# EDGAR Filing Document

**Accession Number:** 0001911066
**File Stem:** 0001628280-25-058552
**Filing Date:** 2025-12
**Character Count:** 84847
**Document Hash:** d54715aea263149714dfccbcb92a2a5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-058552.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001628280-25-058552

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251219

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Churchill Private Capital Income Fund
- **CENTRAL INDEX KEY:** 0001911066

**ORGANIZATION NAME:**
- **EIN:** 886187397
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01494
- **FILM NUMBER:** 251592826

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (212) 478-9200

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

?xml version='1.0' encoding='ASCII'? ncpif-20251219

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT TO**

**SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): December 19, 2025**

**Nuveen Churchill Private Capital Income Fund**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56412** | **88-6187397** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375 Park Avenue, 9th Floor, New York, NY** | **10152** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 478-9200**

**Not Applicable**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

------

**Item 1.01 Entry into a Material Definitive Agreement**

On December 19, 2025 (the "Amendment Date"), NCPCIF SPV II, LLC ("SPV II"), a wholly owned subsidiary of Nuveen Churchill Private Capital Income Fund (the "Fund"), entered into Amendment No. 6 to the Credit Agreement (the "Amendment"), amending the Credit Agreement, dated as of April 19, 2022 (as previously amended from time to time, and as further amended by the Amendment, the "Credit Agreement"), by and among SPV II, as the borrower, the co-borrowers party thereto, the lenders party thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian, relating to the revolving credit facility thereunder (the "Facility").

The Amendment, among other things: (i) revises the Applicable Rate (as defined in the Credit Agreement) calculation for the first three months following the Amendment Date to the (A) sum of (1) 1.60% multiplied by the lesser of (x) the Adjusted Principal Balance (as defined in the Credit Agreement) of all Eligible Collateral Assets (as defined in the Credit Agreement) that are Qualifying Syndicated Loans (as defined in the Credit Agreement) or (y) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (2) 1.80% multiplied by (x) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (II)(i)(a)(y) of the definition of "Applicable Rate" divided by (B) the Aggregate Adjusted Principal Balance (as defined in the Credit Agreement); (ii) incorporates an additional Applicable Rate such that, starting after the three-month anniversary of the Amendment Date, the Applicable Rate will be equal to 1.80% per annum, (iii) extends the availability period from September 19, 2027 to March 19, 2028; (iv) extends the maturity date of the Facility from September 19, 2029 to March 19, 2030; and (v) revises the Make-Whole Percentage (as defined in the Credit Agreement) from 0.0% to 0.25% for the period from December 19, 2026 through December 19, 2027, and 0.0% thereafter.

The description above is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to the copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events**

On December 22, 2025, Churchill PCIF Advisor LLC (the "Adviser"), the Fund's investment adviser, and Churchill Asset Management LLC ("Churchill"), the Fund's investment sub-adviser, entered into an amended and restated investment sub-advisory agreement (the "Amended CAM Sub-Advisory Agreement"). The terms of the Amended CAM Sub-Advisory Agreement are identical to the investment sub-advisory agreement, dated as of May 28, 2024, by and between the Adviser and Churchill, except for the allocation of compensation between the Adviser and Churchill thereunder. The purpose of the Amended CAM Sub-Advisory Agreement was to adjust the aggregate amount of the management fee and incentive fees payable by the Fund to the Adviser (the "Advisory Fees") that the Adviser is, in turn, required to pay to Churchill from 70% to 85%.

The Amended CAM Sub-Advisory Agreement and the accompanying change in the allocation of the Advisory Fees between the Adviser and Churchill will not have an economic impact on the Advisory Fees payable by the Fund or result in any changes to the services provided to the Fund by either the Adviser or Churchill. The Fund's board of trustees, including a majority of the trustees who are not "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund, approved the Amended CAM Sub-Advisory Agreement pursuant to the requirements of the 1940 Act.

The description above is only a summary of the material provisions of the Amended CAM Sub-Advisory Agreement and is qualified in its entirety by reference to the Amended CAM Sub-Advisory Agreement attached hereto as Exhibit 99.1, and incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | <u>[Amendment No. 6 to the Credit Agreement, dated as of December 19, 2025, by and among NCPCIF SPV II, LLC as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent, Nuveen Churchill Private Capital Income Fund, as servicer, U.S. Bank Trust Company, N.A., as collateral administrator, and U.S. Bank, N.A., as collateral custodian.](pcap-ex101xamendmentno6t.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.1 | <u>[Amended and Restated Investment Sub-Advisory Agreement, dated as of December 22, 2025, by and between Churchill PCIF Advisor LLC and Churchill Asset Management LLC](pcap-ex991xarcamsubxadviso.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Nuveen Churchill Private Capital Income Fund** | **Nuveen Churchill Private Capital Income Fund** |
| Date: December 22, 2025 | By: | /s/ Kenneth J. Kencel |
|  |  | Kenneth J. Kencel<br>Chief Executive Officer and President |

---

## Exhibit 10.1

![](pcap-ex101xamendmentno6t001.jpg)

EXECUTION VERSION USActive 62969775.4 AMENDMENT NO. 6 TO CREDIT AGREEMENT (this "Amendment"), dated as of December 19, 2025 (the "Amendment Effective Date"), among NCPCIF SPV II, LLC (together with its successors and assigns, the "Borrower"), each lender party hereto (collectively, the "Lenders" and individually, a "Lender"), BANK OF AMERICA, N.A. (together with its successors and assigns, the "Administrative Agent") and NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND (together with its successors and assigns, the "Servicer"). WHEREAS, the Borrower, the Lenders, the Administrative Agent, the Servicer, U.S. Bank Trust Company, National Association, as the collateral administrator, U.S. Bank National Association, as the collateral custodian, and Bank of America, N.A., as sole lead arranger and sole book manager, are party to the Credit Agreement, dated as of April 19, 2022 (as amended, restated, supplemented or otherwise modified prior to the date hereof and from time to time, the "Credit Agreement"), providing, among other things, for the creation of a revolving credit facility by the Lenders for the Borrower; WHEREAS, the Borrower, the Lenders, the Administrative Agent and the Servicer desire to amend and otherwise modify the Credit Agreement, in accordance with Section 11.01 of the Credit Agreement and subject to the terms and conditions set forth herein; NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I Definitions SECTION 1.1. Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Credit Agreement. ARTICLE II Amendments to the Credit Agreement SECTION 2.1. As of the Amendment Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Credit Agreement attached as Appendix A hereto. ARTICLE III Representations and Warranties SECTION 3.1. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the Amendment Effective Date, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Credit Agreement are true and correct in all material respects on and as of the Amendment Effective Date (other than any representation and warranty that is made as of a specific date). The Servicer hereby represents and warrants to the Administrative Agent and the Lender that, as of the Amendment Effective Date, no Servicer Termination Event has occurred and is continuing. Exhibit 10.1

