner consistent with its legal obligations, the interpretations it adopts may not necessarily be, and need not be, the most favorable interpretations for its shareholders.

The Governing Agreements contain provisions (sometimes referred to as "hedge clauses") that provide that the Adviser and its agents have no responsibility or liability for any loss incurred by the Fund or any shareholder arising in connection with their activities on behalf of, or their association with, the Fund provided that such exculpation will not apply where such person committed certain bad acts (including fraud, willful misfeasance or gross negligence). Hedge clauses are limited by, among other things, Section 206 of the Advisers Act, which the SEC has interpreted to impose certain duties on investment advisers that are not waivable.

***Illiquidity.*** The Shares have not been and may never be registered under the Securities Act and, unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Shares are an illiquid investment for which there is not a secondary market, nor is it expected that any such secondary market will develop in the future. Investors in our Shares generally may not sell, assign, or transfer their Shares without prior written consent of the Fund, which the Fund may grant or withhold under limited circumstances, and provided that the transferee satisfies applicable eligibility and/or suitability requirements and the transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws. No transfer will be effectuated except by registration of the transfer on the Company's books. We intend to sell our Shares in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Shares in such private offerings are required to complete, execute and deliver a Subscription Agreement and related documentation, which includes customary representations and warranties, certain covenants and restrictions and indemnification provisions. Additionally, such investors may be required to provide due diligence information to us for compliance with certain legal requirements. We may, from time to time, engage offering or distribution agents and incur offering or distribution fees or sales commissions in connection with the private offering of our Shares in certain jurisdictions outside the United States. The cost of any such offering or distribution fees may be borne by an affiliate of the Adviser. We will not incur any such fees or commissions if our net proceeds received upon a sale of our Shares after such costs would be less than the net asset value per unit.

While the Fund may consider a liquidity event at any time in the future, it currently does not intend to undertake a liquidity event and will not be obligated by its declaration of trust or otherwise to affect a liquidity event at any time. In addition, the Fund has granted registration rights to certain investors in the Shares of the Fund, which could have the adverse effect of delaying, deferring or preventing a liquidity event, such as an initial public offering of the Fund's Shares, that might otherwise be in the best interests of shareholders.

***No Right to Control the Fund's Operations***. Shareholders in the Fund will have no opportunity to control the day-to-day operations of the Fund, including investment and disposition decisions. In order to safeguard their limited liability from the liabilities and obligations of the Fund, shareholders must rely on the Adviser's ability to identify, structure and implement investments consistent with the investment objectives and policies of the Fund.

***Consequences of Default***. Shareholders may be subject to significant adverse consequences in the event such a shareholder defaults on its capital commitment to the Fund. In addition to losing its right to participate in future Drawdowns, a defaulting shareholder may be forced to transfer its Shares to a third party for a price that is less than the NAV of such Shares.

***Board Participation.*** Employees of the Adviser may serve as directors of some portfolio companies and, as such, may have duties to persons other than the Fund, including other shareholders of such portfolio companies. Although holding board positions may be important to the Fund's investment strategy and may improve the Adviser's management ability, board positions could impair the Fund's ability to sell the relevant securities and/or loans when and upon the terms it wants, and may subject the Fund and the Adviser to claims they would otherwise not be subject to as an investor, including claims of breach of duty of loyalty, corporate waste, securities claims and other director-related claims.

***Indemnification Obligations.*** The Adviser will not assume any responsibility to the Fund other than to render the services described in its Investment Advisory Agreement with the Fund, and it will not be responsible for any action of the Board in declining to follow the Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of the Adviser will not be liable to the Fund for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Fund will also agree to indemnify, defend and protect the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. These protections may lead the Adviser to act in a riskier manner when acting on the Fund's behalf than it would when acting for its own account.

***Possibility of Fraud and Other Misconduct of Employees of the Adviser and Service Providers.*** Misconduct by employees of the Adviser, service providers and/or their respective affiliates could cause significant losses. Misconduct could include entering into transactions without authorization, the failure to comply with operational and risk procedures, including due diligence procedures, misrepresentations as to investments being considered by the Fund, the improper use or disclosure of confidential or material non-public information, which could result in litigation, regulatory enforcement or serious financial harm, including limiting the business prospects or future marketing activities of the Fund, and noncompliance with applicable laws or regulations (including in the workplace via inappropriate or unlawful behavior or actions directed to other employees) and the concealing of any of the foregoing. Such activities could result in reputational damage, litigation, business disruption and/or financial losses to the Fund. The Adviser has controls and procedures through which it seeks to minimize the risk of such misconduct occurring. However, no assurances can be given that the Adviser will be able to identify or prevent such misconduct.

***Qualifying Assets.*** As a BDC, the 1940 Act prohibits the Fund from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund's total assets are qualifying assets. Therefore, the Fund may be precluded from investing in what the Adviser believes are attractive investments if such investments are not qualifying assets. Conversely, if the Fund fails to invest a sufficient portion of its assets in qualifying assets, the Fund could lose its status as a BDC, which would have a material adverse effect on the Fund's business, financial condition, and results of operations. Similarly, these rules could prevent the Fund from making additional investments in existing portfolio companies, which could result in the dilution of the Fund's position or could require the Fund to dispose of investments at an inopportune time to comply with the 1940 Act. If the Fund is forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

***Status as Business Development Company.*** If the Fund does not maintain its status as a BDC, the Fund might be regulated as a registered closed-end investment company under the 1940 Act, which would subject it to substantially more regulatory restrictions and correspondingly decrease the Fund's operating flexibility.

***Emerging Growth Company Status.*** The Fund expects to qualify as an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the Fund's initial public offering of common equity securities, (ii) in which the Fund has total annual gross revenue of at least $1.235 billion, or (iii) in which the Fund is deemed to be a large accelerated filer, which means the market value of the Shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which the Fund has issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Fund remains an "emerging growth company," it will likely take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act ("Section 404"). It is not possible to predict if prospective investors will find the Shares less attractive because the Fund will rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund may take advantage of such extended transition periods.

Because of the exemptions from various reporting requirements provided to the Fund as an "emerging growth company" and because the Fund may have an extended transition period for complying with new or revised financial accounting standards, the Fund may be less attractive to investors and it may be difficult for the Fund to raise additional capital as and when needed. Potential investors may be unable to compare the Fund with other companies in the same industry if they believe that the Fund's financial accounting is not as transparent as other companies in the industry. If the Fund is perceived as being not as transparent as other companies in the industry, the Fund's financial condition and results of operations may be materially and adversely affected.

***The Fund files reports with the SEC under the Exchange Act.*** The Fund is subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires the Fund to file annual, quarterly and current reports with respect to the Fund's business and financial condition which will cause the Fund to incur certain legal, accounting and other expenses. The Sarbanes-Oxley Act requires the Fund to maintain effective disclosure controls and procedures and internal control over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of the Fund's disclosure controls and procedures and internal controls, significant resources and management oversight will be required. The Fund has implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

The systems and resources necessary to comply with public company reporting requirements will increase further once the Fund ceases to be an "emerging growth company" under the JOBS Act. As long as the Fund remains an emerging growth company, it intends to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act ("Section 404").

***Exchange Act Filing Requirements.*** Because the Fund is subject to the reporting requirements under the Exchange Act, ownership information for any person who beneficially owns 5% or more of the Shares will have to be disclosed in a Schedule 13G, Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC and includes having voting or investment power over the securities. In some circumstances, shareholders who choose to reinvest their dividends may see their percentage stake in the Fund increase to more than 5%, thus triggering this filing requirement. Each shareholder is responsible for determining their filing obligations and preparing the filings. In addition, shareholders who hold more than 10% of a class of the Fund's shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the Fund's profits from the purchase and sale, or sale and purchase, of registered shares within a six-month period.

***Internal Controls.*** The Fund will not be required to comply with certain requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and will not be required to comply with all of those requirements until the Fund has been subject to the reporting requirements of the Exchange Act for a specified period or the date the Fund is no longer an emerging growth company under the JOBS Act. Accordingly, the Fund's internal control over financial reporting will not initially meet all of the standards contemplated by Section 404 that the Fund may eventually be required to meet. The Fund will need to undertake the process of building out its internal control over financial reporting and establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Fund.

Additionally, the Fund will undertake the process of documenting its internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of its internal control over financial reporting. Additionally, the Fund's independent registered public accounting firm is required to formally attest to the effectiveness of the internal control over financial reporting when Section 404 is applicable. If the Fund is not able to adequately implement the requirements of Section 404, the Fund's operations, financial reporting or financial results could be adversely affected. Matters impacting the Fund's internal controls may cause the Fund to be unable to report its financial information on a timely basis and thereby subject the Fund to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and may result in a breach of the covenants under the agreements governing any of its financing arrangements, if any. There could also be a negative reaction in the financial markets due to a loss of investor confidence in the Fund and the reliability of its financial statements. Confidence in the reliability of the Fund's financial statements could also suffer if the Fund or its independent registered public accounting firm were to report a material weakness in the Fund's internal control over financial reporting. This could materially adversely affect the Fund.

***RIC Related Tax Risks.*** The Fund intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment under the Code, the Fund must meet, amongst other requirements, requirements related to annual distributions, source of income and asset diversification. Failure to meet these requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. If the Fund fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate federal income tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution, and the amount of its distributions. See — *Certain U.S. Federal Income Tax Considerations – Taxation as a RIC.*

As a result of the "Annual Distribution Requirement" (i.e., the requirements that the Fund must distribute to its shareholders, for each taxable year, at least 90% of the Fund's "investment company taxable income," which is generally the Fund's ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, and 90% of the Fund's net tax-exempt income, if any) to qualify for tax treatment as a RIC, the Fund may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. The Fund expects to be able to issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the ratio of the Fund's total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred shares, if any, equals at least 150% after such incurrence or issuance. If the Fund issues senior securities, it will be exposed to risks associated with leverage, including an increased risk of loss. The Fund's ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit the Fund's investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which the Fund can borrow and the rates at which it can lend. Therefore, the Fund intends to seek to continuously issue equity securities, which may lead to shareholder dilution.

The Fund may borrow to fund investments. If the value of the Fund's assets declines, the Fund may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit the Fund from paying distributions and could prevent it from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If the Fund cannot satisfy the asset coverage test, it may be required to sell a portion of its investments and, depending on the nature of the Fund's debt financing, repay a portion of its indebtedness at a time when such sales may be disadvantageous.

Until and unless the Fund is treated as a publicly offered RIC as a result of either (1) Shares collectively being held by at least 500 persons at all times during a taxable year, (2) Shares being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Shares being treated as regularly traded on an established securities market, each U.S. Shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Fund in the amount of such U.S. Shareholder's allocable share of the management and incentive fees paid to the Adviser and certain of the Fund's other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. Shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. Shareholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

***Phantom Income****.* For U.S. federal income tax purposes, the Fund will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Fund holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with Payment-in-Kind ("PIK") interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that the Fund has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Fund may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Fund's ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued are included in the Fund's investment company taxable income for the taxable year of accrual, the Fund may be required to make distributions to shareholders in order to satisfy the Annual Distribution Requirement (as defined below) and/or excise tax avoidance requirement, even though the Fund will have not received any corresponding cash payments. Accordingly, to enable the Fund to make distributions to shareholders that will be sufficient to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Fund may need to raise additional equity or debt capital or the Fund may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Fund is unable to obtain cash from other sources to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

***Dividends in Shares****.* Although the Fund currently does not intend to do so, the Fund may declare a large portion of a dividend in Shares at the election of each shareholder. An IRS Revenue Procedure allows a publicly offered RIC to distribute its own shares as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all shareholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/shares dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Shareholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in Shares) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of the Fund's current and accumulated earnings and profits for federal income tax purposes. As a result, shareholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received.

***Dividend Reinvestment***. Shareholders that participate in the Fund's DRIP will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in the Fund's Shares to the extent the amount reinvested was not a tax-free return of capital. As a result, unless a shareholder is a tax-exempt entity, the shareholder may have to use funds from other sources to pay the tax liability on the value of the Fund's Shares received as a result of the distribution.

***Certain ERISA and Related Considerations***. Generally, the fiduciary responsibility standards and prohibited transaction restrictions of ERISA apply to a variety of employee retirement and welfare benefit plans maintained by U.S. private sector employers and certain entities in which those plans invest ("ERISA Plans"). Although ERISA generally does not apply to individual retirement accounts, "Keogh" plans and certain other plans, such plans (collectively with ERISA Plans, "Plans"), are generally subject to Section 4975 of the Code, which contains prohibited-transaction provisions that are similar to those contained in ERISA..

***Investment Considerations***. The assets of the Fund will be invested in accordance with the investment objective and policies described in this Registration Statement. The fiduciary of an ERISA Plan (and not the Adviser) will be solely responsible for the ERISA Plan's decision to invest in the Fund, including, without limitation, the role that an investment in the Fund would play in the ERISA Plan's portfolio and whether an investment in the Fund is reasonably designed as part of the overall investment of the ERISA Plan's assets. Accordingly, an authorized fiduciary of an ERISA Plan proposing to invest in the Fund should, in consultation with its own advisors, consider whether such investment is consistent with the terms of the ERISA Plan's governing documents (including any investment guidelines) and applicable law. Neither the Adviser nor the Fund or any of their respective affiliates is responsible for determining, and none of them makes any representation regarding, whether the Fund's Shares are an appropriate investment for Plans generally or any particular Plan.

***Prohibited Transactions****.* Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of Plans and certain persons, referred to as "parties in interest" under ERISA or "disqualified persons" under Section 4975 of the Code, having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction. A purchase of the Fund's Shares by a Plan having a relationship with the Adviser or the Fund, or any of their respective affiliates could, under certain circumstances, be considered a transaction prohibited under ERISA or Section 4975 of the Code. Accordingly, an authorized fiduciary of an investing Plan will be deemed to have represented and agreed, among other things, that the ERISA Plan's purchase and holding of the Fund's Shares are not and will not constitute or otherwise result in a non-exempt prohibited transaction. In addition, as discussed below, other issues under the rules governing prohibited transactions may arise to the extent that the assets of the Fund constitute "plan assets."

***Certain "Plan Asset" Considerations***. The Plan Assets Regulation describes when the assets of an entity are to be treated as "plan assets" for purposes of ERISA and/or Section 4975 of the Code. The Plan Assets Regulation provides that, if a "benefit plan investor" (as defined under the Plan Assets Regulation ("Benefit Plan Investor")) acquires an "equity interest" in an entity, and if Benefit Plan Investors in the aggregate hold 25% or more of the value of any class of equity interests in the entity, the entity's assets will be treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, unless the Fund's Shares constitute a "publicly-offered security" (as defined in the Plan Assets Regulation ("Publicly-Offered Security")) or another exception under the Plan Assets Regulation applies.

In order to attempt to prevent the assets of the Fund from constituting "plan assets" for purposes of ERISA and/or Section 4975 of the Code any time during which the Shares are not a "publicly-offered security" for purposes of the Plan Assets Regulation, the Fund intends to limit investment in the Fund's Shares so that, at all times, less than 25% of the Fund's Shares (as determined for purposes of the Plan Assets Regulation) are held by Benefit Plan Investors based on written representations from investors or their transferees. Initial or additional investments by Benefit Plan Investors could be restricted, and existing Benefit Plan Investors could be required to redeem, withdraw or otherwise cancel their Shares in the Fund's attempt to avoid its assets being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code. Any such restrictions or mandatory redemptions, withdrawals, or cancellations will be effected in such manner as the Fund's Board, in its discretion, determines to be reasonable and appropriate under the circumstances. See *Item 1. Business – Certain ERISA Considerations.* Therefore, the Fund's assets will not be expected to constitute "plan assets" for purposes of ERISA or Section 4975 of the Code and the Adviser would not be expected to be considered a fiduciary under ERISA or Section 4975 of the Code with respect to investing Plans.

If, notwithstanding the foregoing, the Fund's assets are treated as "plan assets" for purposes of ERISA and/or Section 4975 of the Code, the Fund may be prevented from making certain otherwise desirable investments and engaging in certain other transactions that might otherwise be permitted and, if a non-exempt prohibited transaction occurs, may result in various liabilities and penalties for any "party-in-interest" under ERISA or "disqualified person" under the Code engaging in such transaction.

***Dilution.*** The Fund's Declaration of Trust authorizes the issuance of an unlimited number of Shares without requiring the approval of the shareholders. Shareholders will not have preemptive rights to purchase any Shares issued by the Fund in the future. The Board may elect to sell additional Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests, an existing shareholder's percentage ownership interest in the Fund may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of the Fund's investments, shareholders may also experience dilution in the NAV of their shares.

Under the 1940 Act, the Fund is generally prohibited from issuing or selling Shares at a price below NAV per share, which may be a disadvantage as compared with certain public companies. The Fund may, however, sell Shares, or warrants, options, or rights to acquire Shares, at a price below the current NAV of the Shares if the Board and Independent Trustees determine that such sale is in the Fund's best interests and the best interests of shareholders, and the shareholders, including a majority of those shareholders that are not affiliated with the Fund, approve such sale. In any such case, the price at which the Fund's securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the fair value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing Shares or senior securities convertible into, or exchangeable for, Shares, then the percentage ownership of existing shareholders at that time will decrease and such shareholders will experience dilution.

***Preferred Shares****.* The Board is authorized to issue preferred shares in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders.

The Fund cannot assure shareholders that the issuance of preferred shares, debt securities and/or convertible debt securities would result in a higher yield or return to the holders of Shares. The issuance of preferred shares, debt securities or convertible debt would likely cause the NAV of the Shares to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the debt securities and/or the convertible debt securities, were to approach the net rate of return on the Fund's investment portfolio, the benefit of such leverage to the holders of the Shares would be reduced. If the dividend rate on the preferred shares, or the interest rate on the debt securities and/or convertible debt securities, were to exceed the net rate of return on the Fund's portfolio, the use of leverage would result in a lower rate of return to the holders of Shares than if the Fund had not issued the preferred shares, debt securities or convertible debt securities. Any decline in the NAV of the Fund's investment would be borne entirely by the holders of Shares. Therefore, if the market value of the Fund's portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of Shares than if the Fund was not leveraged through the issuance of preferred shares, debt securities or convertible debt securities. This decline in NAV would also tend to cause a greater decline in the market price, if any, for the Shares.

There is also a risk that, in the event of a sharp decline in the value of the Fund's net assets, the Fund would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred shares, debt securities or convertible debt, or the Fund's current investment income might not be sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities and/or the convertible debt securities. In order to counteract such an event, the Fund might need to liquidate investments in order to fund the redemption of some or all of the preferred shares, debt securities or convertible debt. In addition, the Fund would pay (and the holders of Shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt, or any combination of these securities. Holders of preferred shares, debt securities or convertible debt may have different interests than holders of Shares and may at times have disproportionate influence over the Fund's affairs.

The 1940 Act requires that holders of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of Shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund's ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.

***Unrealized Depreciation.*** Under Rule 2a-5 of the 1940 Act, the Fund is required to carry investments at market value or, if no quotation is readily available, at the fair value as determined in good faith in accordance with procedures established by the Adviser, with such procedures approved by the Board. Pursuant to Rule 2a-5, the Board has designated the Adviser as "Valuation Designee." The Adviser, with the assistance of its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund's investments in accordance with valuation policies and procedures approved by the Board. Decreases in the market values or fair values of the Fund's investments relative to amortized cost are recorded as unrealized depreciation. Any unrealized losses in the Fund's portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to the Fund with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of the Fund's income available for distribution in future periods. In addition, decreases in the market value or fair value of the Fund's investments will reduce the Fund's NAV.

Pre-incentive fee net income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the Incentive Fee, it is possible that the Fund may pay an Incentive Fee in a quarter where the Fund incurs a loss.

***PIK Interest Payments.*** Certain of the Fund's debt investments may contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, the receipt by the Fund of PIK interest will have the effect of increasing the Fund's gross assets. As a result, because the Base Management Fee that the Fund pays to the Adviser is based on the Fund's gross assets, the receipt by the Fund of PIK interest will result in an increase in the amount of the Base Management Fee. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in the Fund's pre-incentive fee net investment income and, as a result, an increase in incentive fees that are payable by the Fund to the Adviser.

To the extent original issue discount instruments, such as zero coupon bonds and PIK loans, constitute a significant portion of the Fund's income, investors will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: (a) the higher interest rates of PIK loans reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (b) PIK loans may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (c) market prices of zero-coupon or PIK securities are affected to a greater extent by interest rate changes and may be more volatile than securities that pay interest periodically and in cash, and PIKs are usually less volatile than zero-coupon bonds, but more volatile than cash pay securities; (d) because original issue discount income is accrued without any cash being received by the Fund, required cash distributions may have to be paid from offering proceeds or the sale of Fund assets without investors being given any notice of this fact; (e) the deferral of PIK interest increases the loan-to-value ratio, which is a measure of the riskiness of a loan; (f) even if the accounting conditions for income accrual are met, the borrower could still default when the Fund's actual payment is due at the maturity of the loan; and (g) original issue discount creates risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

***Distributions.*** The amount of any distributions the Fund may make on the Shares is uncertain. The Fund may not be able to pay distributions, or be able to sustain distributions at any particular level, and the Fund's distributions per share, if any, may not grow over time, and the Fund's distributions per share may be reduced. The Fund has not established any limit on the extent to which it may use borrowings, if any, and the Fund may use offering proceeds to fund distributions (which may reduce the amount of capital the Fund ultimately invests in portfolio companies).

Subject to the Board's discretion and applicable legal restrictions, the Fund generally intends to authorize and declare cash distributions on a quarterly basis and pay such distributions on a quarterly basis. The Fund expects to pay distributions out of assets legally available for distribution. However, the Fund cannot assure shareholders that the Fund will achieve investment results that will allow the Fund to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. The Fund's ability to pay distributions might be adversely affected by the impact of the risks described herein. In addition, the inability to satisfy the asset coverage test applicable to the Fund as a BDC under the 1940 Act can limit the Fund's ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital the Fund ultimately invests in debt or equity securities of portfolio companies. The Fund cannot assure shareholders that the Fund will pay distributions to shareholders in the future.

Distributions on the Shares may exceed the Fund's taxable earnings and profits, particularly during the period before the Fund has substantially invested the net proceeds from this offering. Therefore, portions of the distributions that the Fund pay may represent a return of capital to shareholders. A return of capital is a return of a portion of shareholders' original investment in the Fund's Shares. As a result, a return of capital will (i) lower shareholders' tax basis in their shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds the Fund has for investment in portfolio companies. The Fund has not established any limit on the extent to which the Fund may use offering proceeds to fund distributions.

The Fund may pay distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of shareholders' capital and will lower shareholders' tax basis in their shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital the Fund ultimately has available to invest in portfolio companies.

***Responsible Investment Considerations***. The Adviser maintains what it refers to as a separate ESG Policy and seeks to integrate certain ESG diligence into its investment process in accordance with the relevant policy and subject to its fiduciary duty and any applicable legal, regulatory, or contractual requirements. There is no guarantee that the Adviser will be able to successfully implement the ESG Policy or to identify ESG risks while achieving the Fund's investment strategy. While the Adviser will attempt to gather information regarding a portfolio company on a pre-investment basis, there are certain transactions that make it more difficult to gather relevant information. There is no guarantee that all ESG information will be available for all types of transactions. In addition, applying ESG factors to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Adviser, or any judgment exercised by the Adviser, will reflect the beliefs or values of any particular investor. There are also significant differences in interpretations of what critical ESG characteristics mean by region, industry, and topic. The Adviser's interpretations and decisions are expected to differ from others' views and could also evolve over time. In addition, in evaluating an investment, the Adviser expects to depend upon information and data provided by several sources, including the relevant target companies and/or various reporting sources which could be incomplete, inaccurate, or unavailable, and which could cause the Adviser to incorrectly assess a company's ESG practices and/or related risks. The Adviser does not intend independently to verify all ESG information reported by target companies or third parties. Further, considering ESG qualities when evaluating an investment could result in the selection or exclusion of certain investments based on the Adviser's view of certain ESG-related and other factors and could cause the Fund not to make an investment that it would have made or to make a management decision with respect to an investment differently than it would have made in the absence of the Responsible Investment Policy, which could negatively impact the Fund's performance.

Further, ESG practices are evolving rapidly and there are different principles, frameworks, methodologies, and tracking tools being implemented by other asset managers, and the Adviser's adoption and adherence to various such principles, frameworks, methodologies, and tools is expected to vary over time. There is also a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement, and disclosure of ESG factors. The Adviser's ESG Policy could become subject to additional regulation in the future, and the Adviser cannot guarantee that its current approach will meet future regulatory requirements.

**Share Repurchases and Cash Reserves.**

There can be no assurance that any future share repurchases will occur, or, if they occur, that they will enhance shareholder value. In addition, any future share repurchases could have a material adverse effect on the business of the Fund for the following reasons:

● Repurchases may not prove to be the best use of the Fund's cash resources.

● Repurchases will diminish the Fund's cash reserves, which could impact its ability to finance future growth and to pursue possible future strategic opportunities.

● The Fund may incur debt or other cash resources to repurchase shares, which may affect the financial performance of the Fund's business during future periods or its liquidity and the availability of capital for other needs of the business.

● Repurchases may not be made at the best possible price and the market price of the Shares may decline below the levels at which the Fund repurchased Shares.

● Any suspension, modification or discontinuance of any future share repurchase plan could result in a decrease in the trading price of the Shares.

● Repurchases may make it more difficult for the Fund to meet the diversification requirements necessary to qualify for tax treatment as a RIC for U.S. federal income tax purposes; failure to qualify for tax treatment as a RIC would render taxable income subject to corporate-level U.S. federal income taxes.

● Repurchases may cause non-compliance with covenants under the Fund's financing agreements, which could have an adverse effect on the Fund's operating results and financial condition.

***Non-Diversified Investment Company.*** The Fund intends to operate as a non-diversified investment company within the meaning of the 1940 Act, which means that the Fund will not be limited by the 1940 Act with respect to the proportion of its assets that it may invest in a single issuer. However, the Fund from time to time in the future may be considered a diversified management investment company within the meaning of the 1940 Act. Beyond the asset diversification requirements associated with the Fund's qualification as a RIC for U.S. federal income tax purposes, the Fund does not have fixed guidelines for diversification. While the Fund is not targeting any specific industries, its investments may be focused on relatively few industries. To the extent that the Fund holds large positions in a small number of issuers, or within a particular industry, the Fund's NAV may be subject to greater fluctuation. The Fund may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry.

***Difficulty of Locating Suitable Investments****.* There can be no assurance that there will be a sufficient number of suitable investment opportunities satisfying the investment objectives of the Fund to enable the Fund to invest all of its committed capital, or that such investment opportunities will lead to completed investments by the Fund. Identification of attractive investment opportunities is difficult, and the availability of investment opportunities generally will be subject to market conditions and the prevailing regulatory and economic climate.

***Co-investment with Third Parties****.* The Fund may co-invest in portfolio companies with third parties (including Sound Point and certain of its affiliates) through partnerships, joint ventures or other arrangements. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third party co-venturer or partner may at any time have economic or business interests or goals that are inconsistent with those of the Fund or may be in a position to take action contrary to the Fund's investment objectives. In addition, the Fund may under certain circumstances be liable for actions of their third-party co-venturers or partners.

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without the prior approval of the Independent Trustees and, in some cases, the prior approval of the SEC. Pursuant to exemptive relief (the **"Order**") granted by the SEC to, among others, the Adviser, the Fund is permitted to co-invest alongside other funds, vehicles and/or accounts managed by the Adviser or certain of its affiliates pursuant to certain conditions.

The Order permits the Fund to co-invest alongside other funds/vehicles managed by the Adviser or certain of its affiliates, or alongside the Adviser or certain of its affiliates in a principal capacity, in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. The Order further provides that the Fund will receive its pro rata share of any transaction fees, based on its relative share of the amount invested or committed, as applicable, in the transaction. The Adviser's investment allocation policy seeks to ensure equitable allocation of investment opportunities between the Fund and other affiliates of the Adviser.

In situations when co-investment with other Sound Point affiliates is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order, the Adviser and/or its affiliates will need to decide which client or clients will proceed with the investment.

***Minority Investments****.* The Fund may make minority investments, or may make investments in "club" deals alongside entities sponsored by other private credit or private equity firms, in portfolio companies where the Fund may not have the right to appoint a director or otherwise be able to control or effectively influence the business or affairs of such entities. The entity in which a Fund investment is made may have economic or business interests or goals that are inconsistent with those of the Fund, and the Fund may not be able to limit or otherwise protect the value of its investment in the portfolio company. In addition, although the Fund may seek board representation in connection with certain investments, there is no assurance that such representation, if sought, will be obtained. In all such cases, the Fund will rely significantly on the existing management and boards of directors of portfolio companies, which may include representatives of investors with whom the Fund is not affiliated and whose interests may conflict with the interests of the Fund.

***Follow-On Investments***. The Fund may make follow-on investments in certain portfolio companies or have the opportunity to increase an investment in certain portfolio companies. There can be no assurance that the Fund will wish to make follow-on investments or that it will have sufficient funds to do so. Any decision by the Fund not to make follow-on investments or its inability to make them may have a substantial negative impact on a portfolio company in need of such an investment or may diminish the Fund's ability to influence the portfolio company's future development. The Fund's ability to make follow-on investments may also be limited by the Adviser's allocation policies and procedures. In situations where co-investment with other clients of the Adviser or its affiliates is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order, the Adviser will need to decide which client or clients will proceed with the investment.

***Limitations on Leverage.*** The Fund may, subject to the limitations described below, incur leverage in connection with its operations, collateralized by its assets and/or capital commitments. The amount of leverage that the Fund employs will depend on the Adviser's and the Board's assessment of market and other factors at the time of any proposed borrowing. The use of leverage by the Fund may have important consequences to the shareholders, including, but not limited to, the following: (i) greater fluctuations in the NAV of the Fund; (ii) use of cash flow for debt service and related costs and expenses, rather than for additional investments, distributions or other purposes; (iii) increased interest expense if interest rate levels were to increase significantly; (iv) limitation on the flexibility of the Fund to make distributions to the shareholders (and investors should specifically note in this regard that, for the avoidance of doubt, in connection with one or more credit facilities entered into by the Fund, distributions to the investors may be subordinated to payments required in connection with any indebtedness contemplated thereby); (v) in certain circumstances, the Fund may be required to dispose of investments at a loss or otherwise on unattractive terms in order to service its debt obligations or meet its det covenants; (vi) the amount and timing of contributions and distributions to shareholders may be affected in a manner that may have potentially adverse consequences to shareholders; and (vii) result in lower multiples of cost (but enhanced IRRs) for equity investments. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. As a result, the Fund's exposure to losses may be increased due to the illiquidity of its investments generally.

In addition, the Fund may need to refinance its outstanding debt as the debt matures. There is a risk that the Fund may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of the existing loan agreements. If prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. These risks could adversely affect the Fund's financial condition, cash flows and return on its investments. A credit agreement or borrowing facility frequently will contain other terms that restrict the activities of the Fund and the shareholders or impose additional obligations on them. For example, certain lenders or facilities are expected to impose restrictions on the Fund's ability to consent to the transfer or a shareholder's interest in the Fund or impose concentration or other limits on the Fund's investments, and/or financial or other covenants, that could affect the implementation of the Fund's investment strategy. The Fund and any other parallel investment entities, alternative investment vehicles and/or co-investment vehicles may be jointly and severally liable for all credit support obligations in respect of investments or under any Fund-related credit facility. Therefore, in the event that one or more investors of the Fund and/or investors of any other parallel investment entities, alternative investment vehicles and/or co-investment vehicles fail to satisfy a drawdown or otherwise default on their contribution obligations pursuant to the credit support, such amount would be drawn on a *pro rata* basis from non-defaulting investors and/or investors of any other parallel investment entities, alternative investment vehicles and/or co-investment vehicles up to the remaining amount of their respective unfunded capital commitments. As a result of the incurrence of indebtedness on a joint and several or cross-collateralized basis, the Fund may be required to contribute amounts in excess of its pro rata share, including additional capital to make up for any shortfall if such vehicles are unable to repay their pro rata share of such indebtedness. However, subject to the terms on borrowing under the Fund's Governing Agreements, only the Fund's pro rata share (based on the amounts invested or proposed to be invested in the investment or the proposed investment) of any such indebtedness will be counted for purposes of the limitations on borrowing.

In connection therewith, credit facilities may be secured by an assignment of the shareholders' unfunded capital commitments or the Fund's portfolio investments and assets. Shareholders may be required to acknowledge their obligation to pay their share of such indebtedness up to the amount of their unfunded capital commitments or to acknowledge the right of such lender to call on such shareholders to fund their commitments. The Governing Agreements may provide a lender with the right to receive detailed due diligence and credit-related information regarding the shareholders. The Adviser reserves the right, in its sole discretion, to waive these requirements for certain shareholders, which may have an adverse effect on the Fund's ability to obtain such credit facility or terms thereof. In addition, subject to the limitations in the Governing Agreements, the Fund's financing arrangements could be structured generally as a portfolio financing where multiple investments are cross-collateralized and are subject to the risk of loss. As a result, the Fund could lose its interests in one or more performing investments in the event any investment is cross-collateralized with poorly performing or non-performing investments. The Fund's assets, including any investments made by the Fund and any capital held by the Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund defaults on secured indebtedness, the lender could foreclose and the Fund could lose its entire investment in the collateral for such loan. If the Fund itself becomes subject to a liability, parties seeking to have the liability satisfied could have recourse to the Fund's assets generally and not be limited to any particular asset, such as the investment giving rise to the liability. In the event of a sudden, precipitous drop in the value of the Fund's assets, the Fund might not be able to dispose of assets quickly enough to pay off its debt, resulting in a foreclosure or other total loss of some or all of the pledged assets. Fund-level debt facilities typically include other covenants such as, but not limited to, covenants against the Fund incurring or being in default under other recourse debt, including certain fund level guarantees of asset-level debt, which, if triggered, could cause adverse consequences to the Fund if it is unable to cure or otherwise mitigate such breach. Also any bankruptcy, insolvency or default by a counterparty to the Fund could result in a loss of the Fund's investments, including, for example, where fund assets and securities are re-hypothecated or otherwise held by such counterparties and become subject to general claims of their creditors.

As a BDC, generally, the ratio of the Fund's total assets (less total liabilities other than indebtedness represented by senior securities) to the Fund's total indebtedness represented by senior securities plus any preferred shares, if any, must be at least 150%. This means that generally, the Fund can borrow up to $2 for every $1 of investor equity.

In addition, as market conditions permit, the Fund may securitize its loans to generate cash for funding new investments. To securitize loans, the Fund may create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue debt securities or loans to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. Any such subsidiary will include entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund will comply with the provisions of Section 61 under the 1940 Act governing capital structure and leverage on an aggregate basis with a subsidiary so that the Fund treats the Subsidiary's debt as its own. Each subsidiary will comply with the provisions of Section 57 under the 1940 Act relating to affiliated transactions and custody.

The Fund would retain all or a portion of the equity in the securitized pool of loans. The Fund's retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses.

Leverage magnifies the potential for loss on investments in the Fund's indebtedness and on invested equity capital. As the Fund uses leverage to partially finance its investments, shareholders will experience increased risks of investing in the Fund's securities. If the value of the Fund's assets increases, then leveraging would cause the NAV attributable to the Shares to increase more sharply than it would have had the Fund not leveraged. Conversely, if the value of the Fund's assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had the Fund not leveraged its business. Similarly, any increase in the Fund's income in excess of interest payable on the borrowed funds would cause the Fund's net investment income to increase more than it would without the leverage, while any decrease in the Fund's income would cause net investment income to decline more sharply than it would have had the Fund not borrowed. Such a decline could negatively affect the Fund's ability to pay dividends on its Shares, scheduled debt payments or other payments related to the Fund's securities.

***Hedging Policies/Risks.*** In connection with certain portfolio investments, the Fund may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Fund may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates and other factors may result in a poorer overall performance for the Fund than if it had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments.

***Portfolio Company Management.*** Each portfolio company's day-to-day operations are the responsibility of such company's management team. Although the Adviser is responsible for monitoring the performance of each portfolio investment there can be no assurance that the existing management team, or any successor, will be able to successfully operate the portfolio company in accordance with the Fund's plans. The success of each portfolio company depends in substantial part upon the skill and knowledge of each portfolio company's management team.

***Operating and Financial Risks of Portfolio Companies.*** Companies in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment, or an economic downturn. As a result, companies which the Fund expects to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In some cases, the success of the Fund's investment strategy will depend, in part, on the ability of the Fund to restructure and/or effect improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of uncertainty. There can be no assurance that the Fund will be able to successfully identify and implement such restructuring programs and improvements.

***Projections and Third-Party Reports.*** The Fund will generally make investments based on projections of the operating results of portfolio companies, the market environment and views/assumptions on default rates, recoveries, interest rate movements and technical market factors. Projected operating results will normally be based primarily on the guidance of the company's management and be justified by the Adviser's judgments or third-party advice and reports. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be achieved, and actual results may vary significantly from the projections. General economic, natural and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections.

***Interest Rates***. Because the Fund may borrow money to make investments, the Fund's net investment income will depend, in part, upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests those funds. As a result, the Fund can offer no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund's net investment income.

A reduction in interest rates on new investments relative to interest rates on current investments could have an adverse impact on the Fund's net investment income. However, an increase in interest rates could decrease the value of any investments which earn fixed interest rates and also could increase the Fund's interest expense, thereby decreasing the Fund's net income. Also, an increase in interest rates available to investors could make an investment in Shares less attractive if the Fund is not able to increase its dividend rate, which could reduce the value of the Shares. Further, rising interest rates could also adversely affect the Fund's performance if such increases cause its borrowing costs to rise at a rate in excess of the rate that the Fund's investments yield.

Increases in interest rates can make it more expensive to finance the Fund's investments and to refinance any financing arrangements. In addition, certain financing arrangements of the Fund may provide for adjustments in the loan interest rate along with changes in market interest rates. Therefore, in periods of rising interest rates, to the extent the Fund borrows money subject to a floating interest rate, the Fund's cost of funds would increase, which could reduce the Fund's net investment income. Further, rising interest rates could also adversely affect the Fund's performance if it holds investments with floating interest rates, subject to specified minimum interest rates (such as an applicable reference rate floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase the Fund's interest expense, even though its interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

If general interest rates rise, there is a risk that the portfolio companies in which the Fund holds floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with the Fund. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on the Fund to provide fixed rate loans to the Fund's portfolio companies, which could adversely affect the Fund's net investment income, as increases in the Fund's cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

**<u>Risks Relating to the Fund's Investments</u>**

***Risks Related to Investments in Loans.*** The Fund invests primarily by making loans, either through primary issuances or in secondary transactions,. The value of such loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no assurance that the value assigned by the Fund to collateralize an underlying loan can be realized upon liquidation, nor can there be any assurance that any such collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a borrower) that could cause the Fund's security interest in the loan's collateral to be invalidated. Also, much of the collateral will be subject to restrictions on transfers intended to satisfy securities regulations, which will limit the number of potential purchasers if the Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time, cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral.

***Second-Lien or Other Subordinated Loans or Debt Risk.*** The Fund may acquire and/or originate second-lien or other subordinated loans. In the event of a loss of value of the underlying assets that collateralize the loans, the subordinate portions of the loans may suffer a loss prior to the more senior portions suffering a loss. If a borrower defaults and lacks sufficient assets to satisfy the Fund's loan, the Fund may suffer a loss of principal or interest. If a borrower declares bankruptcy, the Fund may not have full recourse to the assets of the borrower, or the assets of the borrower may not be sufficient to satisfy the loan. In addition, certain of the Fund's loans may be subordinate to other debt of the borrower. As a result, if a borrower defaults on the Fund's loan or on debt senior to the Fund's loan, or in the event of the bankruptcy of a borrower, the Fund's loan will be satisfied only after all senior debt is paid in full. The Fund's ability to amend the terms of the Fund's loans, assign the Fund's loans, accept prepayments, exercise the Fund's remedies (through "standstill periods") and control decisions made in bankruptcy proceedings relating to borrowers may be limited by intercreditor arrangements if debt senior to that Fund's loans exists.

Additionally, when the Fund makes a senior secured loan to a portfolio company, it generally shall take a security interest in the available assets of the portfolio company, which should mitigate the risk that the Fund will not be repaid. However, there is a risk that the collateral securing the Fund's loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, the Fund's lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that the Fund will receive principal and interest payments according to the loan's terms, or at all, or that the Fund will be able to collect on the loan should it be forced to enforce its remedies.

***Unsecured Loans or Debt.*** The Fund may invest in unsecured loans which are not secured by collateral. In the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for an unsecured holder and therefore result in a loss of investment to the Fund. Because unsecured loans are lower in priority of payment to secured loans, they are subject to the additional risk that the cash flow of the borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the borrower. Unsecured loans generally have greater price volatility than secured loans and may be less liquid.

***Unfunded Loans.*** The Fund's investments may include loan commitments that are unfunded at the time of investment. A loan commitment is a written agreement in which the lender commits itself to make a loan or loans up to a specified amount within a specified time period. The loan commitment sets out the terms and conditions of the lender's obligation to make the loans. The portion of the amount committed by a lender under a loan commitment that the borrower has not drawn down is referred to as "unfunded". A lender typically is obligated to advance the unfunded amount of a loan commitment at the borrower's request, subject to certain conditions regarding the creditworthiness of the borrower. Borrowers with deteriorating creditworthiness may continue to satisfy their contractual conditions and therefore be eligible to borrow at times when the lender might prefer not to lend. In addition, a lender may have assumptions as to when a company in which the Fund invests may draw on an unfunded loan commitment when the lender enters into the commitment. If the borrower does not draw down as expected, the commitment may not prove as attractive an investment as originally anticipated. Further, any failure to advance requested funds to a company in which the Fund invests could result in possible assertions of offsets against amounts previously lent.

***Unitranche Loan Risk.*** Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans, and may rank junior to other debt instruments issued by the portfolio company. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.

***High-Yield Debt***. The Fund may invest in public and/or private debt securities that may be classified as "higher-yielding" (and, therefore, higher-risk) debt securities. In most cases, such debt will be rated below "investment grade" or will be unrated. High-yield debt securities are subject to ongoing uncertainties and exposure to risks from: (i) adverse business, financial, economic or political conditions; and (ii) the issuer's failure to make timely interest and principal payments (including where such debt securities are issued by a finance vehicle or holding company that depends on payments from other group companies to provide it with funds to meet its high-yield debt obligations). High-yield debt securities may benefit from guarantees and/or security from a parent company or specified group companies, although the holders of such debt securities may be limited in their ability to enforce the collateral and/or guarantees, and the proceeds from such collateral may not be sufficient to satisfy the debt obligations. High-yield debt securities are typically structured to facilitate public trading, but an active trading market for such debt securities may not develop and the transfer of such debt securities may be subject to restrictions. Additionally, the market for high-yield debt securities has experienced periods of volatility and reduced liquidity. The market values of certain of these debt securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products and services in which the issuer or its group operates would likely have a materially adverse impact on the value of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high-yield debt securities.

***Contingent Liability Risk.*** The Fund may from time to time incur contingent liabilities in connection with an investment. For example, the Fund may acquire a revolving credit or delayed draw term facility that has not yet been fully drawn. If the borrower subsequently draws down on the facility, the Fund will be obligated to fund the amounts due. There can be no assurance that the Fund will adequately reserve for their contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

***Risk of Borrowing by the Fund.*** The Fund may employ leverage in order to increase investment exposure with a view to achieving its target return, subject to the restrictions set out in the Fund's declaration of trust (the "Declaration of Trust").

While leverage presents opportunities for increasing total returns, it can also have the effect of increasing the volatility of the performance of the Fund, including the risk of total loss of the amount invested. If income and capital appreciation on investments made with borrowed funds are less than the costs of the leverage, the value of the assets of the Fund will decrease. The effect of the use of leverage is to increase the investment exposure, the result of which is that, in a market that moves adversely, the possible resulting loss to investors' capital would be greater than if leverage were not used. As a result of leverage employed by the Fund, small changes in the value of the underlying assets may cause a relatively large change in the value of the Fund. Many financial instruments used to employ leverage are subject to variation or other interim margin requirements, which may force premature liquidation of investments. Investors should be aware that the use of leverage by the Fund can be considered to multiply the leverage effect on their investment returns in the Shares. As described above, while this effect may be beneficial when markets' movements are favorable, it may result in a substantial loss of capital when markets' movements are unfavorable.

In addition, such leverage may involve granting of security by the Fund in certain or all of its assets or the outright transfer of specific investments in the Fund. Since there is no security created for the benefit of investors to secure the Fund's obligations in respect of the interests, on any insolvency of the Fund, the investor(s) could rank behind the Fund's financing and hedging counterparties, whose claims will be considered as indebtedness of the Fund and may be secured. Leverage does create opportunities for greater total returns on the investments but simultaneously creates special risk considerations: it may exaggerate changes in the total value of the Fund and in the yield on the investments and, subsequently, the yield on the interests.

In addition, from time to time, to the extent that leverage is employed, the Fund may be required to refinance transactions on a relatively frequent basis. The Fund's ability to achieve its objective and target returns is dependent upon the Fund's ability to achieve financing at economically advantageous rates. On each refinancing, it is open to the counterparty to renegotiate the terms of each transaction or indeed not to refinance the transaction at all. To the extent refinancing facilities are not available in the market at economic rates or at all, the Fund may be required to sell assets at disadvantageous prices, may not be able to make investments it otherwise would have made, and/or may not be able to achieve the leverage it would otherwise find it advantageous to achieve. Any such deleveraging may result in losses which could be severe and accordingly could have a material adverse effect on the performance of the Fund, and, by extension, the Fund's business, financial condition, results of operations and the value of the interests.

The Fund may guarantee (or provide credit support with respect to) loans or other extensions of credit made to, or obligations of, any current or prospective vehicle through which investments are made or held directly or indirectly (or any subsidiary thereof), any vehicle formed to effect the acquisition thereof, any parallel vehicle, feeder vehicle, alternative investment vehicle or co-investment vehicle (including without limitation, guarantees with respect to completion, recourse, creditworthiness, misconduct, environmental matters, capital contribution to a participating co-investment vehicle or any other matters).

For the avoidance of doubt, the Fund and possible parallel funds, if any, may guarantee or cross-collateralize certain of the obligations of the other parallel fund under or in respect of borrowings and guarantees and, accordingly, an event of default under the instruments governing a borrowing by a parallel fund may automatically constitute an event of default for the other Fund and/or other parallel funds constituting the Fund.

***Valuation Risks.*** The Fund expects to hold securities, loans or other financial instruments or obligations which are very thinly traded, for which no market exists or which are restricted as to their transferability under applicable securities laws. These investments may be extremely difficult to value accurately. The process of valuing securities for which reliable market quotations are not available is based on inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such securities, from values placed on such securities by other investors and from prices at which such securities may ultimately be sold. In addition, third-party pricing information may at times not be available regarding certain of the Fund's assets. In particular, past disruptions in the credit markets have resulted in a severe lack of liquidity for many securities or other instruments, making them more difficult to value and, in many cases, putting significant downward pressure on prices. Further, because of overall size or concentration in particular markets of positions held by the Fund, the value of its investments which can be liquidated may differ, sometimes significantly, from their valuations. Certain investments to be held by the Fund may trade with significant bid-ask spreads and, as a result, the Fund may sell or buy investments at a price that overvalues the asset such that the Fund's business, financial condition, results of operations and/or the value of the interests may be materially adversely affected. Performance information of the Fund and the other funds managed by the Adviser the performance of which is shown herein, which may hold substantial amounts of illiquid or hard to value assets, is therefore dependent upon the valuation procedures of the Adviser, and such values may not ultimately be realized. In addition, certain cross-transactions and other transactions between possible parallel funds and between the Fund and other funds or clients managed by the Adviser, to the extent permitted, are subject to valuation risk.

A component of the Adviser's analysis of the desirability of making a given investment relates to the estimated residual or recovery value of such investments in the event of the insolvency of the obligor. This residual or recovery value will be driven primarily by the value of the anticipated future cash flows of the obligor's business and by the value of any underlying assets constituting the collateral for such investment. The anticipated future cash flows of the obligor's business and the value of collateral can, however, be extremely difficult to predict as in certain circumstances market quotations and third-party pricing information may not be available. If the recovery value of the collateral associated with the investments in which the Fund invests decreases or is materially worse than expected by the Fund, such a decrease or deficiency may affect the value of the investments made by the Fund. Accordingly, there may be a material adverse effect on the performance of the Fund, and, by extension, the Fund's business, financial condition, results of operations and the value of the interests.

***Investments in Privately Held Companies.*** The Fund will acquire a significant percentage of its portfolio company investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. The Fund typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.

