# EDGAR Filing Document

**Accession Number:** 0002043133
**File Stem:** 0001193125-25-207569
**Filing Date:** 2025-9
**Character Count:** 1027729
**Document Hash:** f8699e6ca0dbd1f71fa80deb59497cf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-207569.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001193125-25-207569

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

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Steel City Perpetual Levered Fund LP
- **CENTRAL INDEX KEY:** 0002043133

**ORGANIZATION NAME:**
- **EIN:** 331515587
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56771
- **FILM NUMBER:** 251325335

**BUSINESS ADDRESS:**
- **STREET 1:** 515 S FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 S FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on September 18, 2025** 

**File No. 000-56771** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No.1 to FORM 10** 

**GENERAL FORM FOR REGISTRATION OF SECURITIES** 

**PURSUANT TO SECTION 12(b) OR 12(g) OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**TCW STEEL CITY PERPETUAL LEVERED FUND LP** 

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

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| | |
|:---|:---|
| **Delaware**<br> **(State or other jurisdiction of<br>incorporation or registration)** | **33-1515587<br>(I.R.S. Employer<br>Identification No.)** |
| **200 Clarendon Street, 51<sup>st</sup> Floor**<br> **Boston, Massachusetts** | **02116** |
| **(Address of principle executive**<br> **offices)** | **(Zip Code)** |

---

**<u>(617) 936-2275</u>** 

**(Registrant's telephone number, including area code)** 

***with copies to:***

---

| | |
|:---|:---|
| **Andrew Bowden, Esq.<br>Executive Vice President and General Counsel<br>The TCW Group, Inc.<br>515 South Flower Street<br>Los Angeles, California 90071<br>(213) 244-0000** | **Vadim Avdeychik, Esq.<br>Marc Ponchione, Esq.<br>Debevoise & Plimpton LLP<br>66 Hudson Blvd<br>New York, New York 10001<br>(212) 909-6867** |

---

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

**None** 

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

**Class I common shares of beneficial interest, par value $0.01** 

**(Title of class)** 

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

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| | | |
|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer | ☐ |
| Non-accelerated filer ☒ (Do not<br>check if a smaller reporting company) | Smaller reporting company | ☐ |
|  | 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. ☐

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
| [EXPLANATORY NOTE](#tx40107_1) | 1 |
| [FORWARD-LOOKING STATEMENTS](#tx40107_2) | 2 |
| [SUMMARY OF RISK FACTORS](#tx40107_3) | 5 |
| [Item 1. Business](#tx40107_4) | 7 |
| [Item 1A. Risk Factors](#tx40107_5) | 45 |
| [Item 2. Financial Information](#tx40107_6) | 81 |
| [Item 3. Properties](#tx40107_7) | 85 |
| [Item 4. Security Ownership of Certain Beneficial Owners and Management](#tx40107_8) | 85 |
| [Item 5. Trustees and Executive Officers](#tx40107_9) | 86 |
| [Item 6. Executive Compensation](#tx40107_10) | 91 |
| [Item 7. Certain Relationships and Related Transactions, and Trustee Independence](#tx40107_11) | 92 |
| [Item 8. Legal Proceedings](#tx40107_12) | 100 |
| [Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters](#tx40107_13) | 100 |
| [Item 10. Recent Sales of Unregistered Securities](#tx40107_14) | 105 |
| [Item 11. Description of Registrant's Securities to be Registered](#tx40107_15) | 105 |
| [Item 12. Indemnification of Trustees and Officers](#tx40107_16) | 113 |
| [Item 13. Financial Statements and Supplementary Data](#tx40107_17) | 114 |
| [Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#tx40107_18) | 114 |
| [Item 15. Financial Statements and Exhibits](#tx40107_19) | 114 |

---

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##### [**Table of Contents**](#toc)
**EXPLANATORY NOTE** 

TCW Steel City Perpetual Levered Fund LP is filing this registration statement on Form 10 (this "Registration Statement") under the Securities Exchange Act of 1934, as amended (the "1934 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"). Unless indicated otherwise in this Registration Statement or the context requires otherwise, each of the "Company," "we," "us," and "our" refers to TCW Steel City Perpetual Levered Fund LP, a Delaware limited partnership, for the periods prior to its conversion to a Delaware statutory trust, and to TCW Steel City Senior Lending BDC, a Delaware statutory trust, for the periods after its conversion to a Delaware statutory trust described elsewhere in this Registration Statement, "Advisor" refers to TCW PT Management Company LLC, "Sub-Advisor" refers to PNC Steel City Advisors, LLC, our investment sub-advisor, "Advisors" refers collectively to the Advisor and Sub-Advisor and "Shareholders" refers to holders of our Class I common shares of beneficial interest, par value $0.01 per share (the "Class I Shares," and, together with the additional common shares that we may offer in the future, the "Common Shares").

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. 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.

Once this Registration Statement is deemed effective, we will be subject to the requirements of Section 13(a) of the 1934 Act, including the rules and regulations promulgated thereunder, which will require us, 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 we will be required to comply with all other obligations of the 1934 Act applicable to issuers filing registration statements pursuant to Section 12(g) of the 1934 Act. Upon the effectiveness of this Registration Statement, we will also be subject to the proxy rules in Section 14 of the 1934 Act, and we and our trustees, officers and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the 1934 Act. The Securities and Exchange Commission (the "SEC" or the "Commission") maintains an Internet Website (http://www.sec.gov) that contains the reports mentioned in this section.

In connection with the foregoing, we will file an election to be regulated as a BDC under the 1940 Act. Upon filing of such election, we will become subject to the 1940 Act requirements applicable to BDCs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company's Common Shares are not currently listed on an exchange, and it is uncertain whether a
secondary market will develop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Repurchases of Common Shares by the Company, if any, are expected to be very limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An investment in the Company may not be suitable for investors who may need the money they invest in a specified
time frame.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment in the Company 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 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company intends to invest primarily in privately-held companies for which very little public information
exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The privately-held companies and below-investment-grade securities in which the Company will invest will be
difficult to value and are illiquid.