------

![](pcap-ex101xamendmentno6t002.jpg)

USActive 62969775.4 2 SECTION 3.2. The execution, delivery and performance by the Borrower of this Amendment has been duly authorized by all necessary corporate or other organizational action, and does not and will not (a) violate the terms of any of the Borrower's Organization Documents; (b) result in any material breach or contravention of, or the creation of any Lien (other than a Permitted Lien) under, or require any material payment to be made under (i) any Contractual Obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (c) violate any applicable Law. ARTICLE IV Conditions Precedent SECTION 4.1. This Amendment shall become effective as of the Amendment Effective Date upon: (a) the execution and delivery of this Amendment by the Lenders, the Administrative Agent, the Servicer and the Borrower; (b) the Administrative Agent's receipt of a certificate of good standing certificate for the Borrower issued by the applicable office body of its jurisdiction of incorporation and a copy of the resolutions of the board of directors of the Borrower approving this Amendment and the transactions contemplated hereby; (c) the Administrative Agent's receipt of the executed legal opinion of Dechert LLP, United States counsel to the Borrower, with respect to due authorization and enforceability, in form and substance acceptable to the Administrative Agent in its reasonable discretion; and (d) payment of all fees and other amounts due and payable on or prior to the date hereof pursuant to the Loan Documents. ARTICLE V Miscellaneous SECTION 5.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTION 5.2. Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. SECTION 5.3. Ratification; No Novation. Except as expressly amended hereby, the Credit Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Credit Agreement for all purposes. It is the intent of the parties hereto, and the parties hereto agree, that this Amendment shall not constitute a novation of the Credit Agreement, any other Loan Document or any of the rights, obligations or liabilities thereunder. For the avoidance of doubt, the provisions of Section 11.20 of the Credit Agreement are incorporated by reference into this Amendment mutatis mutandis as if set forth in full herein.

------

![](pcap-ex101xamendmentno6t003.jpg)

USActive 62969775.4 3 SECTION 5.4. Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. SECTION 5.5. Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. [Signature Pages Follow]

------

![](pcap-ex101xamendmentno6t004.jpg)

[Signature Page to Amendment No. 6 to Credit Agreement] IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the Amendment Effective Date. NCPCIF SPV II, LLC, as Borrower By: Nuveen Churchill Private Capital Income Fund, its sole member By: ______________________________________ Name: Shaul Vichness Title: Chief Financial Officer and Treasurer

------

![](pcap-ex101xamendmentno6t005.jpg)

[Signature Page to Amendment No. 6 to Credit Agreement] BANK OF AMERICA, N.A., as Administrative Agent By: ______________________________________ Name: Title: Bryson Brannon Director

------

![](pcap-ex101xamendmentno6t006.jpg)

[Signature Page to Amendment No. 6 to Credit Agreement] BANK OF AMERICA, N.A., as a Lender By: ______________________________________ Name: Title: Bryson Brannon Director

------

![](pcap-ex101xamendmentno6t007.jpg)

[Signature Page to Amendment No. 6 to Credit Agreement] NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as Servicer By: ______________________________________ Name: Shaul Vichness Title: Chief Financial Officer and Treasurer

------

![](pcap-ex101xamendmentno6t008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A

------

![](pcap-ex101xamendmentno6t009.jpg)

EXECUTION VERSION CONFORMED THROUGH AMENDMENT NO. 56 DATED FEBRUARY 6DECEMBER 19, 2025 CREDIT AGREEMENT among CHURCHILL NCPCIF CLO-I LLC (F/K/A NCPIF SPV I LLC) as Initial Borrower, THE CO-BORROWERS FROM TIME TO TIME PARTY HERETO, THE LENDERS PARTY HERETO, BANK OF AMERICA, N.A., as Administrative Agent, NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as Servicer U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian and BANK OF AMERICA, N.A., as Sole Lead Arranger and Sole Book Manager Dated April 19, 2022 USActive 62969778.162969778.7

------

![](pcap-ex101xamendmentno6t010.jpg)

**TABLE OF CONTENTS** Page ARTICLE I DEFINITIONS AND ACCOUNTING TERMS Section 1.01 Defined Terms 1 Section 1.02 Other Interpretive Provisions 4748 Section 1.03 Accounting Terms 4849 Section 1.04 Rounding 4849 Section 1.05 Event of Default; Servicer Termination Event 4849 Section 1.06 Measurement Dates 4849 Section 1.07 Times of Day 49 Section 1.08 Business Day Convention 49 Section 1.09 Settlement 4950 Section 1.10 Interest 4950 Section 1.11 Borrower 50 ARTICLE II THE COMMITMENTS AND BORROWINGS Section 2.01 Loans 50 Section 2.02 Borrowings and Conversions of Loans 5051 Section 2.03 Prepayments; Conversions 5152 Section 2.04 Termination or Reduction of Commitments; Incremental Lenders 5253 Section 2.05 Repayment of Loans 5455 Section 2.06 Interest. 5455 Section 2.07 Fees 5556 Section 2.08 Computation of Interest and Fees 56 Section 2.09 Evidence of Debt 5657 Section 2.10 Payments Generally; Administrative Agent's Clawback 5657 Section 2.11 Sharing of Payments by Lenders 5859 Section 2.12 Defaulting Lenders 59 Section 2.13 Distributions 6061 Section 2.14 Reinvestments 6364 Section 2.15 Optional Sales. 6465 Section 2.16 Repurchase of Warranty Collateral Assets 6566 Section 2.17 Unfunded Exposure Account 6667 Section 2.18 Securitization Take-Outs 6768 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY Section 3.01 Taxes 69 Section 3.02 Illegality 73 Section 3.03 Inability to Determine Rates. 7374 Section 3.04 Increased Costs 7576 USActive 62969778.162969778.7 -i-

------

![](pcap-ex101xamendmentno6t011.jpg)