The illiquidity of the Fund's investments may make it difficult or impossible for the Fund to sell such investments if the need arises. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded its investments, which could have a material adverse effect on the Fund's business, financial condition and results of operations.

Moreover, investments purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.

***Investments in Private and Middle-Market Companies.*** Investments in private and middle-market companies involve a number of significant risks. Generally, little public information exists about these companies, and the Fund will rely on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Fund may lose money on its investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities held by the Fund, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a portfolio company and, in turn, on the Fund. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, the Fund's executive officers, trustees and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments in the portfolio companies.

***Due Diligence Risk.*** When conducting due diligence and making an assessment regarding a potential investment, the Adviser will be required to rely on resources available to it, including internal sources of information as well as information provided by existing and potential obligors, any equity sponsor(s), lenders and other independent sources. The due diligence process may at times be required to rely on limited or incomplete information.

The Adviser will select investments for the Fund in part on the basis of information and data relating to potential investments filed with various government regulators and publicly available or made directly available to the Adviser by the prospective portfolio companies or third parties. Although the Adviser will evaluate all such information and data and seek independent corroboration when it considers it appropriate and reasonably available, the Adviser will not be in a position to confirm the completeness, genuineness or accuracy of such information and data. The Adviser is dependent upon the integrity of the management of the entities filing such information and of such portfolio companies and third parties providing such information, as well as the financial reporting process in general.

The value of an investment made by the Fund may be affected by fraud, misrepresentation or omission on the part of a portfolio company or any related parties to such portfolio company, or by other parties to the investment (or any related collateral and security arrangements). Such fraud, misrepresentation or omission may adversely affect the value of the investment and/or the value of the collateral underlying the investment in question and may adversely affect the Fund's ability to enforce its contractual rights relating to that investment or the relevant obligor's ability to repay the principal or interest on the investment. In addition, the Adviser may rely upon independent consultants or experts in connection with its evaluation of proposed investments. There can be no assurance that these consultants or experts will accurately evaluate such investments. Investment analyses and decisions by the Adviser may be undertaken on an expedited basis in order to make it possible for the Fund to take advantage of short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete. Furthermore, the Adviser may not have sufficient time to evaluate fully such information even if it is available. In addition, the financial information available to the Adviser may not be accurate or provided based upon accepted accounting methods.

Accordingly, the Adviser cannot guarantee that the due diligence investigation it carries out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Any failure by the Adviser to identify relevant facts through the due diligence process may cause it to make inappropriate investment decisions, which may have a material adverse effect on the performance of the Fund, and, by extension, the Fund's business, financial condition or results of operations and the value of the interests.

***Investments in Publicly Traded Companies***. The Fund's investment portfolio may contain securities or instruments issued by publicly held companies. Such investments may subject the Fund to risks that differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such securities or instruments at certain times, increased likelihood of shareholder litigation against such companies' board members and increased costs associated with each of the aforementioned risks. Moreover, the Fund may not have the same access to information in connection with investments in public securities, either when investing in a potential investment or after making an investment, as compared to privately negotiated investments. Furthermore, the Fund may be limited in its ability to make investments, and to sell existing investments, in public securities because the Adviser and/or Sound Point may be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies.

***Investments in Securitizations, Asset-Backed Securities and other Structured Investments.*** The Fund may invest in securitizations, which are generally limited recourse obligations payable solely from the underlying assets ("Securitization Assets") of the issuer or proceeds thereof. Consequently, holders of equity or other securities issued by such securitization vehicles ("Collateralized Securities") must rely solely on cash flows from the Securitization Assets for payment in respect thereof. The Securitization Assets may include, without limitation, broadly-syndicated leveraged loans, middle-market company loans, consumer receivables (i.e. credit card receivables, automobile loans, student loans), commercial receivables (i.e. small business loans, equipment leases), mortgages, corporate bonds, mezzanine debt and second-lien leveraged loans, among others, which are subject to liquidity, market value, credit, interest rate, reinvestment and certain other risks. The investment characteristics of Collateralized Securities differ from traditional debt securities. Among the major differences are that interest and principal payments are often made more frequently, for example monthly, and that the outstanding principal can generally be prepaid if the underlying Securitization Assets are repaid faster than scheduled or anticipated.

Asset-backed securities ("ABS") are backed by pools of wide-ranging assets, including, for example, loans, leases, real property, rental payments, and credit card receivables, automobile receivables and student loans, which represent obligations of numerous different parties and use credit enhancement techniques such as overcollateralization, reserve accounts, letters of credit and preference rights. The value of ABS can be affected by changes in the market's perception of the underlying assets and the creditworthiness of the servicer for the asset pool or the originator of the assets. Consumer loan ABS in which the Fund may invest can often be backed by unsecured obligations of numerous individuals and the debtors are entitled to the protection of a number of consumer loan laws, many of which give such debtors the right to set off certain amounts, thereby reducing the balance due. Further, consumer protection laws are subject to change. For example, calls for permanent forgiveness of student debt by federal and state governments, and increased review of student loan servicing practices, if enacted, could have an adverse impact on the Fund's returns in such investments.

In addition, investments in subordinated classes of ABS involve greater credit risk of impairment than senior classes of the same issue or series. Credit risks can also be pronounced in the case of ABS secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying assets. Certain subordinated securities, such as residual certificates or structured equity, absorb all losses from collateral defaults before any other class of securities is at risk, particularly if such securities have been issued with little or no credit enhancement. Such securities, therefore, possess some of the attributes typically associated with equity investments.

Exposure to structured finance securities entails various risks: credit risks, liquidity risks, prepayment risks, interest rate risks, market risks, operations risks, structural risks, geographical concentration risks, basis risks and legal risks. Structured finance securities are also subject to the risk that the servicer fails to perform. Structured finance securities are subject to risks associated with their structure and execution, including the process by which principal and interest payments are allocated and distributed to investors, how credit losses affect the issuing vehicle and the return to investors in such structured finance securities, whether the collateral represents a fixed set of specific assets or accounts, whether the underlying collateral assets are revolving or closed-end, under what terms (including maturity of the structured finance instrument) any remaining balance in the accounts may revert to the issuing entity and the extent to which the entity that is the actual source of the collateral assets is obligated to provide support to the issuing vehicle or to the investors in such structured finance securities.

***Foreign Investments****.* The Fund will accept subscriptions and will maintain books and records in U.S. dollars although the Fund may invest a portion of capital outside of the United States (and in various foreign currencies). Investment in foreign securities involves certain factors not typically associated with investing in U.S. securities, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the dollar and the various foreign currencies in which the Fund's foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation; (iii) certain economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; and (iv) the possible requirement of financing and structuring alternatives and exit strategies that differ substantially from those commonly used in the United States. In addition, the Fund and the shareholders could become subject to additional or unforeseen taxation in foreign jurisdictions in which the Fund invests, and changes to taxation treaties (or their interpretation) between the jurisdiction of a shareholder and the countries in which the Fund invests may adversely affect the tax treatment of such shareholder. The foregoing factors may increase transaction costs and adversely impact the value of the Fund's investments in non-U.S. portfolio companies.

***Difficulties Upon Exit****.* The Fund's investments are subject to various risks, particularly the risk that the Fund will be unable to realize its investment objectives by sale or other disposition at attractive prices or be unable to complete any exit strategy. Dispositions of investments may be subject to contractual and other limitations on transfer or other restrictions that would interfere with subsequent sales of such investments or adversely affect the terms that could be obtained upon any disposition thereof. There can be no assurance that a public market will develop for any of the Fund's investments or that the Fund will otherwise be able to realize such investments. Therefore, there can be no assurance that the Fund will realize net profits or achieve returns commensurate with the risks associated with the investments, or that the Fund will not experience losses in its investments, which may be substantial.

***Risks of Investing in a Credit Vehicle***. In addition to the foregoing risks, investing in the Fund presents certain risks, including, but not limited to, risks associated with: credit, investments in loans, "higher-yielding" debt securities, stressed and distressed investments, investments in public companies, credit ratings, prepayment, and interest rates.

The Fund has a very broad mandate with respect to the type and nature of securities in which it may invest. While some of the loans in which the Fund will invest may be secured, the Fund may also invest in debt or preferred equity securities that are either unsecured or subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. In such instances, the ability of the Fund to influence a portfolio company's affairs, especially during periods of financial distress or following an insolvency, is likely to be substantially less than that of senior creditors. For example, under terms of subordination agreements, senior creditors are typically able to block the acceleration of the debt or other exercises by the Fund of its rights as a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. In addition, the debt securities in which the Fund will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency.

***Credit Risk.*** One of the fundamental risks associated with investments by the Fund is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. The return to shareholders would be adversely impacted if an issuer of debt in which the Fund invests becomes unable to make such payments when due. Although the Fund may make investments that are believed to be secured by specific collateral, the value of which may initially exceed the principal amount of such investments or the fair value of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. The Fund may also invest in unsecured loans, which involves a higher degree of risk than senior secured loans. Furthermore, the Fund's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring current cash payments. In such cases, a portfolio company's ability to repay the principal of an investment may depend on a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

With respect to the Fund's investments in any number of credit products, if the borrower or issuer breaches any of the covenants or restrictions under the credit agreement that governs loans of such issuer or borrower, it could result in a default under the applicable indebtedness as well as the indebtedness held by the Fund. Such default may allow the creditors to accelerate the related debt and may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in an impairment or loss of the Fund's investment or a pre-payment (in whole or in part) of the Fund's investment.

Similarly, while the Fund generally targets investing in companies it believes are of high quality, these companies could still present a high degree of business and credit risk. Companies in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or the continuation or worsening of the current (or any future) economic and financial market downturns and dislocations. As a result, companies that the Fund expected to be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or experience financial distress. In addition, exogenous factors such as fluctuations of the equity markets also could result in warrants and other equity securities or instruments owned by the Fund becoming worthless.

***Variable and Floating Rate Securities.*** The Fund may invest in floating rate debt instruments. The interest rate on a floating rate debt instrument is a variable rate which is tied to another interest rate, such as a money-market index or secured overnight financing rate ("SOFR"). The interest rate on a floating rate debt instrument resets periodically. Because of the interest rate reset feature, floating rate debt instruments provide the Fund with a certain degree of protection against increases in interest rates, although the Fund will participate in any declines in interest rates as well. The Fund also may invest in inverse floating rate debt instruments. An inverse floating rate instrument may exhibit greater price volatility than a fixed rate obligation of similar credit quality. In addition, some variable or floating rate investments are structured with put features that permit holders to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries. Therefore, such investments may not achieve their expected return.

***Risks Related to Loan Prepayments***. The loans in the Fund's investment portfolio generally may be prepaid at any time, mostly with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, the Fund does not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce the Fund's achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on the Fund's business, financial condition and results of operations.

***Risks Associated with Covenant-Lite Loans.*** A significant number of leveraged loans in the market may consist of loans that either have no financial maintenance covenants or have financial maintenance covenants that apply to a revolving credit facility, as applicable ("Covenant-Lite Loans"). While the Fund does not intend to invest in Covenant-Lite Loans as part of its principal investment strategy, it is possible that such loans may comprise a portion of the Fund's portfolio. Such loans do not require the borrower to maintain debt service or other financial ratios. Ownership of Covenant-Lite Loans may expose the Fund to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation than is the case with loans that also contain financial maintenance covenants.

***Potential Material and Adverse Effects of Market Conditions on Debt and Equity Capital Markets****.* From time to time, capital markets may experience periods of disruption and instability. For example, from 2008 to 2009, the global capital markets were unstable as evidenced by the lack of liquidity in the debt capital markets, significant write-offs in the financial services industry, the repricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and various foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. While market conditions have improved from the beginning of the disruption, there have been recent periods of volatility, such as during the coronavirus pandemic ("COVID-19"), and there can be no assurance that adverse market conditions will not repeat themselves in the future. If these adverse and volatile market conditions continue, the Fund and other companies in the financial services industry may have to access, if available, alternative markets for debt and equity capital in order to grow. Equity capital may be particularly difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, the Fund is generally not able to issue additional Shares at a price less than NAV per share without first obtaining approval for such issuance from shareholders and the Fund's Independent Trustees.

Moreover, the re-appearance of market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult for the Fund to borrow money or to extend the maturity of or refinance any indebtedness the Fund may have under similar terms and any failure to do so could have a material adverse effect on the Fund's business. The debt capital that will be available to the Fund in the future, if any, may be at a higher cost and on less favorable terms and conditions than what the Fund is currently able to access. If the Fund is unable to raise or refinance debt, the Fund may be limited in its ability to make new commitments or to fund existing commitments to its portfolio companies.

Given the extreme volatility and dislocation in the capital markets over the past several years, many BDCs have faced, and may in the future face, a challenging environment in which to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption over the past several years, has had, and may in the future have, a negative effect on the valuations of the Fund's investments and on the potential for liquidity events involving these investments.

As a BDC, the Fund needs the ability to raise additional capital for investment purposes on an ongoing basis. Without sufficient access to the capital markets, the Fund may be forced to curtail business operations or may not be able to pursue new investment opportunities. An inability to raise capital or access debt financing could negatively affect the Fund's business, inhibit the Fund's ability to scale operations, and lead to an increase in operating expenses as a percentage of the Fund's net assets. Disruptive conditions in the financial industry and any new legislation in response to those conditions could restrict the Fund's business operations and could adversely impact the Fund's results of operations and financial condition.

***Risk Control and Monitoring Framework.*** No risk control or monitoring system is fail-safe and no assurance can be given that the risk control and monitoring framework employed by the Adviser will achieve its objectives. Target risk limits and assumptions developed by the Adviser are necessarily based on historical patterns identified for the applicable underlying collateral and no assurance can be given that such patterns will accurately predict future performance.

**<u>General Risk Factors</u>**

***Suitability of Investment.*** An investment in the Fund is not suitable for all investors. An investment is suitable only for sophisticated investors and an investor must have the financial ability and experience to understand, the willingness to accept, and the financial resources to withstand, the extent of their exposure to the risks and lack of liquidity inherent in an investment in the Fund. Investors with any doubts as to the suitability of an investment in the Fund should consult their professional advisers to assist them in making their own legal, tax, accounting, ERISA and financial evaluation of the merits and risks of investment in the Fund in light of their own circumstances and financial condition.

An investment in the Fund requires a long-term commitment, and there can be no assurance that the Fund's investment objectives will be achieved or that there will be any return of capital. Therefore, investors should only invest in the Fund if they can withstand a total loss of their investment.

***Market Risks***. General economic conditions may affect the Fund's activities. Interest rates, the price of securities and participation by other investors in the financial markets may also affect the value of securities purchased by and the number of investments made by the Fund.

***Inflation Risks***. The Fund's investments are subject to inflation risk, which is the risk that the real value of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund's assets can decline as can the purchasing power of the Fund's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the U.S. or global economy and changes in monetary or economic policies (or expectations that these policies may change). Typically, as inflation rises, a portfolio company will earn more revenue but also will incur higher expenses; as inflation declines, a portfolio company might be unable to reduce expenses in line with any resulting reduction in revenue. A rise in real interest rates would likely result in higher financing costs for portfolio companies and could therefore result in a reduction in the amount of cash available for distribution to investors or the value of the portfolio company. If a portfolio company is unable to increase its revenue or pass any increases in its costs along to its customers during times of higher inflation, its profitability and its ability to pay interest and principal on its loans could be adversely affected, particularly if interest rates rise in response to increases in inflation rates.

***Economic and Political Environment***. Regulatory changes and credit cycles lead to dislocations in the various markets in which the Adviser invests, and provide an ever-changing landscape that inevitably will be different from the ones faced when investing prior funds. While the overarching fundamentals still appear to be generally favorable, the Adviser, cognizant of the impacts of the COVID-19 pandemic and the U.S. Federal Reserve's (the "Fed") monetary policies, is wary of potential cracks in the economy, both from a corporate and consumer standpoint. The Adviser may explore counter-cyclical opportunities that could benefit in a more challenging economic environment as well as on business services that stand to grow in today's regulatory landscape. On the political front, the Adviser is consistently wary of changes that could result in market volatility; areas of heightened focus include trade wars, China, and armed conflict in Russia and Ukraine and the Middle East. The Adviser will continue to closely monitor the economic and political environment with a particular focus on protecting the downside.

It is uncertain whether regulatory actions will be able to prevent further losses and volatility in securities markets, or stimulate the credit markets. The Fund may be adversely affected by the foregoing events, or by similar or other events, including tax reform, in the future. In the longer term, there may be significant new regulations that could limit the Fund's activities and investment opportunities or change the functioning of the capital markets, and there is the possibility of a severe worldwide economic downturn. Consequently, the Fund may not be capable of, or successful at, preserving the value of its assets, generating positive investment returns or effectively managing risks.

Many of the portfolio companies in which the Fund makes investments could be susceptible to economic slowdowns or recessions and could be unable to meet their debt obligations during these periods. Therefore, non-performing assets may increase, and the value of the Fund's portfolio may decrease during these periods as the Fund is required to record the investments at their current fair value. Adverse economic conditions could also decrease the value of the collateral securing some of the loans in the Fund's portfolio and the value of its equity investments. Economic slowdowns or recessions could lead to financial losses in the Fund's portfolio and a decrease in revenues, net income, and assets. Unfavorable economic conditions also could increase portfolio companies' funding costs, limit portfolio companies' access to the capital markets or result in a decision by lenders not to extend credit to such portfolio company. These events could prevent the Fund from making more investments that it otherwise would have made and harm the Fund's operating results.

A portfolio company's failure to satisfy financial or operating covenants under its debt agreements could lead to defaults and, potentially, acceleration of the time when the loans are due and eventual foreclosure on its assets to repay its debts, which could itself trigger cross-defaults under other agreements and ultimately jeopardize the portfolio company's ability to repay the debt investment that the Fund holds. The Fund may incur additional expenses to the extent necessary to seek recovery in these scenarios or to negotiate new terms with a defaulting portfolio company. In addition, if one of the portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which the Fund will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of the Fund's claim to that of other creditors.

***Public Health Emergencies***. Any public health emergency, including any outbreak of COVID-19, SARS, H1N1/09 flu, avian flu, other coronavirus, Ebola or other existing or new epidemic diseases, or the threat thereof, could adversely impact global commercial activity and contribute to significant volatility in certain equity, debt, derivative, and commodities markets. The effects of a public health emergency may materially and adversely impact the value and performance of the portfolio companies, the Fund's ability to source, manage and divest investments and the Fund's ability to achieve its investment objectives, all of which could result in significant losses to the Fund. In addition, the operations of the Fund, its portfolio companies, the General Partner and the Adviser may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of the personnel of any such entity or the personnel of any such entity's key service providers. Accordingly, such outbreaks could materially and negatively impact the Fund and its portfolio companies and could meaningfully affect the Fund's ability to fulfill its investment objectives.

***Risk of Conflicts***. Recently, various countries have seen significant internal conflicts and, in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Apparently stable systems may experience periods of disruption or improbable reversals of policy. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments. The transformation from a centrally planned, socialist economy to a more market oriented economy has also resulted in many economic and social disruptions and distortions. Moreover, there can be no assurance that the economic, regulatory and political initiatives necessary to achieve and sustain such a transformation will continue or, if such initiatives continue and are sustained, that they will be successful or that such initiatives will continue to benefit foreign (or non-national) investors. Certain instruments, such as inflation index instruments, may depend upon measures compiled by governments (or entities under their influence) which are also the obligors.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, and an example of a country undergoing transformation is Venezuela. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect the Fund's investments in eligible portfolio companies that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact the Fund's ability to achieve its investment objective, prevent the Fund from receiving payments otherwise due it, increase diligence and other similar costs to the Fund, render valuation of affected investments challenging, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect the Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

***Data Privacy Regulation***. The U.S. is in a period of active consideration of additional data privacy and cybersecurity laws. These include the California Consumer Privacy Act (the "CCPA"), effective since January 1, 2020, and as amended by the amendments of the California Privacy Rights Act, effective January 1, 2023; the Virginia Consumer Data Privacy Act, enacted in 2021 and effective January 1, 2023; the New York SHIELD Act, aspects of which took effect on October 23, 2019 and March 21, 2020, respectively; a range of proposed additional laws in California, New York, Massachusetts, Texas, Washington and other states; and a range of proposed additional laws at the federal level. The cumulative effects of the CCPA and other recently adopted laws – and the likely effect of additional laws that might be enacted – include an increased ability of individuals, relative to companies, to control the use of their personal information; increased obligations of companies to maintain the security of personal information; and increased exposure to fines or damages for companies that do not accord individuals their specified privacy rights, that experience data breaches, or that do not maintain reasonable security safeguards, procedures, and practices. The Adviser will endeavor to maintain systems that promote compliance with the CCPA and other laws to the extent applicable to the Fund, both those laws adopted to date and those that will be adopted in the future, but there can be no assurance that these systems will be effective in mitigating the business impact of individuals' increased privacy rights or in ensuring compliance with such laws. In the event of fines or damages due to noncompliance with such data privacy and cybersecurity laws, or related expenses such as the cost of investigation or legal defense, there will be a business impact on the Fund.

***Sanctions Laws***. Economic sanction laws in the United States and other jurisdictions prohibit the Adviser and the Fund from transacting with certain countries, individuals, and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities, and individuals. These types of trade sanctions significantly restrict or completely prohibit certain investment activities in regions outside the United States, and if the Fund or its portfolio companies were to violate any such laws or regulations, it could face significant legal and monetary penalties. Some of these regulations provide that penalties can be imposed on the Adviser and the Fund for the conduct of a portfolio company, even if such person has not violated any regulation.

***Terrorism, Natural Disasters and Major Events***. The threats of terrorist strikes, and the fear of prolonged global conflict have exacerbated volatility in the financial markets and caused consumer, corporate and financial confidence to weaken, increasing the risk of a "self-reinforcing" economic downturn. While new opportunities for investments in portfolio companies may arise in the insurance and reinsurance industries as a result of catastrophic events and financial market problems, the climate of uncertainty may have an adverse effect upon the portfolio companies in which the Fund makes investments. Economic and political uncertainty also increases the difficulty of modeling market conditions, which may reduce the accuracy of the Adviser's financial projections. The performance of the portfolio companies in which the Fund makes investments may be affected by additional catastrophic events.

The performance of the portfolio companies in which the Fund invests may be affected by additional catastrophic events. A major disruption to the operations of the Fund and the portfolio companies in which the Fund invests as a result of force majeure events (including, without limitation, severe weather, earthquakes, landslides or other natural disasters, strikes or war or the outbreak of disease epidemics or pandemics or any other serious public health concern, war, terrorism, labor strikes, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, etc.) may cause the Fund or its portfolio companies to suffer losses due to damage to the Fund or its portfolio companies' operations as a result of any of the foregoing.

***Banking Sector and Financial Markets Instability***. The sudden failure of three large U.S. regional banks and the merger of Credit Suisse Group AG with UBS Group AG in Switzerland in the first half of 2023 highlighted concerns regarding the stability of the broader global financial system. Market commentators believe that the swift collapse of these banks was precipitated in part by the swift tightening of monetary policy by the Fed, which raised interest rates during 2022 and 2023 after a long period of historically low interest rates. These tightening monetary conditions could continue as the Fed and other central banks seek to fight inflation.

Accordingly, while there have been no further high-profile U.S. or European bank failures following those mentioned above, it is possible that instability in the banking sector could return, resulting in (among other things) the loss of uninsured deposits by private funds, their investors, their portfolio companies and/or their counterparties. Such losses, or even concerns about the potential for such losses, could result in significant impairment of the ability of any of the foregoing parties to effectively operate, resulting in potentially material and adverse effects on the Fund and its investments. Instability may also result in a deterioration in the broader global financial markets, resulting in declines in equity, debt and other asset prices together with other (potentially unexpected) adverse impacts, all of which could have a material and adverse effect on the Fund, its investments and their operations beyond the impacts specifically associated with bank failures.

In addition, these bank failures appear likely to result in the adoption of new and/or different regulations affecting the banking sector and potentially the financial sector more generally. For example, federal banking regulators have recently proposed rules surrounding capital, long term debt and resolution planning, each referencing the bank failures in their releases. Although such regulations (if adopted) could result in greater stability of the financial system, the actual impact of any such regulations on financial markets and their participants is unknown, and it is possible that any such regulations could adversely impact the Fund, and its operations and investments.

***Outside Statements.*** The Adviser and other affiliates of Sound Point and their respective directors, officers, shareholders, partners, agents, members, consultants and employees have made, and may in the future make, oral and written statements or expressions of intent or expectation to investors in the Fund or their affiliates or acknowledge statements by such persons ("Outside Statements") regarding the Fund, Sound Point and/or other affiliates of Sound Point's activities pertaining thereto. These may include, for example, the anticipated or expected allocation and terms of co-investment opportunities, the anticipated or expected allocation of investment opportunities to the Fund generally and other topics often addressed in legally binding side letters. Although such Outside Statements are not legally binding, such Outside Statements may influence allocation and other decisions of the Adviser and other members or partners, as applicable, of Sound Point and their directors, officers, shareholders, partners, agents, members, consultants and employees with respect to the operations and investment activities of the Fund and may influence a prospective investor's decision as to whether to invest in the Fund. By virtue of not having the effect of establishing rights or otherwise providing benefit with respect to an investor in a manner which is in any material respect more favorable to such investor than those applicable to other investors, such Outside Statements will not be considered a side letter for the purposes of the Declaration of Trust. There can be no assurance that any such arrangements will not have an adverse effect on the Fund or any investor.

***Litigation Risk.*** Financial performance of portfolio companies in which the Fund has invested may be affected from time to time by litigation such as contractual claims, occupational health and safety claims, public liability claims, environmental claims, industrial disputes, tenure disputes and legal action from special interest groups. Such litigation could materially reduce the value of the Fund's investments. The performance of the Fund may also be affected in the event that litigation is commenced against one or more members or partners, as applicable, of Sound Point, which litigation may restrict such members or partners from performing their functions and duties in relation to the Fund. The Fund's investment activities subject it to the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where the Fund exercises control or significant influence over a company's direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would generally be borne by the Fund and would reduce net assets**.**

**Item 2. *Financial Information*.**

**Discussion of Management's Expected Operating Plans**

The information in this section contains forward-looking statements that involve risks and uncertainties. See *Item 1A. Risk Factors* and *Forward-Looking Statements* for a discussion of the uncertainties, risks and assumptions associated with these statements. Investors should read the following discussion in conjunction with the financial statements and related notes and other financial information appearing elsewhere in this Registration Statement.

**Overview**

The Fund was formed as a statutory trust under the laws of the State of Delaware in March 2025. The Fund has elected to be treated as a BDC under the 1940 Act, and intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. As such, the Fund will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Fund's assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the Fund's taxable income and tax-exempt interest.

**Revenues**

The Fund expects to generate revenues primarily through receipt of interest income from its investments. In addition, the Fund may generate income from capital gains on the sales of loans and debt and equity related securities and various loan origination and other fees and dividends on direct equity investments.

**Expenses**

The Fund does not currently have any employees and does not expect to have any employees. The Fund's day-to-day investment operations are managed by the Adviser, and services necessary for the Fund's business, including the origination and administration of its investment portfolio, are provided by individuals who are employees of the Adviser and Administrator, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. The Fund will reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of the Fund's officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. The Fund will bear its allocable portion of the compensation paid by the Adviser to the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staff (based on a percentage of time such individuals devote, on an estimated basis, to the Fund's business affairs). The Fund will bear all other costs and expenses of the Fund's operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) the Fund's allocable portion of overhead and other expenses incurred by Administrator in performing its administrative obligations under the Administration Agreement, and (iii) all other expenses of its operations and transactions including, without limitation, those relating to:

● the Fund's initial organizational costs incurred prior to the commencement of the Fund's operations;

● operating costs incurred prior to the commencement of the Fund's operations;

● the cost of calculating the Fund's NAV, including the cost of any third-party valuation services;

● the cost of effecting sales and repurchases of Shares and other securities, including, except as otherwise noted below, in connection with the Private Offering;

● fees payable to third parties relating to making investments, including the Adviser's or its affiliates' travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;

● interest expense and other costs associated with the Fund's indebtedness;

● transfer agent, DRIP administrator and custodial fees;

● out-of-pocket fees and expenses associated with marketing efforts;

● federal and state registration fees and any stock exchange listing fees;

● U.S. federal, state and local taxes;

● Independent Trustees' fees and expenses;

● brokerage commissions and markups;

● fidelity bond, trustees' and officers' liability insurance and other insurance premiums;

● direct costs, such as printing, mailing, and staff;

● fees and expenses associated with independent audits and outside legal costs;

● costs associated with the Fund's reporting and compliance obligations U.S. federal and state securities laws, including, the Securities Act, the Exchange Act and the 1940 Act; and

● other expenses incurred by the Administrator or the Fund in connection with administering the Fund's business, including payments under the Administration Agreement that will be based upon the Fund's allocable portion (subject to the review and approval of the Board) of overhead.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. The Fund will subsequently reimburse the Adviser for such amounts paid on the Fund's behalf. There is no contractual cap on the amount of reasonable costs and expenses for which the Adviser will be reimbursed.

The Fund may also enter into a credit facility or other debt arrangements to partially fund the Fund's operations, and could incur costs and expenses including commitment, origination, legal and/or structuring fees and the related interest costs associated with any amounts borrowed.

The Fund has no operating history and therefore this statement concerning additional expenses is necessarily an estimate and may not match the Fund's actual results of operations in the future.

**Financial Condition, Liquidity and Capital Resources**

As the Fund has not yet commenced investment operations, the Fund does not have any transactions to date. The Fund intends to generate cash from (1) future offerings of the Fund's common or preferred shares, (2) cash flows from operations and (3) borrowings from banks or other lenders. The Fund will seek to enter into a credit facility or other financing arrangements on at least customary market terms; however, the Fund cannot assure its investors it will be able to do so.

The Fund's primary use of cash will be for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Adviser), (3) debt service of any borrowings and (4) cash distributions to the holders of the Fund's Shares.

**Critical Accounting Policies**

This discussion of the Fund's expected operating plans is based upon the Fund's expected financial statements, which will be prepared in accordance with GAAP. The preparation of these financial statements will require the Fund's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, the Fund will describe its critical accounting policies in the notes to the Fund's future financial statements.

**Valuation of Investments**

The Board has designated the Adviser as the Fund's "Valuation Designee" under Rule 2a-5 under the 1940 Act. The Adviser will determine the value of the Fund's investments in accordance with the Fund's Valuation Policy and fair value accounting guidance promulgated under GAAP, which establishes a hierarchical disclosure framework which ranks the observability inputs used in measuring financial instruments at fair value. See *Item 1. Business – Valuation Procedures* for a description of the hierarchy for fair value measurements and a description of the Fund's valuation procedures.

**Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation**

The Fund will measure realized gains or losses by the difference between the net proceeds from the sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

**Revenue Recognition**

The Fund intends to record interest income on an accrual basis to the extent that the Fund expects to collect such amounts. Dividend income on preferred equity securities will be recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities will be recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Certain investments may have contractual PIK interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. The Fund will not accrue as a receivable interest on loans and debt securities for accounting purposes if the Fund has reason to doubt the Fund's ability to collect such interest. Original issue discounts, market discounts or premiums are accreted or amortized over the life of the respective security using the effective interest method as interest income. The Fund intends to record prepayment premiums on loans and debt securities as interest income.

**Other Income**

Other income may include income such as consent, waiver, amendment, unused, syndication and prepayment fees associated with the Fund's investment activities as well as any fees for managerial assistance services rendered by the Fund to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Fund may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee.

**Offering and Organizational Expenses**

The Fund will bear expenses relating to the organization of the Fund and any subsequent offering of Shares. Organizational expenses include, without limitation, including legal fees related to the creation and organization of the Fund, its related documents of organization and its election to be regulated as a BDC. Offering expenses include, without limitation, legal, accounting, printing and other offering costs. Organizational costs to establish the Fund are charged to expense as incurred. Offering costs in connection with an offering of Shares are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations, which has not yet occurred. These expenses consist primarily of legal fees and other costs incurred with Share offerings, the preparation of the Fund's offering memoranda, and any registration fees.

**U.S. Federal Income Taxes**

The Fund intends to elect to be treated, and intends to qualify annually thereafter, to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to shareholders. To qualify as a RIC, the Fund must maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the Fund's "investment company taxable income," which is generally the Fund's net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid. See *Item 1. Business – Material U.S. Federal Income Tax Considerations*.

**Contractual Obligations**

As of December 1, 2025, the Fund had not commenced investment operations and did not have any significant contractual payment obligations.

**Off-Balance Sheet Arrangements**

Other than contractual commitments and other legal contingencies incurred in the normal course of the Fund's business, the Fund does not expect to have any off-balance sheet financings or liabilities.

**Hedging**

In connection with certain portfolio investments, the Fund may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Fund may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates and other factors may result in a poorer overall performance for the Fund than if it had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments.

**Quantitative and Qualitative Disclosures About Market Risk**

The Fund is subject to financial market risks, including changes in interest rates. The Fund plans to invest primarily in illiquid debt securities of private companies. Most of the Fund's investments will not have a readily available market price, and the Fund will value these investments at fair value as determined in good faith by the Adviser in accordance with the Valuation Policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Fund makes.

**Item 3. *Properties*.**

The Fund does not own any real estate or other properties materially important to the Fund's operation or any of the Fund's subsidiaries. The Fund's headquarters are currently located at 375 Park Avenue, 34<sup>th</sup> Floor, New York, New York 10152. The Fund believes that its current office facilities are adequate to meet the Fund's needs.

**Item 4. *Security Ownership of Certain Beneficial Owners and Management*.**

The Fund has not yet commenced commercial activities. To date the Fund only has nominal capital from the Adviser that was contributed as part of the Fund's legal formation.

**Item 5. *Trustees and Executive Officers*.**

**Board of Trustees and Executive Officers**

The business and affairs of the Fund are managed under the direction of the Board. The Board consists of five members, three of whom are Independent Trustees. The Board elects the Fund's officers, who serve at the discretion of the Board. The responsibilities of the Board include oversight of the Adviser's determinations of fair value of the Fund's assets (as the Fund's Valuation Designee under Rule 2a-5 under the 1940 Act), the Fund's corporate governance activities, the Fund's financing arrangements and the Fund's investment activities.

The Board's role in management of the Fund is one of oversight. Oversight of the Fund's investment activities extends to oversight of the risk management processes employed by the Adviser as part of its day-to-day management of the Fund's investment activities. The Board reviews risk management processes at both regular and special board meetings throughout the year, consulting with appropriate representatives of the Adviser as necessary and periodically requesting the production of risk management reports or presentations. The goal of the Board's risk oversight function is to ensure that the risks associated with the Fund's investment activities are accurately identified, thoroughly investigated and responsibly addressed. Investors should note, however, that the Board's oversight function cannot eliminate all risks or ensure that particular events do not adversely affect the value of the Fund's investments.

The Board has established an Audit Committee and a Nominating and Governance Committee. The scope of each committee's responsibilities is discussed in greater detail below. The Board may determine to form additional committees in the future.

Stephen Ketchum serves as Chair of the Board. The Board believes that it is in the best interests of shareholders for Mr. Ketchum to lead the Board because his extensive knowledge of and experience in the financial services industry, specifically as a lender to middle market companies, qualify him to serve as the Chair of the Board. The Board believes that its leadership structure is appropriate because the structure allocates areas of responsibility among the individual trustees and the committees in a manner that enhances effective oversight. The Board also believes that its small size creates an efficient corporate governance structure that provides opportunity for direct communication and interaction between management and the Board.

**Trustees**

Information regarding the Board of Trustees is as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** |
| *Interested Trustees* |  |  |
| Stephen Ketchum | 64 | Chair and Trustee |
| *Independent Trustees* |  |  |
| Joseph E. Casey | 61 | Trustee |
| John G. Martin | 65 | Trustee |
| Daniel J. Siracuse | 42 | Trustee |

---

The address for each trustee is c/o Sound Point Direct Lending BDC, c/o Sound Point Capital Management, LP, 375 Park Avenue, 34<sup>th</sup> Floor, New York, New York 10152.

**Executive Officers Who Are Not Trustees**

Information regarding the Fund's executive officers who are not trustees is as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** |
| Andrew Eversfield | 45 | Chief Executive Officer |
| Daniel Fabian | 44 | Chief Financial Officer and Treasurer |
| Frederick C. Teufel, Jr. | 66 | Chief Compliance Officer |
| Andrea Sayago | 51 | Secretary |

---

The address for each executive officer is c/o Sound Point Direct Lending BDC, c/o Sound Point Capital Management, LP, 375 Park Avenue, 34<sup>th</sup> Floor , New York, New York 10152.

**Biographical Information**

**Interested Trustees**

**Stephen Ketchum, Chair of the Board of Trustees**

Mr. Ketchum is the Founder, Managing Partner and Chief Investment Officer of Sound Point Capital Management, LP, overseeing Sound Point's investments across all fund offerings. In addition, Mr. Ketchum is the lead Portfolio Manager for the Sound Point Credit Opportunities Fund and several other accounts. Mr. Ketchum chairs the Management Committee and sits on most committees at Sound Point. Mr. Ketchum is Chairman of the Board of Directors and Chief Executive Officer of Sound Point Acquisition Corp I, Ltd, an affiliated special purpose acquisition company. A veteran with over 34 years' experience in the credit markets, Mr. Ketchum founded Sound Point in 2008. Previously, he was Global Head of Media & Telecom Investment and Corporate Banking for Banc of America Securities ("BofA"), where he was a member of the Global Investment Banking Leadership Team. As Global Head of Media & Telecom Banking, Mr. Ketchum was responsible, together with a risk partner, for a multi-billion-dollar portfolio of bank and bridge loans. Prior to joining BofA, he was a Managing Director at UBS in the TMT Investment Banking Group. From 1990 to 2000, he was employed in the Investment Banking Department of Donaldson, Lufkin & Jenrette, most recently as a Managing Director. Mr. Ketchum is on the Board of Trustees of the New York Police & Fire Widows' & Children's Benefit Fund and the Museum of the City of New York. Mr. Ketchum earned a B.A. from New England College, *magna cum laude*, and an M.B.A. from the Harvard Business School.

**Independent Trustees**

**Joeseph E. Casey, Trustee** 

Mr. Casey is Co-Founder and Partner of Fulcrum Advisors, a strategic advisory firm serving leaders of asset management firms. Fulcrum helps clients drive scalable, profitable growth by serving as a catalyst for innovation, collaborative problem solving, and best practices that deliver enduring commercial impact. Previously, Mr. Casey was a Partner and Chief Operating Officer of HighVista Strategies, a multi-asset fund manager overseeing approximately $11 billion and, before that, the Head of Strategy at Denham Capital Management, a private equity platform initially formed at the Harvard Management Company. Mr. Casey has held direct investment roles in venture capital, growth equity, and middle markets buyouts. Mr. Casey began his career in various operating roles at Xerox Corporation and Intel Corporation. The depth of experiences and roles has enabled an effective focus on enhancing firm-wide strategy, organizational effectiveness, and operational impact. The resulting outcomes across prior firms were greatly enhanced capabilities, fewer risks, and increased managerial leverage. Mr. Casey received his BA from the College of the Holy Cross and an MBA from Harvard Business School.

**John G. Martin, Trustee** 

Mr. Martin was a founding Partner of the original Antares Capital in 1996, a startup business based upon providing acquisition financing capital to the portfolio companies of Private Equity firms throughout North America. With the backing of MassMutual, Antares was created as a non-bank lender and among the first of its kind with such a focused investment strategy. Over the course of 9+ years, Antares grew to become the largest provider of acquisition capital to Private Equity Sponsors in the middle market. In October 2005 Antares was acquired by GE Capital, and Mr. Martin became President and CEO of the newly branded GE Antares Capital. In this capacity he helped direct the strategic vision of the business and additionally presided over the acquisition of Merrill Lynch Capital in early 2008. In late 2014 Mr. Martin was named Head of Global Capital Markets for GE Capital. Shortly thereafter, as part of the announcement by General Electric of a major divestiture plan of GE Capital businesses, Mr. Martin was asked to return to the GE Antares platform and to help orchestrate the sale of that business. This resulted in the sale of the rebranded Antares Capital to CPPIB, the largest pension fund in Canada, which closed in August 2015. Mr. Martin continued in his role post-sale as Managing Partner and Co-CEO, leading an extraordinarily complex carve out of the business from GE. At the time of his retirement in May 2019, AUM at Antares exceeded $24B.

In November 2019 Mr. Martin joined Victory Park Capital Advisors, LLC in Chicago as a Senior Partner. Victory Park is a private capital manager specializing in providing credit to both emerging businesses and those established operating businesses often unable to access traditional sources of capital. In September 2020 Mr. Martin was instrumental in the raising of Victory Park's first sponsored SPAC, VPC Impact Acquisition Holdings (VIH), a $200+ million investment vehicle which sought a business combination with a private entity in the FinTech arena. He served as Chairman and CEO of this NASDAQ listed business. In January 2021, VIH announced an agreement to merge VIH with Bakkt, a Digital Asset aggregator which had been built within the Intercontinental Exchange Inc. Additionally, over the course of 2021 and 2022, Mr. Martin worked with the partners at Victory Park to raise a $2.4B private credit fund. Prior to founding Antares, Mr. Martin was a senior executive of Heller Financial, earning 4 Chairman's Club awards for outstanding performance. He began his career with Continental Illinois National Bank and spent two years with Citicorp's Leveraged Finance business.

Mr. Martin earned his BBA in Finance from Notre Dame in 1982. He served on the Business Advisory Council for the Mendoza College of Business at the University of Notre Dame for 12 years, and in 2019 was named the Chair of the newly formed Advisory Council for the IDEA Center, a hub of Innovation and Commercialization at Notre Dame. Mr. Martin is a Board member of Automotive Keys Group, LLC, a portfolio company of Kinderhook Industries LLC, The UGLY Company, a private, west coast-based producer and marketer of upcycled fruit, as well as an Advisory Board member of Key Investment Partners, a Denver based Growth Equity firm. Mr. Martin serves on the Board of the Executives Club of Chicago, is a member of the Economic Club of Chicago and a Director of the Western Golf Association. Mr. Martin also serves as a Board member of the Midtown Educational Foundation, the Center for American Entrepreneurship and is actively involved in a number of non-profit organizations in the Chicago area.

**Daniel J. Siracuse, Trustee** 

Mr. Siracuse is Partner, Chief Financial Officer and Chief Operating Officer of Trumid Financial, a financial technology company that provides an electronic trading platform for fixed income securities and has been a member of the company's leadership team since 2015. Mr. Siracuse oversees Trumid's day-to-day strategy, investor relations, operations, and its finance, accounting, tax, legal, and compliance functions. In addition to leading Trumid's financial and operational infrastructure, Mr. Siracuse plays a key role in shaping the firm's corporate and commercial strategy. Before joining Trumid, Mr. Siracuse held senior strategy, operational, and financial roles at BlackRock and Credit Suisse, and served as Chief Financial Officer and Head of Strategy at a long/short equity hedge fund. Mr. Siracuse began his career at Silver Point Capital and holds a B.B.A. from the University of Notre Dame.

**Executive Officers Who Are Not Trustees**

**Andrew Eversfield, Chief Executive Officer**

Andrew Eversfield joined Sound Point in 2021 and is currently the Co-Head of Direct Lending. Mr. Eversfield was a Managing Director at CVC Credit Partners prior to Sound Point's acquisition of their U.S. Direct Lending platform in June 2021. Prior to CVC Credit Partners, Mr. Eversfield was the Head of Investor Relations for GE's Gas Power business. During his time at GE, Mr. Eversfield was selected for GE's Corporate Leadership Staff and held a variety of senior level financial, sales, and platform leadership roles based in North America, Europe, and Africa. At GE, Mr. Eversfield spent much of his career in GE Antares Capital where he helped build the Senior Secured Loan Program and had investment selection and workout responsibility. Mr. Eversfield began his career in GE Capital's Investment Analyst Program. Mr. Eversfield earned a B.B.A. in Finance, Investment, and Banking from the University of Wisconsin and an M.B.A. from Northwestern's Kellogg School of Management.

**Daniel Fabian, Chief Financial Officer**

Mr. Fabian joined Sound Point in 2025 and currently serves as Global Chief Financial Officer. In this capacity, he serves on the firm's Management Committee and plays a key role on multiple operations and risk committees. Prior to joining Sound Point, Mr. Fabian spent 14 years at Alcentra, serving in a range of executive roles including President, COO, and CFO. During his tenure, he oversaw the firm's growth from $10 billion to $45 billion in assets and led all operational functions. Additionally, Mr. Fabian served on Alcentra's Board of Directors and chaired the Executive Management Committee. Before Alcentra, Mr. Fabian began his career at KPMG in its Financial Services Assurance group, later transitioning to the Real Estate and Debt Advisory team. Mr. Fabian holds a BSc in Digital Business from the University of Nottingham and is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).

**Frederick C. Teufel, Jr., Chief Compliance Officer**

Mr. Teufel is a director at Vigilant LLC, serving clients in the Investment Management, Securities and Regulated Fund industries as chief financial officer and chief compliance officer, and has over 40 years of experience in the financial services industry, professional services firms and academia. He currently serves as CCO to six registered fund complexes, including 27 registered funds, and as PFO to three registered fund complexes. Mr. Teufel served in senior leadership roles at the world's largest multinational investment management firm, as well as leadership and staff roles at one of the world's largest global professional services firms and one of the world's largest multinational investment banking and financial services companies. Mr. Teufel also taught Managerial and Financial Accounting, Auditing and Business Statistics at both the Graduate and Undergraduate level. Mr. Teufel earned a bachelor's degree and MBA from Saint Joseph's University, Philadelphia, PA. He is also a CPA in the State of Pennsylvania.

**Other Officers**

**Andrea Sayago, Secretary**

Ms. Sayago joined Sound Point in 2022 and is currently Chief Compliance Officer and Associate General Counsel. Prior to joining Sound Point, Ms. Sayago spent 17 years at Cowen Investment Management, serving as Chief Compliance Officer since 2011. At Cowen, she managed and administered a compliance program covering a broad range of public market and private investment strategies across six affiliated registered investment advisors. Ms. Sayago began her career at Debevoise & Plimpton LLP, where she represented hedge fund sponsors in connection with the development, formation and operation of domestic and offshore hedge funds, fund of hedge funds and registered investment companies. Ms. Sayago earned a B.A. in Political Science from the University of Vermont and a J.D., magna cum laude, from New York Law School. Ms. Sayago is a member of the New York State bar.

**Involvement in Certain Legal Proceedings**

Mr. Siracuse served on the board of directors of a small venture company, Sober Grid, Inc., that filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code in Delaware in September 2023, and disposition (discharge not applicable) was determined by the court in March 2025.

**Board Leadership and Structure**

The Board monitors and performs an oversight role with respect to the Fund's business and affairs, including with respect to the Fund's investment practices and performance, compliance with regulatory requirements and the services, expenses and performance of the Fund's service providers. Among other things, the Board approves the appointment of the Adviser and officers, reviews and monitors the services and activities performed by the Adviser and executive officers, and approves the engagement and reviews the performance of the independent registered public accounting firm.

Under the Fund's bylaws, the Board may designate a Chair to preside over the meetings of the Board and meetings of the shareholders and to perform such other duties as may be assigned to him or her by the Board. The Fund will not have a fixed policy as to whether the Chair of the Board should be an Independent Trustee and desires to maintain the flexibility to select the Chair and reorganize the leadership structure, from time to time, based on criteria that are in the best interests of the Fund and its shareholders at such times.

The Fund recognizes that different board leadership structures are appropriate for companies in different situations. The Fund intends to re-examine its corporate governance policies on an ongoing basis to ensure that they continue to meet its needs.

**The Board's Role in Risk Oversight**

The Board performs its risk oversight function primarily through (a) its standing Audit Committee, which reports to the entire Board and is comprised solely of Independent Trustees, and (b) active monitoring by the Chief Compliance Officer of the Fund's compliance policies and procedures.

As described below in more detail under "Committees of the Board," the Audit Committee assists the Board in fulfilling its risk oversight responsibilities. The Audit Committee's risk oversight responsibilities include overseeing the internal audit staff, if any, accounting and financial reporting processes, the Fund's valuation process (including the implementation of the Valuation Policy and supervision of the Valuation Designee), the Fund's systems of internal controls regarding finance and accounting and audits of the Fund's financial statements.

The Board performs its risk oversight responsibilities with the assistance of the Chief Compliance Officer. The Board will annually review a written report from the Chief Compliance Officer discussing the adequacy and effectiveness of the Fund's compliance policies and procedures and service providers. The Chief Compliance Officer's annual report will address, at a minimum, (a) the operation of the Fund's compliance policies and procedures and the Fund's service providers' compliance policies and procedures since the last report; (b) any material changes to such policies and procedures since the last report; (c) any recommendations for material changes to such policies and procedures as a result of the Chief Compliance Officer's annual review; and (d) any compliance matter that has occurred since the date of the last report about which the Board would reasonably need to know to oversee the Fund's compliance activities and risks. In addition, the Chief Compliance Officer will meet separately in executive session with the Independent Trustees at least once each year.