**FORWARD-LOOKING STATEMENTS** 

This Registration Statement contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● potential illiquidity and lack of a viable trading market for our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of the Advisor and the Sub-Advisor to attract and retain
highly talented professionals, and the allocation of such professionals' time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our reliance on management of the portfolio companies in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead
to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we may be unable to generate returns for our investors and any losses of the Company will be borne solely by
Shareholders and not by the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the ability of the Advisors to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● defaults by a substantial number of Shareholders or by one or more Shareholders who have made substantial Capital
Commitments (as defined herein);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the impact of prepayment on the value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the allocation of expenses in co-investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our reliance on the skill and expertise of the Advisor and Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our dependence on PNC Capital Markets, LLC as a sourcing agent for our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investments at different levels of a capital structure may expose us to additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● conflicts of interest may arise between the Advisors, Other Clients (as defined herein) and certain of our
portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we may be limited in our ability to engage in certain transactions with affiliates under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the speculative and illiquid nature of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● operational risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● uncertainty surrounding market and geopolitical risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● disruptions and instability in the capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● uncertainty with respect to trade policies, treaties and tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our status as a non-diversified investment company may cause our NAV to
fluctuate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● collateral may consist of assets that may not be readily liquidated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our investments may not be diversified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a contraction of available credit could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of
our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our reliance upon un-affiliated co-lenders, consultants, service providers and other counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● valuation risks;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the risks associated with indirect investments in portfolio companies through joint ventures, partnerships or
other special purpose vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● insolvencies of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● potential lender liability proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● additional risks associated with the highly levered portfolio companies in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the risks associated with the bridge financings, subordinated or mezzanine financings, unitranche loans, trade
receivables securitizations, technology financings, delayed draw facilities which we may make to portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● loans to middle-market portfolio companies present a greater risk than loans to larger companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated payment-in-kind ("PIK") interest and private credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investments in portfolio companies located outside of the US may present additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we may be subject to risks in connection with the derivative instruments we use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we will pay fees and expenses which will reduce the actual returns to Shareholders, the distributions we make to
Shareholders, and the overall value of the Shareholders' investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we may retain, in whole or in part, any proceeds attributable to portfolio investments and may use the amounts
retained to make investments, pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we may issue Preferred Shares with separate rights and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with current legal, tax and regulatory framework and changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the costs associated with being a public entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our ability to qualify and maintain our qualification as a regulated investment company, or "RIC,"
under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● information systems failures and other cybersecurity risks significantly disrupting our business, financial
condition or operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the risks artificial intelligence pose to us and our portfolio companies; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the other risks, uncertainties and other factors we identify under "Item 1A. Risk Factors" and
elsewhere in this Registration Statement.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Registration Statement should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Registration Statement. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the 1934 Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Registration Statement because we are an investment company.

**SUMMARY OF RISK FACTORS** 

Investing in our Common Shares involves a number of significant risks. You should carefully consider information found in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement. Some of the risks involved in investing in our Common Shares include:

● We are a new company and we are subject to all of the business risks and uncertainties associated with any
business with a limited operating history, including the risk that we will not achieve our investment objective and that the value of our Common Shares could decline substantially.

● We are a privately-placed, perpetual-life BDC, and our Shareholders may not be able to transfer or otherwise
dispose of our Common Shares at desired times or prices, or at all.

● The price at which we may repurchase shares pursuant to the share repurchase program will be determined in
accordance with our valuation procedures and, as a result, there may be uncertainty as to the value of our Common Shares.

● An investment strategy focused primarily on privately held companies presents certain challenges, including the
lack of available information about these companies.

● We generally will not control the business operations of our portfolio companies and, due to the illiquid nature
of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.

● The Advisor or the Sub-Advisor may frequently be required to make
investment analyses and decisions on an expedited basis in order to take advantage of investment

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opportunities, and our Advisor or Sub-Advisor may not have knowledge of all circumstances that could impact an investment by us.

● Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject
us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

● You should not expect to be able to sell Common Shares regardless of how we perform. As a result, if you are
unable to sell your Common Shares, you will be unable to reduce your exposure on any market downturn that affects our portfolio.

● There is no public market for our Common Shares, nor can we give any assurance that one will develop in the
future. Furthermore, repurchases of shares of Common Shares by us, if any, are expected to be limited and any repurchase offers will be at the recommendation of the Advisor and at the discretion of our board of trustees (the "Board of
Trustees"). As a result, an investment in the Common Shares may not be suitable for investors who may need the money they invest in a specified time frame.

● We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced
disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

● We intend to finance our investments with borrowed money. Our inability to access leverage in a timely fashion
may inhibit our ability to make timely investments.

● Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional
capital. As a BDC, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.

● The collateral securing a senior loan may be insufficient to protect us against losses or a decline in income in
the event of a borrower's non-payment of interest or principal.

● There is no public market or active secondary market for many of the investments that we intend to make and hold
and as a result, these investments may be deemed illiquid.

● Shareholders will be obligated to fund drawdowns and may need to maintain a substantial portion of their Capital
Commitments (defined below) in assets that can be readily converted to cash.

● We may make investments in highly levered companies. Price declines in the corporate leveraged loan market may
adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation and the incurrence of realized losses.

● 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

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characteristics with respect to the issuer's capacity to pay interest and repay principal. They will also be difficult to value and are illiquid.

● The amount of any dividends we may make on our Common Shares is uncertain. We may not be able to pay you
dividends, or be able to sustain dividends at any particular level, and our dividends per Common Share, if any, may not grow over time, and our dividends per share may be reduced.

● Our business model depends to a significant extent upon strong referral relationships with private equity
sponsors, financial intermediaries, direct lending institutions and other counterparties that are active in our markets. Any inability of the Advisor or the Sub-Advisor to maintain or develop these
relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

● To the extent original issue discount ("OID"), and payment-in-kind ("PIK"), interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of the cash representing such income.

● The Advisor, the Sub-Advisor and their respective affiliates, including
our officers and some of our trustees, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking by us.

● Our management and incentive fee structure may create incentives for the Advisor or the Sub-Advisor that are not fully aligned with the interests of our Shareholders and may induce the Advisor or the Sub-Advisor to make speculative investments.

● If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or
be precluded from investing according to our current business strategy.

● Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and noncompliance with the
Sarbanes-Oxley Act would adversely affect us and the value of our Common Shares.

● We are highly dependent on information systems, and systems failures could significantly disrupt our business,
which may, in turn, negatively affect the value of our Common Shares and our ability to pay distributions.

**Item 1. Business.** 

(a) <u>General Development of Business</u> 

We were formed on October 14, 2024 as a limited partnership under the laws of the State of Delaware. We intend to complete our conversion to a Delaware statutory trust prior to commencement of operations (the "Conversion"). In connection with the Conversion, we also intend to change our name to TCW Steel City Senior Lending BDC.

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We are an externally managed, non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. As a BDC and a RIC, we will be required to comply with certain regulatory requirements. See *"Item 1(c). Description of Business—Regulation as a Business Development Company"* and *"Item 1(c). Description of Business—Certain U.S. Federal Income Tax Consequences—Regulated Investment Company Classification."*

We are a senior direct lending investment company that will seek to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuers. Middle market companies are generally defined as companies with annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of $10 million to $75 million at the time of investment. Under normal circumstances, we will invest at least 80% of our total assets (defined for this purpose as net assets plus borrowings for investment purposes) after our portfolio is fully ramped-up in senior secured loans. If we change the 80% test, we will provide shareholders with at least 60 days' prior notice of such change.