Section 3.05 Compensation for Losses 7677 Section 3.06 Mitigation Obligations; Replacement of Lenders 77 Section 3.07 Survival 7778 ARTICLE IV CONDITIONS PRECEDENT TO BORROWINGS Section 4.01 Conditions of Initial Borrowing 7778 Section 4.02 Conditions to all Borrowings and Reinvestments 80 ARTICLE V REPRESENTATIONS AND WARRANTIES Section 5.01 Existence, Qualification and Power 8182 Section 5.02 Authorization; No Contravention 8182 Section 5.03 Governmental Authorization; Other Consents 8182 Section 5.04 Binding Effect 8182 Section 5.05 Financial Statements; No Material Adverse Effect 8283 Section 5.06 Litigation 8283 Section 5.07 No Default 8283 Section 5.08 Taxes 8384 Section 5.09 ERISA Matters 8384 Section 5.10 Equity Interests 8384 Section 5.11 Margin Regulations; Investment Company Act 8384 Section 5.12 Disclosure 8384 Section 5.13 Compliance with Laws 8485 Section 5.14 Taxpayer Identification Number; Other Identifying Information 8485 Section 5.15 Anti-Corruption Laws; Sanctions 8485 Section 5.16 Solvency 85 Section 5.17 Monthly Report 8586 Section 5.18 No Liens, Etc. 8586 Section 5.19 Bulk Sales 8586 Section 5.20 Collateral 8586 Section 5.21 Selection Procedures 8586 Section 5.22 Indebtedness 86 Section 5.23 No Injunctions 8687 Section 5.24 No Subsidiaries 8687 Section 5.25 Set-Off, Etc. 8687 Section 5.26 Collections 8687 Section 5.27 Value Given 8687 Section 5.28 Use of Proceeds 8687 Section 5.29 Separate Existence 8687 Section 5.30 Loan Documents 8889 Section 5.31 Eligibility of Collateral Assets 8990 ARTICLE VI AFFIRMATIVE COVENANTS Section 6.01 Financial Statements 8990 USActive 62969778.162969778.7 -ii-

------

![](pcap-ex101xamendmentno6t012.jpg)

Section 6.02 Certificates; Other Information 9091 Section 6.03 Notices 9192 Section 6.04 Payment of Obligations 9293 Section 6.05 Preservation of Existence, Etc. 9293 Section 6.06 Maintenance of Properties 9293 Section 6.07 Further Assurances 93 Section 6.08 Compliance with Laws 9394 Section 6.09 Books and Records 9394 Section 6.10 Inspection Rights 9394 Section 6.11 Organization Documents 9394 Section 6.12 Security Interest 9394 Section 6.13 Sanctions 94 Section 6.14 Anti-Corruption Laws; Sanctions 9495 Section 6.15 Ratings 9495 Section 6.16 Tangible Net Worth 9495 Section 6.17 Deposit of Collections 9495 Section 6.18 Taxes 9495 Section 6.19 Performance of Loan Documents 9495 Section 6.20 Delivery of Collateral Asset Files 9495 ARTICLE VII NEGATIVE COVENANTS Section 7.01 Liens 9596 Section 7.02 Investments 9596 Section 7.03 Indebtedness; Bank Accounts 9596 Section 7.04 Fundamental Changes 9596 Section 7.05 Sale of Collateral Assets 9596 Section 7.06 Restricted Payments 9596 Section 7.07 Transactions with Affiliates 9697 Section 7.08 Burdensome Agreements 9697 Section 7.09 Use of Proceeds 9697 Section 7.10 Sanctions 9798 Section 7.11 Special Purpose Entity Requirements 9798 Section 7.12 ERISA 9798 Section 7.13 Change in Nature of Business 9798 Section 7.14 Anti-Corruption Laws 9798 Section 7.15 Documents 9899 Section 7.16 Limitation on Investments 9899 Section 7.17 Representations to Credit Rating Agencies and Regulatory Bodies 9899 Section 7.18 Compliance with Legal Opinions. 9899 Section 7.19 Co-Borrowers. 9899 ARTICLE VIII ADMINISTRATION AND SERVICING OF COLLATERAL ASSETS Section 8.01 Retention and Termination of the Servicer 9899 USActive 62969778.162969778.7 -iii-

------

![](pcap-ex101xamendmentno6t013.jpg)

Section 8.02 Resignation and Removal of the Servicer; Appointment of Successor Servicer 99100 Section 8.03 Duties of the Servicer 100101 Section 8.04 Representations and Warranties of the Servicer 101102 Section 8.05 Covenants of the Servicer 103104 Section 8.06 Servicing Fees; Payment of Certain Expenses by Servicer 106107 Section 8.07 Collateral Reporting 106107 Section 8.08 Notices 106107 Section 8.09 Access to Servicer and Servicer's Records 106107 ARTICLE IX EVENTS OF DEFAULT AND REMEDIES Section 9.01 Events of Default 107108 Section 9.02 Remedies Upon Event of Default 110111 Section 9.03 Purchase Right. 111112 ARTICLE X ADMINISTRATIVE AGENT Section 10.01 Appointment and Authority 111112 Section 10.02 Rights as a Lender 111112 Section 10.03 Exculpatory Provisions 112113 Section 10.04 Reliance by Administrative Agent 113114 Section 10.05 Delegation of Duties 113114 Section 10.06 Resignation of Administrative Agent 113114 Section 10.07 Non-Reliance on Administrative Agent and Other Lenders 115116 Section 10.08 No Other Duties, Etc. 115116 Section 10.09 Administrative Agent May File Proofs of Claim; Credit Bidding 115116 Section 10.10 Collateral Matters 117118 Section 10.11 Indemnification 118119 ARTICLE XI MISCELLANEOUS Section 11.01 Amendments, Etc. 118119 Section 11.02 Notices; Effectiveness; Electronic Communication 120121 Section 11.03 No Waiver; Cumulative Remedies; Enforcement 123124 Section 11.04 Expenses; Indemnity; Damage Waiver 123124 Section 11.05 Payments Set Aside 126127 Section 11.06 Successors and Assigns 127128 Section 11.07 Treatment of Certain Information; Confidentiality 131132 Section 11.08 Right of Setoff 132133 Section 11.09 Interest Rate Limitation 133134 Section 11.10 Counterparts; Integration; Effectiveness 133134 Section 11.11 Survival of Representations and Warranties 133134 Section 11.12 Severability 133134 Section 11.13 Replacement of Lenders 134135 Section 11.14 Governing Law; Jurisdiction; Etc. 135136 USActive 62969778.162969778.7 -iv-