The Fund believes that the Board's role in risk oversight will be effective, and appropriate given the extensive regulation to which the Fund will be subject to as a BDC. As a BDC, the Fund is required to comply with certain regulatory requirements that control the levels of risk in the Fund's business and operations. For example, the Fund's ability to incur indebtedness is limited such that the Fund's asset coverage generally must equal at least 150% immediately after each time the Fund incurs indebtedness, the Fund generally has to invest at least 70% of its total assets in "qualifying assets" and the Fund is not generally permitted to invest, except in certain circumstances, in any portfolio company in which one of its affiliates currently has an investment.

The Fund recognizes that different board roles in risk oversight are appropriate for companies in different situations. The Fund intends to re-examine the manners in which the Board administers its oversight function on an ongoing basis to ensure that they continue to meet the Fund's needs.

**Committees of the Board**

The Board has established an Audit Committee and a Nominating and Governance Committee, and may establish additional committees in the future. All trustees are expected to attend at least 75% of the aggregate number of meetings of the Board and of the respective committees on which they serve. The Fund requires each trustee to make a diligent effort to attend all Board and committee meetings as well as any annual meeting of the shareholders.

**Audit Committee**

The Audit Committee is composed of all of the Independent Trustees. Mr. Siracuse serves as Chair of the Audit Committee. The Board has determined that Mr. Siracuse is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act. Mr. Casey, Mr. Martin, and Mr. Siracuse meet the current requirements of Rule 10A-3 under the Exchange Act. The Audit Committee operates pursuant to a charter approved by the Board, which sets forth the responsibilities of the Audit Committee. The Audit Committee's responsibilities include establishing guidelines and making recommendations to the Board regarding the valuation of the Fund's investments; selecting the Fund's independent registered public accounting firm; reviewing with such independent registered public accounting firm the planning, scope and results of their audit of the Fund's financial statements; pre-approving the fees for services performed; reviewing with the independent registered public accounting firm the adequacy of internal control systems; reviewing the Fund's annual audited financial statements and periodic filings; and receiving the Fund's audit reports and financial statements.

**Nominating and Corporate Governance Committee**

The members of the Nominating and Governance Committee are the Trustees. Mr. Martin serves as Chair of the Nominating and Governance Committee. The Nominating and Governance Committee is responsible for selecting, researching and nominating trustees for election by the shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and management.

The Nominating and Governance Committee seeks candidates who possess the background, skills and knowledge to make a significant contribution to the Board, the Fund and the shareholders. In considering possible candidates for election as a trustee, the Nominating and Governance Committee takes into account, in addition to such other factors as it deems relevant, the desirability of selecting trustees who:

● are of high character and integrity;

● are accomplished in their respective fields, with superior credentials and recognition;

● have relevant knowledge and experience upon which to be able to offer advice and guidance to management;

● have sufficient time available to devote to the Fund's affairs;

● are able to work with the other members of the Board and contribute to the Fund's success;

● can represent the long-term interests of shareholders as a whole; and

● are selected such that the Board represents a range of backgrounds and experience.

The Nominating and Governance Committee has not adopted a formal policy with regard to the consideration of diversity in identifying trustee nominees. In determining whether to recommend a trustee nominee, the Nominating and Governance Committee considers and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The Nominating and Governance Committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board, when identifying and recommending trustee nominees. The Nominating and Governance Committee believes that the inclusion of diversity as one of many factors considered in selecting trustee nominees is consistent with the goal of creating a board of trustees that best serves the Fund's needs and the interests of the shareholders.

**Item 6. *Executive Compensation*.**

**Compensation of Executive Officers**

The Fund does not currently have any employees and does not expect to have any employees. Each of the Fund's executive officers is an employee of the Adviser and/or one of its affiliates. The Fund's day-to-day investment operations are managed by the Adviser. Most of the services necessary for the origination and management of the Fund's investment portfolio will be provided by investment professionals employed by the Adviser and/or its affiliates.

None of the Fund's executive officers will receive direct compensation from the Fund. Certain of the Fund's executive officers and other members of the USDL Team, through their ownership interest in or management positions with the Adviser, may be entitled to a portion of any profits earned by the Adviser or its affiliates (including any fees payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services under the Investment Advisory Agreement). The Adviser or its affiliates may pay additional salaries, bonuses, and individual performance awards and/or individual performance bonuses to the Fund's executive officers in addition to their ownership interest.

**Compensation of Independent Trustees**

The Independent Trustees' annual fee is (i) $18,750 paid each quarter ($75,000 per year) until the first quarter in which the Company's net asset value equals $1,500,000,000 at the beginning of the applicable quarter; then (ii) $25,000 per quarter ($100,000 per year) for each subsequent quarter until the first quarter in which the Company's net asset value equals $3,000,000,000 at the beginning of the applicable quarter; then (iii) $37,500 ($150,000 per year) for each subsequent quarter in cash for service on the Board and Committees. The Independent Trustees also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending any meeting. No compensation is expected to be paid to the Interested Trustees with respect to the Fund.

**Item 7. *Certain Relationships and Related Transactions, and Trustee Independence*.**

The discussion below enumerates certain actual and potential conflicts of interest. The Adviser can give no assurance that conflicts of interest will be resolved in favor of the Fund's shareholders. By acquiring Shares of the Fund, each shareholder will be deemed to have acknowledged the existence of such actual and potential conflicts of interest, and to have consented thereto, and to have waived any claim in respect of the existence of any such conflict of interest.

***Allocation of Time, Services or Functions****.* Sound Point's USDL Team and other employees of Sound Point will continue to devote such time and attention to their respective other present and future business activities and advisory relationships, including any other funds, vehicles, accounts, clients or arrangements formed, sponsored or managed by Sound Point or its affiliates, (each as defined below) (collectively, but for this purpose excluding the Fund, the "Other Sponsored Funds"), as is required to discharge their respective duties to them, and conflicts of interest may arise in allocating management time, services or functions among the Fund, on the one hand, and any other present and future business activities and advisory relationships, on the other hand. Other conflicts of interest may arise for the Adviser and the USDL Team in connection with their management of Other Sponsored Funds, including certain transactions involving investments by the Fund and Other Sponsored Funds in the same portfolio company (including in respect of the timing, structuring and terms of such investments and disposition thereof). Also, in connection with prior investments by Other Sponsored Funds, Sound Point and/or their portfolio companies could enter into confidentiality, exclusivity, non-competition or similar agreements that would limit the ability of the Fund to pursue an investment in one or more companies. In addition, as a result of existing investments and activities, Sound Point and its investment team may from time to time acquire confidential information that they will not be able to use for the benefit of the Fund.

***Compensation Arrangements.*** The Adviser and its affiliates, including the Fund's officers and some of its trustees, may face conflicts of interest caused by compensation arrangements with the Fund and its affiliates, which could result in increased risk-taking by the Fund. The Adviser will receive fees from the Fund in return for its services, which may include certain management and incentive fees based on the amount of income or capital appreciation of the Fund's investments. These fees could influence the advice provided to the Fund. Generally, the more equity the Fund sells and the greater the risk assumed by the Fund with respect to its investments, the greater the potential for growth in the Fund's assets and profits, and, correlatively, the fees payable by the Fund to the Adviser. These compensation arrangements could affect the Adviser's or its affiliates' judgment with respect to recommending offerings of equity or the incurrence of debt and investments made by the Fund, which allow the Adviser to earn increased management fees.

As described in more detail below, the Incentive Fee payable by the Fund to the Adviser may create an incentive for the Adviser to incur additional leverage and to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. The way in which the Incentive Fee is determined may encourage the Adviser to use leverage to increase the leveraged return on the Fund's investment portfolio.

***Incentive Fees.*** Commencing on the first fiscal quarter immediately following the three-year anniversary of the Commencement Date (commencement of operations upon the initial closing of private placements), the Fund will pay the Adviser an income-based incentive fee each quarter equal to 12.5% of the amount by which pre-incentive fee net investment income (see below) for the quarter exceeds a hurdle rate of 1.5% (6.0% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision. In such case, the Fund may be required to pay the Adviser an Incentive Fee for a fiscal quarter even if there is a decline in the value of the Fund's portfolio or if the Fund incurs a net loss for that quarter.

Any Incentive Fee payable by the Fund that relates to the pre-Incentive Fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (PIK income). PIK income will be included in the pre-Incentive Fee net investment income used to calculate the Incentive Fee to the Adviser even though the Fund does not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not obligated to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued interest income that the Fund never receives as a result of a subsequent default.

For U.S. federal income tax purposes, the Fund may be required to recognize taxable income in some circumstances in which the Fund does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain the Fund's tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, the Fund may have difficulty meeting the Annual Distribution Requirement (as described above) necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that the Fund is required to pay the Incentive Fee on income with respect to such accrued income. As a result, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

***The Adviser.*** The Adviser will experience conflicts of interest in connection with the management of the Fund's business affairs relating to and arising from a number of matters, including: the allocation of investment opportunities by the Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates to issuers in which the Fund invests; investments by the Fund and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by the Adviser; differing recommendations given by the Adviser to the Fund versus other clients even though such other clients' investment objectives may be similar to the Fund's; the Adviser's use of information gained from issuers in the Fund's portfolio for investments by other clients, subject to applicable law; and restrictions on the Adviser's use of "inside information" with respect to potential investments by the Fund.

Specifically, the Fund may compete for investments with affiliated or funds that are advised by the Adviser and its affiliates, subjecting the Adviser and its affiliates to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending investments on the Fund's behalf. To mitigate these conflicts, the Adviser and its affiliates will seek to execute such transactions for all of the participating investment accounts, including the Fund, on a fair and equitable basis and in accordance with the Adviser's investment allocation policy, taking into account such factors as the relative amounts of capital available for new investments; cash on hand; existing commitments and reserves; the investment programs and portfolio positions of the participating investment accounts, including portfolio construction, diversification and concentration considerations; the investment objectives, guidelines and strategies of each client; the clients for which participation is appropriate; each client's life cycle; targeted leverage level; targeted asset mix and any other factors deemed appropriate.

***Material, Non-Public Information.*** Certain members of the USDL Team may from time to time serve on boards, investment, or similar governing committees of portfolio companies of the Fund or Other Sponsored Funds including those that engage in asset management. As a result thereof, Sound Point and its affiliates may from time to time acquire confidential or material non-public information that they will not be able to use for the benefit of the Fund, which may lead to the Fund not being able to initiate a transaction that it otherwise might have initiated and not being able to sell an investment that it otherwise might have sold. Also, in connection with prior investments by Other Sponsored Funds, Sound Point and/or such Other Sponsored Fund's portfolio companies may enter into confidentiality, exclusivity, non-competition or similar agreements that may limit the ability of the Fund to pursue an investment in one or more companies. In addition, as a result of existing investments and activities, Sound Point and the USDL Team may from time to time acquire confidential information that they will not be able to use for the benefit of the Fund. Furthermore, by reason of their responsibilities in connection with their other activities in general, certain Sound Point personnel may acquire confidential or material nonpublic information or be restricted from initiating transactions in certain securities. In those instances, the Fund will not be free to act upon any such information. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell a portfolio investment that it otherwise might have sold. Conversely, the Fund may not have access to material non-public information in the possession of Other Sponsored Funds which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell a portfolio investment which, if such information had been known to it, may not have been undertaken.

***Conflicts of Interest Relating to Investments.*** The Fund does not expect to invest in, or hold securities of, companies that are controlled by the Adviser or an affiliate's other clients. However, the Adviser or an affiliate's other clients may invest in, and gain control over, one of the Fund's portfolio companies. If the Adviser or an affiliate's other client, or clients, gains control over one of the Fund's portfolio companies, it may create conflicts of interest and may subject the Fund to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions, the Adviser may be unable to implement the Fund's investment strategies as effectively as it could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, the Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, the Adviser may choose to exit such investments prematurely and, as a result, the Fund may forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other client holds a different class of securities than the Fund as a result of such transactions, interests may not be aligned.

***Recommendations by the Adviser.*** The Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, the Fund even though such other clients' investment objectives may be similar to the Fund's, which could have an adverse effect on the Fund's business, financial condition and results of operations.

***Potential Merger with or Purchase of Assets of Another Fund.*** The Adviser may in the future recommend to the Board that the Fund merges with or acquires all or substantially all of the assets of one or more funds, including another Sound Point fund. The Fund does not expect that the Adviser would recommend any such merger or asset purchase unless it determines that it would be in the best interest of the Fund and its shareholders, with such determination dependent on factors it deems relevant, which may include the Fund's historical and projected financial performance and any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the Board and common equity holders of both funds. If the Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Adviser by the Fund and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to the Adviser as a result of managing a single, larger fund instead of two separate funds.

***Service Providers***. Certain advisors and other service providers, or their affiliates (including accountants, administrators, lenders, bankers, brokers, investment advisers, attorneys, consultants, custodians, investment or commercial banking firms and certain other advisors and agents) to the Fund or its portfolio companies may also provide goods or services to or have business, personal, political, financial or other relationships with Sound Point. Such advisors and service providers may be investors in the Fund or Other Sponsored Funds, affiliates of Sound Point, current or former portfolio companies of Other Sponsored Funds, sources of investment opportunities or co-investors or counterparties therewith. These relationships may influence Sound Point in deciding whether to select or recommend such a service provider to perform services for the Fund or a portfolio company (the cost of which will generally be borne directly or indirectly by the Fund or such portfolio company, as applicable). In certain circumstances, advisors and service providers, or their affiliates, may charge different rates or have different arrangements for services provided to Sound Point or its respective affiliates as compared to services provided to the Fund and its portfolio companies, which will result in more favorable rates or arrangements than those payable by the Fund or such portfolio companies.

In addition, the portfolio companies of the funds managed by Sound Point may transact business with (or otherwise provide services and/or products to) one another. Those same portfolio companies may also transact business with Sound Point or Sound Point's funds, employees or affiliates (including, without limitation, certain portfolio companies of Other Sponsored Funds becoming shareholders of the Fund, or portfolio companies of the Fund investing in Other Sponsored Funds). Such arrangements will generally be negotiated and executed at arm's length, but certain factors may lead a portfolio company to pay higher fees in connection with the services and/or products provided as compared to other similar providers. Those factors include, without limitation, the complexity of the services and/or products being provided, the reputation of the portfolio company in providing such services and/or products, and the ability of the portfolio to meet specified time, budget or other constraints. Furthermore, Sound Point and/or the portfolio companies of the funds managed by it may enter into agreements collectively with vendors which provide products and services to Sound Point and/or the portfolio companies, generally in an effort to reduce costs and expenses. Sound Point may act as a host for the negotiation process associated with such agreements. Notwithstanding the foregoing, Sound Point acts solely as a liaison in connection with the evaluation of, and has no control over the entering into, definitive agreements by such portfolio companies. Any definitive agreements shall be executed solely by and between the applicable portfolio company and applicable counterparty, and such portfolio company (and not Sound Point, except where Sound Point is acting in its own capacity) shall be solely responsible for its obligations thereunder.

***Valuation Matters*.** In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's "Valuation Designee." The Adviser, with the assistance of the Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund's investments in instances where there is no readily available market value. Investments for which market quotations are readily available may be priced by independent pricing services. The Fund has retained external, independent valuation firms to provide data and valuation analyses on the Fund's portfolio companies.

The Fund's investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by the Adviser and approved by the Board (the "Valuation Policy") and, as a result, there is and will be uncertainty as to the value of the Fund's portfolio investments. Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Fund intends to hold and make. The Fund's investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Fund may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making fair value determinations. The types of factors that may be considered in determining the fair values of the Fund's investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy approved by the Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Fund's NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

***Operating Policies****.* The Board has the authority to modify or waive certain operating policies, investment criteria and strategies, in some cases without prior notice and without shareholder approval. The Fund cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on its business, NAV, operating results and the value of its securities. However, the effects might be adverse, which could negatively impact the Fund's ability to pay distributions and may cause shareholders to lose all or part of their investment. Moreover, the Fund has significant flexibility in investing the net proceeds of its offering and may use the net proceeds from the offering in ways with which shareholders may not agree.

***Diverse Shareholders.*** The shareholders are expected to include U.S. taxable and tax-exempt entities, and institutions from jurisdictions outside of the United States. Such shareholders may have conflicting investment, tax and other interests with respect to their investments in the Fund. The conflicting interests of individual shareholders may relate to or arise from, among other things, the nature of investments made by the Fund or the structuring of the acquisition of portfolio investments. As a consequence, conflicts of interest may arise in connection with decisions made by the Adviser, including in respect of the nature or structuring of investments, that may be more beneficial for one shareholder than for another shareholder, especially in respect of shareholders' individual tax situations. In selecting and structuring investments appropriate for the Fund, the Adviser will consider the investment and tax objectives of the Fund, rather than the investment, tax or other objectives of any shareholder individually.

***Other Transactions with Prospective and Actual Shareholders.*** Prospective investors should note that the Adviser and its affiliates from time to time engage in transactions with prospective and actual shareholders or their affiliates that provide economic and business benefits to such shareholders and the Adviser and its affiliates. Such transactions may be entered into prior to or coincident with a shareholder's admission to the Fund or during the term of their investment. The nature of such transactions can be diverse and may include benefits relating to the Fund and their portfolio companies. Examples include the ability to co-invest alongside the Fund, a broad range of commercial transactions in the ordinary course of business with such shareholders, their affiliates and portfolio companies, and the purchase or disposition of interests to or from portfolio companies. In addition, the Adviser may acquire Shares from existing shareholders without offering such secondary opportunities to the other shareholders.

***Arrangements with Sound Point***. The Fund has entered into a license agreement with Sound Point, under which Sound Point granted the Fund a non-exclusive, royalty-free, non-perpetual license to use the name and trademark "Sound Point." Under this agreement, the Fund has a right to use "Sound Point" for so long as the Fund is a majority affiliate of Sound Point and a private entity. Other than with respect to this limited license, the Fund will not have a legal right to the "Sound Point" name. In the event the license agreement is terminated, the Fund will be required to change its name and cease using "Sound Point" as part of the Fund's name.

**Item 8. *Legal Proceedings*.**

From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under contracts with the Fund's portfolio companies or the Fund's co-investors. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund's financial condition or results of operations. The Fund and the Adviser are not currently a party to any material legal proceedings.

**Item 9. *Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters*.**

**Market Information**

The Fund's Shares have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the Fund is offering the Shares only (1) to "accredited investors" (as defined under the Securities Act) and (2) to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act, in reliance upon exemptions from the registration requirements of the Securities Act.

Each purchaser of the Fund's Shares will be required to complete and deliver to the Fund, prior to the acceptance of any order, a subscription agreement substantiating the purchaser's investor status and including other limitations on resales and transfers of the Fund's Shares.

Investors in our Shares generally may not sell, assign, or transfer their Shares without the prior written consent of the Fund, which the Fund may grant or withhold under limited circumstances, and provided that the transferee satisfies applicable eligibility and/or suitability requirements and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws. No Transfer will be effectuated except by registration of the Transfer on the Company's books. We intend to sell our Shares in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Shares in such private offerings are required to complete, execute and deliver a Subscription Agreement and related documentation, which includes customary representations and warranties, certain covenants and restrictions and indemnification provisions. Additionally, such investors may be required to provide due diligence information to us for compliance with certain legal requirements. We may, from time to time, engage offering or distribution agents and incur offering or distribution fees or sales commissions in connection with the private offering of our Shares in certain jurisdictions outside the United States. The cost of any such offering or distribution fees may be borne by an affiliate of the Adviser. We will not incur any such fees or commissions if our net proceeds received upon a sale of our Shares after such costs would be less than the net asset value per unit.

Any transfers of the Fund's Shares in violation of the foregoing provisions will be void, and any intended recipient of the Fund's Shares will acquire no rights in such shares and will not be treated as a shareholder for any purpose.

**Holders**

Please see *Item 4. Security Ownership of Certain Beneficial Owners and Management* for disclosure regarding the holders of Shares.

**Dividends**

The Fund intends to pay quarterly distributions to the Fund's shareholders out of assets legally available for distribution. The Fund intends to elect to be treated, and intends to qualify annually thereafter, to be subject to tax as a RIC under Subchapter M of the Code. To obtain and maintain the Fund's ability to be subject to tax as a RIC, the Fund must, among other things, timely distribute to the Fund's shareholders at least 90% of the Fund's investment company taxable income for each taxable year. Please refer to *Item 1. Business – Distributions; Dividend Reinvestment Plan* for further information regarding the Fund's dividend policies and DRIP and *Item 1. Business – Material U.S. Federal Income Tax Consequences* for further information regarding the tax treatment of the Fund's distributions and the tax consequences of the Fund's retention of net capital gains.

**Item 10. *Recent Sales of Unregistered Securities*.**

We expect to enter into Subscription Agreements with investors in connection with the Private Offering, pursuant to which we expect to issue and sell our Common Shares under the exemption provided by Section 4(a)(2) of the Securities Act, Rule 506 of Regulation D, and Regulation S promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made.

**Item 11. *Description of Registrant's Securities to be Registered*.**

**General**

Under the terms of the Fund's Declaration of Trust, the Fund is authorized to issue an unlimited number of common shares of any class. As of December 15, 2025, there was one class of Shares, with 400 Shares outstanding and no preferred shares outstanding. The Declaration of Trust provides that the Board may classify or reclassify any unissued Shares into one or more classes or series of Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for the Fund's Shares, and it can offer no assurances that a market for its Shares will develop in the future. The Fund does not intend for the Shares offered pursuant to this offering to be listed on any national securities exchange and the Fund does not expect there to be a public market for the Shares. There are no outstanding options or warrants to purchase the Fund's Shares. Under the terms of the Declaration of Trust, shareholders shall be entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. The Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Fund's assets or the affairs of the Fund by reason of being a shareholder.

None of the Fund's Shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Fund or potential liabilities associated with ownership of the security (not including investment risks). In addition, except as may be provided by the Board in setting the terms of any class or series of Shares, no shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

**Description of the Fund's Shares**

Under the terms of the Fund's Declaration of Trust, all Shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and distributions may be paid to the holders of the Shares if, as and when authorized by the Fund's Board and declared by it out of funds legally available therefore. Except as may be provided by the Board in setting the terms of classified or reclassified shares or as may otherwise be provided by contract approved by the Board, the Fund's Shares will have no preemptive, exchange, conversion, appraisal or redemption rights, and, in order to avoid the possibility that the Fund's assets could be treated as "plan assets," the Fund may require any person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is a Benefit Plan investor or an ERISA controlling person, restrict or prohibit transfers of such shares or redeem any outstanding shares for such price and on such other terms and conditions as may be determined by or at the direction of the Board. In the event of the Fund's liquidation, dissolution or winding up, each share of the Fund's Shares would be entitled to share pro rata in all of the assets that are legally available for distribution after the Fund pays all debts and other liabilities. Each share of the Fund's Shares will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of Trustees. Except as may be provided by the Board in setting the terms of classified or reclassified shares, the holders of the Fund's Shares will possess exclusive voting power. There will be no cumulative voting in the election of Trustees. Each Trustee will be elected by a majority of the votes cast with respect to such Trustee's election; provided that, Trustees shall be elected by a plurality of the votes cast at any such meeting if (i) the Fund's secretary receives notice that a shareholder has nominated an individual for election as a Trustee in compliance with the requirements of advance notice of shareholder nominees for Trustee set forth in the Fund's bylaws (the "Bylaws") and (ii) such nomination has not been withdrawn by such shareholder on or before the close of business on the tenth (10th) day before the date of filing of the definitive proxy statement of the Fund with the SEC and, as a result of which, the number of nominees is greater than the number of Trustees to be elected at the meeting. Pursuant to the Declaration of Trust, the Board may amend the Bylaws to alter the vote required to elect Trustees.

**Preferred Shares**

Under the terms of the Declaration of Trust, the Board may authorize us to issue preferred shares in one or more classes or series without shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. The Fund does not currently anticipate issuing preferred shares in the near future. In the event it issues preferred shares, the Fund will make any required disclosure to shareholders.

Preferred shares could be issued with terms that would adversely affect the shareholders, provided that the Fund may not issue any preferred shares that would limit or subordinate the voting rights of holders of Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to Shares and before any purchase of Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 66-2/3% of the Fund's total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of preferred shares, if any are issued, must be entitled as a class voting separately to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities. The issuance of any preferred shares must be approved by a majority of the Independent Trustees not otherwise interested in the transaction.

**Transfer and Resale Restrictions**

Investors in our Shares generally may not sell, assign, or transfer their Shares without prior written consent of the Fund, which the Fund may grant or withhold under limited circumstances, and provided that the transferee satisfies applicable eligibility and/or suitability requirements and the transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws. No transfer will be effectuated except by registration of the transfer on the Company's books. We intend to sell our Shares in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Shares in such private offerings are required to complete, execute and deliver a Subscription Agreement and related documentation, which includes customary representations and warranties, certain covenants and restrictions and indemnification provisions. Additionally, such investors may be required to provide due diligence information to us for compliance with certain legal requirements. We may, from time to time, engage offering or distribution agents and incur offering or distribution fees or sales commissions in connection with the private offering of our Shares in certain jurisdictions outside the United States. The cost of any such offering or distribution fees may be borne by an affiliate of the Adviser. We will not incur any such fees or commissions if our net proceeds received upon a sale of our Shares after such costs would be less than the net asset value per unit.

**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses**

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. The Fund's Declaration of Trust provides that the Trustees will not be liable to it or the shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law. The Fund's Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, the Fund will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Pursuant to the Declaration of Trust and subject to certain exceptions described therein, the Fund will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Fund and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Fund and at the request of the Fund, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, the Fund will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

The Fund will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) the Indemnitee determines in good faith that the course of conduct that caused the loss or liability was in the best interests of the Fund, (ii) the Indemnitee was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of the Indemnitee's gross negligence or willful misconduct, willful misfeasance or reckless disregard of the duties involved in the conduct of his office, in each case, as determined by a court of competent jurisdiction in a final, non-appealable order, and (iv) such indemnification or agreement to hold harmless is recoverable only out of the net assets of the Fund and not from the shareholders.

In addition, the Declaration of Trust permits the Fund to advance reasonable expenses to an Indemnitee or an affiliate of the Adviser who is not otherwise an Indemnitee, and the Fund will do so in advance of final disposition of a proceeding if (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (ii) the Indemnitee or the affiliate of the Adviser, as applicable, provides the Fund with written affirmation of such person's good faith belief that the person has met the standard of conduct necessary for indemnification by the Fund as authorized by the Declaration of Trust, (iii) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee or the affiliate of the Adviser, as applicable, provides the Fund with a written agreement to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

**Delaware Law and Certain Declaration of Trust Provisions**

**Organization and Duration**

The Fund was formed as a Delaware statutory trust on March 14, 2025 and will remain in existence until dissolved in accordance with the Declaration of Trust or pursuant to Delaware law.

**Purpose**

Under the Declaration of Trust, the Fund is permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon it pursuant to the agreements relating to such business activity.

**Delaware Anti-Takeover Provisions**

The Fund's Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. The Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; and the Board may, without shareholder action, amend the Declaration of Trust to increase the number of the Fund's Shares, of any class or series, that it will have authority to issue. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. The Fund believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

**Number of Trustees; Vacancies; Removal**

The Fund's Declaration of Trust provides that the number of Trustees will be set by the Board in accordance with its Bylaws. The Fund's Bylaws provide that a majority of the entire Board may at any time increase or decrease the number of Trustees. The Fund's Declaration of Trust provides that the number of Trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act pursuant to an election under the Declaration of Trust, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

The Fund's Declaration of Trust provides that a Trustee may be removed without cause upon the vote of a majority of then-outstanding shares.

**Action by Shareholders**

The Fund's Bylaws provide that shareholder action can be taken at an annual meeting or at a special meeting of shareholders or by unanimous written consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under the Declaration of Trust and Bylaws, the Fund is not required to hold annual meetings. Special meetings may be called by the Trustees and certain of the Fund's officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, the Fund's Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Fund upon the written request of shareholders entitled to cast not less than a majority of all votes entitled to be cast at such meeting. Any special meeting called by such shareholders is required to be held not less than 10 nor more than 60 days after the secretary gives notice for such special meeting. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

With respect to special meetings of shareholders, only the business specified in the Fund's notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to the Fund's notice of the meeting, (2) by or at the direction of the Board or (3) provided that the Board has determined that Trustees will be elected at the meeting, by any shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Bylaws.

The Fund's Declaration of Trust provides that the following actions may be taken by the shareholders, without concurrence by the Board or the Adviser, upon a vote by the holders of more than two-thirds of the outstanding shares entitled to vote to dissolve the Fund.

The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Fund's Declaration of Trust does not give the Board any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Fund and its shareholders.

**Amendment of the Declaration of Trust and Bylaws**

The Fund's Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter the terms of contract rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment or addition must be approved by the holders of at least two-thirds of the outstanding shares of the Fund entitled to vote on the matter. In addition, amendments to the Fund's Declaration of Trust to make its Shares a "redeemable security" or to convert the Fund, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter.

The Fund's Declaration of Trust provides that the Board has the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws. Except as described in the paragraph above, the Fund's Declaration of Trust provides that the Board may amend its Declaration of Trust without any vote of its shareholders.

**Actions Related to Merger, Conversion, Reorganization or Dissolution**

The Board may, without the approval of holders of the Fund's outstanding Shares, approve a merger, conversion, consolidation or other reorganization of the Fund, provided that the resulting entity is a BDC under the 1940 Act. The Fund will not permit the Adviser to cause any other form of merger or other reorganization of the Fund without the affirmative vote by the holders of a majority of the outstanding Shares of the Fund entitled to vote on the matter. The Fund may be dissolved at any time, without the approval of holders of its outstanding Shares, upon affirmative vote by a majority of the Trustees.

**Derivative Actions**

No person, other than a Trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. Any shareholder may maintain a derivative action on behalf of the Fund.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) a demand on the Board shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Board who are not "Independent Trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board shall be entitled to retain counsel or other advisors in considering the merits of the request. For purposes of this paragraph, the Board may designate a committee of one or more Trustees to consider a shareholder demand.

**Exclusive Delaware Jurisdiction**

Each Trustee, each officer, each shareholder and each person beneficially owning an interest in a share of the Fund (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Fund or its business and affairs, the Delaware Statutory Trust Act, the Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Fund, the Delaware Statutory Trust Act or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Fund to the shareholders or the Board, or of officers or the Board to the Fund, to the shareholders or each other, or (C) the rights or powers of, or restrictions on, the Fund, the officers, the Board or the shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Fund pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration of Trust or the Bylaws relating in any way to the Fund (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of the foregoing, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. Nothing disclosed in the foregoing will apply to any claims, suits, actions or proceedings asserting a claim brought under federal or state securities laws.

**Conflict with the 1940 Act**

The Fund's Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of its Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**Item 12*. Indemnification of Trustees and Officers*.**

See *Item 11. Description of Registrant's Securities to be Registered – Limitations on Liability of Trustees and Officers; Indemnification and Advance of Expenses.*

**Item 13. *Financial Statements and Supplementary Data*.**

Set forth below is an index to the Fund's financial statements attached to this Registration Statement.

 **Page** 

\* To be filed by amendment.

**Item 14. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*.**

There are not and have not been any disagreements between the Fund and its accountant on any matter of accounting principles, practices, or financial statement disclosure, nor have there been any changes in the Fund's accountant.

**Item 15. *Financial Statements and Exhibits*.**

<u>(a) List separately all financial statements filed</u>

The financial statements included in this Registration Statement are listed *Item 13. Financial Statements and Supplementary Data*.

<u>(b) Exhibits</u>

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 3.1 | [Amended and Restated Declaration of Trust \*](soundpointdirect_ex3-1.htm) |
| 3.2 | [Bylaws\*](soundpointdirect_ex3-2.htm) |
| 4.1 | [Subscription Agreement\*](soundpointdirect_ex4-1.htm) |
| 10.1 | [Investment Advisory Agreement between the Fund and the Adviser\*](soundpointdirect_ex10-1.htm) |
| 10.2 | [Administration Agreement between the Fund and the Administrator\*](soundpointdirect_ex10-2.htm) |
| 10.3 | [Trademark License Agreement between the Fund and the Adviser\*](soundpointdirect_ex10-3.htm) |
| 10.4 | [Dividend Reinvestment Plan\*](soundpointdirect_ex10-4.htm) |
| 10.5 | [Form of Indemnification Agreement for Trustees\*](soundpointdirect_ex10-5.htm) |
| 10.6 | [Custody Agreement by and between the Fund and the Custodian\*](soundpointdirect_ex10-6.htm) |
| 14.1 | [Code of Ethics of Sound Point Direct Lending BDC\*](soundpointdirect_ex14-1.htm) |
| 14.2 | [Code of Ethics of Sound Point Capital Management, LP\*](soundpointdirect_ex14-2.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** |
| Date: December 15, 2025 | By: | /s/ Andrew Eversfield |
|  | Name: | Andrew Eversfield |
|  | Title: | Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**AMENDED AND RESTATED DECLARATION OF TRUST**<br>**OF**<br>**SOUND POINT DIRECT LENDING BDC**<br>**November 17, 2025**<br>**\* \* \* \* \* \* \* \* \* \***

**WHEREAS**, the initial Declaration of Trust of Sound Point Direct Lending BDC (the "<u>Company</u>") was entered into effective as of November 4, 2025 (the "<u>Existing Declaration of Trust</u>"); and

**WHEREAS**, the parties now desire to amend and restate the Existing Declaration of Trust as hereinafter set forth;

**NOW, THEREFORE**, the parties hereby agree as follows:

**ARTICLE I** <br>**NAME; DEFINITIONS**

Section 1.1 <u>Name</u>. The name of the statutory trust is Sound Point Direct Lending BDC. So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word "Company", whenever used in this Amended and Restated Declaration of Trust (the "<u>Declaration of Trust</u>"), except where the context otherwise requires) shall refer to the Board of Trustees (as defined herein) collectively but not individually or personally and shall not refer to the Shareholders (as defined herein) or to any officers, employees or agents of the Company or of such Trustees (as defined herein). Under circumstances in which the Trustees determine that the use of the name "Sound Point Direct Lending BDC" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined herein). Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration of Trust.

Section 1.2 <u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Administrator</u>" means Sound Point Administration, LLC, in its capacity as administrator of the Company, any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means Sound Point Capital Management, LP, in its capacity as investment adviser to the Company, or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts substantially all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Advisory Agreement</u>" means an investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement, in each case as may be amended from time to time.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person any other Person directly or indirectly controlling, controlled by or under common control with such specified Person.

"<u>Assessment</u>" means an additional amount of capital that may be mandatorily required of, or paid voluntarily by, a Shareholder beyond his or her subscription commitment (excluding deferred payments).

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in the Plan Asset Regulations.

"<u>Bylaws</u>" means the bylaws of the Company, as the same are in effect and may be amended from time to time.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.001 per share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article IV hereof, including any class or series of Common Shares.

"<u>Company</u>" has the meaning set forth in the recitals to this Declaration of Trust.

"<u>Declaration of Trust</u>" has the meaning set forth in Section 1.1 of this Declaration of Trust.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Controlling Person</u>" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Existing Declaration of Trust</u>" has the meaning set forth in the recitals to this Declaration of Trust.

"<u>Indemnitees</u>" has the meaning set forth in Section 6.3 hereof.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act.

"<u>Liability and Losses</u>" has the meaning set forth in Section 6.3 of this Declaration of Trust.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association.

"<u>Plan Asset Regulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Preferred Shares</u>" has the meaning set forth in Section 4.1 of this Declaration of Trust.

"<u>Publicly Offered Securities</u>" means publicly offered securities as defined in 29 C.F.R. § 2510.3-101(b)(2) or any successor regulation thereto.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

"<u>Shareholders</u>" or "holders" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the units of interest into which the beneficial interest in the Trust shall be divided from time to time, including Common Shares, Preferred Shares (if any), and Shares of any and all series and classes which may be established and designated by the Trustees, and includes fractions of Shares as well as whole Shares.

"<u>Side Letters</u>" has the meaning set forth in Section 9.3 of this Declaration of Trust.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as such act may be amended from time to time.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 3.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder. Any references herein to the foregoing terms shall refer to those individuals that are then-appointed at the time of such reference.

**ARTICLE II** <br>**NATURE AND PURPOSE**

The Company is a Delaware statutory trust within the meaning of the Statutory Trust Act, existing pursuant to this Declaration of Trust and the Company's certificate of trust filed with the Delaware Secretary of State's office on March 14, 2025 (which filing is hereby ratified), each as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company (as such terms are defined in the 1940 Act), subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Statutory Trust Act, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities (as such term is defined under Section 2(a)(42) of the 1940 Act) of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity, except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

**ARTICLE III** <br>**PROVISIONS FOR DEFINING, LIMITING <br>AND REGULATING CERTAIN POWERS OF THE** <br>**COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES**

Section 3.1 <u>Number of Trustees</u>. The business and affairs of the Company shall be managed under the direction of the Board of Trustees. The Board of Trustees shall have full, exclusive and absolute power, control and authority over the Company's assets and over the business of the Company to the same extent as a board of directors of a Delaware corporation. The Board of Trustees may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL. The number of Trustees of the Company is four (4), which number may be increased or decreased from time to time only by the Trustees pursuant to the Bylaws, but shall never be less than three (3), except for a period of up to sixty (60) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the initial Trustees are as follows: Stephen Ketchum, Joseph E. Casey, John G. Martin, and Daniel J. Siracuse.

A majority of the Board of Trustees shall be Independent Trustees, except for a period of up to sixty (60) days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Subject to applicable requirements of the 1940 Act, in order that any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified. There shall be no cumulative voting in the election or removal of Trustees.

Section 3.2 <u>Shareholder Voting</u>. Except as provided in Article II, Section 3.8, Section 3.9, Section 5.1, Section 5.2, Section 5.3, Section 9.1, Section 10.2, Section 10.3 and Section 10.5 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board of Trustees, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All Shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the Shares of all other classes not entitled to a separate vote shall vote together as a single class; and (d) as to any matter which in the judgment of the Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of Shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Securities under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act. The provisions of this Section 3.2 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 3.3 <u>Quorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders or Board of Trustees shall be as set forth in the Bylaws.

Section 3.4 <u>Preemptive Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares or any other Security of the Company that it may issue or sell.

Section 3.5 <u>Appraisal Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of any class or series of Shares, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 3.6 <u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith by or pursuant to the direction of the Board of Trustees consistent with this Declaration of Trust shall be final and conclusive and shall be binding upon the Company and every Shareholder: (i) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (ii) the amount of stated capital, capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (iii) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (iv) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares; (v) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares; (vi) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (vii) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Trustee shall be liable for making or failing to make such a determination.

Section 3.7 <u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Declaration of Trust or otherwise applicable law, whenever in this Declaration of Trust the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors, subject to the limitations of fiduciary duties owed by the Trustees to the Company as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard, subject to the limitations of fiduciary duties owed by the Trustees to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless expressly provided otherwise herein or in the Company's offering document (as may be amended from time to time), the Adviser and any Affiliate of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the SEC, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 3.8 <u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal and any replacements immediately thereafter shall not be less than the minimum number required by Section 3.1 hereof), upon a vote, with or without cause, by a majority of the remaining Trustees or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

Section 3.9 <u>Business Combination</u>. Notwithstanding any other provision of this Declaration of Trust or any contrary provision of law, the Board of Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Company to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, corporations or other business entities, provided that the resulting entity is a business development company under the 1940 Act. Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or certificate may be signed by a majority of the Board of Trustees or an authorized officer of the Company. In accordance with Section 3815(f) of the Statutory Trust Act, but subject to Section 5.2 of this Declaration of Trust, such approval and approval from the Board will effect an amendment to this Declaration of Trust and/or effect the adoption of a new declaration of trust of the Company or change the name of the Company if the Company is the surviving or resulting entity in the merger or consolidation.

Section 3.10 <u>Special Meetings</u>. A majority of the Independent Trustees or the Chair and Chief Executive Officer may call a special meeting of the Shareholders. Shareholders may also call special meetings pursuant to the provisions of the Bylaws.

Section 3.11 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 3.12 <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 3.13 <u>Officers</u>. The Trustees shall elect a Chair, a Chief Executive Officer, a Chief Financial Officer, a Secretary, and a Chief Compliance Officer, who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may appoint, or may authorize the Chair or Chief Executive Officer to appoint, such other officers or agents with such powers as the Trustees, Chair or Chief Executive Officer may deem to be advisable. A Chair shall, and the Chief Executive Officer, Chief Financial Officer, Secretary, and Chief Compliance Officer may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the DGCL.

Section 3.14 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliate of the Company, Adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 3.15 <u>Subsidiaries</u>. Without any approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all or any portion of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's property to any such corporation, trust, limited liability company, partnership, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, partnership, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section 3.16 <u>Delegation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees, which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time, except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

**ARTICLE IV** <br>**SHARES**

Section 4.1 <u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Assessments of Common Shares shall be prohibited and the Company shall not make any Assessment against any Shareholder beyond such Shareholder's subscription commitment. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred shares (the "<u>Preferred Shares</u>") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 4.2 <u>Authorization by Board of Share Issuance</u>. The Board of Trustees may authorize the issuance from time to time of Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 4.3 <u>Classification or Reclassification by the Board</u>. As contemplated by Section 4.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares or of any series shall be identical to all other Common Shares or Preferred Shares or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof.

Section 4.4 <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the Shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the net asset value of the Company attributable to, and the dividend, redemption and liquidation rights of, the Shares of each such class or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inasmuch as the computation of net income and gains for federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a declaration of dividends or distributions is made pursuant to this Section then, at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates.

Section 4.5 <u>Proportionate Rights</u>. All Shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each Share of any particular class shall be equal to each other Share of that class. The Board of Trustees may, from time to time, divide or combine the shares of any particular class into a greater or lesser number of shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of Shares of any other class.

Section 4.6 <u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares), to share ratably in the remaining net assets of the Company.

Section 4.7 <u>Fractional Shares</u>. The Company shall have authority to issue fractional Shares. Any fractional Shares shall carry proportionately all of the rights of a whole Share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 4.8 <u>Declaration of Trust and Bylaws</u>. All persons who shall acquire Shares shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 4.9 <u>Redemptions</u>. Holders of Shares shall not be entitled to require the Company to repurchase or redeem Shares.

Section 4.10 <u>Disclosure of Holding</u>. The holders of Shares or other Securities shall, upon demand by the Trustees, disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other Securities as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 4.11 <u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company.

Section 4.12 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IV, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Exchange Act, as amended, or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

Section 4.13 <u>ERISA Restrictions</u>. Notwithstanding any other provision herein, if and to the extent that any class of Shares do not constitute Publicly Offered Securities, in order to avoid the possibility that the underlying assets of the Company could be treated as assets of Benefit Plan Investor pursuant to the Plan Asset Regulation, the Company, at the direction of the Board of Trustees or any duly-authorized committee of the Board, or, if authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any Shareholder or potential Shareholder from purchasing Shares, (3) prohibit any repurchase of Shares to any Person, and (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board.

**ARTICLE V** <br>**AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS**

Section 5.1 <u>Amendments Generally</u>. The Board of Trustees reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders, such amendment or addition must be approved by the holders of at least two-thirds (66 <sup>2</sup>/<sub>3</sub>%) of the outstanding Shares entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 5.2 <u>Approval of Certain Declaration of Trust Amendments</u>. The affirmative vote of the Shareholders entitled to cast at least a majority of all Shares entitled to vote on the matter shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment to this Declaration of Trust to make the Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment to Section 3.2 or this Section 5.2.

Section 5.3 <u>Approval of Certain Amendments to Bylaws</u>. The Board of Trustees shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.

Section 5.4 <u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board of Trustees, and (ii) the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust.

**ARTICLE VI** <br>**LIMITATION OF LIABILITY; INDEMNIFICATION AND**<br>**ADVANCE OF EXPENSES**

Section 6.1 <u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 6.2 <u>Limitation of Trustee and Officer Liability</u>. To the fullest extent permitted by Delaware law, subject to any limitation set forth under the federal securities laws, or in this Article VI, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages. Neither the amendment nor repeal of this Section 6.2, nor the adoption or amendment of any other provision of this Declaration of Trust or Bylaws inconsistent with this Section 6.2, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption.

Section 6.3 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that he or she is or was a Trustee or officer of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that he or she, being at the time a Trustee or officer of the Company, is or was serving at the request of the Company as a director, officer, partner or trustee of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"),

whether in either case (i) or case (ii) above, the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee or officer, of the Company, or as a director, officer, partner or trustee of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, officer, partner or trustee, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of rights under this Section) (collectively, "<u>Liability and Losses</u>") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "<u>Indemnitees</u>". Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee or officer of the Company, or director, officer, partner or trustee of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. The right to indemnification conferred under this Article VI: (A) shall be a contract right; (B) shall not be affected adversely as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Indemnitee determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Indemnitee was acting on behalf of or performing services for the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Liability and Losses were not the result of the Indemnitee's gross negligence or willful misconduct, in each case, as determined by a court of competent jurisdiction in a final, non-appealable order, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. Any person serving as a broker-dealer, to the extent such person or entity meets the definition of 'Indemnitee' within the meaning of the Declaration of Trust, would not be entitled to the indemnification set forth in the Declaration of Trust, but also the requirements and limitations on indemnification set forth in Section 6.3(b) of the Declaration of Trust. Any person acting as a broker-dealer is also subject to the indemnification restrictions imposed in Section 6.3(c).

Section 6.4 <u>Payment of Expenses</u>. The Company shall pay or reimburse legal expenses and other costs incurred by an Indemnitee or an Affiliate of the Adviser who is not otherwise an Indemnitee, in advance of final disposition of a proceeding if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Indemnitee or Affiliate of the Adviser, as applicable, provides the Company with written affirmation of such Person's good faith belief that such Person has met the standard of conduct necessary for indemnification by the Company as authorized by Section 6.3 hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee or Affiliate of the Adviser, as applicable, provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

Section 6.5 <u>Limitations to Indemnification</u>. The provisions of this Article VI shall be subject to the limitations of the 1940 Act.

Section 6.6 <u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 6.7 <u>Non-Exclusivity</u>. The indemnification and advancement of expenses provided or authorized by this Article VI shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under this Declaration of Trust, the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 6.8 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

Section 6.9 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 6.10 <u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

**ARTICLE VII** <br>**ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION**<br>**ARRANGEMENTS**

Section 7.1 <u>Supervision of Adviser and Administrator</u>. Subject to the requirements of the 1940 Act, the Board of Trustees may exercise broad discretion in allowing the Adviser and, if applicable, an Administrator, to administer and regulate the operations of the Company (including pursuant to this Article VII and Article VIII), to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to assure that the administrative procedures, operations and programs of the Company are in the best interests of the Shareholders and are fulfilled and that the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income.

Section 7.2 <u>Custodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may employ one or more custodians, each meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation the authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to receive any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if authorized to do so by the Trustees, to compute the net income or net asset value of the Company;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodians.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Exchange Act, or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

Section 7.3 <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other Securities. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of Securities, whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII or the Bylaws; and such contract may also provide for the repurchase or sale of Securities by such other party as principal or as agent of the Company and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the Securities.

**ARTICLE VIII** <br>**INVESTMENT OBJECTIVES AND LIMITATIONS**

Section 8.1 <u>Investment Objective</u>. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments primarily in private middle market companies. The Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company.

Section 8.2 <u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 8.3 <u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as collateral the assets of the Company and/or its subscription commitments, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions, and the right to receive capital contributions and other payments, subject to the terms hereof and thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board of Trustees, which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 8.3 shall apply to its agents and its successors and permitted assigns.

**ARTICLE IX** <br>**SHAREHOLDERS**

Section 9.1 <u>Certain Voting Rights of Shareholders</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration of Trust or a resolution of the Trustees. This Declaration of Trust expressly provides that no matter for which voting, consent or other approval is required by the Statutory Trust Act, in the absence of the contrary provision in the Declaration of Trust, shall require any such vote.

Section 9.2 <u>Right of Inspection</u>. The records of the Company shall be open to inspection by Shareholders to the extent permitted by Section 3819 of the Statutory Trust Act but subject to such reasonable regulation as the Trustees may determine.