Together with TCW Steel City Unlevered Private Fund LP, a related limited partnership, the Company is part of the "TCW Steel City Platform," a newly formed strategy launched by the TCW Group (together with its controlled affiliates, as the context may require, "TCW") and The PNC Financial Services Group, Inc. (together with its controlled affiliates, as the context may require, "PNC") to provide middle market lending solutions leveraging the unique strengths of both organizations to create a differentiated platform in private credit. We will be advised by TCW PT Management Company LLC (the "Advisor"), which is part of the TCW Steel City Platform, and will be sub-advised by PNC Steel City Advisors, LLC (the "Sub-Advisor" and, together with the Advisor, the "Advisors"). Our investment program will be primarily focused on investing in senior secured debt obligations. We currently expect to focus on portfolio companies in a variety of industries and will consider financings for many different purposes, including acquisitions, growth opportunities, liquidity needs, refinancings and recapitalizations. The issuers in which we intend to invest will be leveraged, and, in most cases, these investments will not be rated by any rating agency. If these investments were rated, we believe that they would likely receive a rating from a nationally recognized statistical rating organization of below investment grade. Exposure to below investment grade securities involves certain risks, and those securities are viewed as speculative with respect to the issuer's capacity to pay interest and repay principal.

Although we will be primarily focused on investing in senior secured debt obligations, there may be rare occasions where our investment may be unsecured. The Company will also consider making equity investments in relation or incidentally to investing in debt obligations. The Company's investments will mostly be in corporations, partnerships or other business entities. Additionally, in certain circumstances, the Company may co-invest with other investors and/or strategic partners indirectly in a company through a joint venture, partnership or other special purpose vehicle. We may also invest indirectly in investments through intermediate entities established by us. Such intermediate entities may include subsidiary entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. "Primarily controlled" means (1) the Company controls the unregistered entity within the meaning of section 2(a)(9) of the 1940 Act, and (2) the Company's control of the unregistered

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entity is greater than that of any other person. While we will invest primarily in U.S. companies, there may be certain instances where the Company will invest in companies domiciled elsewhere. See "*Item 2. Financial Information—Management's Discussion and Analysis of Financial Condition and Results of Operations*."

Because we intend to qualify as a RIC under the Code, our portfolio will be subject to diversification and other requirements. See *"—Certain U.S. Federal Income Tax Consequences."* In addition to those diversification requirements, we will not invest more than 10% of our gross assets in any single portfolio company.

In accordance with the 1940 Act as presently in effect, BDCs generally are prohibited from incurring additional leverage to the extent it would cause them to have less than a 200% asset coverage ratio, reflecting approximately a 1:1 debt-to-equity ratio, taking into account the then current fair value of the investments. However, under Section 61(a)(2) of the 1940 Act, implemented in accordance with the Small Business Credit Availability Act, we have elected to be subject to the lower asset current coverage ratio of 150% available thereunder in order to maintain maximum flexibility, which will permit us to have up to a 2:1 debt-to-equity ratio. See *"Item 1A. Risk Factors—Borrowing Money*.*"*

We are a privately placed, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose Common Shares are intended to be sold by the BDC on a continuous basis at a price generally equal to the BDC's quarterly net asset value per share. In our perpetual-life structure, we may offer investors an opportunity to sell their shares on a quarterly basis, but we are not obligated to offer to repurchase any in any particular quarter. Any such repurchases will be subject to the Advisor's recommendation and Board approval. There can be no assurance that the Board will accept the Advisor's recommendation. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of us being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event.

Prior to the Conversion, we conducted private offerings of our limited partnership interests to investors on February 5, 2025 (the "Initial Closing Date") and April 8, 2025, in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and following the Conversion, we expect to conduct private offerings of our Class I Shares of beneficial interest, par value $0.01 (the "Common Shares"). At the closing of any private offering, each investor has and will make a capital commitment to purchase Common Shares (the "Capital Commitments") pursuant to a subscription agreement entered into with us. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time we deliver a notice to the investors. We commenced our investment activities in May 2025.

(b) <u>Financial Information about Industry Segments</u> 

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Our operations comprise only a single reportable segment. See *"Item 2. Financial Information."*

(c) <u>Description of Business</u> 

***The Advisor and the Sub-Advisor***

Our investment activities will be managed by the Advisor, a newly-formed Delaware limited liability company registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Subject to the overall supervision of our Board of Trustees, the Advisor will manage our day-to-day operations and provide portfolio management and administrative services to us pursuant to the investment management and advisory agreement (the "Investment Advisory Agreement") by and between the Advisor and us. The Advisor is a wholly owned subsidiary of TCW Group which, together with its affiliated companies, manages or has committed to manage approximately $201 billion in assets as of June 30, 2025. These assets are managed in various formats, including managed accounts, funds, structured products and other investment vehicles.

TCW's Private Credit Group joined the TCW Group in December 2012. Certain members of the Private Credit Group were previously affiliated with Regiment Capital Advisors, LP, an independent investment manager based in Boston, Massachusetts. Originally founded in 2001, the Private Credit Group was founded, and is led by, Richard Miller and consists of over 35 investment professionals with significant expertise in investing, corporate finance, merger and acquisitions, leveraged transactions, high-yield financings, asset-based loans, turnarounds, loan workouts and restructurings.

The Advisor will be responsible for, directly or by delegation to the Sub-Advisor, among other things: formulating and implementing our investment program, determining the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes, and identifying, sourcing, researching, evaluating and negotiating the structure of our investments, including the exercise of any rights in our capacity as a lender. The investment activities of the Advisor will be managed by the investment professionals from the Private Credit Group.

The Sub-Advisor, a Delaware limited liability company registered with the SEC under the Advisers Act, serves as the sub-advisor to the Advisor pursuant to a sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and the Sub-Advisor. The Sub-Advisor is a wholly owned subsidiary of PNC Bank, National Association ("PNC Bank"), which is, in turn, a wholly owned indirect subsidiary of PNC, a publicly traded company. The Sub-Advisor was founded in August 2014 and has developed a strong track record in its focus areas, working alongside other entities within PNC's broader financial services platform. PNC is one of the largest diversified financial services institutions in the United States, with total assets of $559 billion as of June 30, 2025. PNC is a coast-to-coast franchise with an extensive retail branch network and a presence in all of the country's 30 largest markets. PNC also has strategic international offices in four countries outside the U.S. With roots going back to 1865, PNC provides retail banking, corporate and institutional banking, and asset management to individuals, institutions and businesses of all sizes.