------

![](pcap-ex101xamendmentno6t014.jpg)

Section 11.15 Waiver of Jury Trial 136137 Section 11.16 No Advisory or Fiduciary Responsibility 136137 Section 11.17 Electronic Execution of Assignments and Certain Other Documents 136137 Section 11.18 USA PATRIOT Act 138139 Section 11.19 [Reserved] 138139 Section 11.20 Non-Recourse Obligations; No Petition 138139 Section 11.21 Time of the Essence 139140 Section 11.22 Judgment Currency 139140 ARTICLE XII COLLATERAL ADMINISTRATOR Section 12.01 Designation of Collateral Administrator 142143 Section 12.02 Duties of the Collateral Administrator 142143 Section 12.03 Collateral Administration 143144 Section 12.04 Monthly Report 144145 Section 12.05 Merger or Consolidation 145146 Section 12.06 Collateral Administrator Compensation 145146 Section 12.07 Removal or Resignation of Collateral Administrator 146147 Section 12.08 Limitations on Liability 146147 ARTICLE XIII COLLATERAL CUSTODIAN Section 13.01 Designation of Collateral Custodian 150151 Section 13.02 Duties of the Collateral Custodian 150151 Section 13.03 Delivery of Collateral Asset Files 152153 Section 13.04 Collateral Asset File Certification 153154 Section 13.05 Release of Collateral Asset Files 154155 Section 13.06 Examination of Collateral Asset Files 155156 Section 13.07 Lost Note Affidavit 155156 Section 13.08 Transmission of Collateral Asset Files 156157 Section 13.09 Merger or Consolidation 156157 Section 13.10 Collateral Custodian Compensation 156157 Section 13.11 Removal or Resignation of Collateral Custodian 157158 Section 13.12 Limitations on Liability 157158 Section 13.13 Collateral Custodian as Agent of Administrative Agent 159160 ANNEXES A Advance Rates B Eligibility and Portfolio Criteria SCHEDULES 2.01 Commitments and Applicable Percentages 5.07 Certain Contractual Obligations 5.14 Identification Information of Initial Borrower and Borrower Parent USActive 62969778.162969778.7 -v-

------

![](pcap-ex101xamendmentno6t015.jpg)

CREDIT AGREEMENT This CREDIT AGREEMENT ("Agreement") is entered into as of April 19, 2022, among CHURCHILL NCPCIF CLO-I LLC (F/K/A NCPIF SPV I LLC), a Delaware limited liability company (the "Initial Borrower"), each co-borrower from time to time party hereto (each a "Co-Borrower" and, together with the Initial Borrower, the "Borrowers" and individually, each a "Borrower"), each lender from time to time party hereto (collectively, the "Lenders" and individually, a "Lender") and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with its successors and assigns, the "Administrative Agent"), NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as Servicer (the "Servicer"), U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator (in such capacity, together with its successors and assigns, the "Collateral Administrator") and U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian (in such capacity, together with its successors and assigns, the "Collateral Custodian"). The Borrower has requested that the Lenders provide a revolving credit facility (the "Facility"), and the Lenders are willing to do so on the terms and conditions set forth herein. In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: ARTICLE I DEFINITIONS AND ACCOUNTING TERMS Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: "Account" means any of the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account, the Custody Account and any sub-accounts thereof deemed appropriate or necessary by the Administrative Agent or the Securities Intermediary for convenience in administering such accounts. "Account Control Agreement" means the Securities Account Control Agreement by and among the Borrower, as pledgor, the Administrative Agent on behalf of the Secured Parties, as secured party, and the Securities Intermediary. "Accreted Interest" means interest accrued on a Collateral Asset that is added to the principal amount of such Collateral Asset instead of being paid as it accrues. "Adjusted Principal Balance" means with respect to any Collateral Asset as of any date of determination, (a) the Principal Balance of such Collateral Asset multiplied by (b) the Assigned Value of such Collateral Asset. The "Adjusted Principal Balance" of any Collateral Asset that is not an Eligible Collateral Asset shall be zero. "Administrative Agent" has the meaning specified in the Preamble. USActive 62969778.162969778.7

------

![](pcap-ex101xamendmentno6t016.jpg)

"Applicable Percentage" means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender's Commitment at such time, subject to adjustment as provided in Section 2.12. If the commitment of each Lender to make Loans has been terminated pursuant to Section 9.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments by any Lender and to any Lender's status as a Defaulting Lender at the time of such determination. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. "Applicable Rate" means, (I) from and after the FourthFifth Amendment Effective Date to but excluding the Sixth Amendment Effective Date, with respect to any Interest Period and determined in connection with the calculation of the Borrowing Base as of the most recent Determination Date preceding the beginning of such Interest Period, a per annum rate equal to (i) the sum of (a)(x) 1.60% multiplied by (y) the lesser of (1) the Adjusted Principal Balance of all Eligible Collateral Assets that are Qualifying Syndicated Loans or (2) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (b) (x) 2.00% multiplied by (y) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (i)(a)(y) above divided by (ii) the Aggregate Adjusted Principal Balance; (II) from and after the Sixth Amendment Effective Date to and including the three-month anniversary of the Sixth Amendment Effective Date, with respect to any Interest Period and determined in connection with the calculation of the Borrowing Base as of the most recent Determination Date preceding the beginning of such Interest Period, a per annum rate equal to (i) the sum of (a)(x) 1.60% multiplied by (y) the lesser of (1) the Adjusted Principal Balance of all Eligible Collateral Assets that are Qualifying Syndicated Loans or (2) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (b) (x) 1.80% multiplied by (y) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (i)(a)(y) above divided by (ii) the Aggregate Adjusted Principal Balance; and (III) after the three-month anniversary of the Sixth Amendment Effective Date, a per annum rate equal to 1.80%. "Approval Notice" means, with respect to any Collateral Asset, a copy of a notice executed by the Administrative Agent substantially in the form of Exhibit I, evidencing, among other things, the approval of the Administrative Agent, in its sole discretion, of such Collateral Asset. "Approved Fund" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. "Approved Lender" means a Person that owns and invests on a discretionary basis $25,000,000 or more in securities other than securities of an issuer that controls, is USActive 62969778.162969778.7 -4-

------

![](pcap-ex101xamendmentno6t017.jpg)