Section 9.3 <u>Other Agreements.</u> Consistent with applicable law (including the 1940 Act), the Company, the Adviser and/or Affiliates of the Adviser may negotiate agreements (collectively, "<u>Side Letters</u>") with certain Shareholders that will result in different investment terms than the terms applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration of Trust or disclosure contained in the Company's private placement memorandum (as may be amended from time to time) or any other offering document of the Shares. As a result of such Side Letters, certain Shareholders may receive additional benefits which other Shareholders will not receive. Unless agreed otherwise in the Side Letter, in general, the Company, the Adviser and affiliates of the Adviser will not be required to notify any or all of the other Shareholders of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Company, the Adviser or affiliates of the Adviser be required to offer such additional and/or different rights and/or terms to any or all of the other Shareholders. The Company, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. The other Shareholders will have no recourse against the Company, the Trustees, the Adviser and/or any of their affiliates in the event certain investors receive additional and/or different rights and/or terms as a result of Side Letters. Any such exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of the Declaration of Trust (including with respect to amendments to this Declaration of Trust) or any applicable subscription agreements.

**ARTICLE X** <br>**DURATION OF THE COMPANY**

Section 10.1 <u>Duration of the Company</u>. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Statutory Trust Act.

Section 10.2 <u>Dissolution by the Trustees</u>. The Company may be dissolved at any time upon affirmative vote by a majority of the Trustees. Shareholders of the Company shall not be entitled to vote on the dissolution or plan of liquidation of the Company under this Article X except to the extent required by the 1940 Act.

Section 10.3 <u>Dissolution by Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than two-thirds (66 <sup>2</sup>/<sub>3</sub>%) of the outstanding Shares entitled to vote on the matter.

Section 10.4 <u>Liquidation</u>. Upon dissolution of the Company, the Board of Trustees shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Company.

Section 10.5 <u>Merger or Other Reorganization of the Company</u>. Except as set forth in Section 3.9, the Company may not permit the Board of Trustees or the Adviser to cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than two-thirds (66 <sup>2</sup>/<sub>3</sub>%) of the outstanding Shares entitled to vote on the matter.

**ARTICLE XI** <br>**MISCELLANEOUS**

Section 11.1 <u>Construction and Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the Shareholders and the Trustees of the Company shall be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Statutory Trust Act or general trust law; and that the Company, the Shareholders, and the Trustees shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of this Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sections 3540 and 3561 of Title 12 of the Statutory Trust Act shall not apply to the Company.

Section 11.2 <u>Conflicts of Law</u>. To the extent that any provision of the Statutory Trust Act or any provision of this Declaration of Trust or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in any, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 11.3 <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. No Shareholder may maintain a derivative action on behalf of the Company unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Company for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 11.3, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

Section 11.4 <u>Direct Actions</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Company and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant to Section 11.3 of this Declaration of Trust and Section 3816 of the Statutory Trust Act shall be equally applicable to bringing a direct action.

Section 11.5 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Nothing in this Section 11.5 will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws.

Section 11.6 <u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 11.7 <u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

---

| |
|:---|
| /s/ Stephen Ketchum |
| Stephen Ketchum, as Trustee |
| /s/ John G. Martin |
| John G. Martin, as Trustee |
| /s/ Joseph E. Casey |
| Joseph E. Casey, as Trustee |
| /s/ Daniel J. Siracuse |
| Daniel J. Siracuse, as Trustee |

---

*[Signature page to Amended and Restated Declaration of Trust]*

## Exhibit 3.2

**Exhibit 3.2**

**SOUND POINT DIRECT LENDING BDC**

**BYLAWS**

**ARTICLE I.**

**OFFICES**

Section 1.<u>PRINCIPAL OFFICE</u>. The principal office of Sound Point Direct Lending BDC (the "**Company**") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "**Trustees**" or the "**Board**") may designate from time to time.

Section 2.<u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 375 Park Avenue, 34<sup>th</sup> Floor New York, NY 10152. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**ARTICLE II.**

**MEETINGS OF SHAREHOLDERS**

Section 1.<u>PLACE</u>. All meetings of shareholders shall be held at such place as shall be set by the Board and stated in the notice of the meeting.

Section 2.<u>ANNUAL MEETING</u>. An annual meeting of shareholders shall not be required in any year in which the election of Trustees is not required to be held under the Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder (the "**1940 Act**"). The failure to hold an annual meeting shall not invalidate the Company's existence or affect any otherwise valid corporate act of the Company.

Section 3.<u>SPECIAL MEETINGS – IN GENERAL</u>. Special meetings of the shareholders may be called for any purpose or purposes, unless otherwise prescribed by statute or by the Amended and Restated Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), by a majority of the Independent Trustees or the Chair and Chief Executive Officer. Subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the Secretary of the Company (the "**Secretary**") upon the written request of shareholders entitled to cast not less than a majority of all votes entitled to be cast at such meeting.

Unless otherwise provided by law, written notice of a special meeting of shareholders, stating the time, place and purpose or purposes thereof, shall be given to each shareholder entitled to vote at such meeting, not less than ten (10) or more than sixty (60) days before the date fixed for the meeting. Business transacted at any special meeting of shareholders shall be limited to the purposes stated in the notice. In fixing a date for any special meeting, the Chair of the Board, the chief executive officer or the Board may consider such factors as he or she deems relevant, including the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board to call an annual meeting or a special meeting.

Nominations of persons for election to the Board at a special meeting may be made only (i) by or at the direction of the Board or (ii) provided that the Board has determined that Trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of Section 12 of these Bylaws.

Section 4.<u>SHAREHOLDER REQUESTED SPECIAL MEETINGS</u>. Any shareholder of record seeking to have shareholders request a special meeting shall, by sending written notice to the Secretary (the "**Record Date Request Notice**") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "**Request Record Date**"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of directors in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "**Exchange Act**"). Upon receiving the Record Date Request Notice, the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10<sup>th</sup>) day after the first date on which a Record Date Request Notice is received by the Secretary.

In order for any shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of shareholders, one or more written requests for a special meeting (collectively, the "**Special Meeting Request**") signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such meeting (the "**Special Meeting Percentage**") shall be delivered to the Secretary. In addition, the Special Meeting Request shall (A) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the Secretary), (B) bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, (C) set forth (i) the name and address, as they appear in the Company's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of the Company that are owned (beneficially or of record) by each such shareholder and (iii) the nominee holder for, and number of, shares of the Company owned beneficially but not of record by such shareholder, (D) be sent to the Secretary by registered mail, return receipt requested, and (E) be received by the Secretary within sixty (60) days after the Request Record Date. Any requesting shareholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.

The Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Company's proxy materials). The Secretary shall not be required to call a special meeting upon shareholder request, and such meeting shall not be held, unless, in addition to the documents required by this Section 4, the secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

In the case of any special meeting called by the Secretary upon the request of shareholders (a "**Shareholder-Requested Meeting**"), such meeting shall be held at such place, date and time as may be designated by the Board; provided, however, that the date of any Shareholder-Requested Meeting shall be not more than sixty (60) days after the record date for such meeting (the "**Meeting Record Date**"); and provided further that if the Board fails to designate, within ten (10) days after the date that a valid Special Meeting Request is actually received by the Secretary (the "**Delivery Date**"), a date and time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., Eastern Time, on the sixtieth (60<sup>th</sup>) day after the Meeting Record Date or, if such sixtieth (60<sup>th</sup>) day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that, in the event that the Board fails to designate a place for a Shareholder-Requested Meeting within ten (10) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for a Shareholder-Requested Meeting, the Board may consider such factors as it deems relevant including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any Shareholder-Requested Meeting, if the Board fails to fix a Meeting Record Date that is a date within thirty (30) days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board may revoke the notice for any Shareholder-Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of this Section 4.

If written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the Secretary, the Secretary shall: (i) if the notice of meeting has not already been delivered, the Secretary shall refrain from delivering the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the Secretary first sends to all requesting shareholders who have not revoked requests for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Company's intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A) the Secretary may revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting or (B) the chair of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

Any of the Board, the Chair, or the Chief Executive Officer of the Company may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been received by the Secretary until the earlier of (i) five (5) Business Days after actual receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the Secretary represent, as of the Request Record Date, shareholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph shall in any way be construed to suggest or imply that the Company or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 5.<u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Method of Delivery; Minimum Contents; Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the Secretary to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (i) presenting the notice to such shareholder personally, (ii) placing the notice in the mail, (iii) delivering the notice by overnight delivery service, (iv) transmitting the notice by electronic mail or any other electronic means, or (v) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise maybe required by statute or these Bylaws, the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Scope of Notice</u>. Except as provided in Article II, Section 12, below, any business of the Company may be transacted at an annual meeting of shareholders without being specifically designated in the notice of such meeting, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting.

Section 6.<u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chair of the meeting or, in the absence of such appointment, by the Chair, if any, or, in the case of a vacancy in the office or absence of the Chair, by one of the following officers present at the meeting: the Chief Executive Officer, the Secretary, the Chief Financial Officer, or, in the absence of such officers, a chair chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The Secretary or, in the Secretary's absence, an Assistant Secretary or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chair of the meeting shall act as Secretary. In the event that the Secretary presides at a meeting of the shareholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board or the chair of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chair, are appropriate for the proper conduct of the meeting. Unless otherwise determined by the chair of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 7.<u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding one-third of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding one-third of the outstanding shares of such class shall constitute a quorum. This Section 7 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Declaration of Trust, for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chair of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 8.<u>VOTING</u>. A plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that Trustees shall be elected by the affirmative vote of a majority of the votes cast at any such meeting if (i) the Secretary receives notice that a shareholder has nominated an individual for election as a Trustee in compliance with the requirements of advance notice of shareholder nominees for Trustee set forth in Article II, Section 12 of these Bylaws and (ii) such nomination has not been withdrawn by such shareholder on or before the close of business on the tenth (10th) day before the date of filing of the definitive proxy statement of the Company with the U.S. Securities and Exchange Commission ("**SEC**") and, as a result of which, the number of nominees is greater than the number of Trustees to be elected at the meeting; provided that if a sufficient number of votes to elect a trustee are not cast in such contested election, the incumbent Trustee, if any, shall retain their position. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the 1940 Act, or other applicable law, the Declaration of Trust or Article III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one (1) vote on each matter submitted to a vote at a meeting of shareholders.

Section 9.<u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the Secretary before or at the meeting.

Section 10.<u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the Chief Executive Officer, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 11.<u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chair of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chair of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this Article II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 12.<u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Annual Meetings of Shareholders. To the extent that the Company shall hold an annual meeting of its shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Nominations of individuals for election to the Board and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving of notice provided for in this Section 12(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 12(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 12, the shareholder must have given timely notice thereof in writing to the Secretary and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 12 and shall be delivered to the Secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting; provided, however, that in the event that the date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such annual meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination: (ii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)For purposes of this Section 12, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person. For purposes of this Section 12, "control" shall have the meaning ascribed to it in Section 2 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 12 and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 12. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a)(2) of this Section 12 shall be delivered to the Secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Upon written request by the Secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 12. If a shareholder fails to provide such written verification within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Only such individuals who are nominated in accordance with this Section 12 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 12. The chair of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)For purposes of this Section 12, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the SEC pursuant to the Exchange Act or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Notwithstanding the foregoing provisions of this Section 12, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 12. Nothing in this Section 12 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

Section 13.<u>VOTING BY BALLOT</u>. Voting on any question or in any election may be *viva voce* unless the presiding officer shall order, or any shareholder shall demand, that voting be by ballot.

**ARTICLE III.**

**TRUSTEES**

Section 1.<u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a Chair of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than three (3), and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust). An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or seated.

Section 3.<u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the Chairman, the Chief Executive Officer or by a majority of the Trustees. The person or persons authorized to call special meetings of the Board may fix any place as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place for the holding of special meetings of the Board, without notice other than such resolution.

Section 4.<u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 5.<u>QUORUM</u>. A quorum for all meetings of the Trustees shall be a majority of the entire Board of Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be a majority of the members thereof. Unless provided otherwise in the Declaration of Trust, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 9 of this Article III. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. If a quorum shall not be present at any meeting of the Board of Trustees or of any committee thereof, a majority of the Trustees present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 6.<u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 5 of this Article III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 5 of this Article III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 7.<u>ORGANIZATION</u>. At each meeting of the Board, the Chair of the Board or, in the absence of the Chair, a Trustee chosen by a majority of the Trustees present shall act as chair of the meeting. The Secretary or, in his or her absence, an Assistant Secretary, or in the absence of the Secretary and all Assistant Secretaries, a person appointed by the chair, shall act as Secretary of the meeting.

Section 8.<u>TELEPHONE MEETINGS</u>. Trustees may participate in a meeting, and any committee member of any committee established by the Board pursuant to Article IV of these Bylaws, by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other and be heard simultaneously; provided however, this Section 8 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 9. <u>WRITTEN CONSENT BY TRUSTEES</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 10.<u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares, (a) any vacancy on the Board may be filled only by a vote of a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 5 of this Article III, and (b) any Trustee elected to fill a vacancy shall serve until a successor is elected and qualified.

Section 11.<u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Company to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Company.

Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 12.<u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 13.<u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 14.<u>RELIANCE</u>. Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants, appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the Delaware Statutory Trust.

Section 15.<u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his or her personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law.

**ARTICLE IV.**

**COMMITTEES**

Section 1.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the Trustees, create an Audit Committee and a Nominating and Corporate Governance Committee of the Board, and other committees the Board shall determine from time to time to be in the best interests of the Company and its shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board. Each such committee shall be composed entirely of Trustees who are not Interested Persons of the Company.

Section 2.<u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this Article any of the powers of the Board, except as prohibited by law.

Section 3.<u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chair of any committee, and such chair or, in the absence of a chair, any two members of any committee (if there are at least two (2) members of the committee) may call special meetings of the Committee. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. The Secretary or, in his or her absence, an Assistant Secretary of the Company, or in the absence of the Secretary and all Assistant Secretaries, a person appointed by the chair, shall act as Secretary of the meeting.

Section 4.<u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.

**ARTICLE V.**

**OFFICERS**

Section 1.<u>GENERAL PROVISIONS</u>. The officers of the Company are elected by the Board, who serve at the discretion of the Board. Officers shall include a Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer, and a Secretary, and may include one or more vice presidents, a chief operating officer, a chief investment officer, treasurer, and one or more Assistant Secretaries and Assistant Treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected by the Board initially at the organizational meeting of the Company, except that the Chief Executive Officer may from time to time appoint one or more vice presidents, Assistant Secretaries, Assistant Treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except the Chief Executive Officer and a vice president may be held by the same person, although any person holding more than one office in the Company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the Chief Executive Officer, the Chief Financial Officer, the Secretary and the Chief Compliance Officer. Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2.<u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the Chair of the Board, the Chief Executive Officer or the Secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, to the extent that Rule 38a-1 under the 1940 Act applies, the termination or resignation of the Chief Compliance Officer shall be effected in accordance with Rule 38a-1(a)(4) under the 1940 Act.

Section 3.<u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4.<u>CHIEF FINANCIAL OFFICER</u>. The Board may designate a Chief Financial Officer. The Chief Financial Officer shall have the responsibilities and duties incident to the office of Chief Financial Officer and such other duties as may be prescribed as set forth by the Board, the Chair or the Chief Executive Officer, including general supervision, direction and control of the financial affairs of the Company and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board or these Bylaws, all in accordance with policies as established by and subject to the oversight of the Board.

Section 5.<u>CHIEF COMPLIANCE OFFICER</u>. The Board shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board, the Chair or the Chief Executive Officer.

Section 6.<u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a Chief Executive Officer. The Chief Executive Officer shall have general responsibility for implementation of the policies of the Company, as determined by the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of Chief Executive Officer (or a president) and such other duties as may be prescribed by the Board from time to time.

Section 7.<u>SECRETARY</u>. The Board may designate the Secretary. The Secretary shall: (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep a register of the post office address of each shareholder which shall be furnished to the Secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the Chair, the Chief Executive Officer or by the Board.

Section 8.<u>TREASURER</u>. The Board may designate the Treasurer. The Treasures shall have the responsibilities and duties incident to the office of Treasurer and such other duties as may be prescribed as set forth by the Board. In the absence of a designation of a Treasurer by the Board, then the Chief Financial Officer shall be responsible for the duties of the Treasurer specified in this Section 9. The Treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board. The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as Treasurer and of the financial condition of the Company. The Treasurer shall, if required by the Board, give bonds for the faithful performance of his or her duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**ARTICLE VI.**

**CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1.<u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2.<u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

Section 3.<u>DEPOSITS</u>. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

Section 4.<u>NO EXCLUSIVE RIGHT TO SELL</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 5.<u>COMMINGLING OF ASSETS</u>. The funds of the Company held by the Company's custodian shall not be commingled with the funds of any other person and the Company's funds will be protected from the claims of affiliated companies.

**ARTICLE VII.**

**SHARES**

Section 1.<u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the Company will be recorded on the books of the Company. A shareholder wishing to transfer his or her Shares will be required to send a completed and executed form to the Company, such form to be provided by the Company upon a shareholder's request.

Section 2.<u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board or any officer of the Company may prescribe.

The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and the Company's Private Placement Memorandum and all of the terms and conditions contained therein.

Section 3.<u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4.<u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5.<u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6.<u>FRACTIONAL SHARES; ISSUANCE OF SHARES</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**ARTICLE VIII.**

**ACCOUNTING YEAR**

The fiscal year of the Company shall end on December 31 of each fiscal year, and may thereafter be changed by duly adopted resolution of the Board from time to time.

**ARTICLE IX.**

**DISTRIBUTIONS**

Section 1.<u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration of Trust of the Company. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2.<u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**ARTICLE X.**

**SEAL**

Section 1.<u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2.<u>AFFIXING SEAL</u>. If the Board authorizes the adoption of a seal, whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

**ARTICLE XI.**

**WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust of the Company or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII.**

**INVESTMENT COMPANY ACT**

If and to the extent that any provision of the Delaware Statutory Trust Act, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action take or omitted prior to such determination.

**ARTICLE XIII.**

**AMENDMENT OF BYLAWS**

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

Adopted: November 17, 2025

## Exhibit 4.1

**Exhibit 4.1**

___________

**[Document #]<br> (for Sound Point use only)**

**<u>SOUND POINT DIRECT LENDING BDC</u>**

**<u>SUBSCRIPTION AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Name of Subscriber</u>**: **_________________________________________**<br>**<u>Requested Capital Commitment</u>**: $**_______________________________**<br>*(See the instructions on page 2 of this Subscription Agreement.)*<br>

***For Sound Point Use Only:***<br>Sound Point Related ☐<br>

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| **DIRECTIONS FOR THE COMPLETION OF THE SUBSCRIPTION DOCUMENTS** | **1** |
| **SUBSCRIPTION AGREEMENT** | **4** |
| SCHEDULE 1 TO SUBSCRIPTION AGREEMENT: SUBSCRIBER INFORMATION (FOR ALL SUBSCRIBERS) | 1-1 |
| SCHEDULE 2 TO SUBSCRIPTION AGREEMENT: STATUS AS BENEFIT PLAN INVESTOR OR OTHER PLAN INVESTOR (FOR ERISA SHAREHOLDERS, INCLUDING IRAS, AND OTHER PLAN INVESTORS ONLY) | 2-1 |
| ANNEX A TO SUBSCRIPTION AGREEMENT: SUBSCRIBER QUESTIONNAIRE FOR INDIVIDUAL INVESTORS (INCLUDING IRAS) | A-1 |
| ANNEX B TO SUBSCRIPTION AGREEMENT: SUBSCRIBER QUESTIONNAIRE FOR INSTITUTIONAL INVESTORS | B-1 |
| ANNEX C: FOREIGN DUE DILIGENCE QUESTIONNAIRE | C-1 |
| ANNEX D: BENEFICIAL OWNERSHIP INFORMATION | D-1 |
| ANNEX E: TAXPAYER IDENTIFICATION NUMBER AND CERTIFICATION | E-1 |

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i

**<u>Directions for the Completion of the Subscription Documents</u>**

The attached Subscription Agreement (including the Annexes, Schedules and Exhibits attached thereto, the "*Subscription Documents*") relates to the offering by Sound Point Direct Lending BDC (the "*Company*") to you (the "*Subscriber*") of common shares of beneficial interest, par value $0.001, of the Company ("*Shares*"). Shares are being offered to qualified investors pursuant to the confidential Private Placement Memorandum of the Company. Capitalized terms not defined in these directions shall have the meanings given to them in the Subscription Agreement.

Subscription Documents that are missing requested information or signatures will not be considered for acceptance unless and until such information and signatures are provided.

1.  **<u>For Individual Subscribers (including IRAs)</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Fill in the name of the Subscriber and the amount of the Capital Commitment on page 4 of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Initial each category that applies to the Subscriber in Section 9.10 on pages 15-16 of the Subscription Agreement and, if applicable, provide the requested information in the last set of blanks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Fill in the name of the Subscriber and the date (print name of Subscriber) on page 25 of the Subscription Agreement and sign in the blank provided. For individuals investing through an Individual Retirement Account (an "*IRA* "), the name and signature of, and other information relating to, the Custodian/Trustee of the IRA is required on page 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. All Subscribers must complete Schedule 1; IRA subscribers must also complete Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Complete Annex A by checking the appropriate box or boxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Complete Exhibit D and Exhibit E.

2.  **<u>For Institutional Subscribers</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Fill in the name of the Subscriber and the amount of the Capital Commitment on page 4 of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Initial each category that applies to the Subscriber in Section 9.10 on pages 15-16 of the Subscription Agreement and, if applicable, provide the requested information in the last set of blanks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Fill in the name of the Subscriber and the date (print name and title of authorized signatory) on page 25 of the Subscription Agreement and sign in the blank provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. All Subscribers must complete Schedule 1; Benefit Plan Investors and Other Plan Investors (each as defined in Schedule 2) must also complete Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Complete Annex B by checking the appropriate box or boxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Complete Exhibit D and Exhibit E as appropriate.

3.  **<u>Required IRS Certifications – For all Subscribers: Institutional and Individual Investors</u>** . Fill in, sign (print name and title of authorized signatory, if applicable) and date the applicable form of the U.S. Internal Revenue tax form. Please see Appendix E for Form W-9. Forms W-8BEN, W-8BEN-E, W-8EXP, W-8IMY or W-8ECI are available on request from the Company and may also be obtained from www.irs.gov. Please use the most recent version of the applicable tax form.

4.  **<u>Subscriber Banking Details</u>.** Please provide full banking details for the account from which the appropriate capital contribution money is to be received. The capital contribution money must come from an account in the Subscriber's own name. These account details will be maintained on file as the account of record for receipt of distributions from Sound Point Direct Lending BDC unless a written request for change has been received and approved. Such request must be signed by the Subscriber (or his/her authorized agent or attorney), accompanied with any additional verification documentation as may reasonably require.

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| |
|:---|
| Name of Bank |
| Address of Bank |
| Beneficiary Account Name |
| Beneficiary Account Number |
| Wire Routing Number/Bank ID |
| Reference |

---

5.  **<u>Sound Point Direct Lending BDC Banking Details</u>** . The full banking details for the account to which the appropriate capital contribution money is to be received is provided below.

---

| |
|:---|
| Name of Bank: |
| Address of Bank: |
| Beneficiary Account Name: |
| Beneficiary Account Number: |
| Wire Routing Number/Bank ID: |
| SWIFT Code: |

---

6.  **<u>Delivery of Subscription Documents</u>** . Please deliver completed, signed electronic copies of the Subscription Documents and any required evidence of authorization to the Company at the following email addresses:

Sound Point Direct Lending BDC<br> c/o Sound Point Capital Management, LP

IR@soundpointcap.com

And

U.S. Bank Global Fund Services<br> Re: Sound Point Direct Lending BDC

PO Box 219252

Kansas City, MO 64121-9252

Attn: TA Alternative Operations<br> Telephone: (888) 484-1944

Email: SoundPointIR@usbank.com; alternativefundsupport@usbank.com

7. If the Company accepts your subscription (in whole or in part), the Company will countersign the Subscription Agreement and deliver a copy of it to you following the Closing at the email address you provide in the Subscription Documents.

8.  **<u>Inquiries</u>** . If you have questions concerning any of the information requested, you should ask your attorney, accountant or other financial advisor. Inquiries regarding subscription procedures or the Company should be directed to Sound Point Investor Relations (IR@soundpointcap.com; (212) 895-2280).

___________

**[Document #]<br> (for Sound Point use only)**

**<u>Subscription Agreement</u>**

________________________________

Name of Subscriber

$_________________

Amount of Capital Commitment

Sound Point Direct Lending BDC

375 Park Avenue, 34th Floor

New York, New York 10152

Ladies and Gentlemen:

The undersigned subscriber (the "*Subscriber*") understands that Sound Point Direct Lending BDC, a Delaware statutory trust (the "*Company*"), is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (a "*BDC*") under the Investment Company Act of 1940, as amended (the "*Investment Company Act*")*,* as described in the Private Placement Memorandum of the Company (as such document may be amended, amended and restated or supplemented from time to time and together with any appendices and supplements thereto, the "*Offering Document*"). Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription agreement (this "*Subscription Agreement*"), the Subscriber irrevocably subscribes for and agrees to purchase shares of common shares of beneficial interest, par value $0.001 per share, of the Company ("*Shares*"), on the terms and conditions described herein, in the Offering Document, in the Company's Amended and Restated Declaration of Trust (the "*Declaration of Trust*"), and in the Company's Bylaws (the "*Bylaws*" and together with the Declaration of Trust, as such documents may be amended, amended and restated or supplemented from time to time, the "*Governing Documents*").

1. **<u>Subscription for Shares</u>**. The Subscriber hereby subscribes for Shares in the Company with a capital commitment in the amount set forth above (having been accepted by the Company as indicated on the signature page hereto) (the "*Capital Commitment*"), subject to Section 15.11, on the terms described or appearing in this Subscription Agreement, the Offering Document and the Governing Documents. Subject to the terms of this Subscription Agreement and the Governing Documents, the Subscriber's obligation to pay for Shares hereunder shall be unconditional, complete and binding upon the Company's acceptance, in whole or in part, of this Subscription Agreement (the "*Closing*"), provided, however, that for the convenience of the Company, the Subscriber's Capital Commitment shall be payable in installments as provided herein. The Subscriber acknowledges and agrees that it has received full and adequate consideration on the Closing Date (defined in Section 3) for the entirety of its Capital Commitment and hereby waives any and all defenses of non-consideration as to any capital drawdown occurring after the Closing Date, including any defenses resulting from any insolvency or bankruptcy proceeding of the Company, any material or total decrease in value of the Shares or any inability of the Company to actually issue Shares.

2. **<u>Other Subscription Agreements</u>**. The Subscriber acknowledges that the Company has entered into or expects to enter into separate subscription agreements (each, an "*Other Subscription Agreement*" and collectively, the "*Other Subscription Agreements*" and, together with this Subscription Agreement, the "*Subscription Agreements*") with other subscribers (each, an "*Other Subscriber*" and collectively, the "*Other Subscribers*"), providing for the sale of Shares to the Other Subscribers and the admission of the Other Subscribers as shareholders of the Company (each holder of Shares, a "*Shareholder*" and collectively, "*Shareholders*") at the Closing or at Subsequent Closings (as defined in Section 3). In the event that the Subscriber or any Other Subscriber is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, the Subscriber or such Other Subscriber will be required to enter into a separate short-form subscription agreement with the Company, it being understood and agreed that such separate short-form subscription agreement will be considered to be an Other Subscription Agreement and the sales of Shares to the Subscriber or Other Subscribers are separate sales for the purposes of this Subscription Agreement.

3. **<u>Closing</u>**. The closing of the subscription by the Subscriber for Shares as provided for in Section 1 (the "*Closing*"), shall take place at the offices of the Company, located at 375 Park Avenue, 34th Floor, New York, New York 10152, or at such other location as may be determined by the Company, on the date that this Subscription Agreement (having been properly and fully completed and signed by the Subscriber) has been accepted, in whole or in part, by the Company (the date of such acceptance, which shall be indicated on the Company's signature page hereto, being hereinafter referred to as the "*Closing Date*"). On the date of the Subscriber's first Drawdown Purchase (as defined in Section 4), assuming the Closing has taken place, the Subscriber shall be registered as a Shareholder. In addition, the Company may enter into Other Subscription Agreements with Other Subscribers after the Closing Date, including with the Subscriber, with any closing thereunder referred to as a "*Subsequent Closing*." The Company expects to conduct Subsequent Closings on a quarterly basis.

4. **<u>Capital Drawdowns</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Drawdown Purchases</u>**. On each Drawdown Date (as defined in Section 4.2), the Subscriber shall purchase from the Company, and the Company shall issue to the Subscriber, a number of Shares equal to its Drawdown Share Amount (as defined below) at an aggregate price equal to the applicable Drawdown Purchase Price; <u>provided</u>, however, that in no circumstance will a Subscriber be required to purchase Shares for an amount in excess of its Unfunded Capital Commitment (as defined below).

"*Drawdown Purchase Price,*" shall mean, for each Drawdown Date, an amount in U.S. dollars to be paid by the Subscriber as set forth in the applicable Drawdown Notice received by Subscriber, which, subject to the qualifications set forth in the following paragraph, shall generally be determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from the Subscriber and all Other Subscribers purchasing Shares on that Drawdown Date, by (ii) a fraction, the numerator of which is the Capital Commitment of the Subscriber and the denominator of which is the aggregate Capital Commitments of the Subscriber and all Other Subscribers that are not Defaulting Subscribers (as defined in Section 5) or Excused Subscribers (as defined in Section 4.2(g)).

The Subscriber acknowledges and agrees that the Company may request the Subscriber to purchase Shares on any Drawdown Date that is more or less than the Subscriber's pro rata share of all Unfunded Capital Commitments, or request Other Subscribers (but not the Subscriber) to purchase Shares on any Drawdown Date, in each case such that the Subscriber or any such Other Subscriber, as applicable, will fund an amount such that, following its purchase of Shares from the Company, the Subscriber or such Other Subscriber, as applicable, has the same proportion of Capital Commitments as the Subscriber or Other Subscribers, as applicable. The Subscriber acknowledges and agrees that the Company generally intends to request capital contributions from the Subscriber and Other Subscribers, collectively, pro rata in accordance with the Unfunded Capital Commitments of the Subscriber and Other Subscribers. Notwithstanding the foregoing, the Subscriber acknowledges and agrees that the Company may request the Subscriber or any Other Subscriber to purchase Shares on any Drawdown Date in an amount greater or less than the Subscriber's or such Other Subscriber's, as applicable, pro rata portion of all Capital Commitments to the Company to purchase Shares.

"*Drawdown Share Amount*" shall mean, for each Drawdown Date, a number of Shares determined by dividing (i) the applicable Drawdown Purchase Price paid by the Subscriber for that Drawdown Date by (ii) the applicable Price Per Share.

"*Price Per Share*" shall mean, for any Drawdown Date, the Price Per Share determined by the Company, which price will be determined prior to the issuance of such Shares and in accordance with the limitations under Section 23 of the Investment Company Act. The Company may set the Price Per Share price above the net asset value per Share as of such date based on a variety of factors, including to appropriately allocate the total amount of the Company's organizational and offering expenses to the Subscriber and Other Subscribers. Nothing in this Subscription Agreement shall prohibit the Company from issuing Shares at a Price Per Share price that is greater than the net asset value per Share.

"*Unfunded Capital Commitment*" shall mean, with respect to the Subscriber or any Other Subscriber, the amount of the Subscriber's or such Other Subscriber's Capital Commitment as of any date reduced by the aggregate Drawdown Purchase Prices paid by the Subscriber or such Other Subscriber at all previous Drawdown Dates pursuant to this Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Drawdown Notices</u>**. (a) Subject to Section 4.2(f), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a "*Drawdown Date*") and shall be made in accordance with the provisions of Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Subscriber, at least ten (10) Business Days (as defined below) prior to each Drawdown Date, a notice (each, a "*Drawdown Notice*") setting forth (i) the Drawdown Purchase Price to be paid by the Subscriber, which amount shall not exceed the Subscriber's Unfunded Capital Commitment; (ii) the aggregate Drawdown Purchase Prices paid by the Subscriber as of such Drawdown Date; (iii) the Drawdown Date on which such Drawdown Purchase Price is due and (iv) the bank account to which the Subscriber shall pay the Drawdown Purchase Price.

For the purposes of this Subscription Agreement, the term "*Business Day*" shall have the meaning ascribed to it in Rule 14d-1(g)(3) under the Securities Act of 1934, as amended (the "*Exchange Act*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber's obligation to pay the Drawdown Purchase Price identified in each such Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Drawdown Date, the Subscriber shall pay the applicable Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following the completion of the payment of the Drawdown Purchase Price and the purchase of Shares by the Subscriber, the Company will provide confirmation the Subscriber of the number of Shares purchased by the Subscriber as of such Drawdown Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as provided below, at the end of the Commitment Period (as defined below), the Subscriber will be released from any further obligation under this Subscription Agreement to purchase additional Shares, provided, however that for two years following the end of the Commitment Period, the Subscriber remains obligated to fund each Drawdown Purchase Price set forth in a Drawdown Notice to the extent necessary to (a) pay Company expenses, including management fees, amounts that may become due under any borrowings or other financings or similar obligations, or indemnity obligations, (b) complete investments in any transactions for which there are binding written agreements as of the end of the Commitment Period (including investments that are funded in phases), (c) fund follow-on investments made in existing portfolio companies within three years from the end of the Commitment Period that, in the aggregate, do not exceed 5% of total capital commitments to the Company, (d) fund obligations under any Company guarantee, and/or (e) as necessary for the Company to preserve its status as a regulated investment company (a "*RIC*"). The "*Commitment Period*", as to the Subscriber, will commence on the later of (i) from the date on which the Company makes its first investment and (ii) the date on which this Subscription Agreement is accepted by the Company, and ends on the three-year anniversary thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a "*Limited Exclusion Right*") to exclude Subscriber or any Other Subscriber (such Subscriber or Other Subscriber, an "*Excused Subscriber*") from purchasing Shares from the Company on any Drawdown Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Excused Subscriber's purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Excused Subscriber, the Company, Sound Point Capital Management, LP (the "*Adviser*"), Subscriber, any Other Subscriber or a portfolio company would be subject or (ii) cause the assets of the Company to constitute "plan assets" by reason of 29 CFR 2510.3-101 as modified by Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974 ("*ERISA*") (together, the "*Plan Assets Regulation*").

5. **<u>Remedies Upon Subscriber Default</u>**. In the event that the Subscriber fails to pay all or any portion of the Drawdown Purchase Price due from the Subscriber on any Drawdown Date and the default remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare the Subscriber to be in default of its obligations under this Subscription Agreement (any such Subscriber, a "*Defaulting Subscriber*") and shall be permitted to pursue one or any combination of the following remedies, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may prohibit the Defaulting Subscriber from purchasing additional Shares on any future Drawdown Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may pursue any other remedies against the Defaulting Subscriber available to the Company, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Issue an additional capital drawdown to non-Defaulting Subscribers, subject to the Limited Exclusion Right, to make up such shortfall, provided that in no event shall Subscriber be required to fund capital drawdowns in excess of its Unfunded Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the Limited Exclusion Right, up to 50% of the Shares then held by the Defaulting Subscriber may be automatically forfeited and transferred on the books of the Company to the Other Subscribers (other than any other Defaulting Subscribers), pro rata in accordance with their respective number of Shares held; <u>provided</u> that no Shares shall be transferred to any Other Subscriber pursuant to this Section 5.1 in the event that such transfer would (i) violate the Securities Act of 1933, as amended (the "*Securities Act*"), the Investment Company Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or such transfer, (ii) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "*Code*"), or (iii) cause all or any portion of the assets of the Company to constitute "plan assets" under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent any Other Subscriber from receiving a partial allocation of its pro rata portion of Shares); and provided, further, that any Shares that have not been transferred to one or more Other Subscribers pursuant to the previous proviso shall be allocated among the participating Other Subscribers pro rata in accordance with their respective number of Shares held. The mechanism described in this Section 5.1 is intended to operate as a liquidated damage provision since the damage to the Company and the Other Subscribers resulting from a default by the Defaulting Subscriber is both significant and not easily susceptible to precise quantification. By entry into this Subscription Agreement, the Subscriber agrees to this Section 5.1 and acknowledges that the automatic transfer of 50% of its Shares constitutes a reasonable liquidated damages remedy for any default of the Subscriber's obligations to fund a Drawdown Purchase Price.

6. **<u>Distributions; Dividend Reinvestment Plan</u>**. As described more fully in the Offering Document, the Company generally intends to make distributions in such amounts as determined by the Board in its discretion. Pursuant to the Company's "opt out" dividend reinvestment plan (the "*DRIP*") a Shareholder participating in the DRIP will have cash distributions declared by the Company and payable to such Shareholder automatically reinvested under the DRIP for additional whole and fractional Shares. The Subscriber will participate in the DRIP unless the Subscriber "opts out" of the DRIP, thereby electing to receive cash distributions. Shareholders who receive distributions under the DRIP in the form of additional Shares generally will be subject to the same U.S. federal, state and local tax consequences as Shareholders who elect not to participate in the DRIP and receive cash distributions. The Subscriber and the Company agree and acknowledge that any distributions received by the Subscriber or reinvested by the Company on the Subscriber's behalf shall have no effect on the amount of the Subscriber's Unfunded Capital Commitment.

7. **<u>Credit Facility</u>**. In connection with any financings, borrowings, indebtedness, or guarantees, including, without limitation, one or more credit facilities, note issuances or debt securities (each, a "*Credit Facility*") of the Company and any of its subsidiaries, the Company shall be authorized to directly or indirectly collateralize such financings, borrowings, indebtedness or guaranty, and pledge, mortgage, assign, transfer and/or grant security interests directly or indirectly to the lender of such indebtedness or guaranty in (i) investments in portfolio companies and the proceeds thereof and any other assets, (ii) the Company's right to initiate capital calls and collect on the Unfunded Capital Commitment of Subscriber hereunder or the unfunded capital commitments of Other Subscribers; (iii) the Company's rights to enforce the funding of a Capital Commitment hereunder and under the Other Subscription Agreements; and (iv) a Company collateral account into which the payment by any Subscriber of its Unfunded Capital Commitment is to be made. Any such collateral pledge may be made directly by the Company to the lender of the Credit Facility or indirectly to such lender by first pledging or transferring such collateral to a subsidiary or agent of the Company, which subsidiary or agent then on pledges such collateral and/or rights ultimately to the lender under the Credit Facility. To the extent that the Company or any of its subsidiaries has outstanding obligations under a Credit Facility that relies upon any of the collateral referred to in clauses (ii) through (iv) above, and with the knowledge that the Credit Facility lender is relying on each of the following agreements and undertakings of the Subscriber and the Other Subscribers in connection with the extension of credit to the Company, Subscriber shall be obligated to fund any remaining portion of its Unfunded Capital Commitment when due pursuant to this Subscription Agreement (whether called by the Company or directly by the lender under the Credit Facility) without defense, counterclaim or offset of any kind, including any defense arising under Section 365(c) of the U.S. Bankruptcy Code, if applicable, provided that such agreement to fund shall not act as a waiver by such Subscriber of its right to assert independently any claim that the Subscriber may have against any Other Subscriber or the Company. In the event that, as a result of any such pledge, mortgage, assignment, transfer or grant of a security interest, a Subscriber makes a payment directly to the Company collateral account as requested by a lender under a Credit Facility, such payment shall be deemed to be the payment of a Drawdown Purchase Price by Subscriber to the Company in all respects.

Subscriber hereby (i) acknowledges that the Company has informed Subscriber that the Company may enter into a Credit Facility at any time, and that such Credit Facility may include a pledge of collateral referred to in clauses (ii) through (iv) above and, directly or indirectly, grant the related lender the right to initiate Drawdown Notices in the name of the Company when an event of default under such Credit Facility exists, which each Subscriber shall fund, to the Company, consistent with the terms hereof and its obligations hereunder; (ii) acknowledges that for so long as the Credit Facility is in place, except with the prior consent of the lender, the Company may have agreed not to amend, modify, cancel, terminate, reduce, suspend or waive any of such Subscriber's obligations under this Subscription Agreement in a manner that could be materially adverse to the rights of the lender contemplated by this paragraph; and (iii) agrees, if requested by the Company, to provide to the Company: (A) to the extent publicly available, as soon as reasonably available after the end of Subscriber's fiscal year, a copy of such Subscriber's annual report, if available, or such Subscriber's balance sheet as of the end of such fiscal year and the related statements of operations for such fiscal year prepared or reviewed by independent public accountants in connection with such Subscriber's annual reporting requirements; (B) from time to time, a certificate confirming the remaining amount of such Subscriber's Unfunded Capital Commitment; and (C) such other consents and documents as may be reasonably requested by the Company to acknowledge the same.

8. **<u>Representations and Warranties of the Company</u>**. The Company represents and warrants to the Subscriber (as of the Closing Date) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. **<u>Formation and Standing</u>**. The Company is existing and in good standing as a statutory trust under the laws of the State of Delaware, has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in this Subscription Agreement, the Offering Document and the Governing Documents and is duly qualified to transact business and is in good standing in every jurisdiction in which the character of its business makes such qualification necessary, except where the failure to so qualify would not have a material adverse effect on its business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. **<u>Authorization of Agreement, etc.</u>** The execution, delivery and performance by the Company of this Subscription Agreement have been authorized by all necessary action, and this Subscription Agreement, when duly executed and delivered by the Subscriber and the Company, will constitute a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. The execution, delivery and performance by the Company of the Governing Documents have been authorized by all necessary action, and the Governing Documents will constitute legal, valid and binding documents of the Company, enforceable against the Company in accordance with their terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. **<u>Compliance with Laws and Other Instruments</u>**. Each of (a) the execution and delivery of this Subscription Agreement by the Company, the performance by the Company of its obligations under this Subscription Agreement and the consummation by the Company of the transactions contemplated hereby and (b) the execution and delivery of the Governing Documents by the Company, the performance by the Company of its obligations under the Governing Documents and the consummation by the Company of the transactions contemplated thereby: (i) does not conflict with or result in any breach or violation of or default under the Governing Documents, (ii) does not conflict with or result in any breach or violation of or default under any material agreement or other instrument to which the Company is a party or by which the Company, or any of its properties or rights are bound, or any material license, permit, franchise, judgment, decree, award, statute, rule or regulation applicable to the Company or its business, properties or rights, other than such conflicts, breaches, violations or defaults that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement or the Governing Documents, (iii) does not violate any applicable material statute or regulation, other than such violations that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement or the Governing Documents or (iv) does not require the filing or registration with, or the approval, authorization, license or consent of, any court or governmental department, agency or authority, or any third party which has not already been duly and validly made or obtained, except where the failure to make such filing or registration or obtain such approval, authorization, license or consent would not have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. **<u>No Legal Action Pending, etc.</u>** There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local or foreign) pending or, to the knowledge of the Company, threatened against (a) the Company, (b) the Adviser or (c) Sound Point Administration LLC, that in the case of each of (a), (b) and (c), if adversely determined, is reasonably likely to have a material adverse effect on the Company or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. **<u>Issuance of Shares</u>**. The Shares of the Company have been duly authorized for issuance and, when issued and delivered against payment therefore in accordance with the terms, conditions, requirements and procedures described in the Governing Documents and the Subscription Agreement, will be validly issued and fully paid and non-assessable.

9. **<u>Representations, Warranties and Covenants of the Subscriber</u>**. The Subscriber represents, warrants and covenants to the Company and the Adviser, as of the date that this Subscription Agreement is signed by the Subscriber, as of the Closing Date, as of each date on which it makes a capital contribution to the Company and on the subsequent dates specified below (to the extent specified below) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **<u>Authorization of Purchase and Compliance with Laws and Other Instruments</u>**. The persons signing this Subscription Agreement (taking into account the power of attorney granted to the Company pursuant to Section 10 of this Subscription Agreement) on the Subscriber's behalf are duly authorized to sign and enter into this Subscription Agreement on the Subscriber's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. **<u>If the Subscriber is an Entity</u>**: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Subscription Agreement are within its powers, have been duly authorized by all necessary action on its behalf, require no action by or in respect of, or filing with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber) and do not and will not contravene, or constitute a default under, (i) any provision of its certificate of incorporation, limited liability company operating agreement, limited partnership agreement or other comparable organizational documents or (ii) any provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its respective properties is bound, or any material license, permit or franchise applicable to the Subscriber or its business, properties or rights other than such contraventions or defaults that do not impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or are not material to the Subscriber's financial condition; and (c) this Subscription Agreement constitutes the legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. Neither the execution, delivery or performance of this Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of the assets or properties of such Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. **<u>If the Subscriber is an Individual</u>**, (a) the execution, delivery and performance by the Subscriber of this Subscription Agreement are within such person's legal right and power, require no action by or in respect of, or filing with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber), and do not and will not contravene, or constitute a default under, any provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of his respective properties is bound, other than contraventions or defaults that do not impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or are not material to the Subscriber's financial condition; and (b) this Subscription Agreement constitutes the legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. Neither the execution, delivery or performance of this Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of the assets or properties of such Subscriber. If the individual subscribing in the Company is investing assets on behalf of an IRA, the individual who established the IRA has signed the signature page of this Subscription Agreement and confirms that such individual (i) has directed the custodian or trustee of the IRA to execute the acknowledgement on the signature page and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representations and warranties made herein with respect to the IRA and the individual Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3. **<u>If the Subscriber is a Shareholder that is a Benefit Plan Investor or an Other Plan Investor or an IRA (each as defined on Schedule 2)</u>**, it has completed Schedule 2, which, without limiting any other assurances in this Subscription Agreement, it hereby specifically represents and agrees is correct and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. **<u>No Legal Action Pending, etc.</u>** There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local, or foreign) pending or, to the knowledge of the Subscriber, threatened against the Subscriber that, if adversely determined, is reasonably likely to impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or is reasonably likely to have a material adverse effect on the Subscriber's financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. **<u>Acknowledgment of Risks; Access to Information</u>**. The Subscriber hereby acknowledges it has been provided and has carefully reviewed the Offering Document and the Governing Documents. The Subscriber understands the risks of, and other considerations relating to, the purchase of Shares, including, without limitation, the information appearing in the Offering Document under the headings *"Certain Investment Considerations", "Conflicts of Interests"* and *"Certain U.S. Federal Income Tax Considerations"* and the effect of the provisions of Section 5 of this Subscription Agreement (relating to Shareholders that default on their obligations to make Capital Commitments). The Subscriber also has been afforded the opportunity to obtain any additional information necessary to verify the accuracy of the information in the Offering Document and the Governing Documents. The Company has answered all of the Subscriber's inquiries, if any. In deciding to acquire Shares, the Subscriber has not relied upon any information from the Company or the Adviser or any of their respective partners, members, officers, counsel, representatives or agents, including, without limitation, any placement agents of the Company (the "*Placement Agents*"), or any other person, other than information contained in the Offering Document or Governing Documents. The Subscriber was not solicited to invest in the Company by any form of general solicitation and has previously provided information regarding the Subscriber's financial situation and sophistication as an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. **<u>Evaluation and Ability to Bear Risks</u>**. The Subscriber's decision to invest in the Company was made by the Subscriber as person(s) who (a) are independent of the Company, the Adviser and the Placement Agents and their respective affiliates, (b) are authorized to make such investment decisions, and (c) have relied on their own tax, legal and financial advisers with regard to all matters relating to the Subscriber's investment in the Company (including federal, state and local tax matters) and not on any advice or recommendation of the Company, the Adviser or the Placement Agents or any of their respective affiliates, notwithstanding anything in Section 9.3 to the contrary. The Subscriber's prior investment experience and its general knowledge about the management, proposed operations and prospects of the Company enable the Subscriber, together with the Subscriber's advisers, to make an informed decision with respect to the merits and risks of an investment in the Company. The Subscriber is able to bear the economic risk of its acquisition of Shares, including a complete loss of its investment in the Company. The Subscriber acknowledges and agrees that (i) it is not a client of the Adviser with respect to its investment in the Company, (ii) the Adviser provides services solely to the Company, in the case of (ii) including any reporting or consultation with investors thereof (except as may be described in the Offering Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. **<u>Purchase of an Investment</u>**. The Subscriber represents and warrants that it is acquiring Shares for investment purposes only and not with a view to the resale or distribution of all or any part of such Shares and the Subscriber has no present intention, agreement or arrangement to divide its participation with others or to sell, assign, transfer or otherwise dispose of all or any part of such Shares. The Subscriber understands that it must bear the economic risk of its investment in Shares for an indefinite period of time, because, among other reasons, the offering and sale of Shares has not been registered under the Securities Act or any state securities laws and that they may not be resold or otherwise disposed of unless they are registered thereunder or an exemption from registration is available. The Subscriber also understands that transfers of Shares must comply with the provisions of this Subscription Agreement and the Governing Documents, may be restricted by applicable state and non-U.S. securities laws, and that no market exists or is expected to develop for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. **<u>Transfer Restrictions</u>**. The Subscriber may not sell, offer for sale, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of (each, a "*Transfer*") any of its Shares or its Capital Commitment except as set forth below. The Subscriber agrees that, notwithstanding the Transfer of all or any portion of its Shares, as between it and the Fund, it shall remain liable for its Capital Commitment prior the time, if any, when Subscriber shall Transfer its Capital Commitment in accordance with the requirements of this Section 9.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.1. **<u>Transfer of Shares</u>**. The Subscriber may not Transfer any of its Shares without the prior written consent of the Fund, provided, that the consent of the Fund to a Transfer of Shares may only be withheld (i) if Subscriber proposes to transfer less than 100 Shares, unless Subscriber proposes to Transfer all of the then remaining Shares held by Subscriber, (ii) the proposed transferee is not eligible to purchase the Shares pursuant to the terms of the Offering Document, (iii) the Transfer would result in a termination or reclassification of the Fund for Federal or state tax purposes or would violate any state or Federal statute, regulation, court order, judicial decree, or rule of law, (iv) reasonable transfer or administrative fees, if any, are not paid in connection with the Transfer, (v) notice of the Transfer is not provided at least 30 days prior to the effectiveness of the Transfer, or (vi) such Transfer would violate the Securities Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or the Shares to be Transferred. No Transfer will be effectuated except by registration of the Transfer on the Company books.