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PNC Bank, the eighth largest U.S. bank in terms of assets as of June 30, 2025, has established a robust sourcing platform with over 900 client facing business professionals across the largest markets in the United States. Business groups within PNC associated with the Sub-Advisor have structured and monitored over $109 billion in loan commitments and PNC Bank has existing relationships with approximately 21,000 Corporate and Institutional Banking customers, which is expected to serve as an attractive source of prospective borrowers for us. These relationships, along with new borrowers identified by the Sub-Advisor's investment professionals, are expected to provide us with an incumbency advantage that will drive investment deployment.

The Sub-Advisor will be responsible for, among other things: originating loan opportunities sourced through PNC Capital Markets LLC ("PNCCM"), an affiliate of PNC, relying on PNC's network; coordinating with the Advisor's Investment Committee on investment recommendations; and providing such support as necessary in connection with the ongoing monitoring, evaluation and valuation of portfolio investments. The Sub-Advisor will also participate in loan and portfolio reviews.

***Market Experience***

The Advisors and their respective investment professionals bring extensive capital markets experience to us, including deal origination, due diligence, transaction structuring, and portfolio management across both public and private markets and spanning a wide spectrum of securities and industries.

We will leverage the expansive sourcing footprint of PNC, one of the U.S.'s largest commercial banking firms in terms of assets, to identify and recommend investment opportunities. The Advisors believe that the experience of their respective investment professionals, combined with the depth of PNC's sourcing platform, client base and relationships, positions us to achieve attractive risk-adjusted returns.

***Investment Approach***

The investment approach is focused on originating and investing in loans to middle market companies and emphasizes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investing in adjustable-rate, senior secured investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintaining a principal preservation/absolute return focus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investing capital in a disciplined manner with an eye towards finding opportunities in both positive and negative
markets, without attempting to time markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Evaluating investment opportunities on a risk-adjusted return basis.

The Advisors intend to employ an investment approach and strategy with a focus on the fundamental objectives of preserving capital and generating attractive risk-adjusted returns.

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***Investment Committees***

Each of the Advisor and the Sub-Advisor has established its own investment committee (each an "Investment Committee") to evaluate and manage investment opportunities. The Sub-Advisor's Investment Committee is responsible for originating and recommending potential investments, while the Advisor's Investment Committee has final authority to approve those investments, amend legal documents, and determine workout strategies once an investment has been made.

Each new investment must be recommended by the Sub-Advisor's Investment Committee and approved by the Advisor's Investment Committee. Once an investment has been made, the Sub-Advisor's Investment Committee may recommend modifications to loan terms or workout strategies, but final decisions on any such modifications or workouts will rest solely with the Advisor's Investment Committee.

The Advisor's Investment Committee plays a critical role in the investment process, bringing the diverse experiences and perspectives of its members to the analysis and consideration of each investment. The Advisor's Investment Committee evaluates and approves all investments, ensuring they align with our investment philosophy and policies. The Advisor's Investment Committee determines appropriate investment sizing, structure, pricing and ongoing monitoring requirements. In addition to reviewing the Sub-Advisor's investment recommendations, the Advisor's Investment Committee serves as a forum to discuss market outlooks, credit views, potential transactions and deal flow. Investment professionals from both the Advisor and the Sub-Advisor are encouraged to share information early in the analysis process to improve decision-making quality and ensure consistency with our investment philosophy and policies. Each proposed transaction is presented to the Advisor's Investment Committee for consideration in a formal written report, and all new investments, as well as the disposition or sale of existing investments, must receive the Advisor's Investment Committee's final approval.

The Sub-Advisor's processes are similar to those of the Advisor in terms of evaluating and recommending investments. While the Sub-Advisor's Investment Committee is responsible for the initial review and recommendations for investment opportunities for which PNCCM is the Sourcing Party (as defined below), no investment will be made by us without final approval from the Advisor's Investment Committee. This structured collaboration ensures effective execution of our investment strategy, with each Investment Committee playing a distinct role throughout the investment process.

***Members of the Investment Committees***

The Advisor's Investment Committee will initially be composed of three members from the Private Credit Group. The current permanent members of the Advisor's Investment Committee are Richard T. Miller and Mark K. Gertzof. The third seat will be rotated among other senior members of the Private Credit Group.

The Sub-Advisor's Investment Committee will be composed of two members from PNC Bank. The current members of the Sub-Advisor's Investment Committee are Pete Mardaga and

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Walt Hill. They are also the current members of the board of managers of the Sub-Advisor, which board will serve as the Sub-Advisor's Investment Committee.

We expect to use the expertise of the members of the Investment Committees, the Private Credit Group and the relevant Sub-Advisor professionals to assess investment risks and determine appropriate pricing for our investments. In addition, we expect that the relationships developed by the Private Credit Group and the relevant Sub-Advisor professionals will enable us to learn about, and compete effectively for, financing opportunities with attractive middle market companies. For additional information concerning the competitive risks we face, see *"Item 1A. Risk Factors—Competition for Investment Opportunities."*

***Investment Management and Advisory Agreement***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pursuant to the Investment Advisory Agreement, the Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● determine the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner
of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● identify, evaluate and negotiate the structure of the investments we make (including performing due diligence on
our prospective portfolio companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● determine the assets we will originate, purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● close, monitor and administer the investments we make, including the exercise of any rights in our capacity as a
lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide us such other investment advice, research and related services as we may, from time to time, require.

Under the Sub-Advisory Agreement (as described below), while the Advisor will collaborate with the Sub-Advisor in performing several services and functions, the Advisor retains responsibility for making the final investment and divestment decisions for us.

The Advisors services under the Investment Advisory Agreement are not exclusive, and subject to the limitations set forth in the Declaration of Trust and the Investment Advisory Agreement, the Advisor may also engage in any other business or render similar or different services to the others. Under the Investment Advisory Agreement, the Advisor will receive a management fee and an incentive fee from us as described below.

The Investment Advisory Agreement will be approved by our Board of Trustees at the initial board meeting. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for a period of two years from its effective date and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board of Trustees, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Advisor or any of their respective affiliates (the "Independent Trustees"). The Investment Advisory Agreement will automatically terminate in the event of an assignment by the Advisor. The Investment Advisory Agreement may be terminated by either

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party, or by a vote of the majority of our outstanding voting shares or, if less, such lower percentage as required by the 1940 Act, without penalty upon not less than 60 days' prior written notice to the applicable party. If the Investment Advisory Agreement is terminated according to this paragraph, we will pay the Advisor a pro-rated portion of the Management Fee and Incentive Fee (each as defined below). See *"Item 1A. Risk Factors—Dependence on Key Personnel and Other Management."*

Under the terms of the Investment Advisory Agreement, the Advisor, its members and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor or its affiliates (in each case, an "Indemnitee") shall not be liable to the Company for any action taken or omitted to be taken by the Advisor in connection with the performance of any of its duties or obligations under the Investment Advisory 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).