"Automatic Increase Date" means March 19, 2025, or an earlier date as agreed between the Administrative Agent, the Required Lenders and the Borrower. "Availability Period" means the period (i) beginning on the later of (A) the Closing Date and (B) the date on which all conditions precedent to the initial Borrowing have been satisfied or waived and (ii) ending on the earlier of (A) any date on which an Event of Default has occurred and each Lender's commitment has been terminated pursuant to Section 9.02 or (B) the third anniversary of the Fourth Amendment Effective DateMarch 19, 2028. "Average Life" means, for any Collateral Asset, as of any date of determination, the number determined by dividing (a) the product of (i) the amount of each Scheduled Payment of principal to be paid after such date of determination by (ii) the number of years (rounded to the nearest hundredth) from such date of determination until such Scheduled Payment of principal is due by (b) the sum of all successive Scheduled Payments of principal on such Collateral Asset. "Bail-In Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. "Bail-In Legislation" means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). "Bank Loan" means any commercial loan. A participation in any loan will not be a Bank Loan; provided that Participation Interests in loans under the Master Participation Agreement will be Bank Loans to the same extent as the underlying loan. "Bank of America" means Bank of America, N.A. and its successors. "Base Rate" means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Prime Rate in effect for such day and (c) the Secured Overnight Financing Rate published on such day by the SOFR Administrator on the Federal Reserve Bank of New York's website (or any successor source) plus the Applicable Rate. If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate shall be the greatest of clauses (a) and (b) above and shall be determined without reference to clause (c) above. "Base Rate Loan" means a Loan that bears interest based on the Base Rate. For the avoidance of doubt, each Base Rate Loan shall be denominated in Dollars. USActive 62969778.162969778.7 -6-

------

![](pcap-ex101xamendmentno6t018.jpg)

"Event of Default" has the meaning specified in Section 9.01. "Excess Concentration Amount" means, as of the most recent Measurement Date (and after giving effect to all Eligible Collateral Assets to be purchased or sold by the Borrower on such date), the portion of the Eligible Collateral Assets (calculated without duplication) that do not satisfy the Portfolio Criteria. The Servicer shall determine which Eligible Collateral Assets to include in the Excess Concentration Amount, subject to the Servicing Standard. "Excluded Taxes" means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Sections 3.06 and 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient's failure to comply with Section 3.01(f) and(d) any U.S. federal withholding Taxes imposed under FATCA. "Exposure Amount Shortfall" has the meaning specified in Section 2.02(d). "Facility" has the meaning specified in the recitals hereto. "FATCA" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements implementing the foregoing (including any legislation, regulations, rules, promulgations, guidance notes, official agreements or practices adopted pursuant to such intergovernmental agreements). "Federal Funds Rate" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement (other than in the calculation of "Base Rate"). "Fee Letters" means, collectively, the Lender Fee Letters and the Agent Fee Letter. USActive 62969778.162969778.7 -20-

------

![](pcap-ex101xamendmentno6t019.jpg)

"Fifth Amendment Effective Date" means February 6, 2025. "FILO Bank Loan" means a Bank Loan that would constitute a First Lien Bank Loan but that, at any time prior to and/or after an event of default under the related Underlying Instruments of such Bank Loan, will be paid after one or more other obligations issued by the same obligor have been paid in full in accordance with a specified waterfall or other priority of payments (it being understood that a First Lien Bank Loan that is subject to Permitted Obligor Indebtedness as described in the definition of "First Lien Bank Loan" will not be deemed to be a FILO Bank Loan by virtue of such Permitted Obligor Indebtedness). "Financial Sponsor" means any Person, including any subsidiary of such Person, whose principal business activity is acquiring, holding and selling investments (including controlling interests) in otherwise unrelated companies that are each distinct legal entities with separate management, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. "First Amendment Effective Date" means October 4, 2022. "First Lien Bank Loan" means a Bank Loan that (a) is not (and by its terms is not permitted to become) subordinate in right of payment and does not have a junior lien priority to any other debt for borrowed money incurred by the obligor of such Bank Loan other than Permitted Obligor Indebtedness, (b) is secured by a valid first priority perfected security interest or lien on specified collateral securing the obligor's obligations under such Bank Loan (such collateral, together with any other pledged assets, or the related enterprise value, having a value (as reasonably determined by the Servicer as of the related Cut-Off Date, which determination will not be questioned based on subsequent events) equal to or greater than the principal balance of the Bank Loan and other pari passu debt) securing the obligor's obligations under the Bank Loan subject to (i) Liens permitted under the applicable Underlying Instrument that are reasonable and customary for similar loans, (ii) Liens to secure Permitted Obligor Indebtedness and (iii) Liens accorded priority by law in favor of the United States or any state or agency and (c) is not secured solely or primarily by common stock or other equity interests; provided, that the limitation set forth in this clause (c) does not apply with respect to a Bank Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Bank Loan or any other similar type of indebtedness owing to third parties). "Foreign Lender" means, a Recipient that is not a U.S. Person. "Fourth Amendment Effective Date" means September 19, 2024. "FRB" means the Board of Governors of the Federal Reserve System of the United States. USActive 62969778.162969778.7 -21-

------

![](pcap-ex101xamendmentno6t020.jpg)

"Loan Documents" means this Agreement, each Security Agreement, the Account Control Agreement, each Assignment and Assumption, the Sale Agreement, the Master Participation Agreement, each Co-Borrower Joinder, each Note, the Collateral Administrator and Collateral Custodian Fee Letter and the Fee Letters. "Loan Notice" means a notice of (a) a Borrowing or (b) a conversion of Loans from one Type to the other, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A. "Make-Whole Fee" has the meaning specified in Section 2.07(b). "Make-Whole Percentage" means (a) prior to the 15-month anniversary of the Fourth Amendment Effective Date, 2.0%, (b) on and after the 15-month anniversary of the Fourth Amendment Effective Date and prior to the 27-month anniversary of the Fourth Amendment Effective Date, 0.5% and, (c) on and after the 27-month anniversary of the Fourth Amendment Effective Date and prior to the 39-month anniversary of the Fourth Amendment Effective Date, 0.25% and (d) thereafter, zero. "Master Agreement" has the meaning specified in Section 11.23(c)(v). "Master Participation Agreement" means each of (a) the Master Participation and Assignment Agreement, dated as of March 31, 2022, between the Initial Borrower and TIAA, as such Master Participation and Assignment Agreement is amended and restated by the Amended and Restated Sale Agreement after the Closing Date and (b) any other master participation agreement entered into by the Borrower after the Closing Date with the consent of the Administrative Agent. "Material Adverse Effect" means, relative to any occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), a materially adverse effect on (a) the financial condition or operations of the Borrower or the Servicer, (b) the legality, validity or enforceability of any of the Loan Documents, (c) the right or ability of the Borrower or the Servicer to perform any of its obligations under any of the Loan Documents or (d) the rights or remedies of (i) the Lenders or the Administrative Agent under any of the Loan Documents or (ii) of the Borrower under the Collateral Assets taken as a whole. "Material Modification" means any amendment or waiver of, or modification or supplement to, any Underlying Instrument governing a Collateral Asset executed or effected on or after the Cut-Off Date which: (a) reduces or forgives any or all of the principal amount due under such Collateral Asset; (b) (i) waives one or more interest payments, (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Asset or (iii) waives or reduces the spread or coupon payable on such Collateral Asset; provided that (x) no such reduction shall be a Material Modification with respect to any USActive 62969778.162969778.7 -28-