The Fund may reject any transfer of Shares if such transfer could (i) cause all or any portion of the assets of the Fund to constitute "plan assets" under ERISA or Section 4975 of the Code or (ii) constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or a non-exempt violation of any law that is substantially similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code.

The Fund shall not recognize for any purpose any purported Transfer of any Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless there shall have been filed with the Fund a dated notice of such Transfer, in form satisfactory to the Fund, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (a) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (b) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Offering Document and all applicable laws and regulations applicable to the transferee and the transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.2. **<u>Transfer of Capital Commitment</u>**. The Subscriber may not Transfer its Capital Commitment unless (i) the Company provides prior written consent, which may be granted in the Fund's sole discretion, (ii) the Transfer is made in accordance with applicable securities laws and (iii) the Transfer is otherwise in compliance with the transfer restrictions set forth in clauses (A) through (C) below. No Transfer of a Capital Commitment will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In any event, the Company may object to a proposed Transfer (1) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (2) unless, in the opinion of counsel (who may be counsel for the Company or the Subscriber) satisfactory in form and substance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or the Capital Commitment to be Transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) such Transfer would not cause all or any portion of the assets of the Company to constitute "plan assets" under the Plan Assets Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) such Transfer will not violate any law, regulation or other governmental rule applicable to such Transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) such Transfer will not subject the Company, the Adviser or any of their affiliates or any officer, trustee or employee of the Company or the Adviser or any of their affiliates to additional regulatory requirements (unless such affected person consents to such Transfer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Subscriber agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Company in connection with any Transfer of all or any fraction of its Capital Commitment, prior to the consummation of such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Company shall not recognize for any purpose any purported Transfer of all or any portion of the Capital Commitment, unless there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (1) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (2) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Offering Document and all applicable laws and regulations applicable to the transferee and the transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. **<u>State Governing Subscription</u>**. ***(For U.S. domestic Subscribers only. Does not apply to foreign Subscribers.)*** The Subscriber was offered Shares in the state listed as the Subscriber's address on Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. **<u>Obligation to Make Payments and Compliance with Laws and Regulations</u>**. The Subscriber confirms that (a) the Subscriber is obligated to pay the Company any amounts that the Company is required to withhold or pay with respect to or on behalf of the Subscriber and that exceed amounts then available for distribution to the Subscriber, whether or not the Subscriber has withdrawn from the Company or the Company has terminated or dissolved, (b) to the extent that the Subscriber owes any amounts to the Company hereunder, the Subscriber understands and agrees that the Company may withhold such amounts from any distributions that otherwise would be made to the Subscriber under the Governing Documents and this Subscription Agreement in satisfaction thereof (it being understood that such amounts shall be deemed distributed), without waiver of any other rights the Company may have hereunder or thereunder, and (c) the Subscriber is responsible for compliance with all tax, exchange control, reporting and other laws and regulations applicable to its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. **<u>Prohibited Categories</u>**. The Subscriber: (A) (i) is not registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a BDC under the Investment Company Act; and (iii) is not relying on the exception from the definition of "investment company" under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. **<u>Applicable Categories</u>**. The Subscriber hereby certifies to the Company that the categories initialed below apply to the Subscriber. ***(The Subscriber must initial each applicable category.)***

____ The Subscriber is a Shareholder that is a Benefit Plan Investor (as defined in Schedule 2).

____ The Subscriber is an Other Plan Investor (as defined in Schedule 2 – e.g., a "governmental" plan).

____ The Subscriber is a Tax-Exempt Partner (*i.e.*, exempt from income taxation under Section 501 of the Internal Revenue Code).

____ The Subscriber is a BHC Subscriber<sup>1</sup> (*i.e.*, a bank holding company registered under the BHC Act or a non-bank subsidiary thereof).

____ The Subscriber is a Foundation Partner (as defined in Section 509 of the Internal Revenue Code).

____ The Subscriber is a "United States person" for U.S. federal income tax purposes.

**____** The Subscriber is a "charitable remainder trust" within the meaning of Section 664 of the Code.

____ The Subscriber is or may become a person (including an entity) that has discretionary authority or control with respect to the assets of the Company or a person who provides investment advice with respect to the assets of the Company or an "affiliate" of such a person. (For purposes of the foregoing, an "affiliate" is any person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a controlling influence over the management or policies of such person.)

____ The Subscriber is "Sound Point Related" (*i.e.*, an affiliate of the Company or the Adviser, or a trustee, officer, employee or agent of the Company or the Adviser or any of their respective affiliates).

____ The Subscriber is subject to the Freedom of Information Act, 5 U.S.C. Section 552 (*"FOIA"*), any state public records access laws, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any similar statutory or legal right that might result in the disclosure of confidential information relating to the Company (together with FOIA, *"Public Disclosure Laws"*). *Please indicate the relevant Public Disclosure Laws to which the Subscriber is subject.*

<sup>1</sup> A BHC Subscriber is defined as a subscriber that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the "*BHC Act*"), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. Section 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. **<u>Sale of Shares</u>**. The Subscriber understands and agrees that the Company may cause the Subscriber to sell all or a portion of its Shares in accordance with the provisions of the Governing Documents and this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. **<u>Swaps</u>**. The Subscriber represents and warrants that Subscriber will not enter into a swap, structured note or other derivative instrument, the return from which is based in whole or in part, directly or indirectly, on the return with respect to the Company or its Shares (a *"Swap"*) with a counterparty or counterparties (each, a *"Counterparty"*), such that the Counterparty would be deemed to be: (i) a beneficial owner of Shares in the Company for purposes of the Investment Company Act; (ii) the beneficial owner of Shares in the Company for purposes of the Commodity Exchange Act, as amended, or the rules of the Commodity Futures Trading Commission; (iii) an offeree or purchaser of Shares for purposes of the Securities Act; (iv) a client of the Adviser for purposes of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"); (v) a purchaser of Shares for purposes of the Exchange Act (including, without limitation the anti-fraud rules thereunder); or (vi) a holder of Shares who is an investor in a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13. **<u>Correctness of Information</u>**. The Subscriber represents and warrants that the information it has provided in this Subscription Agreement, its Annexes, Schedules and Exhibits (collectively "*Attachments*") (which Attachments are incorporated in this Subscription Agreement by reference as if expressly set forth herein), and, to its knowledge, in any U.S. Internal Revenue Service or other tax form delivered to the Company or the Adviser, is true, accurate and complete and may be relied upon by the Company for any purpose, including the establishment of subscriber-related facts underlying claims of exemption from the registration provisions of federal and state securities laws. The Subscriber acknowledges that the Company and the Adviser are relying on such information in connection with (a) the Subscriber being admitted as a Shareholder, (b) not registering the offer and sale of Shares under the Securities Act or any state securities laws, (c) if applicable, determining whether Benefit Plan Investors (as defined in Schedule 2) own less than 25% of the value of Shares, as determined under the Plan Asset Regulation (as defined in Schedule 2), from time to time, and (d) the management of the Company's business. If at any time during the term of the Company any of the representations and warranties contained in this Subscription Agreement (including the Annexes, Schedules and Exhibits attached hereto) shall cease to be true, the Subscriber will promptly notify the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14. **<u>Careful Review of Privacy Policy</u>**. The Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with the Company's privacy policy attached hereto as Privacy Principles and contained within the Company's Private Placement Memorandum.

10. **<u>Power of Attorney; Appointment of Company as Attorney-in-fact and Agent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber hereby constitutes and appoints the Company its true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for the Subscriber and in the Subscriber's name, place and stead, in any and all capacities and to take any and all other actions as are authorized by the power of attorney contained in this Subscription Agreement. The power of attorney granted hereby shall be deemed an irrevocable special power of attorney, coupled with an interest, which the Company may exercise for the Subscriber by the signature of the Company or by listing the Subscriber as a Shareholder executing any instrument with the signature of the Company as attorney-in-fact for the Subscriber. This grant of authority shall survive the assignment by the Subscriber of the whole or any portion of the Subscriber's Shares, except where the assignment is of all of the Subscriber's Shares in the Company and the assignee thereof, with the consent of the Company, is admitted as a Shareholder; provided, however, this power of attorney shall survive the delivery of such assignment for the sole purpose of enabling any such attorney-in-fact to effect such substitution. The Company, as attorney-in-fact for the Subscriber, may make, execute, sign, acknowledge, swear to, record and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging arrangement, including any Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a BDC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which the Company considers advisable.

11. **<u>Agents; Nominees</u>**. In the event (as indicated on Schedule 1) that the Subscriber is acting as an agent pursuant to a power-of-attorney (*"Agent"*), or nominee (a *"Nominee"*) for an individual or entity that will be the beneficial owner of the Shares, (i) in the case of an Agent, the Agent represents and warrants that the representations, warranties, and agreements made in this Subscription Agreement are made by the Agent with respect to and on behalf of the beneficial owner as the Subscriber, and (ii) in the case of a Nominee who will be the Subscriber, the Nominee makes such representations on behalf of the Nominee, as the Subscriber, and the beneficial owner of the Shares subscribed for hereby. The Agent or Nominee, as the case may be, represents and warrants that the Agent or Nominee has all requisite power and authority from said beneficial owner to execute and perform the obligations on behalf of the beneficial owner (and, as applicable, on its own behalf as record owners of the Shares) under this Subscription Agreement and the Governing Documents, and hereby agrees to indemnify and hold harmless the Company, the Adviser and their respective affiliates, against any and all loss, liability, claim, damage, cost, and expense whatsoever (including, but not limited to, legal fees and expenses) arising out of, or resulting from, or based upon, any misrepresentation or breach of warranty of this Section 11.

12. **<u>Company Elections</u>**. The Subscriber understands that prior to issuing Shares to the Subscriber the Company will have elected to be treated as a BDC under the Investment Company Act and intends to elect to be treated, and intends to qualify annually thereafter, as a RIC within the meaning of Code Section 851, for U.S. federal income tax purposes; pursuant to those elections, the Subscriber will be required to furnish certain information to the Company as required under Treasury Regulations Section 1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Company, the Subscriber understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation Section 1.852-7.

13. **<u>Sound Point Name and Mark</u>**. The Subscriber acknowledges that: (i) the "Sound Point" name and mark are the property of Sound Point Capital Management, LP; (ii) the Company's authority to use such name and mark may be withdrawn by Sound Point Capital Management, LP without compensation to the Company; (iii) no Subscriber shall, by virtue of its ownership of Shares in the Company, hold any right, title or interest in or to such name and mark; and (iv) following the dissolution and liquidation of the Company, all right, title and interest in and to such name and mark shall be held solely by Sound Point Capital Management, LP or its affiliates.

14. **<u>No Third-Party Beneficiaries</u>**. Except as provided with respect to a lender under a Credit Facility in accordance with Section 7, the provisions of this Subscription Agreement are not intended to be for the benefit of or enforceable by any third party. Without limiting the foregoing, no third party shall, except as permitted by law and this Subscription Agreement, have any right to (i) enforce or demand enforcement of a Subscriber's Capital Commitment, obligation to return distributions, or obligation to make other payments to the Company as set forth in this Subscription Agreement or (ii) demand that the Company issue any capital call.

15. **<u>Miscellaneous Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. **<u>Amendments and Waivers</u>**. This Subscription Agreement may be amended only with the written consent of the Subscriber and the Company. The observance of any provision of this Subscription Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party hereto that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of such party waiving such term or condition. No waiver by any party hereto of any provision of this Subscription Agreement in any one or more instances shall be deemed to be or construed as a waiver of the same or other provision of this Subscription Agreement on any future occasion. No delay or omission in the exercise of any power, remedy or right herein provided or otherwise available to any party hereto shall impair or affect the right of such party thereafter to exercise the same. Any extension of time or other indulgence granted to any party hereto shall not otherwise alter or affect any power, remedy or right with respect to the other party hereto, or the obligations of the party hereto to whom such extension or indulgence is granted. All remedies, either under this Subscription Agreement or by law or otherwise afforded, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. **<u>Survival of Representations and Warranties; Indemnity</u>**. All representations and warranties contained herein or in any Attachments hereto made by the Subscriber shall survive indefinitely following the execution and delivery of this Subscription Agreement, and the issue and sale of Shares. The Subscriber shall and hereby does agree to indemnify and hold the Company, the Adviser and their respective controlling persons, officers, trustees, members, partners, employees, and affiliates, free and harmless from and in respect of any and all claims, actions, demands, causes of action, liabilities, losses and expenses whatsoever (including, without limitation, attorneys' fees) arising from the breach or alleged breach of any of the representations, warranties or covenants made by or on behalf of Subscriber in this Subscription Agreement or in any Attachments hereto, or in the Governing Documents. Any claims for indemnity may be offset against subsequent distributions subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. **<u>Successors and Assigns</u>**. This Subscription Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors of the parties hereto. However, the Subscriber shall not transfer this Subscription Agreement or any of its rights in, to or under this Subscription Agreement and any attempted transfer shall be void and without force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. **<u>Notices</u>**. All notices, requests and other communications hereunder must be in writing and shall be deemed to have been duly given only if delivered (a) in person, (b) by registered or certified mail, (c) by private courier, or (d) by e-mail. All notices to the Company shall be delivered via email to Sound Point Direct Lending BDC, c/o Sound Point Capital Management, LP, Investor Relations, IR@soundpointcap.com. All notices to the Subscriber shall be delivered to the address and email address(es) provided by the Subscriber in Section 5 of Schedule 1 attached hereto or as last set forth in the records of the Company. The Subscriber may designate a new address for notices by giving written notice to that effect to the Company. The Company may designate a new address for notices by giving written notice to that effect to the Subscriber. A notice given in accordance with the foregoing clauses (a), (b) and (c) shall be deemed to have been effectively given three Business Days after such notice is mailed by registered or certified mail, return receipt requested, or one Business Day after such notice is sent by overnight FedEx or other one-day provider, to the proper address, or at the time delivered when delivered in person or by private courier. A notice given in accordance with the foregoing clause (d) shall be deemed to have been effectively given when sent unless the sender receives a message of "error in transmission." If notices, instructions, or other communications are given by the Subscriber in accordance with the foregoing clause (d) or by other electronic means, the Subscriber agrees to fully indemnify the Company and any administrator or sub-administrator acting on behalf of the Company and any such party shall have no liability for any action taken or omitted by it in reliance upon any notice, instruction or other communication submitted in accordance with the foregoing clause (d) or by other electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. **<u>Applicable Law</u>**. Subject to Section 9.7, this Subscription Agreement shall be construed in accordance with and governed by the internal substantive laws (without giving effect to the choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware) of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. **<u>Arbitration</u>**. Any dispute relating to this Subscription Agreement that arises prior to an initial public offering of the Shares which cannot be amicably resolved between the parties shall be resolved by binding arbitration conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association then prevailing, and the decision of the arbitrators shall be final and binding on all the parties. Notwithstanding the foregoing, the parties agree that no consequential, indirect, exemplary or punitive damages shall be awarded in any such arbitration. The costs of the arbitration (other than fees and expenses of counsel, which shall be the responsibility of the parties retaining such counsel) shall be shared equally by the parties, subject to the indemnification provisions set forth in Section 15.2. The parties agree that exclusive venue for any arbitration pursuant to this Section 15.6 shall be New York, New York and that notice of such arbitration may be provided in the manner set forth in Section 15.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. **<u>Headings, etc.</u>** The table of contents and the headings of the sections of this Subscription Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. **<u>Severability</u>**. In the event any provision of this Subscription Agreement is determined to be invalid or unenforceable, such provision shall be deemed severed from the remainder of this Subscription Agreement and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and shall not cause the invalidity or unenforceability of the remainder of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9. **<u>Entire Agreement</u>**. This Subscription Agreement, together with its Attachments (which Attachments are incorporated in this Subscription Agreement by reference), constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and any other prior or contemporaneous written or oral agreements, statements or assurances with respect to this subject matter are hereby rescinded and terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10. **<u>Irrevocability and Acceptance</u>**. This Subscription Agreement is and shall be irrevocable by the undersigned but will not be binding on the Company unless and until it is agreed to and accepted by the Company. The Company in its sole discretion may accept this Subscription Agreement with respect to the Capital Commitment in whole or in part. Acceptance will be given either by delivery of this Subscription Agreement to the Subscriber with the form of acceptance executed by the Company or by such execution and written notice thereof to the Subscriber. This Subscription Agreement will expire if it is not accepted by the Company on or prior to nine months from the date Subscriber has executed this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11. **<u>Counterparts; PDF Signatures</u>**. This Subscription Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. PDF counterpart signatures to this Subscription Agreement shall be acceptable and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12. **<u>Electronic Delivery of Communications</u>**. The Subscriber hereby acknowledges and agrees that the Company and/or the Adviser may deliver and make reports, statements and other communications, including, without limitation, the Offering Documents, this Subscription Agreement, Form 1099s and other tax related information and documentation (*"Account Communications"*), available to the Subscriber in electronic form. It is the Subscriber's affirmative obligation to notify the Company in writing if the Subscriber's e-mail address(es) listed in Section 5 of Schedule 1 change(s). The Subscriber may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the Company, in writing, of the Subscriber's intention to do so, and will thereafter receive such Account Communications in paper form.

16. **<u>Compliance with the U.S. Patriot Act; Solicitation Fee Acknowledgment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. **<u>Compliance with the U.S. Patriot Act</u>**. The Subscriber hereby understands that to help the United States 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 Subscriber who opens an account, all as set forth on Schedule 1. The responses provided on such Schedule are deemed to be made in this Subscription Agreement as if expressly set forth herein.

17. **<u>Confidentiality</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber acknowledges that the Offering Document and other information relating to the Company have been submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber's consideration of the purchase of Shares. The Subscriber agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company), the Subscriber shall not (i) reproduce the Offering Document or any other information relating to the Company, in whole or in part, or (ii) disclose the Offering Document or any other information relating to the Company to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited) or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only be permitted to disclose the Offering Document or other information related to the Company to its limited partners or underlying investors if the Subscriber has required its limited partners or underlying investors to enter into confidentiality undertakings no less onerous than the provisions of this Section 17), except to the extent: (A) such information has become generally available to the public other than as a result of the breach of this Section 17 by the Subscriber or any agent or affiliate of the Subscriber; (B) such information may be required to be included in any report, statement or testimony required to be submitted to any municipal, state or national regulatory body having jurisdiction over the Subscriber; (C) such information may be required in response to any summons or subpoena or in connection with any litigation; (D) necessary to comply with any law, order, regulation or ruling applicable to the Subscriber; (E) it is necessary to disclose such information to the Subscriber's employees and professional advisors (including the Subscriber's auditors and counsel and, for a Subscriber that is subject to Title I of ERISA and/or Section 4975 of the Code (an "*ERISA Shareholder*"), such Persons as are necessary for the proper administration of the ERISA Shareholder), so long as such Persons are advised of the confidentiality obligations contained herein; and (F) such information may be required in connection with an audit by any taxing authority. The Subscriber further agrees to return the Offering Document and any other information relating to the Company if no purchase of Shares is made or upon the Company's request therefore. The Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber further acknowledges that all information received in connection with this Subscription Agreement and the Company is confidential, and agrees that in the event the Subscriber receives material non-public information, the Subscriber shall not engage in any securities trading on the basis of such information in violation of applicable law.

18. **<u>Tax Matters</u>**. The Subscriber agrees to furnish the Company or the Adviser with any information, representations and forms as shall reasonably be requested by the Company or the Adviser from time to time to assist it in complying with any applicable law or tax requirements or determining the extent of, and in fulfilling, its withholding obligations. The Subscriber agrees to furnish the Adviser with any representations and forms as shall reasonably be requested by the Adviser to assist it in obtaining any exemption, reduction or refund of any withholding or other taxes imposed by any taxing authority or other governmental agency upon the Company or amounts paid to the Company.

19. **<u>FATCA and CRS</u>**. The Subscriber agrees to provide to the Company or its agents, upon request, any documentation or other information regarding the Subscriber and its beneficial owners that the Company or its agents may require from time to time in connection with the Company's obligations under, and compliance with, applicable laws and regulations including, but not limited to, FATCA and the Common Reporting Standard ("*CRS*") developed by the Organisation for Economic Co-operation and Development, both FATCA and CRS as implemented in the Cayman Islands. By executing this Subscription Agreement, the Subscriber waives, to the fullest extent permitted by law, any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Company's compliance with applicable law as described in this paragraph including, but not limited to preventing (a) the Subscriber from providing any requested information or documentation, or (b) the disclosure by the Company or its agents of the provided information or documentation to applicable governmental or regulatory authorities. The Subscriber further acknowledges that the Company and the Adviser may take such action as each of them considers necessary in relation to such Subscriber's holding and/or withdrawal proceeds to ensure that any withholding tax payable by the Company, and any related costs, interest, penalties and other losses and liabilities suffered by the Company, or any other investor, or any agent, delegate, employee, trustee, officer or affiliate of any of the foregoing persons, arising from such entity's failure to provide any requested documentation or other information to the Company, is economically borne by such Subscriber. Such actions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The disclosure by the Company or such other service provider or delegate of the Company, of certain information relating to the Subscriber to the Cayman Islands Tax Information Authority ("*TIA*") or equivalent authority and any other foreign government body as required by FATCA or CRS. Such information may include, without limitation, confidential information such as financial information concerning the Subscriber's investment in the Company, and any information relating to any shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may compulsorily withdraw the Subscriber in accordance with the terms of the Investment Advisory Agreement and may deduct relevant amounts from the Subscriber so that any withholding tax payable by the Company or any related costs, debts, expenses, obligations or liabilities (whether internal or external to the Company) are recovered from the Subscriber whose action or inaction (directly or indirectly) gave rise or contributed to such taxes, costs or liabilities. The Subscriber expressly acknowledges that such documentation and the information therein may be provided to the TIA and/or the U.S. Internal Revenue Service and to any withholding agent that has control, receipt or custody of the income of which the Subscriber is the beneficial owner or any withholding agent that can disburse or make payments of the income of which the Subscriber is the beneficial owner. The Subscriber acknowledges that the Company or any relevant service provider or delegate of the Company will be required to report to the TIA on an annual basis, with account information being disseminated by the TIA to tax authorities around the globe. The Cayman Islands government may also enter into additional agreements with other countries in the future, and additional countries may adopt CRS, which will likely further increase the reporting and/or withholding obligations of the Company.

20. **<u>Compliance with Laws; Disclosure</u>**. The Company may disclose information concerning the Company or the Shareholders to the extent necessary to comply with applicable laws, including ERISA (if applicable), and regulations or policies, including any anti-money laundering or anti-terrorist laws or regulations or policies related thereto. Each Subscriber hereby agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary to enable the Company and/or the Adviser to comply with applicable laws, including, without limitation, ERISA (if applicable) and the Investment Company Act, and regulations or policies thereunder. The Subscriber consents to disclosure by the Company and its agents of information pertaining to the Subscriber to relevant third parties as the Company or its agents reasonably deem appropriate or necessary in connection with the operations of the Company, including without limitation, to governmental, regulatory, national security, courts, law enforcement or other authorities, banks, financial intermediaries and counterparties, including, without limitation, to parties outside of the jurisdiction in which the information was initially collected by the Company. The Subscriber hereby agrees to provide the Company and the Company's custodian, promptly upon request, all information requested in connection with their anti-money laundering and know-your-customer requirements. Each Subscriber hereby represents and warrants that the Subscriber has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of information concerning the Subscriber, necessary to disclose such information to the Company, and as required for the Company to use and disclose such information in connection with the performance of its obligations hereunder, and that the disclosure of such information does not violate any applicable laws, regulations, by-laws or ordinances. The Subscriber shall fully indemnify the Company, and the Company shall have no liability for any action taken or omitted by it in reliance upon the foregoing representation and warranty for claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of information concerning the Subscriber.

**<u>Privacy Principles</u>**

Sound Point Direct Lending BDC considers customer privacy to be a fundamental aspect of its relationships with shareholders and is committed to maintaining the confidentiality, integrity and security of its current, prospective and former shareholders' non-public personal information. The Company has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

**<u>OBTAINING NON-PUBLIC PERSONAL INFORMATION</u>**

In the course of providing shareholders with products and services, the Company and certain service providers to the Company , such as the Adviser, may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

**<u>RESPECTING YOUR PRIVACY</u>**

As a matter of policy, the Company does not disclose any non-public personal information provided by shareholders or gathered by the Company to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Company. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Company or its affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Company may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

**<u>SHARING INFORMATION WITH THIRD PARTIES</u>**

The Company reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Company believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect its rights or property, or upon reasonable request by the Company in which a shareholder has invested. In addition, the Company may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

**<u>SHARING INFORMATION WITH AFFILIATES</u>**

The Company may share shareholder information with its affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Company or the Adviser, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Company may share may include, for example, a shareholder's participation in the Company or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Company's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Company's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

**<u>PROCEDURES TO SAFEGUARD PRIVATE INFORMATION</u>**

The Company takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Company has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

**<u>INFORMATION COLLECTED FROM WEBSITES</u>**

The Company or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Company or its service providers includes client non-public personal information.

**<u>CHANGES TO PRIVACY POLICY</u>**

From time to time, the Company may update or revise this privacy notice and documents containing the revised policy will, subject to applicable legal requirements, be updated.

\*\*\*

To the extent you have any questions about our privacy practices, please contact:

Chief Compliance Officer, 375 Park Avenue, 34th Floor, New York, New York 10152, compliance@soundpointcap.com or 1 (212) 895-2280.

**<u>SIGNATURE PAGE</u>**

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| | |
|:---|:---|
| INDIVIDUAL SUBSCRIBER: | INSTITUTIONAL SUBSCRIBER\*: |
| Name of Individual Subscriber | Name of Institutional Subscriber |
| Signature: | By: |
| Print Name: | Print Name: |
| Date: | Title: |
|  | Date: |

---

\* If IRA, must be in the form of:<u>(the name of the IRA Custodian) for the benefit of (the name of the individual)</u> and must also be acknowledged by custodian or trustee below.

***Acknowledgment by IRA Custodian or Trustee with respect to Investment for an IRA***:

By signing below, the undersigned custodian or trustee of the IRA for the benefit of the Individual Subscriber named above (the "*<u>Client IRA</u>"*) acknowledges that investment in the Company is being made through the Client IRA from the below referenced account and certifies that the Client IRA has directed the custodian or trustee to sign this Subscription Agreement on behalf of the IRA. The trustee or custodian's contact, account reference number and Tax ID are set forth below.

---

| |
|:---|
| Name of IRA Holder: |
| Name and Address of Custodian: |
| Contact Individual: |
| IRA Account or Other Reference Number: |
| Trustee/Custodian's Tax I.D. Number: |
| Acknowledgement by Custodian: |

---

By:   <br> Name:   <br> Title:  

**<u>ALL SUBSCRIBERS, PLEASE FOLLOW THESE INSTRUCTIONS</u>:**

***<u>ALL SUBSCRIBERS</u>: If you do not complete the applicable Schedule(s) or Annexes attached hereto, your Subscription Agreement shall be deemed incomplete and will be returned to you.***

**<u>INDIVIDUAL SUBSCRIBERS</u>*: Please complete Schedules 1 and 2 (if applicable) and Annex A attached hereto.***

**<u>INSTITUTIONAL SUBSCRIBERS</u>*: Please complete Schedules 1 and 2 (if applicable) and Annex B attached hereto.***

THIS SUBSCRIPTION AGREEMENT SHALL NOT BE EFFECTIVE UNLESS AND UNTIL IT IS COUNTERSIGNED BY THE FUND:

***[Company's signature page follows]***

**<u>SIGNATURE PAGE OF THE FUND</u>:**

Agreed to and Accepted by

SOUND POINT DIRECT LENDING BDC

---

| | |
|:---|:---|
| as of ______________________________, 20___ | $___________________________ |
|  | Amount of Commitment Accepted |

---

By:   <br> Print Name:   <br> Title:  

**<u>Schedule 1 to Subscription Agreement</u>:**

 **<u>Subscriber Information</u>**

**<u>(For All Subscribers)</u>**

**Instructions**: Please complete the applicable parts of this Schedule.

**Name and Address** (please print)

---

| |
|:---|
| Name (Print both names if joint registration) |
| Street Address/Address of Principal Office (No P.O. Boxes) |

---

      <u>(____)</u> <br> City State Zip Code Telephone No.

    <br> Date of Birth Date of Birth

1.  **<u>Investment</u>** .
The minimum Capital Commitment for investors is $10,000. Any subsequent Capital Commitments of such institutional or retail investors
are expected to be in increments of $1,000. Please indicate below the amount of the Subscriber's Capital Commitment in the Company.

---

| | |
|:---|:---|
| Amount of Capital Commitment: | $________________ |

---

2.  **<u>Primary Contact Person and Photo Identification for this Account</u>** .

---

| |
|:---|
| Name: |
| Address: |
| Telephone Number: |
| Telefax Number (if available): |
| E-mail Address: |

---

Please provide photo identification of Subscriber or Person authorized to act for Subscriber.

Sch. 1-1

3.  **<u>Persons authorized to act for the Subscriber</u> *(<u>i.e.</u> authorized to invest in funds, request redemptions or withdrawal, direct payment of funds, etc.)*.** In addition to the persons authorized by the power of attorney contained in Section 10 of the Subscription Agreement,
the Subscriber hereby authorizes the person(s) noted below to act individually on behalf of this account unless otherwise noted. Please
provide name, specimen signatures and titles in the form that such person would sign documents on behalf of this account, and telephone
numbers. Without limiting the power of attorney contained in Section 10 of the Subscription Agreement, if there are circumstances under
which more than one signature is required to take action with respect to this account, please state such circumstances. Requests to change
the identity of persons authorized to act on behalf of a Subscriber which is a corporation, partnership, trust, estate or other fiduciary
must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the Subscriber.
The Subscriber agrees that the Company may rely on the information provided herein until it receives written notice of superseding instructions.

---

| | |
|:---|:---|
| **3.1** | **3.2** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |
| **3.3** | **3.4** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |

---

Sch. 1-2

4.  **<u>Tax Information</u>:** 

Please provide your Taxpayer I.D. Number/Social Security Number ***(as applicable)***:

Tax ID/SSN: _____________________________

For ***<u>Joint Accounts,</u>*** please provide the Taxpayer I.D. or Social Security Number (as applicable) for each Joint Account Holder.

Name:   Tax ID:   <br>Name:   Tax ID:  

The Subscriber is a (***please check the appropriate box)***:

☐ Corporation

☐ Limited Partnership

☐ General Partnership

☐ Limited Liability Company

☐ S-Corporation

☐ Charitable Trust

☐ Tax-Exempt Endowment

☐ Private Tax-Exempt Foundation

☐ Employee Benefit Plan (self-directed)

☐ Employee Benefit Plan (trustee directed)

☐ Fund of Funds

☐ Other Tax Exempt Organization _____________________________

☐ Other _____________________________

Tax year ends: ____________________

State ***(if applicable)*** and country of residence for tax purposes: ____________________

For a domestic self-directed employee benefit plan (e.g. Keogh or self-directed 401k):

Keogh or Plan Account Number _______________

Tax year ends ____________________

Plan or Custodian Taxpayer I.D. Number ______________________________

Sch. 1-3

**Cost Basis Election:**

All Subscribers, please elect a cost basis reporting method that will apply with respect to your investment in the Shares by checking the applicable box below (if you do not elect a cost basis method below, the default method that will apply to your Shares is First In, First Out (FIFO)):

☐ First In, First Out (FIFO) (This is the default method if no election is made.)

☐ Average Cost Basis

☐ Specific Share Identification (SSI)

☐ SSI – First In, First Out (SSI – FIFO)

☐ SSI – Highest In, First Out (SSI – HIFO)

☐ SSI - Low Cost Long Term

☐ SSI - Low Cost

☐ SSI - Low Cost Short Term

☐ SSI - High Cost Long Term

☐ SSI - High Cost Short Term

☐ SSI – Last In, First Out (SSI – LIFO)

☐ SSI – Proportional

☐ SSI – Manual Selection

If you wish to change your cost basis election at any time in the future, please contact the Company and provide your account number, current cost-basis election and revised cost-basis election. The Company will provide the information to the Company's custodian to implement the change.

Sch. 1-4

5.  **<u>Statements and Other Correspondence</u>.** Statements and other correspondence should be sent to (give name, address, fax number and email address, if available):

---

| | | |
|:---|:---|:---|
|  | **<u>Primary Contact</u>** | **<u>Secondary Contact</u>** |
| Name | | |
| Company (if applicable) | | |
| Title (if applicable) | | |
| Address | | |
| Phone | | |
| Fax | | |
| E-mail | | |

---

**Type of Correspondence Contacts should receive *(please check all that apply)*:**

---

| | | |
|:---|:---|:---|
| | **Primary Contact** | **Secondary Contact** |
| Funding Notices |  |  |
| Annual Financial Statements |  |  |
| Quarterly Reports |  |  |
| 1099s and Tax Information |  |  |
| Original Legal Documents |  |  |
| Copy of Legal Documents |  |  |
| Amendments or Other Documents to be Signed |  |  |
| Other Investor Correspondence |  |  |
| Distribution Notice |  |  |

---

Sch. 1-5

6.  **<u>Distributions</u>.** 

☐ Please check here if the Subscriber wishes to "opt out" of the Company's Dividend Reinvestment Plan and receive cash distributions.

7.  **<u>Service of Process</u>. *(For foreign Subscribers only. Does not apply to U.S. domestic Subscribers.)*** If the Subscriber is either a foreign entity or is not a permanent resident of the United States, the Subscriber hereby irrevocably appoints the following as an agent within the United States to receive service of process on behalf of the Subscriber in connection with the enforcement of the obligation of the Subscriber to make capital contributions to the Company, or otherwise in connection with the Subscriber's subscription to contribute capital to the Company:

8.  **<u>Additional Information</u>** . Please indicate your agreement with the statements below by checking "yes" or "no".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 You understand that the entire amount of your investment may be lost. ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 You have prior experience investing in, and are familiar with, the types of investments in which the Company will invest. ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Following your investment in the Company, you will have adequate means of providing for your current needs and contingencies and you have no need for liquidity in this investment. ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Your investment in the Company represents less than 5% of your net worth (excluding principal residence). ☐ Yes ☐ No

If not, estimate percentage of net worth (excluding principal residence)<u> </u>%.

9.  **<u>Subscriber Status as Agent or Nominee</u>** 

***(The Subscriber must initial each applicable category.)***

______ The Subscriber is acquiring the Shares for its own account, risk and beneficial interest.

OR

______ The Subscriber is acting as an Agent or Nominee on behalf of the beneficial owner.

10.  **<u>Questionnaire regarding the Beneficial Owner of the Shares for Purposes of Rule 506(d) Under Regulation D of the Securities Act</u>** 

Please complete the below questions on behalf of the beneficial owner<sup>1</sup> of the Shares in the Company.

<sup>1</sup> For purposes of this Section 10, the term "*<u>beneficial owner</u>*" is interpreted in the same manner as under Rule 13d-3 of the U.S. Securities Exchange Act of 1934, as amended, and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, under Rule 13d-3 has or shares, or is deemed to have or share: (a) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, such security. Beneficial ownership includes both direct and indirect interests, determined as under Rule 13d-3. In addition, where holders of Shares have voting agreements in place, they may be required to aggregate their Shares to determine if they are beneficial owners of 20% or more of Shares in accordance with Rule 13d-3 and Rule 13d-5(b), and who within the voting group is deemed the beneficial owner.

Sch. 1-6

***<u>(Please Check Each as Applicable)</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Has the beneficial owner, within the last ten (10) years, been convicted of a felony or misdemeanor (a) in connection with the purchase or sale of any security, (b) involving the making of any false filing with the SEC or (c) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Is the beneficial owner subject to any order, judgment or decree of any court of competent jurisdiction, entered in the last five (5) years, that restrains or enjoins the beneficial owner from engaging in or continuing to engage in any conduct or practice (a) in connection with the purchase or sale of any security, (b) involving the making of a false filing with the SEC or (c) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Is the beneficial owner subject to a Final Order<sup>2</sup> of a state securities commission (or an agency or officer of a state performing like functions), a state authority that supervises or examines banks, savings associations, or credit unions, a state insurance commission (or an agency or officer of a state performing like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission, or the National Credit Union Administration, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) bars the beneficial owner from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) association with an entity regulated by such commission, authority, agency, or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) engaging in the business of securities, insurance, or banking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engaging in savings association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) constitutes a Final Order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct within the last ten (10) years?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Is the beneficial owner subject to an order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that (a) suspends or revokes the beneficial owner's registration as a broker, dealer, municipal securities dealer or investment adviser, (b) places limitations on the beneficial owner's activities, functions or operations, or (c) bars the beneficial owner from being associated with any entity or from participating in the offering of any penny stock?

☐ Yes ☐ No

<sup>2</sup> The term "*Final Order*" means a written directive or declaratory statement issued by a federal or state agency described in (iii) above pursuant to applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

Sch. 1-7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Is the beneficial owner subject to any order of the SEC, entered in the last five (5) years, that orders the beneficial owner to cease and desist from committing or causing a violation or future violation of (a) any scienter-based anti-fraud provision of the federal securities laws (including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder) or (b) Section 5 of the Securities Act?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Is the beneficial owner suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Has the beneficial owner filed as a registrant or issuer, or has the beneficial owner been named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five (5) years, (a) was the subject of a refusal order, stop order, or order suspending the Regulation A exemption or (b) is currently the subject of an investigation or a proceeding to determine whether such a stop order or suspension order should be issued?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Is the beneficial owner subject to (a) a United States Postal Service false representation order entered into within the last five (5) years, or (b) a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 If the answer is "yes" to any of questions 10.1 through 10.8 above, has the beneficial owner obtained a waiver from disqualification under Rule 506(d)(2) either (a) from the SEC or (b) from the court or regulatory authority that entered the relevant order, judgment or decree?

☐ Yes ☐ No

If the answer is "Yes" to any of questions 10.1 through 10.9 above, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

The Subscriber hereby confirms that the foregoing statements are true, accurate and complete. The Subscriber further acknowledges, represents, warrants and agrees that (a) the Company is relying on these responses in order to satisfy certain obligations the Company has under federal securities laws, including in connection with SEC filings made by or with respect to the Company, (b) the Subscriber has acted with reasonable care in conducting due diligence (including, in light of the circumstances, making factual inquiry into the existence of any disqualification) to confirm the veracity of the responses, and (c) for so long as the Subscriber holds any Shares in the Company, the Subscriber will notify the Company in writing as soon as reasonably practicable if there is any change in any of the responses set forth herein or if the Subscriber or beneficial owner becomes aware of any pending or threatened proceeding, judgment, order, or other action or circumstance that is reasonably likely to result in any change in the responses set forth in this Section 10.

Sch. 1-8

**<u>Schedule 2 to Subscription Agreement</u>:**

**<u>Status as Benefit Plan Investor or Other Plan Investor</u>**

**<u>(For ERISA Shareholders, including IRAs, and Other Plan Investors Only)</u>**

(a)  **<u>Overview</u>** 

The U.S. Department of Labor (the "*DOL*") has promulgated a regulation, 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), the "*Plan Assets Regulation*"). Pursuant to the Plan Assets Regulation, the term "*Benefit Plan Investor*" includes: (i) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Part 4 of Subtitle B of Title I of ERISA; (ii) any plan, account or arrangement that is subject to Section 4975 of the Code; (e.g., an individual retirement account); and (iii) any entity whose underlying assets include plan assets by reason of the investment in the entity, by any employee benefit plan or other plan described in (i) or (ii), or otherwise. For purposes of this determination, (i) the value of equity interests held by a person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of any such person) is disregarded, and (ii) only that portion of the equity interests of an entity described in clause (iii) of the preceding sentence investing in another entity that are held by Benefit Plan Investors are included in the testing of such other entity. Benefit Plan Investors also include that portion of any insurance company's general account assets that are considered "plan assets" for purposes of ERISA or Section 4975 of the Code.

(b)  **<u>Status as Benefit Plan Investor (Please Check Each as Applicable)</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an employee benefit plan that is subject to Part 4 of Subtitle B of Title I of ERISA, or an entity any of the assets of which include assets of any such plan?

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, a plan to which Section 4975 of the Code applies, or an entity any of the assets of which include assets of any such plan?

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an insurance company general account?

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the answer to the above question (iii) is "yes", please indicate the maximum percentage (if any) of the Subscriber's assets that constitutes or may in the future constitute assets of Benefit Plan Investors:

_______ %

Sch. 2-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an entity (other than an insurance company general account) whose underlying assets include "plan assets" subject to Title I of ERISA or Section 4975 of the Code by reason of a plan's investment in the entity, including, without limitation, by reason of 29 CFR 2510.3-101, as modified by Section 3(42) of ERISA?

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If the answer to the above question (v) is "yes", please indicate the maximum percentage of the Subscriber's assets that constitutes or may in the future constitute assets of Benefit Plan Investors:

_______ %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If the Subscriber is or will be, or is or will be acting on behalf of any entity that is or will be, investing as a trustee or custodian for an Individual Retirement Account, is the Subscriber a qualified IRA custodian or trustee? If yes, the Acknowledgement by IRA Custodian or Trustee with respect to Investment for an IRA on the signature page must be completed.

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, a participant-directed plan?

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the answer to the above question (viii) is "yes", have individual plan participants influenced or will they influence the investor's decision to invest the participants' funds in the Company?

☐ Yes

☐ No

**Without limiting the remedies available in the event of a breach, the Subscriber expressly agrees to promptly disclose to the Company in writing any changes with respect to the percentages set forth in question (iv) and (vi) above (as applicable), to promptly re-confirm such percentage at any time upon the request of the Company (or other person acting on behalf of the Company), and to provide such other information reasonably requested by the Company (or other person acting on behalf of the Company) for purposes of determining whether or not the Company is holding "plan assets."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Is the Subscriber (i) a person with discretionary authority or control with respect to the assets of the Company, (ii) a person who provides investment advice for a fee (direct or indirect) with respect to such assets, or (iii) a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such person having such authority in clauses (i) or (ii)? For purposes of this paragraph, "control", with respect to a person other than an individual, means the power to exercise a controlling influence over the management or policies of such person.

☐ Yes

☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of an entity that is or will be, a "governmental plan" within the meaning of Section 3(32) of ERISA, a "foreign plan," or another plan or retirement arrangement that is not subject to Part 4, subtitle B of Title I of ERISA and with respect to which Section 4975 of the Code does not apply, but is subject to laws similar to ERISA or Section 4975 of the Code or an entity or that is deemed to hold the assets of such a plan (each, an *"Other Plan Investor"*)?

☐ Yes

☐ No

Sch. 2-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) If the answer to the above question (xi) is "yes", the Subscriber hereby represents and warrants to and agrees with the Company to the extent applicable, that its assets do not and will not constitute the assets of such Other Plan Investor under the provisions of applicable law.

(c)  **<u>For ERISA Shareholders and Other Plan Investors</u>** 

If the Subscriber is, or is acting on behalf of, a Benefit Plan Investor or an Other Plan Investor (each, a *"<u>Plan</u>"*), as an inducement to the Company's sale, issuance of, or consent to transfer of, the Shares to the Subscriber, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Subscriber has been informed of and understands the Company's investment objectives, policies and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The decision to invest in the Company was made by the applicable fiduciaries that have the authority and discretion to and are duly authorized to make such investment with appropriate consideration of relevant investment factors with regard to the Shareholder and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Subscriber has the authority to invest plan assets in the Company under the appropriate investment policies and governing instruments applicable to the Shareholder for which the Subscriber is acting and under Title I of ERISA or similar applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Subscriber's decision to invest plan assets in the Company was made solely by the applicable fiduciary(ies), following appropriate consideration of the Offering Document and the Governing Documents, and the applicable fiduciary's duties and responsibilities as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Neither the Adviser nor any of its affiliates has acted as an "investment adviser" or otherwise as a fiduciary (within the meaning of Section 3(21) of ERISA, Section 4975 of the Code or other similar law) with respect to the decision of the ERISA Shareholder or Other Plan Investor to invest in the Company or to direct the Company to enter into the Investment Advisory Agreement with the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Adviser is responsible only for the assets of the Company and the Adviser has no responsibility or authority with respect to any other assets of the Shareholder or with respect to: (i) the contents of the employee benefit plan comprising the Shareholder and applicable trust documents, (ii) the role that the Shareholder's investment in the Company plays in the context of the ERISA Shareholder's overall portfolio; (iii) the composition of the Shareholder's portfolio with regard to diversification; (iv) the liquidity and anticipated current return of the Shareholder's portfolio relative to the anticipated cash flow requirements of the Shareholder; or (v) the projected return of the portfolio with respect to the funding objectives of the Shareholder. The Subscriber understands that this representation and warranty is being provided to the Company and the Adviser for the express purpose of assisting them in the performance of their duties with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The acquisition and holding of Shares by the Subscriber will not result in the occurrence of a non-exempt prohibited transaction under Part 4 of Title I of ERISA or under the related excise tax provisions of Section 4975 of the Code, or a violation of any similar law applicable to the Subscriber.

Sch. 2-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Subscriber is aware of and has taken into consideration the diversification requirements of and other fiduciary duties under Section 404(a)(1) of ERISA or any other similar applicable law and have concluded that the proposed investment by the Company is a prudent one;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Subscriber has considered the investment in the Company and has determined that, in view of such considerations, the purchase of Shares is consistent with the Subscriber's responsibilities under ERISA or Section 4975 of the Code, including (i) whether the investment in the Company is prudent; (ii) whether the investment or investment course of action is reasonably designed as part of that portion of the portfolio managed by the Subscriber, taking into account both the risk of loss and the opportunity for gain that could result therefrom; (iii) whether the Shareholder's current and anticipated liquidity needs would be met, given the limited rights to redeem or transfer the Shares; (iv) whether the investment would permit the Shareholder's overall portfolio to remain adequately diversified; (v) whether the investment is permitted under documents governing the Shareholder; (vi) whether the investment may result in any adverse tax consequences to the Shareholder; and (vii) the risks associated with an investment in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The Subscriber (i) is responsible for the decision to invest in the Company; (ii) is independent of the Company, the Adviser and all of their respective affiliates; (iii) has determined that each of the Company and the Adviser is not a "party in interest" or "disqualified person" (as such terms are defined in ERISA and Section 4975 of the Code) with respect to the ERISA Shareholder; (iv) is qualified to make such investment decision and has, to the extent it deems necessary, consulted its own investment advisors and legal counsel regarding the investment in the Company; and (v) in making its decision to invest in the Company has not relied on any advice or recommendation of the Company, the Adviser or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The Subscriber acknowledges that it is intended that the Company will not hold ERISA "plan assets" as defined by the Plan Assets Regulation. Accordingly, the Subscriber acknowledges that the Company has the authority to require the sale of any Shares if the continued holding of such Shares, in the opinion of the Company, could result in the Company being subject to, or violating, ERISA or Section 4975 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) The Subscriber agrees to from time to time hereafter to deliver to the Company, in writing, all of the information that the Company may reasonably request in order to avoid being subject to, or violations of, any provision of ERISA, Section 4975 of the Code or any other laws applicable to the Shareholder, and promptly will notify the Company, in writing, of any change in the information so furnished.

No information that the Company, the Adviser and any persons providing marketing services on their behalf, and their affiliates (collectively, the "*Company Parties*") is providing shall be considered to be or is advice on which the Subscriber may rely for its investment decisions. The Subscriber must make its own decision, with whatever third-party advice it may wish to obtain, and the Subscriber is not authorized to rely on any information any Company Party is providing as advice that is a basis for the Subscriber's decisions. It is expressly confirmed, and the Subscriber expressly acknowledges, that the Company Parties have not made and are not making a recommendation, and have not provided and are not providing investment advice of any kind whatsoever (whether impartial or otherwise), or are giving any advice in ‎a fiduciary capacity, in connection with the Subscriber's decision to execute this Subscription Agreement and consummate the transactions contemplated hereby. Further, the Subscriber acknowledges the Company Parties' financial interests as described in the Offering Document and any related materials.