We will indemnify, defend and protect each Indemnitee (each of whom shall be deemed a third party beneficiary of the Investment Advisory Agreement) 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 Indemnitee 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 our security holders) arising out of or otherwise based upon the performance of any of the Advisor's duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of the Company. An Indemnitee may consult with counsel and accountants in respect of the Company's affairs and shall be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care and such protection is permitted by applicable law, including the 1940 Act. Notwithstanding the foregoing provisions to the contrary, nothing contained herein shall protect or be deemed to protect an Indemnitee against or entitle or be deemed to entitle an Indemnitee to indemnification in respect of, any liability to the Company or our security holders to which an Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of any Indemnitee's duties or by reason of the reckless disregard of the Advisor's duties and obligations under the Investment Advisory Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding anything in this section to the contrary, nothing contained herein shall protect or be deemed to protect the Advisor or its controlling persons against, or entitle or be deemed to entitle the Advisor or its controlling persons to, indemnification in respect of, any liability to the Company or our security holders to which the Advisor or its controlling persons would otherwise be subject by reason of negligence or misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order, in the performance of the Advisor's and/or its controlling persons' duties.

U.S. federal and state securities laws may impose liability under certain circumstances on persons who act in good faith. Nothing in the Investment Advisory Agreement will constitute a

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waiver or limitation of any rights that we may have under any applicable federal or state securities laws.

***Sub-Advisory Agreement***

The Sub-Advisory Agreement will more fully set out the Sub-Advisor's responsibilities with respect to the Company and other related terms.

The Sub-Advisor's services under the Sub-Advisory Agreement are not exclusive, and subject to the limitations set forth in the Declaration of Trust and the Sub-Advisory Agreement, the Sub-Advisor may also engage in any other business or render similar or different services to others. Pursuant to the Sub-Advisory Agreement, the Advisor will pay, out of the Management Fees and Incentive Fees it receives from the Company, the Sub-Advisor a sub-advisory fee in exchange for the services provided thereunder.

The Sub-Advisory Agreement will be approved by our Board of Trustees at the initial board meeting. Unless earlier terminated as described below, the Sub-Advisory Agreement will remain in effect for a period of two years from its effective date and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board of Trustees, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Trustees. The Sub-Advisory Agreement will automatically terminate in the event of an assignment by the Sub-Advisor. The Sub-Advisory Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days' written notice, by a vote of the majority of our outstanding voting shares, or by the vote of our Board of Trustees, or by the Advisor, and the Sub-Advisory Agreement may be terminated at any time, without payment of any penalty, upon one hundred twenty (120) days' written notice by the Sub-Advisor. The Sub-Advisory Agreement will also terminate upon the termination of the Investment Advisory Agreement. See "*Item 1A. Risk Factors—Dependence on Key Personnel and Other Management.*"

Under the terms of the Sub-Advisory Agreement, the Sub-Advisor, its members and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Sub-Advisor or its affiliates (in each case, an Indemnitee) shall not be liable to the Company for any action taken or omitted to be taken by the Sub-Advisor in connection with the performance of any of its duties or obligations under the Sub-Advisory 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).

We will indemnify, defend and protect each Indemnitee (each of whom shall be deemed a third party beneficiary of the Sub-Advisory Agreement) 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 Indemnitee 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 our security holders) arising out of or otherwise based upon the performance of any of the Sub-Advisor's duties or obligations under

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the Sub-Advisory Agreement or otherwise as an investment adviser of the Company. An Indemnitee may consult with counsel and accountants in respect of the Company's affairs and shall be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care and such protection is permitted by applicable law, including the 1940 Act. Notwithstanding the foregoing provisions to the contrary, nothing contained herein shall protect or be deemed to protect an Indemnitee against or entitle or be deemed to entitle an Indemnitee to indemnification in respect of, any liability to the Company or our security holders to which an Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of any Indemnitee's duties or by reason of the reckless disregard of the Sub-Advisor's duties and obligations under the Sub-Advisory Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

***Management Fee***

We will pay to the Advisor, quarterly in arrears, a management fee (the "Management Fee") calculated as follows: 0.3125% (i.e., 1.25% per annum) of the average net assets of the Company, with the average determined based on the net assets of the Company as of the end of the three most recently completed calendar months.

The Management Fee may be paid from drawdowns, indebtedness or out of proceeds from portfolio investments.

***Incentive Fee***

In addition, the Advisor will be entitled to receive an incentive fee (the "Incentive Fee") that will consist of two parts, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Incentive Fee Based on Income* 

The portion of the Incentive Fee based on the Company's income (the "Investment Income Incentive Fee") is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on, the value of the Company's net assets in accordance with GAAP at the end of the immediately preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter.

We will pay the Advisor an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No incentive fee based on Pre-Incentive Fee Net Investment Income Returns
in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income
Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.86% annualized). We refer to
this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.71%) as the "catch-up." The "catch-up" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if
this net investment income exceeds 1.71% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income
Returns, if any, that exceed a rate of return of 1.71% (6.86% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Incentive Fee Based on Capital Gains* 

The second component of the Incentive Fee is based on the Company's capital gains (the "Capital Gains Incentive Fee") and is payable at the end of each calendar year in arrears.

The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of
all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid capital gains incentive
fees.<sup></sup>

![LOGO](g40107dsp016.jpg)

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*<u>Example Incentive Fee Calculations</u>*

The figures provided in the following examples are hypothetical, are presented for illustrative purposes only and are not indicative of actual expenses or returns.

**<u>Example 1: Income Related Portion of Incentive Fee:</u>**

***Alternative 1***

<u>Assumptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment income (including interest, dividends, fees, etc.) = 1.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hurdle Rate<sup>1</sup> = 1.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>2</sup> = 0.25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 0.9375%.

<u>Result</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Management Fee<sup>3</sup> = 0.3125%.

Pre-Incentive Net Investment Income does not exceed hurdle rate, therefore there is no Investment Income Incentive Fee.

***Alternative 2***

<u>Assumptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment income (including interest, dividends, fees, etc.) = 2.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hurdle Rate<sup>4</sup> = 1.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>5</sup> = 0.25%.

<u>Result</u> 

<sup>1</sup> Represents 6.0% annualized hurdle rate. 

<sup>2</sup> Hypothetical other expenses. Excludes organizational and offering expenses.

<sup>3</sup> Represents 1.25% annualized Management Fee. 

<sup>4</sup> Represents 6.0% annualized hurdle rate. 