------

![](pcap-ex101xamendmentno6t021.jpg)

(h) results in any change in the currency or composition of any payment of interest or principal to any currency other than that in which such Collateral Asset was originally denominated; (i) results in a change to or grants relief from the borrowing base or any related definition that in the sole discretion of the Administrative Agent adversely affects the value of such Collateral Asset; (j) results in a change to the calculation of EBITDA for the related obligor that in the sole discretion of the Administrative Agent adversely affects the value of such Collateral Asset; or (k) results in a change to the financial covenants set forth in such Underlying Instrument that in the sole discretion of the Administrative Agent adversely affects the value of such Collateral Asset. "Maturity Date" means the fifth anniversary of the Fourth Amendment Effective DateMarch 19, 2030; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next following Business Day. "Measurement Date" means each of the following, as applicable: (i) the Closing Date; (ii) each Determination Date; (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.03; (v) the date that the Servicer has actual knowledge of the occurrence of any Revaluation Event with respect to any Collateral Asset, a change in the Assigned Value of any Collateral Asset or that any Collateral Asset fails to be an Eligible Collateral Asset; (vi) the date of any repurchase pursuant to Section 2.16(a); (vii) the last day of the Availability Period; (viii) the date of any Optional Sale; (ix) the date of any Restricted Payment; (x) the date of any Event of Default; (x) the date of any Securitization Take-Out; and (xi) any other date reasonably requested by the Administrative Agent. "Minimum Required Equity Amount" means, as of any date of determination, the amount equal to the sum of the Adjusted Principal Balances plus the Unfunded Exposure Amounts of all Eligible Collateral Assets attributable to the four obligors whose Collateral Assets have the highest Adjusted Principal Balances. "Monthly Report" means a monthly report prepared by the Collateral Administrator, on behalf of the Borrower, substantially in the form of Exhibit G. "Moody's" means Moody's Investors Service, Inc. and any successor thereto. "Multiemployer Plan" means a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise. "Nationally Recognized Pricing Service" means IHS MarkIt Ltd. or Thomson Reuters LPC or any other nationally recognized loan pricing approved in writing by the Administrative Agent in its reasonable discretion. USActive 62969778.162969778.7 -30-

------

![](pcap-ex101xamendmentno6t022.jpg)

(i) Nuveen Churchill Private Capital Income Fund or Churchill or, in either case, an Affiliate thereof ceases to be the Servicer; (j) any failure by the Servicer to deliver any Required Reports hereunder on or before the date occurring five (5) Business Days after the earlier to occur of (A) the date on which written notice of such failure shall have been given to the Servicer by the Administrative Agent and (B) the date on which a Responsible Officer of the Servicer acquires knowledge thereof; (k) a Regulatory Event occurs with respect to the Servicer; or (l) any other event which has caused a Material Adverse Effect on the ability of the Servicer to meet its obligations under the Loan Documents to which it is a party. "Servicing Fee" means the fee payable to the Servicer on each Payment Date in arrears in respect of each Interest Period, which fee shall be equal to the product of (i) 0.50%, (ii) the daily average of the Aggregate Principal Balance of all Eligible Collateral Assets during such Interest Period and (iii) the actual number of days in such Interest Period divided by 360; provided that, in the sole discretion of the Servicer, the Servicer may, from time to time, waive all or any portion of the Servicing Fee payable on any Payment Date. "Servicing Standard" means, with respect to any Collateral Assets, to service and administer such Collateral Assets on behalf of the Borrower and the Secured Parties with reasonable care (i) using no less degree of care, skill and attention as it employs with respect to similar collateral that it manages for itself and its Affiliates having similar investment objectives and restrictions and (ii) without limiting the clause (i), in a manner it reasonably believes consistent with customary standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Collateral Assets. "Sixth Amendment Effective Date" means December 19, 2025. "SOFR" means, with respect to any applicable determination date, the Secured Overnight Financing Rate published on the fifth U.S. Government Securities Business Day preceding such date by the SOFR Administrator on the Federal Reserve Bank of New York's website (or any successor source); provided however that if such determination date is not a U.S. Government Securities Business Day, then SOFR means such rate that applied on the first U.S. Government Securities Business Day immediately prior thereto. "SOFR Adjustment" means 0% per annum. "SOFR Administrator" means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time that is satisfactory to the Administrative Agent. "SOFR Loan" means a Loan that bears interest at a rate based on Daily SOFR. USActive 62969778.162969778.7 -45-

------

## Exhibit 99.1

**Exhibit 99.1**

**AMENDED AND RESTATED**

**INVESTMENT SUB-ADVISORY AGREEMENT** 

THIS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT is made this 22nd day of December, 2025, by and between CHURCHILL PCIF ADVISOR LLC, a Delaware limited liability company (the "<u>Adviser</u>"), and CHURCHILL ASSET MANAGEMENT LLC, a Delaware limited liability company (the "<u>Sub-Adviser</u>").