Sch. 2-4

The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to or following an investment in the Company.

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| |
|:---|
| Name of Subscriber (please print) |
| By: Name of Fiduciary |
| By: (Name of Signer, Title/Capacity) |

---

Sch. 2-5

**<u>Annex A to Subscription Agreement</u>:**

**<u>Subscriber Questionnaire for Individual Investors (including IRAs)</u>**

1. **<u>Subscriber as an Individual Investor</u>**. The Subscriber's investment in the Company is being made ***(please check one and any corresponding box underneath the appropriate category)***:

---

| |
|:---|
| ☐ |
| ☐ with the Subscriber's spouse ***(please check one)<sup>1</sup>***: |

---

☐ as joint tenants with rights of survivorship.

☐ as tenants in common.

☐ as community property.

☐ through a revocable trust established to facilitate distribution of the Subscriber's estate and there are ___ living grantor(s) and ___ beneficiary (ies) other than the grantors (determined by treating any person indirectly owning an interest in the trust through one or more pass-through entities (*<u>i.e.</u>*, limited liability companies treated as a partnership for income tax purposes, partnerships, S corporations and trusts) as if such person were a beneficiary).

If the Subscriber is investing through a revocable trust, the Subscriber further represents that: ***(Please indicate whether the following representations are applicable by checking the appropriate box.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. substantially all of the value of each beneficial owner's interest (direct or indirect) in the trust is <u>not</u> attributable to such trust's interest (direct or indirect) in the Company.

**(*Please check one.)*** ☐ Yes ☐ No

☐ through an Individual Retirement Account ***(For U.S. domestic Subscribers only. Does not apply to foreign Subscribers.)***

☐ Traditional IRA

☐ Roth IRA

☐ SEP IRA

☐ SIMPLE IRA

☐ Inherited IRA

☐ through the Subscriber's self-directed Keogh Plan Account.

☐ through another self-directed employee benefit plan as defined in Title I of ERISA.

☐ 401(k) plan

☐ Defined benefit plan

☐ Profit sharing plan

☐ Deferred compensation plan

<sup>1</sup> Any Co-Owner other than a spouse must submit a separate subscription agreement.

2. **<u>Subscriber's Net Worth</u>*. (Please indicate whether the following representation is applicable by checking the appropriate box.)*** The Subscriber has a net worth, individually or jointly with the Subscriber's spouse, which exceeds $1,000,000 at the time of the Closing (excluding the value of the investor's primary residence)<sup>2</sup>, or had an individual income in excess of $200,000 in each of the two most recent years or joint income with the Subscriber's spouse of $300,000 in each of those years and the Subscriber has a reasonable expectation of reaching the same income level in the current year.

**(*Please check one)*** ☐ Yes ☐ No

3. **<u>Subscriber Status as U.S./Foreign Person</u>**. ***(Please read Section 3.1 and check the box if you are described in such section. If not, check the box at 3.2.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ☐ **<u>For U.S. Persons</u>**. Subscriber is a natural person who is (i) a citizen of the United States or (ii) a resident of the United States, even if not a citizen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ☐ **<u>For Foreign Persons</u>**. The Subscriber is not a person described in Section 3.1.

4. **<u>Required IRS Certification</u>*. (Please read Section 4.1 if you are a U.S. domestic Subscriber or Section 4.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ☐ **<u>IRS/W-9 Certification for U.S. Subscribers</u>**. The Subscriber is a person described in Section 3.1 and has completed and attached hereto a properly completed and duly executed copy of Form W-9 "Request for Taxpayer Identification Number and Certification," located in Annex E, in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided on Form W-9 becomes inaccurate. ***NOTE: Shareholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ☐ **<u>IRS/W-8 Certification for Foreign Subscribers</u> (*<u>i.e.</u>* persons who cannot make the certification in 3.1 above)**. Attached hereto is a properly completed and duly executed copy of Form W-8BEN or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Company, the Subscriber will provide the Company with a new properly completed and duly executed copy of Form W-8BEN or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which it initially invested in the Partnership. ***NOTE: Shareholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes***.

<sup>2</sup> For purposes of calculating net worth hereunder, an individual need not deduct from his or her net worth the amount of mortgage debt secured by an excluded primary residence, except to the extent that the amount of the mortgage liability exceeds the fair value of the residence. The Subscriber must also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within sixty days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating the Subscriber's net worth).

5. **<u>Anti-Money Laundering Confirmation</u>**. ***(Please indicate your response to the following representation by checking the appropriate box below. Also, please complete the separate Sound Point Anti-Money Laundering Supplement.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Subscriber does not know or have any reason to suspect that (i) the monies used to fund the Subscriber's acquisition of Shares have been or will be derived from or related to any activities that may contravene U.S. federal, state or international laws or regulations, including but not limited to, anti-money laundering laws or regulations; and (ii) the proceeds from the Subscriber's acquisition of Shares will be used to finance any illegal activities.

**(*Please check one)*** I ☐ agree ☐ disagree with the above statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***(Please indicate your response to the following representation by checking "yes" or "no" in the appropriate box below.)*** The Subscriber represents that he is not, and is not acting on behalf of any other person in connection with this subscription that is: (i) named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the *"SDN List"*), or is otherwise subject to sanctions administered by OFAC<sup>3</sup>; (ii) a senior non-U.S. political figure or an immediate family member or close associate<sup>4</sup> of such figure; (iii) a non-U.S. bank that does not have a physical presence in any country (unless such bank is subject to the supervision of a banking authority that regulates an affiliate that does have a physical presence in a country); or (iv) otherwise prohibited from investing in the Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (i) through (iii) together, a *"Prohibited Investor"*).

**(*Please check one)*** ☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Subscriber agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its affiliates and agents of such information about me as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Subscriber acknowledges that if, following his investment in the Company, the Company reasonably believes that he is a Prohibited Investor or otherwise engaged in suspicious activity or he refuses to provide promptly information that the Company requests, the Company has the right or may be obligated to prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that he will have no claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions.

**END OF ANNEX A**

<sup>3</sup> This information may be found online at www.treas.gov/ofac.

<sup>4</sup> A person who is widely and publicly known to maintain an unusually close relationship with the senior non-US political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure.

**<u>Annex B to Subscription Agreement</u>:<u><br>Subscriber Questionnaire for Institutional Investors</u>**

1. **<u>Accredited Investor Questionnaire</u>**. The Subscriber is an "accredited investor" within the meaning of Rule 501(a) of Regulation D ("*Regulation D*") promulgated pursuant to Section 4(a)(2) of the Securities Act because it is (please indicate by checking the applicable boxes):

☐ an employee benefit plan as defined in Title I of the Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), and ***(check appropriate box)***:

☐ the investment decision is made by a plan fiduciary as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser and the name of the plan fiduciary is _________________________; or

☐ the plan has total assets in excess of $5,000,000; or

☐ the plan is a self-directed plan, with investment decisions made solely by persons that are "accredited investors" within the meaning of Regulation D.

☐ a plan that is established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if the plan has total assets in excess of $5,000,000.

☐ an insurance company as defined in Section 2(13) of the Securities Act.

☐ an investment company registered under the Investment Company Act.

☐ a business development company (as defined in Section 2(a)(48) of the Investment Company Act).

☐ a private business development company as defined in Section 202(a)(22) of the Advisers Act.

☐ a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

☐ a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution (as defined in Section 3(a)(5)(A) of the Securities Act), whether acting in regard to this investment in its individual or a fiduciary capacity.

☐ a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "*Exchange Act*").

☐ an organization described in Section 501(c)(3) of the Code, with total assets in excess of $5,000,000.

☐ a corporation, a Massachusetts or similar business trust, partnership or limited liability company, not formed for the specific purpose of acquiring Shares, with total assets in excess of $5,000,000.

☐ a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase of Shares is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.

☐ an entity in which all of the equity owners are "accredited investors" within the meaning of Regulation D. *(NOTE: This paragraph should only be checked if the Subscriber cannot establish it is an accredited investor under one of the categories described above. If the Subscriber checks this box, each equity owner of the Subscriber's securities must complete and submit to the Company a copy of Annex A or B, as applicable, along with an original executed signature page and may be requested to complete, execute and submit to the Company its own Subscription Agreement. If necessary, please request additional copies of this Subscription Agreement from the Company.)* 

2. **<u>The Subscriber</u> *(Please check each applicable subsection below.)***

☐ was ☐ was not formed, organized, reorganized, capitalized or recapitalized for the specific purpose of acquiring Shares;

☐ is ☐ is not operated for the specific purpose of acquiring Shares;

☐ is ☐ is not an investment entity for which the Subscriber's shareholders, partners, members or other beneficial owners can have individual discretion as to their participation or non-participation through the Subscriber in (i) the Subscriber's purchase or Shares or (ii) particular investments made by the Company;

☐ will ☐ will not have more than 40% of the value of the Subscriber's total assets (or, if the Subscriber is a private investment fund with binding, unconditional capital commitments from the Subscriber's partners or members, more than 40% of the Subscriber's committed capital) invested in the Company upon making this investment.

3. **<u>Funds Invested by the Subscriber</u>. *(For domestic and foreign Subscribers.)*** The funds invested by the Subscriber in the Company ☐ do ☐ do not ***(please check one)*** constitute the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) whether or not subject to Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code, or (c) an entity whose underlying assets include assets of a plan described in (a) or (b).

4. **<u>Relationship with the Placement Agent</u>**. The Subscriber ☐ is ☐ is not ***(please check one)*** an employee benefit plan maintained by the Placement Agent(s) or its/their affiliates.

5. **<u>For Insurance Company Subscribers</u>. *(For U.S. domestic Subscribers Only. Does not apply to foreign Subscribers.) (Please indicate whether the following representation is applicable by checking the appropriate box.)*** The Subscriber represents that (i) the source of the Subscriber's funds used to purchase Shares is an "insurance company general account" within the meaning of Department of Labor Prohibited Transaction Exemption 95-60 (issued July 12, 1995) and there is no "employee benefit plan" (within the meaning of Section (3)(3) of ERISA or Section 4975(e)(1) of the Code), treating as a single plan all plans maintained by the same employer or employee organization, with respect to which the amount of the general account reserves and liabilities for all contracts held by or on behalf of such plan, exceeds ten percent (10%) of the total reserves and liabilities of such general account (exclusive of separate account liabilities) plus surplus, as set forth in the NAIC Annual Statement filed with the Subscriber's state of domicile and (ii) less than 25% of the Subscriber's general account consists of "plan assets".

**(*Please check one)*** ☐ Yes ☐ No ☐ Not Applicable

6. **<u>Subscriber Status as U.S./Foreign Person</u>. *(Please read Section 6.1 and check the box if you are described in such section. If not, check the box next to Section 6.2.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ☐ **<u>For U.S. Persons</u>**. Subscriber is (i) an entity created or organized in the U.S. that is treated for U.S. income tax purposes as a partnership or corporation, (ii) a trust the administration of which a court within the United States is able to exercise primary supervision over or for which one or more United States persons (including individual citizens or residents of the U.S.) have the authority to control all substantial decisions, or (iii) an estate the income of which is subject to tax in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ☐ **<u>For Foreign Persons</u>**. The Subscriber is not a Person described in Section 6.1.

7. **<u>Required IRS Certification</u>**. (Please read Section 7.1 if you are a U.S. domestic Subscriber and Section 7.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ☐ **<u>IRS/W-9 Certification for U.S. Subscribers</u>**. The Subscriber is a person of the type described in Section 6.1 and has attached hereto a properly completed and duly executed copy of Form W-9 "Request for Taxpayer Identification Number and Certification" in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided on Form W-9 becomes inaccurate. ***NOTE: Shareholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ☐ **<u>IRS/W-8 Certification for Foreign Subscribers</u> (*<u>i.e.</u>* persons who cannot make the certification in Section 6.1 above)**. Attached hereto is a properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Company, the Subscriber will provide the Company with a new properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which it initially invested in the Company. ***NOTE: Shareholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes.***

8. **<u>U.S. Patriot Act Confirmation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *(Please indicate your response to the representation by checking in the appropriate box below Also, please complete Exhibit A.)* The Subscriber does not know or have any reason to suspect that (a) the monies used to fund the Subscriber's acquisition of Shares have been or will be derived from or related to any illegal activities, including but not limited to, money laundering activities and (b) the proceeds from the Subscriber's acquisition of Shares will be used to finance any illegal activities.

**(*Please check one)*** I ☐ agree ☐ disagree with the above statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***(Please check either 8.2.1 or 8.2.2)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 ☐ The Subscriber is NOT acting on behalf of one or more clients in connection with this subscription and neither the Subscriber nor its authorized contact persons are (a) named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the *"SDN List"*)<sup>1</sup>, (b) residing in or organized in a country of, or owned or controlled by a government of a country subject to sanctions administered by OFAC,<sup>2</sup> (c) a non-U.S. shell bank<sup>3</sup> or providing banking services indirectly to a non-US shell bank, (d) a senior non-U.S. political figure or an immediate family member or close associate<sup>4</sup> of such figure or (e) otherwise prohibited from investing in the Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (a) through (e) together, *"Prohibited Investors"*).

**- OR -**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 ☐ If the Subscriber is acting on behalf of one or more clients in connection with this subscription, the Subscriber is a financial institution subject to the anti-money laundering program requirements of the USA Patriot Act, and Subscriber represents that it has (a) implemented a customer identification program as required under Section 326 of the Patriot Act and the regulations promulgated thereunder, (b) conducted the required due diligence on client(s) on whose behalf the Subscriber is acting, and (c) determined that such client(s) are NOT Prohibited Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Subscriber agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its affiliates and agents of such information about the Subscriber and its constituents as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Subscriber acknowledges that if, following its investment in the Company, the Company reasonably believes that the Subscriber (or its clients) are a Prohibited Investor or are otherwise engaged in suspicious activity or refuse to provide promptly information that the Company requests, the Company has the right or may be obligated to prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that it will have no claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions.

9. **<u>Pay To Play Matters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 If the Subscriber is an entity substantially owned by a "government entity"<sup>5</sup> (e.g., a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:

<sup>1</sup> This information may be found online at www.treas.gov/ofac.

<sup>2</sup> This information may be found online at www.treas.gov/ofac.

<sup>3</sup> A non-U.S. shell bank is a non-US bank without a physical presence in its country of domicile/ incorporation.

<sup>4</sup> A person who is widely and publicly known to maintain an unusually close relationship with the senior non-U.S. political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure.

<sup>5</sup> Any U.S. state or political subdivision of a U.S. state, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any agency, authority, or instrumentality of the U.S. state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) A pool of assets sponsored or established by the U.S. state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a U.S. state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any participant-directed investment program or plan sponsored or established by a U.S. state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a "qualified tuition plan" authorized by section 529 of the Internal Revenue Code (26 U.S.C. 529), a retirement plan authorized by section 403(b) or 457 of the Internal Revenue Code (26 U.S.C. 403(b) or 457), or any similar program or plan; and

(iv) Officers, agents, or employees of the U.S. state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Please note that, if the Subscriber enters the name of a government entity in Section 9.1, the Company will treat the Subscriber as if it were the government entity for purposes of Rule 206(4)-5 of the Investment Advisers Act (the *"Pay to Play Rule"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 If the Subscriber is (i) a government entity, (ii) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in Section 9.1, the Subscriber hereby certifies that:

☐ other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Company, the Adviser or their affiliates in connection with the Subscriber's subscription;

**- OR -**

☐ If the Subscriber cannot make the above certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Adviser or their affiliates, employees or Placement Agents would be subject to in connection with the Subscriber's subscription:

**END OF ANNEX B**

**<u>Annex C</u>:**

**<u>FOREIGN DUE DILIGENCE QUESTIONNAIRE</u>**

Subscriber Name:   <br>Custodian:  

List all nominal and beneficial owners of the account holding an interest therein of 25% or greater:

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| | |
|:---|:---|
| 1. | Individual subscribing in his/her own name acting on his/her own behalf ☐ Check Box |
| 2. | Individual subscribing on behalf of other persons ☐ Check Box |
|  | List of other persons: |

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3. Closely held entity ☐ Check Box

List persons who exercise control over subscriber (either because of signing authority or significant economic interest):

4. Trust ☐ Check Box

List persons who control funds in trust:

Attach an Investor Profile Form – Individual Account for all individuals listed above.

**Subscriber Signature**

I hereby certify the information above and any information provided in connection herewith is true and correct.

Name:   Signature:   Date:  

**<u>Annex D</u>:**

**<u>BENEFICIAL OWNERSHIP INFORMATION</u>**

**Certification of Beneficial Owners**

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| | |
|:---|:---|
| **Types of Legal Entities** | **Types of Legal Entities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● C Corporations, including incorporated entities and LLCs that elect to be treated as a corporation<br> ● Partnerships, including LLCs that elect to be treated as partnerships<br> ● S Corporations, including incorporated entities and LLCs that elect to be treated as a corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Investment Clubs<br> ● Unions<br> ● Unincorporated associations, miscellaneous organizations<br> ● Nonprofit organizations (exempt from Beneficial Owner Information section)<br> ● REITs |

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| | |
|:---|:---|
| **1 Account Information** | **1 Account Information** |
| Provide complete the spaces below with the information for the Legal Entity associated with the account: | Provide complete the spaces below with the information for the Legal Entity associated with the account: |
| *NAME OF LEGAL ENTITY* | *NAME OF LEGAL ENTITY* |
| *TAX IDENTIFICATION NUMBER* | *ACCOUNT NUMBER* |

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| | |
|:---|:---|
| **2 Beneficial Owner Information** | **2 Beneficial Owner Information** |
| A | Please complete the table below for <u>each</u> individual, if any, who directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, owns 25% or more of the equity interests of the Legal Entity listed above. If no individuals meet this criteria, please leave the table blank to certify this requirement does not apply for the Legal Entity. |
|  | Please note that if the Legal Entity is owned by another Entity, only natural persons should be listed within the table (ex. if ABC Corp. is 50% owned by 123 Corp. and 123 Corp. is 50% owned by John Doe, John Doe should be listed as he is a 25% Beneficial Owner of ABC Corp.). |
|  | For Foreign Persons: An alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard can be provided in lieu of a passport number. A copy of the individual's passport, alien identification card, or other government-issued document must be included with the form. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name** | **Date of Birth** | **Address (Residential or<br> Business Street Address)** | **Social Security<br> Number (For U.S. Persons)** | **Passport Number and Country of<br> Issuance (For Foreign Persons)** |
| **1** |  |  |  |  |  |
| **2** |  |  |  |  |  |
| **3** |  |  |  |  |  |
| **4** |  |  |  |  |  |

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| | |
|:---|:---|
| B. | If any of the Beneficial Owners currently on file should be removed, please indicate the name(s) of the individual(s) to be removed below: |
| **3 Controller Information** | **3 Controller Information** |
| Please complete the table below with the requested information for <u>one</u> individual with significant responsibility for managing the Legal Entity listed in Account Information section, such as an executive officer or senior manager (ex. Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer), or any other individual who regularly performs similar functions (a beneficial owner named in Beneficial Owner Information section can be listed here if appropriate).<br>For a Foreign Person: An alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard can be provided in lieu of a passport number. A copy of the individual's passport, alien identification card, or other government-issued document must be included with the form | Please complete the table below with the requested information for <u>one</u> individual with significant responsibility for managing the Legal Entity listed in Account Information section, such as an executive officer or senior manager (ex. Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer), or any other individual who regularly performs similar functions (a beneficial owner named in Beneficial Owner Information section can be listed here if appropriate).<br>For a Foreign Person: An alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard can be provided in lieu of a passport number. A copy of the individual's passport, alien identification card, or other government-issued document must be included with the form |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of Birth** | **Address (Residential or<br> Business Street Address)** | **Social Security<br> Number (For U.S. Persons)** | **Passport Number and Country of<br> Issuance (For Foreign Persons)** |

---

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| | | |
|:---|:---|:---|
| **4 Signature & Certification** | **4 Signature & Certification** | **4 Signature & Certification** |
| I hereby certify that to the best of my knowledge, the information provided about me, and the information provided about the beneficial owner(s) and/or the individual with control over the legal entity is complete and correct. | I hereby certify that to the best of my knowledge, the information provided about me, and the information provided about the beneficial owner(s) and/or the individual with control over the legal entity is complete and correct. | I hereby certify that to the best of my knowledge, the information provided about me, and the information provided about the beneficial owner(s) and/or the individual with control over the legal entity is complete and correct. |
| *PRINTED NAME OF AUTHORIZED SIGNER* | *PRINTED NAME OF AUTHORIZED SIGNER* | *PRINTED NAME OF AUTHORIZED SIGNER* |
| *SIGNATURE OF AUTHORIZED SIGNER* | | *DATE (MM/DD/YYYY)* |

---

**Beneficial Ownership Exclusions and Exemptions**

**Exclusions from the Definition of Legal Entity Customer:**

The Rule excludes from the definition of legal entity customer certain entities that are subject to Federal or State regulations and for which information about their beneficial ownership and management is available from the Federal or State agencies, such as:

● Financial institutions regulated by a Federal functional regulator or a bank regulated by a State bank regulator;

● A department or agency of the United States, of any State, or of any political subdivision of a State;

● Any entity established under the laws of the United States, or any State, or of any political subdivision of any State, or under an inter- state compact;

● Any entity (other than a bank) whose common stock or analogous equity interests are listed on the New York, American, or NASDAQ stock exchange;

● Any entity organized under the laws of the United States or of any State at least 51% of whose common stock or analogous equity interests are held by a listed entity;

● Issuers of securities registered under section 12 of the Securities Exchange Act of 1934 (SEA) or that is required to file reports under 15(d) of that Act;

● An investment company, as defined in section 3 of the Investment Company Act of 1940, registered with the U.S. Securities and Exchange Commission (SEC);

● An SEC-registered investment adviser, as defined in section 202(a)(11) of the Investment Advisers Act of 1940;

● An exchange or clearing agency, as defined in section 3 of the SEA, registered under section 6 or 17A of that Act;

● Any other entity registered with the SEC under the SEA;

● A registered entity, commodity pool operator, commodity trading advisor, retail foreign exchange dealer, swap dealer, or major swap participant, defined in section 1a of the Commodity Exchange Act, registered with the Commodity Futures Trading Commission;

● A public accounting firm registered under section 102 of the Sarbanes-Oxley Act.

● A bank holding company, as defined in section 2 of the Bank Holding Company Act of 1956 (12 USC 1841) or savings and loan holding company, as defined in section 10(n) of the Home Owners' Loan Act (12 USC 1467a(n));

● A pooled investment vehicle operated or advised by a financial institution excluded from the definition of legal entity customer under the final CDD rule;

● An insurance company regulated by a State;

● A financial market utility designated by the Financial Stability Oversight Council under Title VIII of the Dodd-Frank Wall Street Reform and Customer Protection Act of 2010;

● A foreign financial institution established in a jurisdiction where the regulator of such institution maintains beneficial ownership information regarding such institution;

● A non-U.S. governmental department, agency or political subdivision that engages only in governmental rather than commercial activi ties; and

● Any legal entity only to the extent that it opens a private banking account subject to 31 CFR 1010.620.

**Exemptions from the Ownership Prong:**

Certain legal entity customers are subject only to the control prong of the beneficial ownership requirement, including:

● A pooled investment vehicle operated or advised by a financial institution not excluded under paragraph 31 CFR 1010.230(e)(2); and

● Any legal entity that is established as a nonprofit corporation or similar entity and has filed its organizational documents with the appropriate state authority as necessary.

**<u>Annex E</u>:**

![](ex4-1_001.jpg)

**<u>TAXPAYER IDENTIFICATION NUMBER AND CERTIFICATION</u>**

****

## Exhibit 10.1

**Exhibit 10.1**

***Execution Version***

**SOUND POINT DIRECT LENDING BDC**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement is hereby made as of the 15<sup>th</sup> day of December, 2025 (the "<u>Agreement</u>"), by and between Sound Point Direct Lending BDC, a Delaware statutory trust (together with the successors thereto, the "<u>Company</u>"), and Sound Point Capital Management, LP, a Delaware limited partnership (the "<u>Adviser</u>" and together with the Company, the "<u>Parties</u>").

**WITNESSETH:**

**WHEREAS,** the Company is a newly organized, closed-end management investment company that intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, (the "<u>1940 Act</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated there under, the "<u>Advisers Act</u>"); and

**WHEREAS,** the Company and the Adviser desire to enter into this Agreement to set forth the terms and conditions for the provision by the Adviser of investment advisory services to the Company.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the Parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**<br>**<u>APPOINTMENT</u>**

The Company hereby appoints the Adviser to act as investment adviser to the Company for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**<br>**<u>SERVICES OF THE ADVISER</u>**

2.1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the Board of Trustees of the Company (the "<u>Board</u>"), the Adviser shall act as the investment adviser to the Company and shall manage the investment and reinvestment of the assets of the Company (a) in accordance with the investment objective, policies and restrictions that are set forth in the Company's Registration Statement on Form 10 or Form N-2, as applicable (the "<u>Registration Statement</u>"), filed with the Securities and Exchange Commission (the "<u>SEC</u>"), as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, (c) in accordance with the Company's declaration of trust and bylaws, as they may be amended from time to time (the "<u>Organizational Documents</u>"); (d) such investment policies, directives, regulatory restrictions as the Company may from time to time establish or issue and communicate to the Adviser in writing; and (e) the Company's compliance policies and procedures as applicable to the Adviser and as administered by the Company's chief compliance officer.

Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition and allocation of the Company's investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Company's investments; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) subject to the oversight of the Board, use commercially reasonable efforts to arrange financings, borrowing facilities and refinancing of existing debt for the Company; (vi) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and (vii) provide significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company's portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition or disposition of the Company's investments, the placement of orders for other purchase or sale transactions on behalf of the Company or any entity in which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments, and the engagement of any service providers deemed necessary or appropriate by the Adviser to the exercise of such power and authority, subject to the oversight and approval of the Board. The Company also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry out its duties pursuant to this Agreement, including without limitation the authority to open accounts and deposit, maintain and withdraw funds of the Company or any of its subsidiaries in any bank, savings and loan association, brokerage firm or other financial institution.

If it is necessary or convenient for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2.2. <u>Sub-Advisers</u>. Subject to the requirements of the 1940 Act and the Advisers Act, including without limitation, the requirements of the 1940 Act relating to approval thereunder by the Board and holders of the Company's common shares of beneficial interest (the "<u>Shares</u>"), the Adviser may, through a sub-advisory agreement or other arrangement, (i) delegate to a sub-adviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby, and (ii) adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; *provided that*, in each case, the Adviser shall continue to oversee the services provided by such sub-adviser or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

2.3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Company may direct, all records relating to the services rendered by the Adviser under this Agreement and the Company's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodity Exchange Act, and the respective rules and regulations thereunder, and the Company's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser on behalf of the Company are the property of the Company, shall be readily accessible during normal business hours, and shall be surrendered promptly to the Company upon the termination of this Agreement or otherwise upon written request by the Company. The Adviser shall have the right to retain copies, or originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. The Adviser shall maintain records of the locations where books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or the Company.

2.4. <u>Brokerage Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company's portfolio, and constitutes the best net result for the Company. Notwithstanding the foregoing, with regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups, nor participate in any business arrangements which would circumvent this restriction.

2.5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Company in the best interest of the Company and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Company has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Company. The Adviser shall be responsible for reporting the Company's proxy voting activities, as required, through periodic filings on Form N-PX.

2.6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Company pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or partners of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Company and one or more other accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Company has not been delegated to a sub-adviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Company recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Company.

**<u>ARTICLE III</u>**<br>**<u>EXPENSES</u>**

3.1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser, any sub-adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company.

3.2. <u>Expenses Borne by the Company</u>. The Company, either directly or through reimbursement to the Adviser, shall bear all other costs and expenses of its investment operations and its investment transactions, including, without limitation, those relating to: (a) the Company's initial organization costs and operating costs incurred prior to or in connection with the filing of its election to be regulated as a BDC; (b) the costs associated with any public or private offering of the Company's Shares and other securities; (c) calculating individual asset values and the Company's net asset value (including the costs and expenses of any independent valuation firm or pricing service); (d) debt service and other costs of borrowing or other financing arrangements incurred to finance the Company's investments; (e) fees and expenses, including legal fees, out-of-pocket expenses and travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments, monitoring the Company's investments and, if necessary, enforcing the Company's rights; (f) amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments, including expenses relating to unconsummated investment transactions such as dead deal or broken deal expenses; (g) the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; (h) brokerage fees and commissions; (i) costs of hedging; (j) federal and state registration fees; (k) fees payable to ratings agencies; (l) federal, state and local taxes; (m) costs of offerings or repurchases of the Company's Shares and other securities, as applicable; (n) the Base Management Fee and the Incentive Fee (as defined below); (o) distributions on the Company's Shares and other securities, including costs and expenses relating to such distributions, as applicable; (p) administration fees payable to Sound Point Administration LLC (the "<u>Administrator</u>") under the administration agreement providing for administrative services dated December 15, 2025 (as amended or restated from time to time, the "<u>Administration Agreement</u>") and any sub-administration agreements and related expenses; (q) transfer agent and custody fees and expenses; (r) independent trustee fees and expenses; (s) the costs of any reports, proxy statements or other notices to the Company's securityholders, including printing and mailing costs; (t) costs of holding meetings of the Company's securityholders and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; (u) litigation, indemnification and other non-recurring or extraordinary expenses; (v) fees and expenses associated with marketing and investor relations efforts; (w) dues, fees and charges of any trade association of which the Company is a member; (x) the costs and expenses associated with subscriptions to data service, research-related subscriptions, quotation equipment and services used in making or holding investments, and the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; (y) direct costs and expenses of administration and operation, including printing, mailing, telecommunications and staff, including fees payable in connection with outsourced administration functions; (z) fees and expenses associated with independent audits and outside legal costs; (aa) the Company's fidelity bond; (bb) trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (cc) the costs associated with the Company's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws, including but not limited to (i) the costs of preparing financial statements and maintaining books and records as set forth in <u>Section 2.3</u> herein, (ii) the costs of preparing and filing such other documents with the SEC (or other regulatory body) as required, and (iii) the compensation and expenses of the professionals responsible for the foregoing; (dd) the costs of winding up; and (ee) all other expenses reasonably incurred by the Company or the Administrator in connection with administering the Company's business or incurred by the Administrator on the Company's behalf, such as the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, rent, the fees and expenses associated with performing compliance functions, and the Company's allocable portion of the costs of compensation paid to, or distributions received by, and related expenses of the Company's chief compliance officer, chief financial officer, chief operating officer and their respective support staff, and any internal audit staff to the extent internal audit performs a role in the Company's internal control assessments. The presence of an item in or its absence from the foregoing list, on the one hand, and the list of Company expenses set forth in <u>Article III</u> of the Administration Agreement, on the other, shall in no way be construed to limit the responsibility of the Company for such expense under either agreement.

For avoidance of doubt, it is agreed and understood that, from time to time, the Adviser or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth herein or otherwise and that the Company shall reimburse the Adviser or its affiliates for all such costs and expenses that have been paid by the Adviser or its affiliates on behalf of the Company.

3.3 <u>Portfolio Company's Compensation</u>. In certain circumstances the Adviser, any sub-adviser, or any of their respective Affiliates (as defined above), may receive compensation from a portfolio company, in connection with the Company's investment in such portfolio company. Any compensation received by the Adviser, sub-adviser, or any of their respective Affiliates, attributable to the Company's investment in any portfolio company, in excess of any of the limitations in or exemptions granted from the 1940 Act, any interpretation thereof by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, any sub-adviser or the Company by the SEC, shall be delivered promptly to the Company and the Company will retain such excess compensation for the benefit of its shareholders.

**<u>ARTICLE IV</u>**<br>**<u>COMPENSATION</u>**

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the "<u>Base Management Fee</u>") and an incentive fee (the "<u>Incentive Fee</u>"), each as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer or waive all or a portion of its fees hereunder for a specified period of time.

4.1. <u>Base Management Fee</u>. The Base Management Fee shall be calculated and payable quarterly in arrears at an annual rate equal to 0.625% of the average value of the Company's gross assets at the end of the two most recently completed quarters. Gross assets means the Company's total assets, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles, including assets purchased with borrowed funds or other forms of leverage, but excluding cash and cash equivalents ("<u>Gross Assets</u>"). Base Management Fees for any partial quarter will be appropriately pro-rated. The initial payment of the Base Management Fee shall be calculated based on the average Gross Assets as of the date of execution of this Agreement, including, for the avoidance of doubt, assets acquired on such date, and the end of the fiscal quarter in which this Agreement is executed.

4.2. <u>Incentive Fee</u>. The Incentive Fee will consist of two components: (i) an income-based incentive fee (the "<u>Income Incentive Fee</u>") and (ii) a capital gains-based incentive fee (the "<u>Capital Gains Incentive Fee</u>"), each as defined below. Each component is independent of the other such that one component may be payable even if the other is not.

The Income Incentive Fee commences on the first fiscal quarter immediately following the three-year anniversary from the date of commencement of the Company's operations (the "Commencement Date"). The Income Incentive Fee will be paid quarterly in an amount equal to 12.5% of the amount by which the Pre-Incentive Fee Net Investment income for the quarter exceeds a hurdle rate of 1.50% (6.0% annualized) of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision.

The Company will pay the Adviser the Income Incentive Fee with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) no Income Incentive Fee for any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the Company's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to
 that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any,
 that exceeds the hurdle rate but is less than 1.714% (6.857% annualized); and

&nbsp;&nbsp;&nbsp;&nbsp;(3) 12.50% of the amount of the Company's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that
 portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that
 exceeds 1.714% (6.857% annualized).

"<u>Pre-Incentive Fee Net Investment Income</u>" means interest income, fee income, distribution/dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from an investment) accrued during the calendar quarter, minus the Company's operating expenses for the quarter, including the Base Management Fee and expenses payable under the Administration Agreement, but excluding any Incentive Fee. In the case of investments with a deferred interest feature, Pre-Incentive Fee Net Investment Income will include accrued income that the Company has not yet received in cash.

The "<u>Capital Gains Incentive Fee</u>" shall be determined and payable in cash annually in arrears in an amount equal to 12.5% of (i) realized capital gains, if any, on a cumulative basis beginning January 1, 2029 *less* (ii) the sum of realized capital losses and unrealized capital depreciation since January 1, 2029 on a cumulative basis and previously paid Capital Gains Incentive Fees. Any realized capital gains, realized capital losses, and unrealized capital depreciation with respect to the Company's portfolio as of December 31, 2028 shall be excluded from the calculations of the second part of the incentive fee.

The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

**<u>ARTICLE V</u>**<br>**<u>ADDITIONAL OBLIGATIONS OF THE COMPANY</u>**

5.1. <u>Documents</u>. The Company has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's certificate of trust, as filed with the
Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's declaration of trust and bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Certified resolutions of the Board authorizing the retention
of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registration Statement as filed with the SEC and all
amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Notification of Election to be Subject to Sections 55
through 65 of the Investment Company Act of 1940 filed Pursuant to Section 54(a) of the Acton Form N-54A as filed with the SEC.

**<u>ARTICLE VI</u>**<br>**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser and any sub-adviser (and each of their officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser or sub-adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser or sub-adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser or sub-adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, to the extent applicable, and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in in satisfaction of judgments, in compromises and settlement, as fines and penalties and legal or other costs and reasonable expenses) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Article VI to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and the Advisers Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Company of any rights or remedies which may not be so limited or waived in accordance with applicable law.

In addition, notwithstanding any of the foregoing to the contrary, the provisions of this <u>Article IV</u> shall not be construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of <u>Article VI</u> to the fullest extent permitted by law.

**<u>ARTICLE VII</u>**<br>**<u>MISCELLANEOUS</u>**

7.1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act, and that it shall maintain such registration until the expiration or termination of this Agreement. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such code of ethics may be amended from time to time.

7.2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its partners, officers and employees who may be elected or appointed as trustees or officers of the Company to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. In such event, any person who is a partner, officer or employee of the Adviser and becomes a trustee, officer, shareholder and/or employee of the Company will be deemed to be acting in such capacity solely for the Company, and not as partner, officer shareholder or employee of the Adviser, or under the control or direction of the Adviser, even if paid by the Adviser. The Adviser shall make its partners, officers and employees available to attend meetings of the Board as may be reasonably requested by the Board from time to time. The Adviser shall prepare and provide such reports on the Company and its operations as may be reasonably requested by the Board from time to time.

7.3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

7.4. <u>Name</u>. The Company agrees that the Company (to the extent that it lawfully can) shall cease to use the name "Sound Point" upon such date as the Adviser ceases to act as the investment adviser to the Company.

7.5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board or the vote of a majority of the outstanding voting securities of the Company (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of the Company's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act.

This Agreement may be terminated at any time, without the payment of any penalty, by (a) (i) the Board or (ii) a vote of a majority of the outstanding voting securities of the Company (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (b) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Article VI of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

Upon termination, the Adviser shall promptly: (i) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (ii) deliver to the Board all assets and documents of the Company then in custody of the Adviser; and (iii) cooperate with the Company to provide an orderly transition of services.

7.6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board, the vote of a majority of the outstanding securities of the Company (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Company's Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

7.7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

7.8. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

7.9 <u>Severability</u>. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

7.10 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

7.11 <u>Third Party Beneficiaries</u>. Except for any sub-adviser and any Indemnified Party, such sub-adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

*[signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** |
| By: | /s/ Andrew Eversfield | /s/ Andrew Eversfield |
|  | Name: | Andrew Eversfield |
|  | Title: | Chief Executive Officer |
| **SOUND POINT CAPITAL MANAGEMENT, LP** | **SOUND POINT CAPITAL MANAGEMENT, LP** | **SOUND POINT CAPITAL MANAGEMENT, LP** |
| By: | /s/ Vincent D'Arpino | /s/ Vincent D'Arpino |
|  | Name: | Vincent D'Arpino |
|  | Title: | General Counsel |

---

[Signature Page to Investment Advisory Agreement of Sound Point Direct Lending BDC]

## Exhibit 10.2

**Exhibit 10.2**

***Execution Version***

**Sound Point DIRECT LENDING BDC**

**ADMINISTRATION AGREEMENT**

This Administration Agreement is hereby made as of the 15<sup>th</sup> day of December, 2025 (the "<u>Agreement</u>"), between Sound Point Direct Lending BDC, a Delaware statutory trust (together with any successor thereto, the "<u>Company</u>"), and Sound Point Administration LLC, a Delaware limited liability company (the "<u>Administrator</u>").

**WITNESSETH:**

**WHEREAS,** the Company is a newly formed closed-end management investment company that intends to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

**WHEREAS,** the Company desires to retain the Administrator to provide administrative services to the Company, and the Administrator is willing to provide or procure such services, on the terms and conditions hereafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**<br>**<u>APPOINTMENT</u>**

The Company hereby appoints the Administrator to act as administrator to the Company for the period and on the terms set forth in this Agreement. The Administrator hereby accepts such appointment and agrees to provide the administrative services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**<br>**<u>SERVICES OF THE ADMINISTRATOR</u>**

2.1. <u>Administrative Services</u>. Subject to the supervision and the overall control of the board of trustees of the Company (the "<u>Board of Trustees</u>"), the Administrator shall act as administrator of the Company, and furnish, or arrange for others to furnish, the administrative services, personnel and facilities necessary for the operation of the Company, for the period and on the terms and conditions set forth in this Agreement. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping, compliance and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board of Trustees, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations with sub-administrators, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, regulators and other persons in any other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of Trustees of the performance of its obligations hereunder and furnish

advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities, instruments and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain, and under the 1940 Act, shall prepare reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the "<u>SEC</u>"). The Administrator shall provide the Company with accounting services; shall assist the Company in determining and publishing the Company's net asset value; shall oversee the preparation and filing of the Company's tax returns; shall monitor the Company's compliance with tax and other applicable laws and regulations; and shall prepare, and assist the Company with any audits by an independent public accounting firm of, the Company's financial statements. The Administrator shall also be responsible for the printing and dissemination of reports to stockholders of the Company and the maintenance of the Company's website; shall provide support for the Company's investor relations; shall generally oversee the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others; and shall provide such other administrative services as the Company may from time to time designate. The services to be provided by the Administrator pursuant to this <u>Section 2.1</u> may be delegated to one or more third-party service providers through the entry into sub-administration agreements as determined by the Administrator to be necessary or desirable, without the consent of any other person, in order to carry out the services set forth in in this <u>Section 2.1</u> of this Agreement.

2.2. <u>Books and Records</u>. The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 and other records requirements under the 1940 Act shall be preserved for the periods prescribed by Rule 31a-2 and the other applicable requirements under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

2.3. <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party, provided, however, that each party may share such information with its affiliates and their officers, trustees and employees. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process, or otherwise by applicable law or regulation.

2.4. <u>Administrative Services Not Exclusive</u>. The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate thereof is free to render services to others. It is understood that trustees, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as trustees, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and trustees, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.

**<u>ARTICLE III</u>**<br>**<u>COMPENSATION; ALLOCATION OF COSTS AND EXPENSES</u>**

3.1. <u>Compensation</u>. In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel (for the avoidance of doubt, including salaries, bonuses and related payroll expenses) and facilities hereunder. To the extent permitted by applicable law, the Administrator may elect to defer or waive all or a portion of its fees hereunder for a specified period of time.

3.2. <u>Allocation of Costs and Expenses</u>. The Company shall bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed by Sound Point Capital Management, LP (the "<u>Adviser</u>") pursuant to that certain Investment Advisory Agreement, dated as of December 15, 2025, by and between the Company and the Adviser, as the same may be amended from time to time (the "<u>Investment Advisory Agreement</u>"). Costs and expenses to be borne by the Company include, but shall not be limited to, those relating to: (a) the Company's initial organization costs and operating costs incurred prior to the filing of its election to be regulated as a BDC; (b) the costs associated with any private or public offerings of the Company's common shares of beneficial interest (the "<u>Shares</u>") and other securities; (c) calculating individual asset values and the Company's net asset value (including the costs and expenses of any independent valuation firm or pricing service); (d) debt service and other costs of borrowings or other financing arrangements incurred to finance the Company's investments; (e) fees and expenses, including legal fees, out-of-pocket expenses and travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments, monitoring the Company's investments and, if necessary, enforcing the Company's rights; (f) amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; (g) the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; (h) brokerage fees and commissions; (i) costs of hedging; (j) federal and state registration fees; (k) fees payable to ratings agencies; (l) federal, state and local taxes; (m) costs of offerings or repurchases of the Company's Shares and other securities, as applicable; (n) the management fees and incentive fees payable under the Investment Advisory Agreement; (o) distributions on the Company's Shares and other securities, including costs and expenses relating to such distributions, as applicable; (p) administration fees payable to the Administrator under this Agreement and any sub-administration agreements and related expenses; (q) transfer agent and custody fees and expenses; (r) independent trustee fees and expenses; (s) the

costs of any reports, proxy statements or other notices to the Company's securityholders, including printing and mailing costs; (t) costs of holding meetings of the Company's securityholders and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; (u) litigation, indemnification and other non-recurring or extraordinary expenses; (v) fees and expenses associated with marketing and investor relations efforts; (w) dues, fees and charges of any trade association of which the Company is a member; (x) the costs and expenses associated with subscriptions to data service, research-related subscriptions, quotation equipment and services used in making or holding investments, and the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; (y) the direct costs and expenses of administration and operation, including printing, mailing, telecommunications and staff, including fees payable in connection with outsourced administration functions; (z) fees and expenses associated with independent audits and outside legal costs; (aa) the Company's fidelity bond; (bb) trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (cc) the costs associated with the Company's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws, including but not limited to (i) the costs of preparing financial statements and maintaining books and records as set forth in <u>Section 2.2</u> herein, (ii) the costs of preparing and filing such other documents with the SEC (or other regulatory body) as required, and (iii) the compensation and expenses of the professionals responsible for the foregoing; (dd) the costs of winding up; and (ee) all other expenses reasonably incurred by the Company or the Administrator in connection with administering the Company's business or incurred by the Administrator on the Company's behalf, such as the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, rent, the fees and expenses associated with performing compliance functions, and the Company's allocable portion of the costs of compensation paid to, distributions received by, and related expenses of the Company's chief compliance officer, chief financial officer, chief operating officer and their respective support staff, and any internal audit staff to the extent internal audit performs a role in the Company's internal control assessments. To the extent the Administrator outsources any of its functions, the Company shall pay the fees associated with such functions on a direct basis, without profit to the Administrator. The presence of an item in or its absence from the foregoing list, on the one hand, and the list of Company expenses set forth in the Investment Advisory Agreement, on the other, shall in no way be construed to limit the responsibility of the Company for such expense under either agreement.

For avoidance of doubt, it is agreed and understood that, from time to time, the Administrator or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth herein or otherwise and that the Company shall reimburse the Administrator or its affiliates for all such costs and expenses that have been paid by the Administrator or its affiliates on behalf of the Company. The Administrator shall have the right to elect to waive all or a portion of the reimbursement of such costs and expenses as Administrator is entitled to be paid by the Company under this Agreement.

**<u>ARTICLE IV</u>**<br>**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

4.1 <u>Scope of Indemnification</u>. To the full extent permitted by applicable law, the Administrator (and its members, managers, officers, agents, employees, controlling persons, and any other person or entity affiliated with any such person or entity or with the Administrator) or the Adviser, including without limitation its partners, shall not be liable to the Company or its security holders for any act or omission by the Administrator (and its members, managers, officers, agents, employees, controlling persons, and any other person or entity affiliated with any such person or entity or with the Administrator) or the Adviser, including without limitation its partners, in connection with the performance of any of its duties or obligations under this Agreement or otherwise acting as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its members, managers, officers, agents, employees, controlling persons, and any other person or entity affiliated with any such person or entity or with the Administrator) or the Adviser, including without limitation its partners, each of whom shall be deemed a third-party beneficiary hereof (collectively, the "<u>Indemnified Parties</u>"), and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance in good faith of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this <u>Article IV</u> to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). The Company's indemnification of the Indemnified Parties shall, to the extent not in conflict with any relevant insurance policy, be secondary to any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued to or for the benefit of the Company and its affiliates or any Indemnified Party. The Company's indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or person, including under any insurance policy issued to or for the benefit of such other entity or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract. In the event of payment by the Company under this Agreement and pursuant to its indemnification obligations, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnified Parties, including the rights of any Indemnified Party under any insurance policies.

4.2 <u>Claims for Indemnification</u>. For any claims indemnified by the Company under <u>Section 4.1</u> above, to the fullest extent permitted by, and subject to the applicable conditions of, law, the Company shall promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim demand or proceeding, including appeals, within 30 days after receipt by the fund of a statement or statements from the Indemnified Party requesting such advance or advances from time to time. Each Indemnified Party hereby undertakes to repay any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this Agreement to be indemnified by the Company. Such undertaking shall be unsecured and accepted without reference to the financial ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties' ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified Parties other than the execution of this Agreement.

In addition, notwithstanding any of the foregoing to the contrary, the provisions of this <u>Article IV</u> shall not be construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of the <u>Article IV</u> to the fullest extent permitted by law.

**<u>ARTICLE V</u>**<br>**<u>MISCELLANEOUS</u>**

5.1. <u>Administrator Personnel</u>. The Administrator shall authorize and permit any of its members, managers, officers or employees who may be elected or appointed as trustees or officers of the Company to serve in the capacities in which they are elected or appointed. Services to be furnished by the Administrator under this Agreement may be furnished through the medium of any of such members, managers, officers or employees. The Administrator shall make its members, managers, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Administrator shall prepare and provide such reports on the Company and its operations as may be reasonably requested by the Board of Trustees from time to time.

5.2. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Administrator shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

5.3. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. The provisions of <u>Article IV</u> of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under <u>Article III</u> through the date of termination or expiration, and <u>Section 2.3</u> and <u>Section 5.7</u> shall continue in force and effect following such termination. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, by the Company upon not less than 60 days' written notice or by the Administrator upon not less than 90 days' written notice.

5.4 <u>Assignment</u>. The Agreement may not be assigned by a party without the consent of the other party; *provided, however,* that (i) the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity; *provided further, however,* that the sole purpose of the merger or conveyance is to effect a mere change in the Company's legal form into another limited liability entity and (ii) the Administrator may, without the consent of any other party, assign the rights and obligations of the Administrator under this Agreement to an affiliate of the Administrator.

5.5. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained pursuant to a vote of (a) the Board of Trustees or the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

5.6. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, to the other party at its principal office.