<sup>5</sup> Hypothetical other expenses. Excludes organizational and offering expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Management Fee<sup>6</sup> = 0.3125%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 1.5375%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-Incentive Fee Net Investment Income exceeds the hurdle rate,
therefore there is an incentive fee on income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Incentive fee = (100% × "Catch-Up" <sup>7</sup>) + (the greater of 0% AND (12.5% × (Pre-Incentive Fee Net Investment Income – 1.71%))).

= (100% x (Pre-Incentive Fee Net Investment Income – 1.5%)) + 0%

= 100% x (1.5375% -1.5%)

= 100% x 0.0375%

= 0.0375%

***Alternative 3***

<u>Assumptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment income (including interest, dividends, fees, etc.) = 3.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hurdle Rate<sup>8</sup> = 1.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Management Fee<sup>9</sup> = 0.3125%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other expenses (legal, accounting, custodian, transfer agent,
etc.)<sup>10</sup> = 0.25%.

<u>Result</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Management Fee<sup>11</sup> = 0.3125%.

<sup>6</sup> Represents 1.25% annualized Management Fee. 

<sup>7</sup> The "catch-up" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter. 

<sup>8</sup> Represents 6.0% annualized Hurdle Rate. 

<sup>9</sup> Represents 1.25% annualized Management Fee. 

<sup>10</sup> Hypothetical other expenses. Excludes organizational and offering expenses.

<sup>11</sup> Represents 1.25% annualized Management Fee. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-Incentive Fee Net Investment Income = (investment income –
(Management Fee + other expenses)) = 2.9375%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-Incentive Fee Net Investment Income exceeds the hurdle rate,
therefore there is an incentive fee on income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Incentive fee = (100% × "Catch-Up" <sup>12</sup>) + (the greater of 0% AND (12.5% × (Pre-Incentive Fee Net Investment Income – 1.71%))).

= (100% x (1.71% – 1.5%)) + (12.5% x (2.9375% – 1.71%))

= (100% x 0.21%) + (12.5% x 1.2275%)

= 0.21% + 0.1534375%

= 0.3634375%

**<u>Example 2: Capital Gains Portion of Incentive Fee</u>**

***Alternative 1***

<u>Assumptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 1: $20 million investment made in Company A ("Investment A"), and $30 million
investment made in Company B ("Investment B").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 2: Investment A sold for $50 million and fair market value ("FMV") of Investment B
determined to be $32 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 3: FMV of Investment B determined to be $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 4: Investment B sold for $31 million.

<u>Results (the Capital Gains Incentive Fee, if any, would be</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 1: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 2: $3.75 million Capital Gains Incentive Fee, calculated as follows: $30 million realized capital
gains on sale of Investment A multiplied by 12.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 3: None; calculated as follows: $3.125 million cumulative fee (12.5% multiplied by $25 million
($30 million cumulative capital

<sup>12</sup> The "catch-up" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter. 

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gains less $5 million cumulative unrealized capital depreciation)) less $3.75 million (previous capital gains fee paid in Year 2). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 4: $125,000 Capital Gains Incentive Fee, calculated as follows: $3.875 million cumulative fee (12.5%
multiplied by $31 million cumulative realized capital gains ($30 million from Investment A and $1 million from Investment B)) less $3.75 million (previous capital gains fee paid in Year 2).

***Alternative 2***

<u>Assumptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 1: $20 million investment made in Company A ("Investment A"), $30 million investment
made in Company B ("Investment B") and $25 million investment made in Company C ("Investment C").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of
Investment C determined to be $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 4: FMV of Investment B determined to be $35 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 5: Investment B sold for $20 million.

<u>Results (the Capital Gains Incentive Fee, if any, would be):</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 1: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 2: $3.125 million Capital Gains Incentive Fee, calculated as follows: 12.5% multiplied by
$25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 3: $875,000 Capital Gains Incentive Fee, calculated as follows: $4.0 million cumulative fee (12.5%
multiplied by $32 million ($35 million cumulative realized capital gains less $3 million cumulative unrealized capital depreciation)) less $3.125 million (previous capital gains fee paid in Year 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 4: $375,000 capital gains incentive fee, calculated as follows: $4.375 million cumulative fee (12.5%
multiplied by $35 million cumulative realized capital gains) less $4 million (previous cumulative capital gains fee paid in Year 2 and Year 3).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Year 5: None. $3.125 million cumulative fee (12.5% multiplied by $25 million ($35 million
cumulative realized capital gains less $10 million realized capital losses)) less $4.375 million (previous cumulative capital gains fee paid in Years 2, 3 and 4).

***Recycling of Capital***

All amounts received by the Company and distributable to the Shareholders as a return of principal may, in the discretion of the Board be retained by the Company for any permitted purpose of the Company or returned to the Shareholders. Any such amounts returned to the Shareholders hereunder may be subject to recall or redeployment by the Company, except as otherwise provided in the organizational documents.

***Timing of Distributions***

Subject to the Board's right to reinvest principal returned to the Company as set out under "Recycling of Capital" above, the Board intends to distribute all cash proceeds received by the Company from dispositions of portfolio investments as the Board may determine in its discretion.

Distributions will be paid at least annually on the Common Shares in amounts representing substantially all of the net investment income and net capital gains, if any, earned each year to comply with the distribution requirements applicable to companies that have elected or intend to elect to be treated as RICs under subchapter M of the Code.

***Administration Agreement***

We entered into an administration agreement (the "Administration Agreement") with TCW Asset Management Company LLC (the "Administrator") under which the Administrator will furnish us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator will oversee the maintenance of our financial records, monitor the payment of our expenses, oversee the performance of administrative and professional services rendered to us by others, be responsible for the financial and other records that we are required to maintain, prepare and disseminate reports to our Shareholders and any documents to be filed with the SEC or other regulators, assist us in determining and publishing (as necessary or appropriate) our net asset value, oversee the preparation and filing of our tax returns, generally oversee the payment of our expenses and provide such other services as the Administrator shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Further, the Administrator shall assist with compliance with the Advisers Act, and the BDC and RIC rules. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator.

Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator agrees that it would not charge total fees under the

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Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. The costs and expenses paid by the Company and the applicable caps on certain costs and expenses are described below under *"Expenses"* below.

The Administration Agreement provides that neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to us or any of our Shareholders for any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by such person or persons of their respective duties, except for liability resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of their respective duties. We will also indemnify the Administrator and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it.