WHEREAS, the Adviser and the Sub-Adviser are investment advisers that are registered under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engage in the business of providing investment management services;

WHEREAS, the Adviser has been retained to act as the investment adviser to Nuveen Churchill Private Capital Income Fund, a Delaware statutory trust (the "<u>Fund</u>"), that operates as a closed-end management investment company that has elected 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>"), pursuant to an investment advisory agreement, dated May 28, 2024 (the "<u>Advisory Agreement</u>");

WHEREAS, the Advisory Agreement permits the Adviser, subject to the supervision and direction of the Fund's board of trustees (the "<u>Board</u>"), to delegate certain of its duties thereunder to other investment advisers, subject to the requirements of the 1940 Act;

WHEREAS, the Adviser and the Sub-Adviser are parties to the investment sub-advisory agreement, dated May 28, 2024, by and between the Adviser and the Sub-Adviser (the "<u>Prior Agreement</u>");

WHEREAS, the Adviser and the Sub-Adviser desire to amend and restate the Prior Agreement to change the allocation of compensation between the Adviser and the Sub-Adviser under Section 3(a) thereof; <u>and</u>

WHEREAS, the Board has approved this amended and restated investment sub-advisory agreement (this "<u>Agreement</u>") in accordance with the requirements of the 1940 Act.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of the Sub-Adviser</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;<u>Retention of Sub-Adviser</u>. The Adviser hereby engages the Sub-Adviser to manage the investment and reinvestment of the assets of the Fund, subject to the terms set forth herein and subject to the supervision of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibilities of Sub-Adviser</u>. Subject to the supervision of the Adviser and the Board at all times, the Sub-Adviser will furnish an investment program in respect of, make investment decisions for, and place all orders for the purchase and sale of securities for the Fund, all on behalf of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;<u>Acceptance of Engagement</u>. The Sub-Adviser hereby agrees during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations contained herein. The Sub-Adviser shall carry out its responsibilities under this Agreement in compliance

------

with: (i) the Fund's investment objective, policies and restrictions set forth in the Fund's prospectus; (ii) such policies, directives, regulatory restrictions and compliance policies as the Adviser may from time to time establish or issue and communicate to the Sub-Adviser in writing; and (iii) applicable law and related regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Independent Contractor Status</u>. The Sub-Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Adviser or the Fund in any way or otherwise be deemed an agent of the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;<u>Brokerage Commissions</u>. The Sub-Adviser will not typically use a broker or dealer, but if a broker or dealer is used, the Sub-Adviser will place orders with any broker or dealer in connection with making investments for the Fund, on the Adviser's behalf hereunder. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Sub-Adviser will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Sub-Adviser will consider the experience and skill of the firm's securities traders as well as the firm's financial responsibility and administrative efficiency. Consistent with this obligation, the Sub-Adviser may select brokers on the basis of the research, statistical and pricing services they provide to the Fund and other clients of the Sub-Adviser. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Sub-Adviser hereunder. A commission paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Sub-Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Sub-Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Voting of Proxies</u>. The Adviser hereby delegates to the Sub-Adviser the Adviser's discretionary authority to exercise voting rights with respect to the securities and other assets of the Fund (the "<u>Sub-Adviser Assets</u>") and authorizes the Sub-Adviser to delegate further such discretionary authority to a designee identified in a notice given to the Fund and the Adviser. The Sub-Adviser, including without limitation its designee, shall have the power to vote, either in person or by proxy, all securities and other investments in which the Sub-Adviser Assets may be invested from time to time, and shall not be required to seek or take instructions from, the Adviser or the Fund or take any action with respect thereto. Such authorization shall include the ability to exercise authority with regard to corporate actions affecting investments in the Sub-Adviser Assets.

The Sub-Adviser has established a written procedure for proxy voting in compliance with current applicable rules and regulations, including but not limited to Rule 30b1-4 under the 1940 Act. The Sub-Adviser will provide the Adviser, or its designee, a copy of such procedure and establish a process for the timely distribution of the Sub-Adviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete information required by U.S. Securities and Exchange Commission ("<u>SEC</u>") filings under the 1940 Act, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended , and the Sarbanes-Oxley Act of 2002, as amended, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;<u>Power and Authority</u>. To facilitate the Sub-Adviser's performance of its responsibilities, but subject to the restrictions contained herein, the Adviser, on behalf of the Fund, hereby delegates to the Sub-Adviser, and the Sub-Adviser hereby accepts, the power and authority to act on behalf of the Fund to effectuate investment decisions for the Fund, including the execution and delivery of all documents

------

relating to the Fund's investments, the placing of orders for other purchase or sale transactions on behalf of the Fund and the transfer of cash and other assets to facilitate the arrangement of the Fund's investments. If the Sub-Adviser deems it necessary or advisable to make, through a special purpose vehicle, any investment it is permitted hereunder to make on behalf of the Fund, then the Sub-Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make such investment through such special purpose vehicle. The Adviser, on behalf of the Fund, but subject to the restrictions contained herein, also grants to the Sub-Adviser the power and authority to engage in all activities and transactions (and anything incidental thereto) that the Sub-Adviser reasonably deems appropriate, necessary or advisable to carry out its duties pursuant to this Agreement or otherwise not in conflict with the Sixth Amended and Restated Declaration of Trust and the Fifth Amended and Restated Bylaws of the Fund. Any such actions taken by the Sub-Adviser on behalf of the Fund shall be in the name of the Fund.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>.** 

During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Sub-Adviser, at its sole expense, shall employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement; provided however, that the Sub-Adviser may not sub-contract or assign its duties under this Agreement to third-parties. In addition, the Fund or the Adviser, as the case may be, shall reimburse the Sub-Adviser for any expenses as may be reasonably incurred by the Sub-Adviser in connection with services provided by the Sub-Adviser outside of the scope of this Agreement, specifically at the request of and on behalf of the Fund or the Adviser. In such instances, the Sub-Adviser shall keep and supply to the Fund and/or the Adviser, as applicable, reasonable records of all such expenses. For the avoidance of doubt, unless the Sub-Adviser elects to bear or waive any of the following costs (in its sole and absolute discretion), the Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the organization of the Fund;

&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)&nbsp;&nbsp;&nbsp;&nbsp;calculating net asset value (including the cost and expenses of any independent third-party valuation firm);

&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)&nbsp;&nbsp;&nbsp;&nbsp;expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, the Sub-Adviser, or members of their investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund's rights;

&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)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses incurred by the Adviser, the Sub-Adviser, Churchill BDC Administration LLC (f/k/a Nuveen Churchill Administration LLC) (the "<u>Administrator</u>") or an affiliate thereof, payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring investments and portfolio companies on an ongoing basis;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Fund, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal

------

or interest on the Fund's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the account of the Fund and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;offerings, sales, and repurchases of the Fund's shares of beneficial interest and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses payable under the intermediary manager agreement between the Fund and Nuveen Securities, LLC and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;investment advisory fees payable under Section 7 of the Advisory 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;administration fees and expenses, if any, payable under the administration agreement by and between the Fund and the Administrator (the "<u>Administration Agreement</u>"), (including payments under the Administration Agreement, based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including the allocable portion of the cost of the Fund's chief financial officer and chief compliance officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;any applicable administrative agent fees or loan arranging fees incurred with respect to the Fund's portfolio investments by the Adviser, the Sub-Adviser, the Administrator or an affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the benefit of the Fund (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;transfer agent, dividend agent and custodial fees 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;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;federal, state and local 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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;fees and expenses of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser, the Sub-Adviser or of the Fund (each, an "<u>Independent Trustee</u>"), including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;costs of preparing and filing reports or other documents required by the SEC, Financial Industry Regulatory Authority, Inc., U.S. Commodity Futures Trading Commission, or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund and its activities;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp;fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;proxy voting 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;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board o to or on account of holders of the securities of the Fund, including in connection with the distribution reinvestment plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's assets for tax or other purposes;

(xxiv).&nbsp;&nbsp;&nbsp;&nbsp;the allocated costs incurred by the Adviser, the Sub-Adviser and/or the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;&nbsp;&nbsp;allocable fees and expenses associated with marketing efforts on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xxvi)&nbsp;&nbsp;&nbsp;&nbsp;all fees, costs and expenses of any litigation involving the Fund or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the Fund's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xxvii) fees, costs and expenses of winding up and liquidating the Fund's assets; 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; (xxviii) all other expenses incurred by the Fund, the Sub-Adviser, or the Administrator in connection with administering the Fund's business.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;For the services provided and the expenses assumed pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, 85% of the aggregate amount of the management fee, the incentive fee on income, and the incentive fee on capital gains as set forth in the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The management fee and the incentive fee on income will be payable quarterly in arrears and the incentive fee on capital gains will be payable annually pursuant to the terms of the Advisory Agreement.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability and Indemnification</u>.** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The duties of the Sub-Adviser shall be confined to those expressly set forth herein. The Sub-Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Sub-Adviser) shall not be liable for any action taken or omitted to be taken by the Sub-Adviser or such other person in connection with the performance of any of its duties or obligations hereunder, except to the extent resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable state law which cannot be waived or modified hereby. As used in this Section 7(a), the term "Sub-Adviser" shall include, without limitation, the Sub-Adviser's affiliates and the Sub-Adviser's and its affiliates' respective partners, shareholders, directors, members, principals, officers, employees and other agents of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth in clause (ii), the Adviser shall indemnify the Sub-Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Sub-Adviser) (collectively, the "<u>Indemnified Parties</u>"), for any liability, losses, damages, costs and expenses, including reasonable attorneys' fees and amounts reasonably paid in settlement ("<u>Losses</u>"), howsoever arising from, or in connection with, the Sub-Adviser's performance of its obligations under this Agreement and (ii) the Adviser shall indemnify the Indemnified Parties for any Losses arising from, or in connection with, the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of the performance of its obligations under this Agreement or the Advisory Agreement; provided, however, that in the case of clauses (i) and (ii) the Sub-Adviser shall not be indemnified for any Losses that may be sustained as a result of the Sub-Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<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 all "nonpublic personal information," as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the 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, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. 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 requested by or required to be disclosed to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility of Dual Directors, Officers and/or Employees</u>**

If any person who is a director, officer, equityholder or employee of the Sub-Adviser or its affiliates is or becomes a director, officer, equityholder and/or employee of the Fund and acts as such in any business of the Fund, then such trustee, officer, equityholder and/or employee of the Sub-Adviser or its affiliates shall be deemed to be acting in such capacity solely for the Fund, and not as a trustee, officer, equityholder or employee of the Sub-Adviser or its affiliates or under the control or direction of the Sub-Adviser or its affiliates, even if paid by the Sub-Adviser.

------

**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration and Termination of Agreement</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective as of the date first written above (the "<u>Effective Date</u>"). This Agreement may be terminated at any time, without the payment of any penalty, upon 120 days' written notice, by (i) the Adviser, if the Board or a "majority of the outstanding voting securities" (as such term is defined in Section 2(a)(42) of the 1940 Act) of the Fund determines that this Agreement should be terminated, or (ii) the Sub-Adviser. The provisions of Section 7 of this Agreement shall remain in full force and effect, and the Sub-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 Sub-Adviser shall be entitled to any amounts owed under Section 6 through the date of termination or expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Unless earlier terminated pursuant to clause (a) above, this Agreement shall continue in effect for two years from May 28, 2024 and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Independent Trustees in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Services Not Exclusive</u>.** 

Nothing in this Agreement shall prevent the Sub-Adviser or any member, manager, officer, employee, agent or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Sub-Adviser or any of its members, managers, officers, employees, agents or other affiliates from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting. For the avoidance of doubt, the Adviser and the Sub-Adviser (or either of their respective affiliates) may enter into one or more agreements pursuant to which the Sub-Adviser and/or its affiliates and their personnel may be restricted in their investment management activities. The Sub-Adviser or any member, manager, officer, employee, agent or other affiliate thereof may allocate their time between advising the Fund and managing other investment activities and business activities in which they may be involved.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.** 

Any notices and other writings contemplated by this Agreement shall be delivered to the other party by (i) first class postage prepaid, (ii) a nationally recognized overnight courier or (iii) electronic mail. All such notices shall be addressed, as follows:

If to the Adviser:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill PCIF Advisor LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 Andrew Carnegie Blvd

Charlotte, NC 28262

Attn: John McCally, General Counsel

Email: john.mccally@churchillam.com

If to the Sub-Adviser:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Asset Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 Andrew Carnegie Blvd

------

Charlotte, NC 28262

Attn: John McCally, General Counsel

Email: john.mccally@churchillam.com

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments of this Agreement</u>.** 

This Agreement may be amended by mutual consent of the parties, subject to the requirements of applicable law.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<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 in accordance with the applicable provisions of the 1940 Act. In such case, 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.

**12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

**13. &nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.** 

This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

*[Remainder of page intentionally left blank.]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

**CHURCHILL PCIF ADVISOR LLC**

By: <u>/s/ John D. McCally &nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;John D. McCally

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Managing Director, Secretary and General Counsel

**CHURCHILL ASSET MANAGEMENT LLC**

By: <u>/s/ John D. McCally &nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;John D. McCally

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Managing Director, Secretary and General Counsel

<br>