5.7. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** |
| By: | /s/ Andrew Eversfield | /s/ Andrew Eversfield |
|  | Name: | Andrew Eversfield |
|  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **SOUND POINT ADMINISTRATION LLC** | **SOUND POINT ADMINISTRATION LLC** | **SOUND POINT ADMINISTRATION LLC** |
| By: | /s/ Stephen Ketchum | /s/ Stephen Ketchum |
|  | Name: | Stephen Ketchum |
|  | Title: | Chief Executive Officer |

---

[Signature Page to Administration Agreement of Sound Point BDC]

## Exhibit 10.3

**Exhibit 10.3**

***Execution Version***

**<u>LICENSE AGREEMENT</u>**

This LICENSE AGREEMENT (this "<u>Agreement</u>") is made and effective as of December 15, 2025 (the "<u>Effective Date</u>"), by and between Sound Point Capital Management, LP, a Delaware limited partnership (the "<u>Licensor</u>"), and Sound Point Direct Lending BDC, a Delaware statutory trust (the "<u>Licensee</u>") (each a "<u>party</u>," and collectively, the "<u>parties</u>").

**<u>RECITALS</u>**

WHEREAS, Licensee is a newly organized, closed-end non-diversified management investment company that plans to file a notice with the Securities and Exchange Commission (the "<u>SEC</u>") that is has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, Licensor and its affiliates (collectively, "<u>Sound Point</u>") have used the mark "Sound Point" and the Sound Point logo (each, a "<u>Licensed Mark</u>" and together, the "<u>Licensed Marks</u>") in the United States of America, the United Kingdom, the European Union and the Middle East (the "<u>Territory</u>") in connection with the investment management and investment advisory services that Sound Point provides;

WHEREAS, Licensee has entered into an investment advisory agreement dated December 15, 2025 with Licensor (the "<u>Advisory Agreement</u>"), wherein Licensee has engaged Licensor to act as the investment adviser to Licensee; and

WHEREAS, Licensee desires to use the Licensed Marks as part of its corporate name and in connection with the operation of its business, and Licensor is willing to grant Licensee a license to use the Licensed Marks, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

ARTICLE 1.<br><u>LICENSE GRANT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>License</u>. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Marks solely and exclusively as a component of Licensee's own name and in connection with marketing the investment management, investment consultation and investment advisory services that Licensor may provide to Licensee. During the term of this Agreement, Licensee shall use the Licensed Marks only to the extent permitted under this License, and except as provided above, neither Licensee nor any affiliate, owner, member, manager, trustee, officer, employee or agent thereof shall otherwise use the Licensed Marks or any derivative thereof in the Territory without the prior express written consent of Licensor, which consent Licensor may grant or withhold in its sole and absolute discretion, and shall not use the Licensed Marks for any purpose outside the Territory. All rights not expressly granted to Licensee hereunder shall remain the exclusive property of Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Nothing in this Agreement shall preclude Licensor or any of its successors or assigns from using or permitting other entities to use the Licensed Marks, whether or not such entity directly or indirectly competes or conflicts with Licensee's business in any manner.

ARTICLE 2.<br><u>COMPLIANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Quality Control</u>. In order to preserve the inherent value of the Licensed Marks, Licensee agrees to use reasonable efforts to ensure that it maintains the quality of Licensee's business and the operation thereof equal to the standards prevailing in the operation of Licensee's business as applicable to Licensee from time to time. Licensee further agrees to use the Licensed Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Licensee from time to time in writing, or as may be agreed to by Licensor and Licensee from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Compliance With Laws</u>. Licensee agrees that the business operated by it in connection with the Licensed Marks shall comply with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, marketing, and promotion of the business and shall notify Licensor of any action that must be taken by Licensee to comply with such laws, rules, regulations or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Notification of Infringement</u>. Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of: (a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with Licensor's rights in the Licensed Marks or the rights granted to Licensee under this Agreement, (b) any infringements or misuse of the Licensed Marks in the Territory by any third party ("<u>Third Party Infringement</u>") or (c) any claim that Licensee's use of the Licensed Marks infringes the intellectual property rights of any third party in the Territory ("<u>Third Party Claim</u>"). Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle, in its sole discretion, all actions, proceedings and claims involving any Third Party Infringement or Third Party Claim, and to take any other action that it deems necessary or proper for the protection and preservation of its rights in the Licensed Marks. Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions, proceedings or claims.

ARTICLE 3.<br><u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Licensee accepts this license on an "as is" basis. Licensee acknowledges that Licensor makes no explicit or implicit representation or warranty as to the registrability, validity, enforceability or ownership of the Licensed Marks, or as to Licensee's ability to use the Licensed Marks without infringing or otherwise violating the rights of others, and Licensor has no obligation to indemnify Licensee with respect to any claims arising from Licensee's use of the Licensed Marks, including, without limitation, any Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Mutual Representations</u>. Each party hereby represents and warrants to the other party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Due Authorization</u>. Such party is either a limited partnership or statutory trust duly formed and in good standing as of the Effective Date in its jurisdiction of formation, and the execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Execution</u>. This Agreement has been duly executed and delivered by such party and, upon due authorization, execution and delivery of this Agreement by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. Such party's execution, delivery and performance of this Agreement does not: (i) violate, conflict with or result in the breach of any provision of the certificate of formation or operating agreement (or similar organizational documents) of such party; (ii) conflict with or violate any governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

ARTICLE 4.<br><u>TERM AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Term</u>. This Agreement shall be terminable by Licensor, at any time and in its sole discretion, in the event that Licensor or Licensee receives notice of any Third Party Claim arising out of Licensee's use of the Licensed Marks; by Licensor or Licensee upon sixty (60) days' prior written notice to the other party; or by Licensor at any time in the event Licensee assigns or attempts to assign or sublicense this Agreement or any of Licensee's rights or duties hereunder without the prior written consent of Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights granted to Licensee under this Agreement with respect to the Licensed Marks shall cease, and Licensee shall cease using the Licensed Marks as promptly as practicable, making all reasonable efforts to remove "Sound Point" from its name, including its use when calling special meetings of members or stockholders except, as necessary and applicable. For twenty-four (24) months following termination of this Agreement, Licensee shall specify on all public-facing materials in a prominent place and in prominent typeface that Licensee is no longer operating under the Licensed Marks, is no longer associated with Licensor, or such other notice as may be deemed necessary by Licensor in its sole discretion, including with respect to its prosecution, defense, and/or settlement of any Third Party Claim.

ARTICLE 5.<br><u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Third Party Beneficiaries</u>. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Assignment</u>. Except as provided in Section 4.1 above, Licensee shall not sublicense, assign, pledge, grant or otherwise encumber or transfer to any third party all or any part of its rights or duties under this Agreement, in whole or in part, without the prior written consent of Licensor, which consent Licensor may grant or withhold in its sole and absolute discretion. Any purported transfer without such consent shall be void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Independent Contractor</u>. Neither party shall have, or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, by electronic transmission, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or such other address as the parties may provide to each other by written notice):

If to Licensor: 375 Park Avenue, 34th Floor New York, NY 10152 Tel. No.: Email: Attn: Vincent D'Arpino If to Licensee: 375 Park Avenue, 34th Floor New York, NY 10152 Tel. No.: Email: Attn: Vincent D'Arpino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Amendment</u>. This Agreement may not be amended or modified except by an instrument in writing signed by each party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>No Waiver</u>. The failure of either party to enforce at any time for any period the provisions of, or any rights deriving from, this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. <u>Headings</u>. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective Date by its duly authorized officer.

---

| | | |
|:---|:---|:---|
| **LICENSOR:** | **LICENSOR:** | **LICENSOR:** |
| **SOUND POINT CAPITAL MANAGEMENT, LP** | **SOUND POINT CAPITAL MANAGEMENT, LP** | **SOUND POINT CAPITAL MANAGEMENT, LP** |
| By: | /s/ Vincent D'Arpino | /s/ Vincent D'Arpino |
|  | Name: | Vincent D'Arpino |
|  | Title: | General Counsel |

---

---

| | | |
|:---|:---|:---|
| **LICENSEE:** | **LICENSEE:** | **LICENSEE:** |
| **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** |
| By: | /s/ Andrew Eversfield | /s/ Andrew Eversfield |
|  | Name: | Andrew Eversfield |
|  | Title: | Chief Executive Officer |

---

*[Signature Page to License Agreement]*

## Exhibit 10.4

**Exhibit 10.4**

**DIVIDEND REINVESTMENT PLAN**

**OF**

**SOUND POINT DIRECT LENDING BDC**

Sound Point Direct Lending BDC, a Delaware statutory trust (the "<u>BDC</u>"), has adopted the following plan (the "<u>Plan</u>"), to be administered by U.S. Bancorp Fund Services, LLC and its affiliates (the "<u>Plan Administrator</u>"), with respect to dividends and other distributions declared by its Board of Trustees on its common shares of beneficial interest, par value $0.001 per share (the "<u>Shares</u>").

Participation requires no action on the part of a shareholder, and a shareholder who does not wish to participate must "opt out" of the Plan, thereby electing to receive cash distributions. A shareholder who does not opt out of the Plan is referred to herein as a "<u>Participant</u>" (collectively, the "<u>Participants</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All cash distributions hereafter declared by the Board of Trustees, net of any applicable withholding tax, shall be automatically reinvested in additional Shares, and no action shall be required on a Participant's part to receive a distribution in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Distributions shall be payable on such dates (each, a "<u>Payment Date</u>") as may be fixed from time to time by the Board of Trustees to shareholders of record as of close of business on the record date established by the Board of Trustees for the distribution (as to the relevant Payment Date, the "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to each distribution made pursuant to the Plan, the Board of Trustees shall, subject to the provisions of the Investment Company Act of 1940, as amended, approve the issuance of new Shares for the accounts of Participants. The number of Shares to be issued to a Participant is determined by dividing the total dollar amount of the distribution payable to such Participant by the most recent price per Share as determined by the BDC or, if more recent, the most recent net asset value of such Shares as determined by the BDC and approved by the Board of Trustees (including any committee thereof); the Plan Administrator shall be notified of the price per Share by the BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan Administrator shall establish an account for each Participant for Shares acquired pursuant to the Plan. The Plan Administrator shall hold each Participant's Shares, together with the Shares of other Participants, in non-certificated form. The Plan Administrator shall not issue share certificates to any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable but not later than thirty (30) business days after the relevant Payment Date. Each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, and distributions on fractional shares shall be credited to each Participant's account. In the event of termination of a Participant's account under the Plan, the Plan Administrator shall adjust for any such undivided fractional interest in cash at the time of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In the event that the BDC makes available to its shareholders rights to purchase additional shares or other securities, the shares held by the Plan Administrator for each Participant under the Plan shall be added to any other shares held by the Participant in calculating the number of rights to be issued to the Participant. Transaction processing may be either curtailed or suspended until the completion of any share dividend, share split or corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan Administrator's service fee, if any, and expenses for administering the Plan shall be paid for by the BDC. Except as explicitly provided herein, there will be no brokerage charges or other charges to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each Participant may elect from time to time to receive an entire upcoming distribution in cash by notifying the Plan Administrator in writing so that such notice is received by the Plan Administrator no later than three (3) days prior to the Record Date for such distribution; the BDC shall be notified of the Participant's election by the Plan Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Each Participant may terminate its account under the Plan by so notifying the Plan Administrator by submitting a letter of instruction terminating the Participant's account under the Plan to the Plan Administrator. Such termination shall be effective immediately if the Participant's notice is received by the Plan Administrator at least three (3) days prior to any Record Date; otherwise, such termination shall be effective only with respect to any subsequent distribution. The Plan may be terminated by the BDC upon written notice to its shareholders. The Plan may be amended by the BDC upon written notice at least thirty (30) days prior to any Record Date. Upon any termination, the Plan Administrator shall cause the Shares held for the Participant under the Plan to be delivered to the Participant. An amendment may include an appointment by the Plan Administrator in its place and stead of a successor agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the BDC shall be authorized to pay to such successor agent, for each Participant's account, all distributions payable on Shares of the BDC held in the Participant's name or under the Plan for retention or application by such successor agent as provided in these terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under the Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator's negligence, bad faith or willful misconduct or that of its employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. These terms and conditions shall be governed by the laws of the State of Delaware.

November 17, 2025

## Exhibit 10.5

**Exhibit 10.5**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (the "Ag<u>reement</u>") is made and entered into this [●] day of [●], 2025, by and between Sound Point Direct Lending BDC, a Delaware statutory trust (the "<u>Company</u>"), on behalf of itself, its Subsidiaries (as defined in Section 1(h) below), and [Indemnitee] (the "<u>Indemnitee</u>").

WHEREAS, it is essential to the Company that it be able to retain and attract as trustees the most capable persons available;

WHEREAS, increased corporate litigation has subjected trustees to litigation risks and expenses, and the limitations on the availability of trustees and officers liability insurance have made it increasingly difficult to attract and retain such persons;

WHEREAS, the Company's Amended and Restated Declaration of Trust provides that the Company may indemnify its trustees to the fullest extent permitted by law;

WHEREAS, the Company desires to provide Indemnitee with specific contractual assurance of Indemnitee's rights to full indemnification against litigation risks and expenses; and

WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement in becoming or continuing as a trustee of the Company.

NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Corporate Status</u>" describes the status of a person who is serving or has served (i) as a trustee of the Company or (ii) as a trustee of any other Entity at the request of the Company. For purposes of subsection (ii) of this Section 1(b), if Indemnitee is serving or has served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of a Subsidiary (as defined below), Indemnitee shall be deemed to be serving at the request of the Company. If Indemnitee is an officer of the Company, Corporate Status shall not include actions taken by Indemnitee in any capacity other than as a trustee (except as provided in subsection (ii) of this definition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Entity</u>" shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Expenses</u>" shall mean all reasonable and out-of-pocket fees, costs and expenses incurred by Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in any Proceeding (as defined below), including, without limitation, attorneys' fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Sections 11 and 12(c)), fees and disbursements of expert witnesses, private investigators, professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Indemnifiable Expenses</u>," "<u>Indemnifiable Liabilities</u>" and "<u>Indemnifiable Amounts</u>" shall have the meanings ascribed to those terms in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Liabilities</u>" shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Proceeding</u>" shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 11 to enforce Indemnitee's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Subsidiary</u>" shall mean any Entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such Entity, and/or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services of Indemnitee</u>. In consideration of the Company's covenants and commitments hereunder, Indemnitee agrees to serve or continue to serve as a trustee of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee's service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Agreement to Indemnify</u>. The Company agrees to indemnify Indemnitee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Proceedings Other Than by or in the Ri</u>g<u>ht of the Company</u>. Subject to the exceptions contained in Section 4(a) and in a manner consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as "<u>Indemnifiable Expenses</u>" and "<u>Indemnifiable Liabilities</u>," respectively, and collectively as "<u>Indemnifiable Amounts</u>"). Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(a) for liability which arose as a result of Indemnitee's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings by or in the Ri</u>g<u>ht of the Company</u>. Subject to the exceptions contained in Section 4(b) and in a manner consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses. Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(b) for liability which arose as a result of Indemnitee's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conclusive Presumption Regarding Standard of Care</u>. In making any determination required to be made under Delaware law with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee submitted a request therefor in accordance with Section 5, and the Company shall have the burden of rebutting that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption in a manner consistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exceptions to Indemnification</u>. Subject to Section 20, Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances and with respect to each and every specific claim, issue or matter involved in the Proceeding out of which Indemnitee's claim for indemnification has arisen, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Proceedin</u>g<u>s Other Than by or in the Ri</u>g<u>ht of the Company</u>. If indemnification is requested under Section 3(a) and it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder to the extent that they arise out of such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings by or in the Ri</u>g<u>ht of the Company</u>. If indemnification is requested under Section 3(b) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder to the extent that they arise out of such claim, issue or matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to such specific claim, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter unless the district court or another court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Indemnifiable Expenses that such court shall deem proper; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder and amendments thereto or similar provisions of any federal, state or local statutory law, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Insurance Proceeds</u>. To the extent payment is actually made to Indemnitee under a valid and collectible insurance policy maintained at the expense of the Company in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder except in respect of any excess of such Indemnifiable Amounts beyond the amount of payment under such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Procedure for Payment of Indemnifiable Amounts</u>. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee promptly, but in no event later than thirty (30) calendar days after receipt of such request. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification for Expenses of a Party Who is Wholly or Partially Successful</u>. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Effect of Certain Resolutions</u>. Neither the settlement nor termination of any Proceeding nor the failure of the Company to award indemnification or to determine that indemnification is payable shall create a presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Agreement to Advance Expenses; Undertaking</u>. In a manner consistent with applicable law, including the 1940 Act, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in which Indemnitee is involved by reason of such Indemnitee's Corporate Status within ten (10) calendar days after the receipt by the Company of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay the expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. To the extent required by Delaware law and the 1940 Act, Indemnitee hereby undertakes to repay any and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Expenses. This undertaking is an unlimited general obligation of Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Procedure for Advance Payment of Expenses</u>. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 8, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Petition Court</u>. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3 and 5 or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the district court to enforce the Company's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Burden of Proof</u>. In any judicial proceeding brought under Section 11(a), the Company shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Expenses</u>. In a manner consistent with applicable law, including the 1940 Act, the Company agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 11(a), or in connection with any claim or counterclaim brought by the Company in connection therewith, whether or not Indemnitee is successful in whole or in part in connection with any such action, except to the extent that it has been finally adjudicated by a court of competent jurisdiction that such reimbursement would be unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Failure to Act Not a Defense</u>. The failure of the Company (including its Board of Trustees or any committee thereof, independent legal counsel, or shareholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 11(a), and shall not create a presumption that such payment or advancement is not permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Defense of the Underlying Proceeding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice by Indemnitee</u>. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses unless the Company's ability to defend in such Proceeding is materially and adversely prejudiced thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense by Company</u>. Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c), the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend within ten (10) calendar days of receipt of notice of any such Proceeding under Section 12(a). The Company shall not, without the prior written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11(a) or pursuant to Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnitee's Ri</u>g<u>ht to Counsel</u>. Notwithstanding the provisions of Section 12(b), if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably concludes that he or she may have separate defenses or counterclaims to assert with respect to any issue that may not be consistent with the position of other defendants in such Proceeding, (ii) a conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, at the expense of the Company, to represent Indemnitee in connection with any such matter and the Expenses incurred by Indemnitee in any such matter shall constitute Indemnifiable Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations and Warranties of the Company</u>. The Company hereby represents and warrants to Indemnitee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authority</u>. The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Enforceability</u>. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Insurance</u>. The Company will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Board of Trustees, with a reputable insurance company providing Indemnitee with coverage for losses from wrongful acts. For so long as Indemnitee shall have Corporate Status, Indemnitee shall be named as an insured in all policies of trustee and officer liability insurance in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company's officers and trustees. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company has trustee and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Contract Rights Not Exclusive</u>. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any governing documents of the Company or any other agreement, vote of shareholders or trustees (or a committee of trustees), or otherwise, both as to action in Indemnitee's official capacity and as to action in any other capacity as a result of Indemnitee's serving as a trustee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Successors</u>. This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee has ceased to have Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Subrogation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by Sound Point Management, LP, and certain of its affiliates (collectively, the "<u>Sound Point Indemnitors</u>"). The Company hereby agrees (i) that, as between the Company and the Sound Point Indemnitors, the Company is the indemnitor of first resort (*i.e.,* its obligations to Indemnitee are primary and any obligation of the Sound Point Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of Indemnifiable Amounts to the extent legally permitted and as required by the terms of this Agreement and any governing documents of the Company (or any other agreement

between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Sound Point Indemnitors, and (iii) that the Company irrevocably waives, relinquishes and releases the Sound Point Indemnitors from any and all claims against the Sound Point Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Sound Point Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Stone Point Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Stone Point Indemnitors are express third-party beneficiaries of the terms of this <u>Section 17</u>(a).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Change in Law</u>. To the extent that a change in Delaware law or the 1940 Act (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Indemnitee as Plaintiff</u>. Except as provided in Section 11(b), Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Company, any Entity which it controls, any trustee or officer thereof, or any third party, unless the Board of Trustees of the Company has consented to the initiation of such Proceeding or the Company provides indemnification, in its sole discretion, pursuant to the powers vested in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Duration</u>. This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a trustee of the Company or as a trustee of the Company and as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other Entity that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Modifications and Waivers; Counterparts</u>. Except as provided in Section 18 with respect to changes in Delaware law which broaden the right of Indemnitee to be indemnified by the Company or to receive advancements, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>General Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act) to and a copy to Compliance@soundpointcap.com or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

(i) If to Indemnitee, to:

 [Indemnitee]

 [●]

 [●]

 [●]

 Facsimile: [●]

(ii) If to the Company, to:

 Sound Point Management, LP

 375 Park Avenue, 34<sup>th</sup> Floor

 New York, New York 10152

 Attention: Vincent D'Arpino

 Email:

 and

 Dechert LLP

 1900 K St NW,

 Washington, DC 20006

 Attention: Matthew Carter

 Email:

or to such other address as may have been furnished in the same manner by any party to the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Governing Law; Consent to Jurisdiction; Service of Process</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws. Each of the Company and Indemnitee hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and the courts of the United States of America located in the State of Delaware (the "<u>Delaware Courts</u>") for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient forum. Each of the parties hereto agrees, (a) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party's agent for acceptance of legal process, and (b) that service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service. Service made pursuant to (a) or (b) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware. For purposes of implementing the parties' agreement to appoint and maintain an agent for service of process in the State of Delaware, each such party does hereby appoint The Corporation Trust Company, as such agent and each such party hereby agrees to complete all actions necessary for such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Joinders</u>. Subsidiaries of the Company may from time to time join this Agreement by signing a joinder to this Agreement. The Company and all Subsidiaries that have joined this Agreement shall be jointly and severally liable for all obligations of the Company under this Agreement.

**[The remainder of this page is intentionally blank]**

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

---

| |
|:---|
| **SOUND POINT DIRECT LENDING BDC** |
| By: |
| Name: |
| Title |

---

---

| |
|:---|
| **INDEMNITEE** |
| [Indemnitee] |

---

*[Signature Page to Indemnification Agreement]*

## Exhibit 10.6

**Exhibit 10.6**

***Execution Version***

CUSTODY AGREEMENT

dated as of November 17, 2025

by and between

SOUND POINT DIRECT LENDING BDC

("Company")

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT OF CUSTODIAN | 7 |
| 3. | DUTIES OF CUSTODIAN | 8 |
| 4. | REPORTING | 17 |
| 5. | DEPOSIT IN U.S. SECURITIES SYSTEMS | 17 |
| 6. | SECURITIES HELD OUTSIDE OF THE UNITED STATES | 18 |
| 7. | CERTAIN GENERAL TERMS | 21 |
| 8. | COMPENSATION OF CUSTODIAN | 23 |
| 9. | RESPONSIBILITY OF CUSTODIAN | 24 |
| 10. | SECURITY CODES | 27 |
| 11. | TAX LAW | 27 |
| 12. | EFFECTIVE PERIOD AND TERMINATION | 28 |
| 13. | REPRESENTATIONS AND WARRANTIES | 29 |
| 14. | PARTIES IN INTEREST; NO THIRD PARTY BENEFIT | 30 |
| 15. | NOTICES | 30 |
| 16. | CHOICE OF LAW AND JURISDICTION | 31 |
| 17. | ENTIRE AGREEMENT; COUNTERPARTS | 31 |
| 18. | AMENDMENT; WAIVER | 32 |
| 19. | SUCCESSOR AND ASSIGNS | 32 |
| 20. | SEVERABILITY | 32 |
| 21. | REQUEST FOR INSTRUCTIONS | 32 |
| 22. | OTHER BUSINESS | 33 |
| 23. | REPRODUCTION OF DOCUMENTS | 33 |
| 24. | MISCELLANEOUS | 33 |
| SCHEDULES | SCHEDULES |  |
|  | SCHEDULE A – Initial Authorized Persons | A-1 |

---

i

THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of November 17, 2025 and is by and between Sound Point Direct Lending BDC (and any successor or permitted assign, the "<u>Company</u>"), a Delaware statutory trust, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the "<u>Custodian</u>"), a national banking association.

<u>RECITALS</u>

WHEREAS, the Company is a closed-end management investment company, which, prior to the commencement of its investment operations, has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

WHEREAS, the Company desires that certain of the Company's Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act;

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1.  **<u>DEFINITIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

"<u>Account</u>" or "<u>Accounts</u>" means the Securities Account and any Subsidiary Securities Account, collectively.

"<u>Agreement</u>" means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

"<u>Authorized Person</u>" has the meaning set forth in Section 7.4(a).

"<u>Business Day</u>" means any day that is not Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation to remain closed in New York, New York, or the city in which the Custodian (pursuant to Section 15 hereunder) or any Sub-Custodian is located.

"<u>Company</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Confidential Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Document Custody Agreement</u>" means the Document Custody Agreement dated as of even date between the Document Custodian and the Company.

"<u>Document Custodian</u>" means U.S. Bank National Association in its capacity as document custodian under that certain Document Custody Agreement.

"<u>Eligible Foreign Custodian</u>" has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

"<u>Eligible Investment</u>" means any investment that at the time of its acquisition is one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) United States government and agency obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) interest bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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.

"<u>Eligible Securities Depository</u>" has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

"<u>ERISA</u>" has the meaning set forth in Section 13.1(c).

"<u>Federal Reserve Bank Book-Entry System</u>" 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.

"<u>Financing Documents</u>" means any Loan Assignment Agreement, Participation Agreement, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to the Custodian pursuant to this Agreement.

"<u>Foreign Sub-custodian</u>" means and includes any sub-custodian appointed to administer any of the Company's Foreign Securities, pursuant to Section 6 below.

"<u>Foreign Securities</u>" means Securities for which the primary market is outside the United States.

"<u>Loan</u>" means any U.S. dollar denominated commercial loan, or Participation therein, whether made by a bank or other financial institution and/or made in a direct lending capacity to the borrower thereunder or otherwise 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.

"<u>Loan Assignment Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Participation Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Person</u>" 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.

"<u>Plan-assets Vehicle</u>" has the meaning set forth in Section 13.1(c).

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of any 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 or administrative 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 any Reinvestment Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company, as delivered to and received by the Custodian from time to time.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) in writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by facsimile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) by electronic mail (or other electronic transmission) from an Authorized Person;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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 and any SWIFT Transmissions (as defined herein).

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6(b).

"<u>Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, 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 doubt, the term "securities" includes stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other 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.

"<u>Securities Account</u>" means the segregated account to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold the Securities (other than Loans or Uncertificated Securities) and any cash Proceeds from time to time from or with respect to the Securities or the sale of the Securities of the Company, as applicable and in each case received by the Custodian pursuant to this Agreement, which account shall be designated the "_______

"<u>Securities Depository</u>" 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 "<u>1934 Act</u>"), 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.

"<u>Securities System</u>" 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).

"<u>Shares</u>" means the common shares of beneficial interest, par value $0.001 per share, of the Company.

"<u>Street Delivery Custom</u>" 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.

"<u>Street Name</u>" 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.

"<u>Sub-Custodian</u>" shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.14 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions.

"<u>Subsidiary</u>" means, collectively, any wholly owned subsidiary of any Company identified to the Custodian by the Company.

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

"<u>Subsidiary Securities Account</u>" shall have the meaning set forth in Section 3.13(a).

"<u>Trade Confirmation</u>" means a trade ticket or 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, in such form as may be acceptable to the Custodian.

"<u>Uncertificated Security</u>" means a Security that is not represented by a physical certificate.

"<u>Underlying Loan Agreement</u>" means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

"<u>Underlying Loan Documents</u>" 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.

"<u>Underlying Note</u>" means the one or more promissory notes executed by an obligor evidencing a Loan.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Construction</u>. In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
reference to a Person includes a reference to the Person's executors, custodians, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an
agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an
agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
reference to the term "including" means "including, without limitation,";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
reference to "execute", "executed", "sign", "signed", "signature" or any
other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file,
or any other electronic or image file, or any "electronic signature" as defined under the U.S. Electronic Signatures in Global
and National Commerce Act (" <u>E-SIGN</u> ") or the New York Electronic Signatures and Records Act (" <u>ESRA</u> "),
which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company
and reasonably available at no undue burden or expense to the Custodian), except to the extent the Custodian requests otherwise. Any
such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures
and shall be deemed to have been duly and validly delivered for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2.  **<u>APPOINTMENT OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Appointment and Acceptance</u>. (a) The Company hereby appoints the Custodian as custodian of all Securities and Proceeds owned by the Company and the Subsidiaries (as applicable) and delivered to and received by Custodian 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 and subject to and in accordance with the provisions hereof. Any Account may contain any number of accounts for the convenience of the Custodian or as required by the Company or the Subsidiaries (as applicable) for convenience in administering such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Instructions</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Company Responsible For Directions</u>. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's legal and regulatory compliance (including the 1940 Act), any of its obligations to third-parties in respect of the Accounts, and the Custodian shall have no liability for the application of any funds made with Proper Instructions 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 Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

3.  **<u>DUTIES OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Segregation</u>. All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the account of the Company or Subsidiary, respectively (other than Securities and Subsidiary Securities maintained in a Securities Depository or Securities System), shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Securities Custody Account</u>. The Custodian shall open and maintain at U.S. Bank National Association or any affiliate a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans and Uncertificated Securities), cash 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 or Uncertificated Securities in the Securities Account but shall instead maintain a register of such Loans or Uncertificated Securities, containing such information as the Company and the Custodian may reasonably agree and marked so as to clearly identify them as the property of the Company.

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 the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delivery of Cash and Securities to Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Company shall deliver, or cause to be delivered, to the Custodian certain of the Company's Securities, cash and other investment
assets, including (a) payments of income, payments of principal and capital distributions received by the Company with respect to such
Securities, cash or other assets owned by the Company at any time during the period of this Agreement and (b) all cash received by the
Company for the issuance, at any time during such period, of Shares or other securities or in connection with a borrowing by the Company.
With respect to assets other than Loans, such assets shall be delivered to the Custodian 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 Loan Assets, Uncertificated Securities
and 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 the duties as a securities intermediary to hold such Securities. A Security will be deemed to be "delivered" to the Custodian when the Company delivers such Security in the following manner: (i) if such Security is a Certificated Security or an instrument (other than a Security held in a Securities System), then in physical certificated form in the name of the Company or its nominee, (ii) if such Security is an Uncertificated Security or in the form of uncertificated share(s) or other interest (other than a Security held in a Securities System), then delivery of confirmation statements which identify such shares or interests as being recorded in the name of the Company or its nominee, (iii) if such Security is held in a Securities System or maintained in one or more omnibus accounts at the Custodian, its agents or sub-custodians, then delivery of confirmation that such Security is held in the Securities System or maintained through one or more omnibus accounts in the name of the Custodian (or its nominee) who shall identify the same on its books and records as held for the account of the Company, or (iv) in such other good delivery form that may be agreed to by the Custodian from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) In
connection with its acquisition of a Loan, an Uncertificated Security 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 or Uncertificated Security as the Custodian may reasonably require in order to enable the Custodian to perform its duties
hereunder in respect of such Loan or Uncertificated Security on which the Custodian may conclusively rely without further inquiry or
investigation, in such form and format as the Custodian reasonably may require.<br>(ii) Notwithstanding any term hereof or elsewhere
to the contrary, (a) it is hereby expressly acknowledged that (i) interests in Loans or Uncertificated Securities may be acquired by
the Company from time to time which are not evidenced by, or accompanied by delivery of, a Security or an instrument, as that term is
defined in Section 9-102(a)(4a) of the UCC, and may be evidenced solely by delivery to the Custodian of (x) a facsimile or electronic
copy of an assignment agreement (" <u>Loan Assignment Agreement</u> ") in favor of the Company as assignee or, in respect of
any Loan acquired by participation interest, a participation agreement (a " <u>Participation Agreement</u> ") in favor of the
Company as participant or (y) a copy of the register of the underlying issuer of such interest evidencing registration of such equity
interest on the books and records of the applicable issuer to the name of the Company (or its nominee) and (ii) any such Loan Assignment
Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the applicable obligor or
bank agent) shall be registered in the name of the Company (or its nominee), and (b) 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. The Custodian is not under a duty to examine any such Financing Documents, or any underlying credit agreements
or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Loan Assignment Agreement,
Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or
for the Company's title to any related Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or becomes available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Document Custodian under the Document Custody Agreement and the Custodian, 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and (c) provide 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; (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 or administrative agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Release of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian to release and if applicable, 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), which may be standing instructions (in form acceptable to the Custodian)
in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery Custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for
exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the Securities
of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new securities
and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in
the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities
or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper Instructions,
the new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for
any other purpose, but only upon receipt of Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration of Securities</u>. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities or securities held in a Securities System) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian, in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its Sub-Custodian or their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its Sub-Custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Bank Accounts and Management of Cash</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proceeds
and other cash received by the Custodian from time to time shall be deposited into or credited to the respective Securities Account as
designated by the Company. All amounts deposited into or credited to the designated Securities Account shall be subject to clearance
and receipt of final payment by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts
held in each respective Securities Account from time to time may be invested in Eligible Investments pursuant to specific written Proper
Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company.
Such investments shall be subject to availability and the Custodian's then applicable transaction charges (which shall be at the
Company's expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such
written instruction from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit
in each respective Securities Account. In no instance will the Custodian have any obligation to provide investment advice to the Company.
Any earnings from such investment of amounts held in the Securities Accounts from time to time (collectively, " <u>Reinvestment Earnings</u> ") shall be redeposited in the respective Securities Account (and may be reinvested at the written direction of the
Company). The Custodian shall have no liability for any losses on any investments made as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the event that the Company shall at any time request a withdrawal of amounts from any of the Securities 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 account as needed to provide necessary liquidity. Investment instructions may be in the form of standing instructions
(in the form of Proper Instructions acceptable to Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Foreign Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and acceptable Proper Instructions, the Custodian shall not be deemed to have any duty to
carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal or regulatory
requirements applicable to currency or foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Collection of Income</u>. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer such securities are held by the Custodian or its Sub-Custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Payment of Moneys</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the respective Securities 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in
the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such Securities
System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 3.7 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
any time or times, the Custodian shall be entitled to pay (i) itself from any of the Securities 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 (ii) as
otherwise permitted by Section 7.5, Section 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 accounted for to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Proxies</u>. 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, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither Custodian nor any nominee of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Communications Relating to Securities</u>. 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Records</u>. 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. 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 applicable law, including 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, upon reasonable request with at least five (5) Business Days' prior written 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Custody of Subsidiary Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company, there shall be established by
the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian shall deposit and hold any
Subsidiary Securities (other than Loans) (and any Proceeds received by it in the form of dividends in kind) and any cash Proceeds received
by it from time to time from or with respect to Subsidiary Securities received by it pursuant to this Agreement, which account shall
be designated the "Sound Point Direct Lending BDC SPV Securities Account" (the " <u>Subsidiary Securities Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the Securities Account
 shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Responsibility for Property Held by Sub-Custodians</u>. The Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians. The Custodian's responsibility with respect to the selection or appointment of a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable care and good faith in the selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify on its own books and records that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of the Custodian, such that it is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred by the Custodian).

4.  **<u>REPORTING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 If requested by the Company, the Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from the Securities Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Securities Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 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, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian.

5.  **<u>DEPOSIT IN U.S. SECURITIES SYSTEMS</u>** 

The Custodian may deposit and/or maintain Securities in a Securities System within the United States ("<u>U.S. Securities System</u>") 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
requested by the Company, the Custodian shall provide to the Company copies of all notices received from the U.S. Securities System of
transfers of Securities for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything
to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct loss, damage, cost,
expense, liability or claim to the Company resulting from use of any U.S. Securities System (other than to the extent resulting from
the gross negligence, willful misconduct or bad faith of the Custodian itself or from failure of the Custodian to enforce effectively
such rights as it may have against the U. S. Securities System).

6.  **<u>SECURITIES HELD OUTSIDE OF THE UNITED STATES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Appointment of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold the Securities and other assets of the Company maintained outside the United States, subject to the Company's approval in accordance with this Section. If the Custodian wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian's eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its Board of Directors next following receipt of such notice and information give a written approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Assets to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect the Company's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Omnibus Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians in each case in a single account with such Foreign Sub-custodian that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Reports Concerning Foreign Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Transactions in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received by a Foreign Sub-custodian for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Foreign Sub-custodian. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors of the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company's assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including notification of any transfer to or from a Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Custodian's Responsibility for Foreign Sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With
respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence such
as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the
Foreign Securities will be subject to reasonable care, based on the standards applicable to the Custodian in the relevant market, if
maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the
Foreign Sub-custodian's practices, procedures, and internal controls, including the physical protections available for certificated
securities (if applicable), the method of keeping custodial records, and the security and data protection practices; (ii) whether
the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign
Sub-custodian's general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository's
operating history and number of participants; and (iv) whether the Company will have jurisdiction over and be able to enforce judgments
against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian in the United States
or the Sub-custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
the end of each calendar quarter, or at such other times as the Company's board of directors deems reasonable and appropriate based
on the circumstances of the Company's foreign custody arrangements, the Custodian shall provide written reports notifying the board
of directors of the Company as to the placement of the Foreign Securities and cash of the Company with a particular Foreign Sub-custodian
and of any material changes in the Company's foreign custody arrangements. The Custodian shall promptly take such steps as may be required
to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the requirements of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Custodian shall establish a system to monitor the appropriateness of maintaining the Company's assets with a particular Foreign
Sub-custodian and the performance of the contract governing the Company's arrangements with such Foreign Sub-custodian. To the
extent the Custodian holds Foreign Securities and related Proceeds with one or more Eligible Securities Depositories, the Custodian shall
provide the Company with an analysis of the custody risks associated with maintaining assets with such Eligible Securities Depository
and shall monitor such custody risks on a continuing basis and promptly notify the Company of any material change in these risks. The
Custodian agrees to exercise reasonable care, prudence and diligence in performing its obligations under this clause (c). If the Custodian
determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements of this Section, the Company's
Foreign Securities must be withdrawn from such depository as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Custodian's responsibility with respect to the selection or appointment of a Foreign Sub-custodian shall be limited to a duty to
exercise reasonable care in the selection or retention of such Foreign Sub-custodian in light of prevailing settlement and securities
handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims
(including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian,
the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian;
provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Foreign
Sub-custodian (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for any
act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event the Company
incurs a loss due to the negligence, willful misconduct, or insolvency of a Securities System (including an Eligible Securities Depository),
the Custodian shall make reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository.

7.  **<u>CERTAIN GENERAL TERMS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Duty to Examine Financing Documents</u>. 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 (and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Resolution of Discrepancies</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Improper Instructions</u>. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Proper Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
(whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, " <u>Authorized Persons</u> " and each is an " <u>Authorized Person</u> ") which notice shall be signed (whether manual, facsimile, pdf
or other electronic signature) by an Authorized Person previously certified to the Custodian. The Custodian shall be entitled to rely
upon the identity and authority of such persons until it receives written notice from an Authorized Person of the Company to the contrary.
The initial Authorized Persons are set forth on <u>Schedule A</u> attached hereto and made a part hereof (as such <u>Schedule A</u> may
be modified from time to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act
upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person
on behalf of the Company elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method)
and the Custodian in its discretion elects to act upon such instructions, the Custodian's reasonable understanding of such instructions
shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from
the Custodian's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being
inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized
instructions, and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods
of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in
connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular
needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Custodian shall have no responsibility or liability to the Company (or any other person or entity), and shall be indemnified and held
harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions
received by the Custodian. The Custodian shall not have an obligation to act in accordance with purported instructions to the extent
that they conflict with applicable law or regulations, local market practice or the Custodian's operating policies and practices.
The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Company hereby agrees that directions given by it pursuant to secure financial messaging services provided by SWIFT (" <u>SWIFT Transmissions</u> ") are deemed to Proper Instructions for all purposes hereunder. The Company instructs the Custodian to accept
and record SWIFT Transmissions initiated by the Company (or the Advisor on its behalf) to the same extent that written wire transfer
instructions are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions and the Custodian
shall be entitled to and the Company agrees to provide any verification of information as requested by the Custodian, including the call
back process to an individual designated by the Company as authorized to provide such verification. The Custodian may also request, and
the Company will provide, an additional signed direction (whether by manual, facsimile, .pdf or other electronic signature) in connection
with any SWIFT Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions received by
the Custodian through the methodology described herein shall be deemed in compliance with the procedures outlined therein (to the extent
applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Actions Permitted Without Express Authority</u>. The Custodian may, at its discretion, without express authority from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make
payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or others for 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 accounted for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrender
Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse
for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Evidence of Authority</u>. 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 (whether manual, facsimile, pdf or other electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
determination or of any action by the Company as described in such certificate,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Receipt of Communications</u>. 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 reasonable efforts to process such communications as soon as possible after receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Actions on the Loans</u>. 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.  **<u>COMPENSATION OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fees</u>. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter between the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Expenses</u>. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances, expenses and indemnification amounts (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, execution or enforcement 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.  **<u>RESPONSIBILITY OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>General Duties</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever
the Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement,
it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance
with any applicable terms of this Agreement; and whenever any report or other information is required to be produced or distributed by
the Custodian, it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with
any applicable terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointments 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, electronic communication or document furnished to it
(including any of the foregoing provided to it by facsimile 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 (whether
manual, facsimile, pdf or other electronic signature), sent 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 (whether manual, facsimile, pdf or other electronic 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, electronic communication or other paper or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 or 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, or
willful misconduct 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 (i) the
1940 Act, the regulations thereunder, or the Company's investment objectives and policies then in effect or (ii) any restrictions,
covenants, limitations or obligations to which the Company may be subject. For avoidance of doubt, the Custodian shall not be under any
obligation to determine whether any investment constitutes an Eligible Investment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
no event shall the Custodian be liable for any indirect, incidental, special, punitive or consequential damages (including lost profits
or diminution of value), whether or not it has been advised of the likelihood of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Global Corporate Trust 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 hereof and specifically referencing
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys, and the Custodian shall not
be liable or responsible for the actions or omissions of any such agent, Sub-Custodian or attorney appointed with due care.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Indemnification; Custodian's Lien</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Company shall and does hereby indemnify and hold harmless the Custodian, any Foreign Sub-custodian and each of its officers, directors,
employees, attorneys, agents, advisors, successors and assigns (collectively, the " <u>Indemnified Persons</u> " and each an
" <u>Indemnified Person</u> ") for and from any and all costs and expenses (including reasonable attorney's fees and
expenses), and any and all losses, damages, claims (whether brought by or involving the Company or any third party) and liabilities,
that may arise, be brought against or incurred by an Indemnified Person whether brought by or involving any third party or the Company
and 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,
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, the enforcement of any provision
of this Agreement 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the Account,
and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether now held
or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under or pursuant
to the terms of this Agreement, whether now existing or hereafter arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Force Majeure</u>. 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.  **<u>SECURITY CODES</u>** 

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.  **<u>TAX LAW</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Domestic Tax Law</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

12.  **<u>EFFECTIVE PERIOD AND TERMINATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Effective Date</u>. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic signature) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Resignation</u>. 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 to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Successor</u>. 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 Instruction 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 each successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under the Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any reasonable and documented expenses associated with transferring the data to such form) and will cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Payment of Fees, etc</u>. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Final Report</u>. 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.  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 governing documents and any applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
Company is not a Plan-Assets Vehicle (as defined below). If for any reason the Company breaches or otherwise fails to comply with any
of the foregoing representations, warranties, or covenants, then (i) the Custodian's duties hereunder with respect to such Company
terminates immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice of termination
and promptly thereafter, the Company and the Custodian shall negotiate in good faith to enter into a separate ERISA fund custody agreement,
(ii) the Company will promptly notify the Custodian of such breach, (iii) the Company acknowledges that the Custodian does not act as
investment manager of the Securities or the Accounts and (iv) the Company acknowledges that the Custodian does not provide any services
as a "fiduciary" with respect to the Company within the meaning of ERISA §3(21). For purposes herein, " <u>Plan-Assets Vehicle</u> " means a person or entity that holds plan assets (as determined pursuant to 29 CFR 2510.3-101, as modified by ERISA
§3(42)) and any other investment contract or product treated as plan assets by reason of ERISA §401 and 29 CFR §2550.40c-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that
it maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all applicable
regulatory requirements.

14.  **<u>PARTIES IN INTEREST; NO THIRD PARTY BENEFIT</u>** 

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.  **<u>NOTICES</u>** 

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) electronic mail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
to the Company or any Subsidiary, to

c/o Sound Point Capital Management, LP

375 Park Avenue, 34<sup>th</sup> Floor

Attention: Jordan Michels

Email:

Telephone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
to the Custodian, to

U.S. Bank Trust Company, National Association

One Federal St. 3<sup>rd</sup> Floor, Boston, MA 02110

Attention: Edward Zalewski

Reference: Sound Point Direct Lending BDC

Email:

16.  **<u>CHOICE OF LAW AND JURISDICTION</u>** 

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 the federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

17.  **<u>ENTIRE AGREEMENT; COUNTERPARTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 <u>Complete Agreement</u>. 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, acknowledgements or understandings, oral or written between the parties to this Agreement relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <u>Counterparts</u>. This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 <u>Facsimile and Electronic Signatures</u>. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other "electronic signature" as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

18.  **<u>AMENDMENT; WAIVER</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Amendment</u>. This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <u>Waiver</u>. 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.  **<u>SUCCESSOR AND ASSIGNS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 <u>Successors Bound</u>. 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.

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

20.  **<u>SEVERABILITY</u>** 

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.  **<u>REQUEST FOR INSTRUCTIONS</u>** 

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

22.  **<u>OTHER BUSINESS</u>** 

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.  **<u>REPRODUCTION OF DOCUMENTS</u>** 

This Agreement and all schedules, exhibits, attachments and amendments 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.  **<u>MISCELLANEOUS</u>** 

The Company acknowledges receipt of the following notice:

" **<u>IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.**

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

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

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written above.

---

| | |
|:---|:---|
| **Sound Point BDC** | **Sound Point BDC** |
| By: | /s/ Vincent D'Arpino |
| Name: | Vincent D'Arpino |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** as Custodian | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** as Custodian |
| By: | /s/ Scott DeRoss |
| Name: | Scott DeRoss |
| Title: | Senior Vice President |

---

[*Signature Page to Custody Agreement]*

**<u>SCHEDULE A</u>**

Any of the persons in the attachment shall be an Authorized Person (as this list may subsequently be modified by the Company from time to time by written notice to the Custodian), provided, that a signature from an individual in Group 1 and an individual in Group 2 shall be required to execute any document on behalf of the Company.

Sch. A-1

## Exhibit 14.1

**Exhibit 14.1**

**<u>Sound Point Direct Lending BDC</u>**

**Code of Ethics**

In accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended ("***Investment Company Act***"), this Code of Ethics ("***Code***") has been adopted by the Board of Trustees (the "***Board***") of Sound Point Direct Lending BDC (the "***BDC***"), a closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act.

Sound Point Capital Management, LP (the "***Adviser***" or "***Sound Point***"), has adopted a separate code of ethics pursuant to the Investment Advisers Act of 1940, as amended, and the rules thereunder (the "***Adviser's Code of Ethics***"), which governs the Adviser, in its capacity as the BDC's investment adviser. Directors, officers and employees of the Adviser are considered "access persons" for purposes of the Adviser's Code of Ethics and may be considered Access Persons (as defined below) of the BDC.

This Code contains several carve-outs from its requirements for:

a. Independent Board Members of the BDC (*i.e.*, a trustee who is not an "interested person" of the BDC, as that term is defined in Section 2(a)(19) of the Investment Company Act). In general, and as described therein, Independent Board Members are not required to pre-clear and/or report transactions and holdings.

b. Access Persons of the BDC that are also access persons of the Adviser. In instances in which the Adviser's Code of Ethics requires pre-clearance and/or reporting by Access Persons (as defined therein), no duplicative pre-clearance and reporting is required by this Code.

The Chief Compliance Officer of the BDC (the "***CCO***") may designate such delegate compliance officers (such persons, "***Compliance***") as the CCO may deem necessary or appropriate to fulfill the responsibilities of the CCO under this Code.

The Code is based on the principle that the managers, partners, trustees and officers of the BDC, and the managers, directors, officers and employees of the Adviser, who provide services to the BDC, owe a fiduciary duty to the BDC to conduct their personal securities transactions in a manner that does not interfere with the BDC's transactions or otherwise take unfair advantage of its relationship with the BDC. All Access Persons are expected to adhere to this general principle as well as to comply with all of the specific provisions of this Code that are applicable to them.

Any Access Persons who are affiliated with the Adviser or another entity that is a registered investment adviser are, in addition, expected to comply with the provisions of the Adviser's Code of Ethics and/or such other code of ethics of such other investment adviser, as applicable.