***Expenses***

We, and indirectly our Shareholders, will bear all costs, expenses and liabilities, other than Advisor Expenses or Sub-Advisor Expenses (each as defined below) (which shall be borne by the Advisor and Sub-Advisor, respectively), in connection with our operations, administration and transactions or prospective transactions ("Company Expenses"), including, without limitation: (a) organizational expenses and expenses associated with the issuance of the Common Shares; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Advisor or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies (including expenses of senior advisors, industry experts, operating partners, and other similar professionals; *provided*, *that* only the allocable portion of the total fees, costs and expenses associated with such personnel attributable to their work relating to us will be treated as a Company Expense); (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Common Shares and other securities; (h) Management Fees, Incentive Fees and sourcing fees; (i) administrator fees and expenses payable under the Administration Agreement including payments based upon our allocable portion of the Administrator's overhead in performing its obligations, including the allocable portion of the cost of our chief compliance officer, chief legal officer and chief financial officer and their respective staff; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Common Shares to the extent not borne by the relevant transferring Shareholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes or other governmental charges assessed against us; (n) independent trustees' fees and expenses and the costs associated with convening a meeting of our Board of Trustees or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any Preferred Shares, as well as the compensation of an

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investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our financial statements and tax returns; (r) our allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other third party professionals to the extent they are devoted to preparing our financial statements or tax returns or providing similar "back office" financial services to us; (v) Advisor costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the Declaration of Trust or Investment Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with our termination, liquidation or dissolution or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business.

Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator agrees that it would not charge total fees under the Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services.

"Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Advisor or any of its affiliates, including us, in connection with maintaining and operating the Advisor's office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator's overhead in performing its obligations), in furtherance of providing investment management services for us. Advisor Expenses shall also include any expenses incurred by the Advisor or its affiliates in connection with the Advisor's registration as an investment adviser under the Advisers Act, or with its compliance as a registered investment adviser thereunder.

"Sub-Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Sub-Advisor in furtherance of providing investment advisory services to us other than organizational expenses or the Company Expenses set forth above.

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***Employees***

We do not currently have any employees and do not expect to have any employees. Services necessary for our business will be provided through the Administration Agreement and the Investment Advisory Agreement. Each of our executive officers described under *"Item 5. Trustees and Executive Officers."*

***License Agreements***

We will enter into a license agreement with an affiliate of the Advisor (the "Advisor License Agreement"), pursuant to which we will be granted a non-exclusive license to use the "TCW" and "Steel City Private Credit" names. Under the Advisor License Agreement, we will have a right to use the "TCW" name and logo for so long as the Advisor or one of its affiliates remains our investment advisor. Other than with respect to this limited license, we will have no legal right to the "TCW" name or logo.

TCW has also entered into a license agreement with an affiliate of the Sub-Advisor (the "Sub-Advisor License Agreement"), pursuant to which we are permitted to use the "PNC" and "Steel City Private Credit" names and logos in connection with co-branding activities for the Company. Under such license agreement, we will have a right to use the "PNC" name and logo for so long as the Sub-Advisor remains our investment sub-advisor. Other than with respect to this limited license, we will have no legal right to the "PNC" name or logo.

***Competition***

We will compete for investments with a number of business development companies and other investment funds (including private equity funds and venture capital funds), special purpose acquisition company sponsors, investment banks that underwrite initial public offerings, hedge funds that invest in private investments in public equities, traditional financial services companies such as commercial banks, and other sources of financing. Many of these entities have greater financial and managerial resources than we do. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act and the Code will impose on us as a BDC and a RIC.

***Derivatives***

We do not expect derivatives to be a significant component of our investment strategy. We retain the flexibility, however, to utilize hedging techniques, such as interest rate swaps, to mitigate potential interest rate risk on our indebtedness. Such interest rate swaps would principally be used to protect us against higher costs on our indebtedness resulting from increases in both short-term and long-term interest rates.

We also may use various hedging and other risk management strategies to seek to manage additional risks, including changes in currency exchange rates and market interest rates. Such hedging strategies would be utilized to seek to protect the value of our portfolio investments, for example, against foreign currency fluctuations vis-à-vis the U.S. Dollar or possible adverse changes in the market value of securities held in our portfolio.

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***Emerging Growth Company***

We are an emerging growth company as defined in the Jumpstart Our Business Startups Act and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to 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(b) of the Sarbanes-Oxley Act of 2002. Although we have not made a determination whether to take advantage of any or all of these exemptions, we expect to remain an emerging growth company for up to five years following the completion of any initial public offering by us or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the 1934 Act which would occur if the market value of our Common Shares that is held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 calendar months or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. In addition, we may 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.

***The Private Offering***

As previously discussed in this Registration Statement, we have conducted, and may continue to conduct, private offerings of (i) our limited partner interests, for offerings conducted prior to the Conversion, and (ii) Class I Shares, for offerings conducted after the Conversion, in reliance on exemptions from the registration requirements of the Securities Act. We entered into separate subscription agreements with investors for our initial private offering. Each investor made a Capital Commitment to purchase Common Shares pursuant to a subscription agreement (a "Subscription Agreement").

We are initially offering one class of our Common Shares – the Class I Shares – and may offer additional classes of our Common Shares in the future. We and the Advisor may apply for exemptive relief from the SEC that, if granted, would permit us to issue multiple classes of shares of our Common Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees (the "Multi-Class Exemptive Relief"). There is no assurance, however, that the relief would be granted.

While we expect each Subscription Agreement to reflect the terms and conditions summarized in the preceding paragraph, we reserve the right to enter into Subscription Agreements that contain terms and conditions not found in the Subscription Agreements entered into with other investors, subject to applicable law. No Shareholder will be granted, in its Subscription Agreement, the right to invest in Common Shares on more favorable economic terms and conditions than other Shareholders.

***Initial and Subsequent Closings***

The first date on which we accepted Subscription Agreements and issued Common Shares to persons not affiliated with the Advisor in a private offering occurred on February 5,

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2025, in connection with which we received gross proceeds of $105,152,417 million (the "Initial Closing Date"). We held a second private offering on April 8, 2025, and a third private offering on August 22, 2025. We currently have $441,640,378 in Commitments.

We may, in our sole discretion, permit one or more investors to make additional Capital Commitments ("Subsequent Commitments") after the date the first Subscription Agreements are accepted by us. New investors that make a Subsequent Commitment, or existing Shareholders that increase their Capital Commitment prior to the time at which the share repurchase program commences (each, an "Additional Shareholder") will be required to make subsequent purchases of Common Shares (each, a "Catch-up Purchase") on a date (or dates) (each such date, the "Catch-up Date") to be determined by us. The aggregate amount of the Catch-up Purchase (the "Catch-up Purchase Amount") will be equal to an amount necessary to ensure that, upon payment of the Catch-up Purchase Amount, such Additional Shareholder will have contributed the same percentage of its Capital Commitment to us as all Shareholders whose subscriptions were previously accepted. Catch-up Purchases will be made at a per share price equal to the net asset value per share of the Common Shares as of the close of the last calendar quarter preceding the date of the Catch-up Purchase, subject to per share price adjustments and further adjusted, as described in the Subscription Agreement, to appropriately reflect such Additional Shareholder's pro rata portion of our initial organizational expenses. For the avoidance of doubt, we currently intend to call all capital prior to the commencement of the share repurchase program. The Advisor may recommend to the Board commencement of a share repurchase program and such recommendation is anticipated to occur the first calendar quarter following the earlier of (i) the Drawdown Condition is satisfied or (b) the Advisor waives the Drawdown Condition. "Drawdown Condition" means a condition that shall be satisfied on and after the date on which the Advisor (i) draws down on a materially sufficient amount of capital to convert to a fully drawn-down model or (ii) in its sole discretion, the Advisor waives the Drawdown Condition. To accommodate the legal, tax, regulatory or fiscal concerns of certain prospective investors, we may determine to allow certain investors to fully fund their Capital Commitment at one point in time, in lieu of sequential drawdowns of the Capital Commitment.