Technical compliance with the Code will not automatically insulate any Access Persons from scrutiny of transactions that show a pattern of compromise or abuse of the individual's fiduciary duty to the BDC. Accordingly, all Access Persons must seek to avoid any actual or potential conflicts between their personal interests and the interests of the BDC and its shareholders. Access Persons of the BDC shall place the interests of the BDC before their own personal interests. This Code is designed to ensure Access Persons do not intentionally use that information for their personal benefit and to the detriment of the BDC and its shareholders.

**I.** **Definitions** 

Capitalized terms used in and not otherwise defined in this Code are defined below.

*"**Access Person**"* includes: Any trustee, officer, employee (of any) of the BDC (or of any company in a Control relationship with the BDC or the Adviser) who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of securities by the BDC, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

For purposes of this Code, an "Access Person" does not include any person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of the Adviser's Code of Ethics adopted by the Adviser in compliance with Rule 17j-1 under the Act and Rule 204A-2 of the Investment Advisers Act of 1940 and Section 15(f) of the Securities Exchange Act of 1934, as applicable.

A list of Access Persons will be maintained by the BDC's CCO.

*"**Automatic Investment Plan**"* means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule or allocation, including a dividend reinvestment plan.

*"**Beneficial Ownership**"* means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("pecuniary") benefit. The term shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"). Accordingly, a person will generally be considered the beneficial owner of a security if that person has the right to enjoy a direct or indirect pecuniary benefit from the ownership of the security. For example, a person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household, (b) a trust, estate, or other account in which he or she has a present or future interest in the income, principal or right to obtain title to the securities, or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.

***"Control"*** shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act and generally means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

***"Independent Board Member"*** means a trustee of the BDC who is not an "interested person" of the BDC within the meaning of Section 2(a)(19) of the Investment Company Act.

"***IPO***" means an offering of securities registered under the Securities Act of 1933, as amended ("***Securities Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

"***Reportable Securities***" means all securities as defined in Section 2(a)(36) of the Investment Company Act, including listed and unlisted securities, private transactions (including private placements, non-public stock, warrants), except:

● Transactions and holdings in direct obligations of the government of the United States (e.g. treasury securities);

● Money market instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt instruments, including repurchase agreements;

● Shares issued by <u>Investment Company Act registered open-end funds that are not advised or sub-advised by Sound Point or an affiliate of Sound Point</u>;

● Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds;

Commodities, futures and options traded on a commodities exchange, including currency futures, are not considered securities. However, futures and options on any security, or group or index of securities are considered Reportable Securities for purposes of this Code.

"***Restricted Person***" of the BDC or the Adviser means any employee of the BDC (if any) or the Adviser (or of any company in a Control relationship with the BDC) who, in connection with their regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the BDC;

"***Security Held or to be Acquired*"** by the BDC means (1) any Reportable Security that, within the most recent 15 days (A) is or has been held by the BDC; or (B) is being or has been considered by the BDC or the Adviser for purchase by the BDC; and (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security described in clause (1), above.

"***Supervised Person***" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Sound Point, or other person who provides investment advice on behalf of Sound Point and is subject to the supervision and Control of Sound Point.

**II.** **General Principles and Standards of Conduct** 

Rule 17j-1(b) under the Investment Company Act makes it unlawful for any affiliated person of or principal underwriter for the BDC, or any affiliated person of an investment adviser or principal underwriter for the BDC, in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the BDC to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Employ any device, scheme or artifice to defraud the BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Make any untrue statement of a material fact to the BDC or omit to state a material fact necessary in order to make the statements made to the BDC, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Engage in any act, practice or course of business which operates or would operate as a fraud or deceit on the BDC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Engage in any manipulative practice with respect to the BDC.

No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the BDC and its shareholders are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the BDC and its shareholders. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the BDC and its shareholders.

Although this Code sets forth several specific guidelines and procedures, all Access Persons are expected to be familiar and comply with the laws and regulations applicable to their day-to-day responsibilities, including U.S. federal securities laws and regulations. If an Access Person has any question with respect to any such law or regulation, they should consult this Code, the applicable compliance manual and/or with the CCO.

Access Persons should also recognize that a violation of this Code or Rule 17j-1 may result in the imposition of: (1) sanctions determined by the CCO or Sound Point senior management, as appropriate; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

**III.** **Material Non-Public Information** 

No Access Person may purchase or sell, directly or indirectly, for his or her own account, or any account in which s/he may have a direct or indirect Beneficial Ownership interest, any security where the Access Person has knowledge of material non-public information.

Furthermore, no Restricted Person shall recommend any securities transaction by the BDC without having disclosed to the CCO their interest, if any, in such securities or the issuer thereof; any position the Access Person (or any Restricted Person related to or associated with the Access Person, and is known) has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party in which the Access Person has a significant interest).

**IV.** **Reporting Violations** 

Any Supervised Person who believes that a violation of this Code has taken place must promptly report that violation to the CCO or to the CCO's designee. To the extent that such reports are provided to a designee, the designee shall provide periodic updates to the CCO with respect to violations reported. Supervised Persons may make these reports anonymously and no adverse action shall be taken against a Supervised Person making such a report in good faith.

Nothing in this Code prohibits Access Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Access Persons do not need prior authorization from their supervisor, senior management, the CCO, or any other person to make any such reports or disclosures and do not need to notify Sound Point that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Access Persons from recovering an award pursuant to a whistleblower program of a government agency or entity.

**V.** **Pre-Clearance Procedures and Prohibited Transactions** 

The Adviser's Code of Ethics requires pre-clearance by Access Persons (as defined therein) through *MyComplianceOffice* at https://www.mycomplianceoffice.com. No duplicative pre-clearance is required by this Code.

In addition, an Independent Board Member of the BDC is not required to pre-clear personal securities transactions.

Other than securities purchased or acquired by the BDC, including pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments, an Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any security, and may not sell or otherwise dispose of any security in which such person has direct or indirect Beneficial Ownership, if such person knows or should know at the time of entering into the transaction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the BDC has purchased or sold the security within the last 15 calendar days, or is purchasing or selling or intends to purchase or sell the security in the next 15 calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the Adviser has within the last 15 calendar days considered purchasing or selling the security for the BDC or within the next 15 calendar days intends to consider purchasing or selling the security for the BDC.

Restricted Persons must obtain pre-clearance for all personal securities transactions (including any private placements or IPO) before completing the transactions by submitting a pre-clearance request through *MyComplianceOffice* at https://www.mycomplianceoffice.com as required by the Adviser's Code of Ethics.

Sound Point reserves the right to deny any proposed transaction. Once pre-clearance is granted to a Restricted Person, such Restricted Person may only transact in that security for a period of T+1 business days, with "day one" or "T" being the date the approval is granted. If the Restricted Person wishes to transact in that security after three business days, they must again obtain pre-clearance.

Restricted Persons should be cautious when submitting "good-until-executed" orders to avoid inadvertent violations of Sound Point's pre-clearance procedures.

Restricted Persons are permitted to purchase or sell single-name public securities after receiving pre-clearance pursuant to the procedure above and to purchase or sell Exempt Securities (as defined below). Notwithstanding the foregoing, Sound Point employees who serve on the boards of public companies that are not Sound Point portfolio companies, may buy and sell the securities of that company during open trading windows or otherwise in compliance with the policies and procedures of that company, provided the trade is first pre-cleared in accordance with the procedure above. Pre-clearance is not required if such securities are granted as a result of director compensation arrangements with respect to such company. For purposes of clarification, a sale of such securities requires pre-clearance through *MyComplianceOffice* at https://www.mycomplianceoffice.com, and transactions must be reported on the Access Person's transactions reports.

The following securities and any associated transactions are exempt from the pre-clearance requirements ("***Exempt Securities***"):

● direct obligations of the government of the United States (e.g. treasury securities)

● Mutual Funds and 40 Act Open End Funds not advised or sub-advised by Sound Point, an affiliate of Sound Point or a competitor to a Sound Point advised fund

● Shares of exchange traded funds (*e.g.*, ETFs, ETNs, ETPs), except for CLO ETFs or narrow-based ETSs<sup>1</sup>

● Money Market Funds

● U.S. 529 Investment Plans

● Cryptocurrency

If a Restricted Person wishes to invest in a non-public company, partnership, fund or similar investment vehicle, such Restricted Person must obtain pre-clearance from Sound Point Compliance team through *MyComplianceOffice* at https://www.mycomplianceoffice.com. The Compliance team, when reviewing personal investments, will consider various factors in its discretion.

For purposes of clarification, with respect to personal investments (i.e., private placements), if an Access Person uses a personal investment vehicle, such as an limited liability company, that is wholly owned by the Access Person or wholly owned by the Access Person and his/her spouse, the Access Person does not need to pre-clear or report its acquisition and disposition of the interest in the personal investment vehicle, but the Access Person is required to pre-clear and report the underlying investments held by the personal investment vehicle. If an Access Person makes an investment in an investment vehicle, such as a limited liability company, with others and therefore the vehicle is not wholly owned by the Access Person or by the Access Person and his/her spouse, then the Access Person is required to pre-clear and report his/her acquisition and disposition of the interest in the investment vehicle and pre-clear and report the underlying investments held by the investment vehicle.

Investments in real estate do not need to be pre-cleared when they are related to a home, family property, vacation property, etc. Participation in larger-scale real estate investments that are for investment purposes and not personal/family use must be approved by Sound Point's compliance team, as described above.

Investment opportunities presented to spouses or partners in the ordinary course of their employment or through their professional relationships that are independent of Sound Point must be presented to Sound Point's Compliance team, which will determine whether the spouse or partner is permitted to make the investment and the nature and extent of such investment. However, such investments will generally be allowed so the spouse or partner is not unnecessarily restricted from engaging in a profession that involves investments.

<sup>1</sup> A narrow-based ETF is typically comprised of a limited number of companies and focuses on a specific sector, industry, or market segment, as opposed toa broker market index.

Post-transaction approval is not permitted. If Sound Point determines that a Restricted Person completed a trade before approval or after the clearance expires, such Restricted Person will be considered to be in violation of this Code.

A member of the Compliance team cannot approve their own trade (if any). It must be approved by another member of the team and such member cannot vote with respect to the request to trade.

**VI.** **Access Person Reporting Requirements** 

To enable the BDC to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and this Code are being observed by its Access Persons, the following reporting requirements apply.

Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Report

All new Access Persons are responsible for providing a list of personal brokerage accounts in which they have direct or indirect Beneficial Ownership interests and generating an initial holding report with respect thereto ("***Initial Holdings Report***"). New Access Persons must provide the Initial Holdings Report within 10 calendar days of the commencement of such person's employment or engagement with Sound Point. It is important that Access Persons keep their disclosures up to date. For example, any new brokerage account must be added to the system promptly after the opening of such new account. The information to be reported must be current as of a date no more than 45 days prior to an individual becoming an Access Person and is to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title, number of shares and principal amount of each security in which the Access Person had any direct or indirect Beneficial Ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date the report is submitted by the Access Person.

The Securities Exchange Commission has identified a managed account as an account solely managed by a third-party broker, money manager or trustee of which the account holder has no direct or indirect discretion, influence or control over the investment activities or decisions to purchase or sell any individual securities held in the managed account. Managed accounts do not require trade approval, and Access Persons are not required to submit quarterly transaction reports or statements for managed accounts; however, Access Persons can be asked to submit them to from time to time.

For purposes of clarification, buying and selling securities is permissible through an approved managed account or blind trust. Buying and selling securities through an automatic dividend reinvestment program does not generally require preclearance; however, the Sound Point compliance team must be notified of the election in advance to avoid preclearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly Transactions Reports

All Access Persons are required to submit quarterly transactions reports to Compliance through *MyComplianceOffice*. While the Sound Point Compliance team will distribute reminders to its Access Persons in connection with the Access Persons' reporting obligations, it remains the responsibility of each Access Person to complete his or her reports in a timely fashion. Such report is hereinafter called a "***Quarterly Transactions Report***."

A Quarterly Transactions Report shall be in a form approved by the CCO and, with respect to any transaction during the quarter in which the Access Person had any direct or indirect Beneficial Ownership (unless otherwise exempted) is to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The date that the report is submitted by the Access Person.

An Access Person need not make a Quarterly Transactions Report with respect to transactions effected pursuant to an Automatic Investment Plan or any transactions effected through a managed account, as described in this Section V.

Quarterly Transactions Reports in respect of the preceding quarter are due by the 30th day of January, April, July and October or, if that day is not a business day, then the first business day thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C*.* Annual Holdings Report

Each Access Person who is not an Independent Board Member shall report annually, no later than January 30 of each year, the following information, which must be current as of December 31 of the prior calendar year ("***Annual Holdings Report***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title, number of shares and principal amount of each security in which the Access Person had any direct or indirect Beneficial Ownership, unless otherwise exempted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date the report is submitted.

Annual holdings disclosures in respect of the preceding year are due by the 30th day of January, or if that day is not a business day, then the first business day thereafter.

**VII.** **Compliance Procedures** 

*Notification to Access Persons:* The CCO (or his or her designee) shall notify each Access Person of his or her classification as an "Access Person" under this Code, and shall deliver a copy of this Code to each Access Person.

*Review of Reports.* The CCO (or his or her designee) shall review any reports received pursuant to this Code within 30 days of their submission.

**VIII.** **Report to the Board** 

The CCO shall report to the Board at each meeting regarding the following matters (to the extent not previously reported to the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Issues arising under this Code, including but not limited to material violations of this Code, violations that are material in the aggregate, and any sanctions imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. With respect to any transaction not required to be reported to the Board that the CCO believes nonetheless may evidence violation of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Board shall consider reports made hereunder and upon discovering that a violation of this Code has occurred, the Board may impose such sanctions or recommend that the Adviser impose such sanctions, in addition to penalties as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The CCO shall report to the Board on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No less frequently than annually, the BDC and the Adviser must furnish to the Board, and the Board must consider, a written report that: (A) describes any material issues arising under this Code or procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to violations; and (B) certifies that the BDC or the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**IX.** **Recordkeeping** 

The BDC shall maintain the following records at their principal office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Code and any related procedures, and any Code that has been in effect during the past five years shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of the Code and of any action taken as a result of the violation, to be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report under this Code by (or duplicate brokerage statements and/or confirmations for the account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all persons, currently or within the past five years, who are or were required to make or to review reports to be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each report by the CCO to the Board, to be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A record of any decision, and the reasons supporting the decision, to approve an acquisition by an Access Person of securities offered in an IPO, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.

**X.** **Approval Requirements** 

This Code and any material amendment to this Code must be approved by the Board. Each such approval must be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Code or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code. For the avoidance of doubt, the BDC's officers may make such non-material amendments to this Code as they may determine necessary or appropriate, provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.

**XI.** **Sanctions** 

Any violation of this Code shall be subject to the imposition of such sanctions as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 and this Code. The sanctions to be imposed shall be determined by the Board, including a majority of the Independent Board Members; <u>provided</u>, <u>however</u>, that with respect to violations by persons who are directors, managers, partners, officers or employees of the Adviser (or of a company that Controls the Adviser), the sanctions to be imposed shall be determined by the Adviser (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution as deemed appropriate.

Adopted by the BDC: November 17, 2025

## Exhibit 14.2

**Exhibit 14.2**

![](ex14-2_001.jpg)

**Investment Adviser Code of Ethics**

Sound Point Capital Management, LP

Sound Point Clo C-Moa LLC

Sound Point Luna LLC

Sound Point Meridian Management Company LLC

Sound Point Commercial Real Estate Finance LLC

SPCRE InPoint Advisors, LLC

Sound Point CRE Management LP

BlueMountain Fuji Management, LLC

**FINAL AS OF OCTOBER 1, 2025**

**<u>Code of Ethics</u>**

This Code of Ethics ("Code") is adopted in compliance with the requirements of U.S. securities laws applicable to registered investment advisers. Registered investment advisers are required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended ("Investment Company Act") (where applicable), to adopt a code of ethics which, among other things, sets forth the standards of business conduct required of their Supervised Persons and Access Persons and requires those individuals to comply with the federal securities laws. This Code has been adopted to prevent prohibited conduct as set forth below.

**1.** **Standards of Business Conduct** 

Sound Point seeks to foster a reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in us by our clients is something we value and endeavor to protect. To further that goal, we have adopted this Code and implemented policies and procedures to prevent fraudulent, deceptive, and manipulative practices and to ensure compliance with the Federal Securities Laws and the fiduciary duties owed to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Fiduciary Duty** 

We are fiduciaries and as such, we have affirmative duties of care, honesty, loyalty and good faith to act in the best interests of our clients. Our clients' interests are paramount and come before our personal interests. Our Access Persons and Supervised Persons, as those terms are defined in this Code, are also expected to behave as fiduciaries with respect to our clients. This means that each must render disinterested advice, protect client assets (including nonpublic information about a client or a client account) and act always in the best interest of our clients. We must also strive to identify and avoid conflicts of interest; however, such conflicts may arise.

Supervised Persons and Access Persons of Sound Point must not:

● employ any device, scheme or artifice to defraud a client;

● make to a client any untrue statement of a material fact or omit to state to a client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a client;

● engage in any manipulative practice with respect to a client;

● use their positions, or any investment opportunities presented by virtue of their positions, to personal advantage or to the detriment of a client; or

● conduct personal trading activities in contravention of this Code or applicable legal principles or in such a manner as may be inconsistent with the duties owed to clients as a fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Fair Treatment** 

Supervised Persons and Access Persons must avoid taking any action which would favor one client or group of clients over another, in violation of our fiduciary duties and applicable law. Supervised Persons and Access Persons must comply with relevant provisions of this Manual designed to detect, prevent, or mitigate such conflicts.

To ensure compliance with these restrictions and the Federal Securities Laws, as defined in this Code, we have adopted, and agreed to be governed by, the provisions of this Code. However, Supervised Persons and Access Persons are expected to comply not merely with the "letter of the law," but also with the spirit of the law, this Code, and Sound Point's Investment Adviser Policies and Procedures Manual.

Should you have any doubt as to whether this Code applies to you, please contact the Chief Compliance Officer of Sound Point ("CCO").

**2.** **Definitions** 

As used in the Code, the following terms have the following meanings:

***Access Person*** is a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic. With the exception of James Carey and Dominic Frederico, who are subject to oversight by Stone Point and Assured Guaranty respectively and have no access to Sound Point's portfolio, all Supervised Persons of Sound Point are generally presumed to be Access Persons.

***Beneficial Ownership*** generally means (i) having a direct or indirect pecuniary interest in a security and is legally defined to be a beneficial owner as such term is used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); (ii) joint accounts; (iii) accounts of any Family Member (as defined in this Code); (iv) an estate for the benefit of the Access Person or Family Member; (v) accounts of any person in a relationship with the Access Person that the CCO determines could lead to conflicts of interest; or (vi) accounts where the Access Person exercises investment control. However, transactions or holdings reports required by this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security or securities to which the report relates.

***Family Member*** means the Access Person's spouse, domestic partner, parent, step-parent, child, step-child, sibling, grandparent or in-law (including mother, father, sister, brother, daughter or son) or relatives sharing the same household as the Access Person.<sup>1</sup>

***Federal Securities Laws*** means: (i) the Securities Act of 1933, as amended (the "Securities Act"); (ii) Exchange Act; (iii) the Sarbanes-Oxley Act of 2002; (iv) the Investment Company Act; (v) the Advisers Act; (vi) Title V of the Gramm-Leach-Bliley Act; (vii) any rules adopted by the SEC under the foregoing statutes; (viii) the Bank Secrecy Act, as it applies to funds and investment advisers; and (ix) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.

***3rd Party Managed Accounts*** means a Securities Account for which an Access Person has completely relinquished decision making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Code) and over which the Access Person has no direct or indirect influence or control.

***Initial Public Offering ("IPO")*** means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d).

***Limited Offering*** means an offering that is exempt from registration under Securities Act Sections 4(a)(2) or 4(a)(6), or pursuant to Securities Act Rules 504, 505 or 506. Limited Offerings include, without limitation, offerings of securities issued by the private funds advised by Sound Point.

<sup>1</sup> The definition of Family Member does not typically include house mates or roommates unless that individual qualifies as a domestic partner or is an individual that would benefit in a manner substantially equivalent to that of ownership. If you are unsure whether an individual in your household meets the definition of a Family Member, please reach out to Compliance for verification.

***Purchase or Sale of a Security*** includes, among other things, the writing of an option to purchase or sell a security.

***Reportable Security*** are all securities as defined in Advisers Act Section 202(a)(18) and Investment Company Act Section 2(a)(36), including listed and unlisted securities, private transactions (including private placements, non-public stock, warrants, etc.), EXCEPT: (i) direct obligations of the United States Government; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) shares issued by Investment Company Act registered open-end funds that are not advised or sub-advised by Sound Point; and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds.

***Security Held*** by a Client means any Reportable Security which is currently held as an investment in any Sound Point managed fund or account. This definition also includes any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security.

***Supervised Person*** means any partner, member, officer, director (or other person occupying a similar status or performing similar functions) (excluding Stone Point employees), employees of Sound Point (including interns who work for four (4) weeks or more and contract employees), or other person who provides investment advice on behalf of Sound Point and is subject to the supervision and control of Sound Point. Sound Point may also designate any partner, officer, director (or other persons occupying a similar status or performing a similar function) or employee of any independent contractor or other third-party as deemed appropriate as a Supervised Person.

**3.** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Initial Disclosure of Securities Holdings, Securities Accounts and Associated Accounts** 

● **Upon joining the Firm,** Access Persons are required to disclose the following to Compliance **within 10 calendar days** of becoming an Access Person:

○ <u>All</u> investments, including Reportable Securities holdings and private investments, held/beneficially owned by the Access Person and Family Members (also known as the "  ***Initial Holdings Report*** ").

○ <u>All</u> Securities Accounts and Associated Accounts maintained with any broker, dealer, investment adviser, bank or other financial institution.

● **All Access Persons will be given a username and password in *MyComplianceOffice*, the Firm's automated compliance reporting and surveillance system. Securities Accounts and Associated Accounts are reported to Compliance via *MyComplianceOffice*.** 

● While not all Securities Accounts and Associated Accounts require ongoing reporting to Compliance, initial disclosure of such accounts to Compliance is required (Note: *Disclosure of personal checking and savings accounts <u>is not</u> required).* 

● The following are examples of the types of Securities Accounts and Associated Accounts that require disclosure to Compliance upon joining the Firm:

---

| | |
|:---|:---|
| **Securities Accounts** | **Associated Accounts** |
| Securities Accounts maintained with any broker, dealer, investment adviser, bank or other financial institution that are beneficially owned or controlled by the Access Person | Securities Accounts maintained with any broker, dealer, investment adviser, bank or other financial institution that are beneficially owned or controlled by Family Member(s) |
| 3<sup>rd</sup> Party Managed Account of the Access Person that are fully managed by a third-party broker-dealer or investment advisers | 3<sup>rd</sup> Party Managed Account of Family Member(s) that are fully managed by a third-party broker-dealer or investment advisers |
| Securities Accounts of the Access Person which hold only non-Reportable Securities (e.g., employer 401k accounts, 529 college savings accounts, IRA accounts) | Securities Accounts of Family Member(s) which holds only non-Reportable Securities (e.g., employer 401k accounts, 529 college savings accounts, IRA accounts) |
| Securities accounts over which the Access Person controls or directs securities trading for another person or entity, even if the Access Person is not the Beneficial Owner of the account | Securities Accounts over which a Family Member controls or directs securities trading for another person or entity, even if the Family Member is not the Beneficial Owner of the account |
| Crypto-currency accounts beneficially owned or controlled by the Access Person | Crypto-currency accounts beneficially owned or controlled by a Family Member |

---

● **Approved Broker Requirement.** Access Persons joining Sound Point with existing Securities Accounts and/or Associated Accounts that are maintained at a broker-dealer that does not provide an automated data feed of the transactions effected in the account to Sound Point's automated compliance and reporting surveillance system, *MyComplianceOffice*, will be required to transfer the securities held in the account to a broker-dealer on the Approved Broker List (see below) unless an exception is granted by the CCO. *The Approved Broker List and exceptions to the approved broker requirement are provided in Section 4 below.* 

● The  ***Initial Holdings Report*** provided to Compliance must be current as of a date no more than forty-five (45) days prior to the date the individual becomes an Access Person and include, among other things:

○ the title and type of security and as applicable, the exchange ticker symbol or CUSIP number (if applicable), number of shares, and principal amount of each security;

○ the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit (please note that 3rd Party Managed Accounts and accounts which hold only non-Reportable Securities, must also be disclosed); and,

○ the date the Access Person submits the report.

● **New Employees:** New employees have the option to submit their Initial Holdings to Compliance prior to their first day of joining Sound Point so that Compliance can reconcile any Reportable Securities against Sound Point's permanent restricted list so that the new employees will have the opportunity to sell holdings before they are obliged to hold such Reportable Securities for the duration of their restricted status or employment at Sound Point, whichever is shorter.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Annual Reporting Obligations** 

●  ***Annual Holdings Reports*** : Access Persons are required to submit to Compliance *via MyComplianceOffice* their Reportable Securities annually, on a date selected by the CCO, as of a date not more than forty five (45) days prior to the date the report was submitted. *The Annual Holdings Report must contain the same information that is required in the Initial Holdings Report.* 

● Access Persons with Securities Accounts and/or Associated Accounts maintained with a broker-dealer on the Approved Broker List automatically meet this requirement provided the automatic feed between the Approved Broker and Sound Point's automated compliance and reporting surveillance system, *MyComplianceOffice,* has been established for the relevant account *.* 

● Access Persons with Securities Accounts and/or Associated Accounts that have been granted an exception to the Approved Broker List requirement by the CCO are obligated to meet the duplicate statement requirement outlined in Section 3.5 below.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Quarterly Transaction Reporting Obligations** 

● Access Persons are required to submit to Compliance via *MyComplianceOffice* a report covering all transactions in Reportable Securities during the preceding calendar quarter within thirty (30) calendar days after the end of each calendar quarter.

●  ***Quarterly Transaction Reports*** uploaded to *MyComplianceOffice* must contain the following information:

○ the date of the transaction, the title and as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

○ the nature of the transaction (*i.e*., purchase, sale or any other type of acquisition or disposition);

○ the price of the security at which the transaction was effected;

○ the name of the broker, dealer or bank with or through which the transaction was effected; and the date the Access Person submits the report.

● Access Persons with Securities Accounts and/or Associated Accounts maintained with a broker-dealer on the Approved Broker List automatically meet this requirement provided the automatic feed between the Approved Broker and Sound Point's automated compliance and reporting surveillance system, *MyComplianceOffice,* has been established for the relevant account *.* 

● Access Persons with Securities Accounts and/or Associated Accounts that have been granted an exception to the Approved Broker List requirement by the CCO are obligated meet the duplicate statement requirement outlined in **Section 3.5** below.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Matching of Reports** 

● Reports submitted pursuant to this Section 3 shall be matched (i) to prior pre-approval submissions to confirm Access Persons are correctly requesting necessary pre-approvals and (ii) to Initial Holdings Reports to ensure all Reportable Securities are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Exceptions to Quarterly and Annual Reporting Obligations:** Exceptions to the quarterly and annual reporting obligations are only granted under limited circumstances at the discretion of the CCO. Please note, none of the exceptions noted below apply to the initial reporting requirement outlined in Section 3.1 above.

● 3rd Party Managed Accounts are generally exempt from ongoing reporting requirements. Please note, evidence of 3<sup>rd</sup> party full trading discretion is required to qualify for this exception *(i.e.*, Investment Management Agreement and/or Attestation Letter provided by the 3<sup>rd</sup> party manager).

● Securities Accounts and/or Associated Accounts that do not have the ability to trade Reportable Securities (*i.e.*, most employer sponsored 401k programs, 529 college savings plans, which are generally limited to trading mutual funds or are fully managed) are generally exempt from the ongoing reporting requirements outlined herein. Please note, evidence of the necessary account limitations is required to qualify for this exception.

● Access Persons will be notified by Compliance in writing after submitting their Initial Holdings Report (or a new account pre-clearance request) if any of their Securities Accounts and/or Associated Accounts qualify for an exception to the ongoing reporting requirements outlined herein. Exceptions to the ongoing reporting obligations can only be granted by Compliance in writing and are granted at the discretion of the CCO. Please do not make this determination on your own.

● **Duplicate Statement Requirements**: certain Securities Accounts and Associated Accounts that have been granted an exception to the quarterly and annual reporting obligations by the CCO will be required to meet the Duplicate Statement Requirement, which requires the provision of monthly brokerage statements to Compliance.

● **Quarterly Attestation Requirement:** Access Persons who represent that their Securities Accounts and/or Associated Accounts meet one of the expressed exceptions set forth herein will be required to attest on a quarterly basis that the subject account(s) still qualifies for the exception.

**4.** **Opening a New Securities Account and/or Associated Account** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Pre-Approval Required.** Before opening a new Securities Account and/or Associated Account, Access Persons are required to obtain pre-clearance from Compliance. Pre-clearance requests can be submitted via *MyComplianceOffice*.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Approved Broker Requirement.** Access Persons (both U.S. and U.K. based) may only open new Securities Accounts and/or Associated Accounts with financial institutions on the Approved Broker List. As noted below, exceptions to the Approved Broker List requirement are only granted under limited circumstances at the discretion of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Approved Broker List**: the following financial institutions have an established automated data feed and are currently the only financial institutions on the Approved Broker List (if you have an account with an institution not listed below, please contact Compliance):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ AXA/LPA ○ Ameriprise

○ Bank of America/Merrill Lynch ○ Charles Schwab

○ CitiGroup ○ E\*Trade

○ Fidelity (US) ○ Fidelity International

○ Goldman ○ Goldman Private Wealth Management

○ Hargreaves ○ Interactive Brokers

○ JPM Chase Wealth Management ○ JPM Private Bank

○ Kestra Investment Services LLC ○ Morgan Stanley Smith Barney

○ Northwestern ○ Robinhood

○ TD Ameritrade ○ UBS

○ Vanguard ○ Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **Exceptions to Approved Broker Requirement:** Exceptions for accounts not listed on the Approved Broker List are only granted under limited circumstances at the discretion of the CCO. Please note, none of the exceptions noted below apply to the initial reporting requirement outlined in **Section 3.1** above.

● 3rd Party Managed Accounts are generally exempt from the Approved Broker List requirement. Please note, evidence of 3<sup>rd</sup> party full trading discretion is required *(i.e.*, Investment Management Agreement and/or Attestation Letter provided by the 3<sup>rd</sup> party manager).

● Securities Accounts and/or Associated Accounts that do not have the ability to trade Reportable Securities (*i.e.*, most employer sponsored 401k programs, 529 college savings plans, which are generally limited to trading mutual funds or are fully managed) are generally exempt from the Approved Broker List requirement. Please note, evidence of the necessary account limitations is required to qualify for this exception.

● **Duplicate Statement Requirements**: certain Securities Accounts and Associated Accounts that have been granted an exception to the Approved Broker Requirement by the CCO will be required to meet the Duplicate Statement Requirement, which requires the provision of monthly brokerage statements to Compliance.

● **Quarterly Attestation Requirement:** Access Persons who represent that their Securities Accounts and/or Associated Accounts meet one of the expressed exceptions set forth herein will be required to attest on a quarterly basis that the subject account(s) still qualifies for the exception.

**5.** **Personal Trading Activities – Pre-Clearance and other Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Pre-Clearance Required** 

Access Persons may not engage in a transaction in any Reportable Securities absent prior approval in writing from the CCO (or their designee):

● Reportable Securities are defined in **Section 2** above.

● When considering an Access Person's request to engage in a transaction involving a Reportable Security, the CCO shall consider whether the transaction involves a Reportable Security on Sound Point's Restricted List/Watch or is a Reportable Security held by a Client, in which case the approval shall not be granted, and whether the transaction is otherwise consistent with the Code.

● Pre-clearance is required for transactions in Sound Point Meridian Capital, Inc.(NYSE: SPMC) as well as any future registered fund advised and/or sub-advised by Sound Point.

● Pre-clearance is required for transactions in Assured Guaranty Ltd. (NYSE: AGO).

● Pre-clearance is required for transactions in derivatives of any security, including those exempted from the definition of Reportable Security (*e.g.*, transactions in ETF options require pre-clearance).

● **Private Placements.** Access Persons may not engage in any transaction made by private placement absent prior approval in writing from the CCO (or their designee). Access Persons shall preclear all new and additional subscriptions to private placements, including Sound Point managed funds, through *MyComplianceOffice*. NOTE: *capital calls related to an approved investment in a drawdown fund do not require pre-clearance provided the full capital commitment was previously pre-cleared with Compliance.* 

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Pre-Clearance Process** 

● Pre-clearance can be obtained via *MyComplianceOffice*.

● The number of shares or contracts precleared should be the same or greater than the contemplated size of the personal trade.

● Pre-approval shall be valid for the date of such approval and the next trading day (commonly known as "T+1"). If execution is not completed by T+1, the approval will be stale, and a new pre-approval must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Exceptions/Modifications to the Preclearance Requirement/Process** 

● <u>Exception for 3rd Party Managed Accounts</u>: transactions in Reportable Securities held in 3rd Party Managed Accounts do not require pre-clearance provided the Access Person has provided Compliance with sufficient evidence that the account meets the definition of a 3rd Party Managed Account and makes the required quarterly attestations that the account continues to meet the definition.

● <u>Exception for Specified Securities</u>: The securities listed below, regardless of the type of account they are held in, are exempt from being classified as Reportable Securities and, consequently, do not require pre-clearance:

○ Shares of exchange-traded funds (*e.g.*, ETFs, ETNs, ETPs), except for CLO ETFs or narrow-based ETFs<sup>2</sup>

○ Mutual Funds, 40 Act Open End Funds, and 40 Act Closed End Funds <u>not</u> advised or sub-advised by Sound Point, <u>or a competitor</u> to a Sound Point advised fund.

○ Money Market Funds

○ U.S. 529 Investment Plans

○ US Government Obligations

○ Cryptocurrency

● <u>Exception for Forced Option Sale</u>: the forced sale upon the expiration of an option does not require pre-clearance given the expiration date is known at the time of purchase;

● <u>Exception/Modification for DRIPs</u>: Reportable Securities acquired through automatic dividend reinvestment programs do not generally require preclearance; however, **Compliance must be notified of the election in advance**. *Please note, although Reportable Securities acquired via an automatic dividend reinvestment program do not require preclearance, discretionary transactions by an Access Person in the Reportable Security require preclearance and if such Reportable Security is on the Restricted List/Watch List or is Client held, approval may not be granted.* 

● <u>Modification for Corporate Actions</u>: a forced transaction in a Reportable Security due to a corporate action – given the exact time/date of the transaction is not commonly known – Access Persons are required to pre-clear once they are notified that a forced transaction is pending due to an upcoming corporate action.

<sup>2</sup> A narrow-based ETF is typically comprised of a limited number of companies and focuses on a specific sector, industry, or market segment, as opposed to a broker market index.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** **Prohibited Personal Trading Activities:** 

● **Transactions in Securities of Restricted List issuers.** Access Persons may not engage in a transaction in any security of any issuer on Sound Point's Restricted List. An exception for a Reportable Security acquired through an automatic dividend reinvestment program may be granted if the Reportable Security was acquired and the decision to participate in the automatic dividend reinvestment program was effected prior to the issuer being added to Sound Point's Restricted List.

● **Transactions in Securities Held by a Client.** Access Persons may not engage in a transaction in any security that is currently held, or contemplated to be held, by a Sound Point managed account or fund. NOTE: Shares of exchange-traded funds and registered closed-end funds not advised or sub-advised by Sound Point are exempt from this requirement.

● **IPO and Limited Offering Restrictions.** Access Persons may not acquire any securities issued as part of an IPO or a Limited Offering, absent prior approval in writing from the CCO. Any such approval will take into account, among other factors, whether the investment opportunity should be reserved for a client and whether the investment opportunity is being offered to the person because of their position with Sound Point.

● **Personal Borrowing via Marketplace Lending Platforms.** Access Persons may not personally borrow through marketplace lending platforms such as Lending Club, Prosper, or Lending Point.

● **Special Purpose Acquisition Company ("SPAC").** Access Persons may not transact in any SPAC in their personal accounts, including in SPACs that had identified a target company but is awaiting shareholder approval or otherwise has yet to consummate the purchase.

● **Options on Single Name Securities.** Access Persons may not transact in options on single name securities.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5.** **Thirty (30) Day Holding Period** 

● Absent the prior written consent of the CCO, transactions in Reportable Securities by an Access Person within thirty (30) calendar days of a transaction in the same Reportable Security in the opposite direction are not permitted.

● For example, if an Access Person sells a Reportable Security, they are not permitted to buy the same Reportable Security until the 30 Day Holding Period has expired.

● Conversely, if an Access Person buys a Reportable Security, they are not permitted to sell that Reportable Security until the 30 Day Holding Period has expired.

● Please see Section 5.7 below for details on how the Holding Period impacts trading of permitted options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;**5.6.** **Exceptions / Modifications to the 30 Day Holding Period:** 

● <u>Exception</u>: transactions in cryptocurrency are not subject to the 30 Day Holding Period.

● <u>Exception</u>: transactions in government and municipal authority securities, obligations of the U.S. Government; bankers' acceptances; CDs; commercial paper; high quality short-term debt instruments, including repos; money market funds; registered open-ended funds (*i.e.,* mutual funds) and registered closed-end funds <u>not</u> advised or sub-advised by Sound Point <u>or a competitor</u> to a Sound Point advised fund are not subject to the 30 Day Holding Period.

● <u>Exception for 3rd Party Managed Accounts</u>: transactions in Reportable Securities held in 3rd Party Managed Accounts are not subject to the 30 Day Holding Period.

&nbsp;&nbsp;&nbsp;&nbsp;**5.7.** **Options Contracts** 

● **Options on Single Name Equity.** Access Persons may not transact in any options on single name equities.

● **Options on Exchange-Traded Funds**. Access Persons are permitted to engage in transactions involving options on exchange-traded funds (*e.g.,* SPY) but should note that permitted options transactions are subject to Sound Point's 30-day holding period requirement.

● **Impact of Holding Period Requirement on Permitted Options Contracts** 

○ Transacting in offsetting options contracts within the same 30 day time period is not permitted.

○ Exercising an option contract that effects an opposite directional trade of a Reportable Security purchased or sold within the same 30 day time period is not permitted. For example, you purchase SPY on January 1 and also buy a put option on SPY or sell a call option on SPY (both of which have the equivalent effect of a sale transaction), you can't exercise the option contract until 30 days after your purchase of SPY (January 31) because the exercise of the option would result in an effective sale of the ETF within the 30 day holding period.

**6.** **Prohibition on Self Pre-clearance or Approval** 

Access Persons shall not pre-clear their own trades, review their own reports or approve their own exemptions from this Code. When such actions are to be undertaken with respect to the CCO, the Chief Financial Officer (or their designee) will perform such actions as are required of the CCO by this Code.

**7.** **Code Notification and Access Persons Certifications** 

The CCO shall provide notice to all Access Persons of their status under this Code and shall deliver a copy of the Code to each Access Person annually. Additionally, each Access Person will be provided a copy of any significant Code amendments upon such amendment. After reading the Code or amendment, each Access Person shall make the initial certification contained in *MyComplianceOffice*. Annual certifications are due within ten (10) days after the end of each calendar year. Certifications with respect to amendments to the Code, if requested, must be returned to the CCO within a reasonably prompt time. Both of these certificates are also available on *MyComplianceOffice* and will be generated by Compliance as required. To the extent that any Code-related training sessions or seminars are held, the CCO shall keep records of such sessions and the Access Persons attending.

**8.** **Review of Required Code Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** Reports required to be submitted pursuant to the Code will be reviewed by the CCO or a designee on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** Any material violation or potential material violation of the Code must be promptly reported to the CCO. The CCO will investigate any such violation or potential violation and determine the nature and severity of the violation. All violations will be handled on a case-by-case basis in a manner deemed appropriate by the CCO. In each case of a violation, the CCO must determine what actions, if any, are required to cure the violation and prevent future violations.

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** The CCO will keep a written record of all investigations in connection with any Code violations, including any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** General sanctions are described in the *Compliance Monitoring Policy*. Sanctions for violations of the Code are subject to the CCO's discretion, but will generally adhere to the following sentencing guidelines:

**<u>First Offense</u>:** A written warning from Compliance;

**<u>Second Offens</u>e:** 30-day trading ban from personal trading, escalation of the offense to the Access Person's manager and the Compliance Committee, and mandatory retraining of the Code;

**<u>Third (Plus) Offense</u>:** 60-day trading ban from personal trading, escalation of the offense to the Access Person's manager and the Compliance Committee, mandatory retraining of the Code, and possible censure, monetary sanctions, disgorgement, suspension or dismissal.

The CCO has discretion to take into account the duration of the Access Person's tenure, the severity of the offense(s) and the length of time since the employee's last breach when issuing sanctions.

**9.** **Recordkeeping and Review** 

&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** Sound Point will maintain records (which shall be available for examination by the SEC staff) in accordance with Sound Point's Recordkeeping Policy, and specifically shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of this Code and any other preceding code of ethics that, at any time within the past five (5) years, has been in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a record of any Code violation and of any sanctions imposed for a period of not less than five (5) years following the end of the fiscal year in which the violation occurred, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each report made by an Access Person under this Code for a period of not less than five (5) years from the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a record of all persons who are, or within the past five (5) years have been, required to submit reports under this Code, or who are or were responsible for reviewing these reports for a period of at least five (5) years after the end of the fiscal year in which the report was submitted, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities acquired in an Initial Public Offering or Limited Offering, for a period of at least five (5) years after the end of the fiscal year in which the approval is granted, the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** To the extent appropriate and permissible, the CCO may choose to keep such records electronically.

&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** The CCO shall review this Code and its operation annually and may determine to make amendments to the Code as a result of that review. Annually, the CCO will, where required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) create a written report that describes any material violations that arose under the Code since the last annual report, remedial steps taken, and sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certify that Sound Point has adopted procedures reasonably necessary to prevent violations of the Code; and present this report and certification to Sound Point's Senior Management and to the Board of Trustees/Directors of all registered investment companies advised by Sound Point.

**10.** **Reporting Violations** 

Any Supervised Person who believes that a violation of this Code has taken place must promptly report that violation to the CCO or to the CCO's designee. To the extent that such reports are provided to a designee, the designee shall provide periodic updates to the CCO with respect to violations reported. Supervised Persons may make these reports anonymously and no adverse action shall be taken against a Supervised Person making such a report in good faith.

**11.** **Waivers** 

The CCO may grant waivers of any substantive restriction in appropriate circumstances (e.g., personal hardship) and will maintain records necessary to justify such waivers.

**12.** **Confidentiality** 

All reports of securities transactions and other information filed pursuant to this Code shall be treated as confidential to the extent permitted by law.

**13.** **Gifts, rebates, contributions, or other payments** 

&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** **General Requirements :** Sound Point will take reasonable steps to ensure that neither it nor its Supervised Persons offer or give, or solicit or accept, in the course of business, any inducements which may lead to conflicts of interest between Sound Point and its Clients.

● Supervised Persons generally may not solicit gifts or gratuities nor give inducements, except in accordance with this Code.

● The term "inducements" means gifts, entertainment and similar benefits which are offered to or given by Supervised Persons.

● Gifts of nominal value or those that are customary in the industry such as meals or entertainment may be appropriate.

● Any cash gift or any form of a loan by a Supervised Person to a Client or by a Client to a Supervised Person is prohibited (retailer/establishment specific gift cards are permissible, provided they are pre-approved).

● Gifts to/from government officials (here in the U.S. as well as abroad) is prohibited.

● A relaxation of, or exemption from, these procedures may only be granted by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** **Pre-Clearance of Gifts and Entertainment.** 

● The CCO (or their designee) has the authority to pre-approve gifts and entertainment in accordance with the provisions of this Code and will be responsible for maintaining the required books and records with respect to gifts and entertainment.

● Pre-Clearance Requirements:

○ any <u>inducement/gift</u> with a value greater than $150 (on a per person basis), <u>given or received</u> in connection with that Supervised Person's employment or association with Sound Point must be pre-cleared with Compliance.

○ entertainment <u>given or received</u> with a value greater than $150 (on a per person basis) in connection with that Supervised Person's employment or association with Sound Point must be pre-cleared with Compliance.

○ **NOTE: $0 pre-clearance threshold for any gift or entertainment (given or received) if such gift or entertainment involves trading counterparties, sell-side (*i.e*., broker/dealer community).** 

○ For practical reasons, if said approval request was not submitted prior to the date of the entertainment, Supervised Persons are to report details of such entertainment to Compliance immediately after.

**14.** **Outside Employment or Other Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** **General Requirements :** Supervised Persons are generally prohibited from being employed or compensated by any other entity, serving on the board of directors of any publicly traded companies, and similar conduct except with the prior authorization of the CCO. Any employment or other outside activity by a Supervised Person may result in possible conflicts of interests for the Supervised Person or for Sound Point and therefore must be reviewed and approved by the CCO. Outside activities, which must be reviewed and approved, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) being employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) engaging in any other business including part-time, evening or weekend employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) serving as an officer, director, partner, *etc.*, in any other entity (including on the investment committee or in a similar role of a charitable organization).

&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** **Pre-Clearance Required:** 

● Pre-Clearance for Outside Business Activities should be requested via *MyComplianceOffice*.

● Supervised Person seeking approval shall provide the following information to the CCO: (1) the name and address of the outside business organization; (2) a description of the business of the organization; (3) compensation, if any, to be received; (4) a description of the activities to be performed; and (5) the amount of time per month that will be spent on the outside activity. Because Sound Point encourages Supervised Person involvement in charitable, nonpublic organization, civic and trade association activities, these outside activities will generally be approved unless a clear conflict of interest exists.

● Supervised Persons must update annually any requests for approval of an outside activity.

● Clients governed by the Investment Company Act, may place additional restrictions on outside business activities and the CCO shall ensure that Supervised Persons adhere to such restrictions.

● Records of requests for approval along with the reasons such requests were granted or denied are maintained by the CCO in *MyComplianceOffice*.

**15.** **Where/how to Submit Pre-Clearance Requests via MyComplianceOffice** 

Supervised Persons can submit pre-clearance requests at https://www.mycomplianceoffice.com. Please note the corresponding submission option in MyComplianceOfffice with the pre-clearance requests listed below:

● Personal Trade Pre-Clearance [A]

● New Securities Account/Associated Account Request [B]

● Gifts and Entertainment Approval Request [C]

● Outside Business Activities Approval Request [D]

● Political Contribution Approval Request [E]

● Private Investment Approval Request [F]

![](ex14-2_002.jpg)

Please also note that Securities Account/Associated Account statements can be updated to a Supervised Person's account using the "Add a Trading Document" option above.

**16.** **Enforcement of this Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;**16.1.** **CCO ' s Duties and Responsibilities** 

The CCO shall be primarily responsible for administering and enforcing the provisions of this Code. The CCO shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) supervise, implement and enforce the terms of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (a) provide each Supervised Person with a current copy of this Code and any amendments thereto, (b) notify each person who becomes a Supervised Person of the reporting requirements and other obligations under this Code at the time such person becomes a Supervised Person, and (c) require each Supervised Person to provide a signed Certificate of Compliance for this Code and the Firm's *Policy Regarding Management of Material Non-Public Information*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain a list of all securities and other financial instruments and assets which Sound Point recommends, holds, or is purchasing or selling, or intends to recommend purchase or sell on behalf of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine whether any particular personal securities transactions should be exempted pursuant to the provisions this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintain files of statements and other information to be reviewed for the purpose of monitoring compliance with this Code, which information shall be kept confidential by Sound Point, except as required to enforce this Code, or to participate in any investigation concerning violations of applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) review all Holdings Reports required to be provided by each Access Person pursuant to this Code: (a) for each new Supervised Person, to determine if any conflict of interest or other violation of this Code results from such person becoming a Supervised Person; and (b) for all Supervised Persons, to determine whether a violation of this Code has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review on a quarterly basis all securities reported on the quarterly transaction reports required to be provided by each Access Person pursuant to this Code for such calendar quarter to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) review any other statements, records and reports required by this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) review on a periodic basis and update as necessary, this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2.** **Violations of this Code of Ethics** 

If the CCO determines that a violation of this Code has occurred, the CCO shall prepare a record of explanatory material regarding such violation and shall immediately take remedial or corrective action. The CCO shall monitor their own securities holdings and transactions in accordance with the reporting requirements set forth in this Policy.

If the CCO finds that a Supervised Person has violated this Code, the CCO will impose upon such Supervised Person sanctions that the CCO deems appropriate in view of the facts and circumstances. Sanctions with respect to any Supervised Person (other than a principal) may include written warning, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the offending Supervised Person. In addition, Sound Point reserves the right to require the offending Supervised Person to reverse, cancel or freeze, at the Supervised Person's expense, any transaction or position in a specific Security if Sound Point believes the transaction or position violates this Code and/or Sound Point's general fiduciary duty to its Clients, or otherwise appears improper.

**All violations of this Code must be immediately reported to the CCO.**