Each investor has been or will be required to enter into a Subscription Agreement in connection with its Capital Commitment. The Subscription Agreement sets forth, among other things, the terms and conditions upon which the investors will purchase Common Shares, the circumstances under which we may draw down capital from investors, certain covenants that all investors must agree to, and the remedies available to us in the event that an investor defaults on its obligation to make capital contributions. If an investor fails to fund its capital contribution, interest will accrue at the default rate (as defined herein) on the outstanding unpaid balance of such capital contribution, from and including the date such capital contribution was due until the earlier of the date of payment of such capital contribution by such investor. The "Default Rate" with respect to any period shall be the lesser of (a) a variable rate equal to the prime rate in effect, from time to time, during such period plus 6% or (b) the highest interest rate for such period permitted by applicable law. We may waive the requirement to pay interest, in whole or in part. In addition, the Subscription Agreement includes an Investor Suitability Questionnaire designed to ensure that all investors are either (i) "accredited investors," as defined in Rule 501 of Regulation D under the Securities Act, or (ii) in the case of Common Shares sold outside the United States, persons that are not "U.S. persons" in accordance with Regulation S under the Securities Act.

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***Share Repurchase Program; Liquidity Options***

Beginning at the end of first full calendar quarter after the Drawdown Condition has been satisfied and at the sole discretion of the Board of Trustees, we may commence a share repurchase program in which we may repurchase, in each quarter, up to 5% of Common Shares outstanding as of the close of the previous calendar quarter, at a purchase price equal to the net asset value per share of Common Shares as of the last calendar day of the applicable quarter; provided that tendered shares of Common Shares that have not been outstanding for at least one year may be subject to an early repurchase fee of up to 2% of such shares' net asset value. All shares of Common Shares purchased by us pursuant to the terms of each tender offer will be cancelled and thereafter will be authorized and unissued shares.

The Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of Shareholders. Any repurchases will be subject to the Advisor's recommendation and Board approval, and there can be no assurance that the Board will accept the Advisor's recommendation. As a result, share repurchases may not be available each quarter, Shareholders may not be able to sell their shares of Common Shares promptly or at a desired price and an investment in Common Shares is not suitable if a Shareholder requires short-term liquidity with respect to its investment in us.

In addition, subject to the receipt of appropriate Shareholder approvals, we may offer alternative liquidity options to Shareholders, including, but not limited to: (i) a sale of all or substantially all of our assets either on a complete portfolio basis or individually to an unaffiliated third party or an affiliate followed by a liquidation or (ii) an orderly wind down and/or liquidation.

***Regulation as a Business Development Company***

We will be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisors or sub-advisors), principal underwriters and affiliates of those affiliates or underwriters. In addition, a BDC must be organized for the purpose of investing in or lending primarily to private companies organized in the United States and making significant managerial assistance available to them.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our Board of Trustees must be persons who are not "interested persons," as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any trustee or officer against any liability to us or our Shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of any such person's office. As a BDC, we are currently also required to meet a minimum coverage ratio of the value of total assets to total senior securities, which include all of our borrowings and any Preferred Shares.

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As a BDC, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of our 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.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company, or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. We may, however, rely on Rule 12d1-4 under the 1940 Act and invest in excess of the limits described above, including by investing in affiliated registered investment companies. However, to the extent we rely on Rule 12d1-4, we will be subject to certain conditions and requirements under Rule 12d1-4. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject the Shareholders to additional expenses.

We have no intention to, and are generally not able to, issue and sell our Common Shares at a price below net asset value per Common Share. We may, however, issue and sell our Common Shares at a price below the then-current net asset value of our Common Shares if our board of directors determines that such sale is in our best interests and the best interests of the Shareholders, and the Shareholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board of Trustees, closely approximates the market value of such securities. In addition, we may generally issue new Common Shares at a price below net asset value in rights offerings to existing Shareholders, in payment of distributions and in certain other limited circumstances.

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of the members of our Board of Trustees who are not interested persons and, in some cases, prior approval by the SEC through an exemptive order (other than in certain limited situations pursuant to current regulatory guidance).

The Advisors have each filed to obtain exemptive relief from the SEC that, subject to certain conditions and limitations, will permit us and other funds advised by the Advisors or certain affiliates of the Advisors (referred to herein as "potential co-investment funds") to engage in certain co-investment transactions. Under the exemptive relief, in the case where the interest in a particular investment opportunity exceeds the size of the opportunity, then the investment opportunity will be allocated among us and such potential co-investment funds based on the allocation policy of the Advisor. Under the Advisor's allocation policy, an investment opportunity will be allocated to us based on certain criteria, including but not limited to capital available for investment, which generally will be determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the board or other

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governing body of the relevant fund or imposed by applicable laws, rules, regulations or interpretations. There can be no assurance that we will be able to participate in all investment opportunities that are suitable to us and there is no guarantee that the SEC will grant the exemptive relief described herein. For instance, we may be unable to participate in a transaction in which PNC is extending credit to a borrower, such as making a revolving loan during a recapitalization, alongside other TCW Steel City Platform clients. Other TCW Steel City Platform clients and PNC do not intend to refrain from such transactions even if we cannot participate. We will be subject to periodic examination by the SEC for compliance with the 1940 Act.

***Qualifying Assets***

Under the 1940 Act, a BDC may not acquire any assets 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 company's total assets. The principal categories of qualifying assets relevant to our business are the following:

● 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 13 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;&nbsp;&nbsp;● 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;&nbsp;&nbsp;● is not an investment company (other than a small business investment company wholly owned by us) 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;&nbsp;&nbsp;● satisfies either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has a market capitalization of less than $250 million or does not have any class of securities listed on a
national securities exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling
influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company.

● Securities of any eligible portfolio company that we control.

● 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

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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.

● Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

● Securities received in exchange for or distributed in connection with securities described above, or pursuant to
the exercise of warrants or rights relating to such securities.

● 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 be operated for the purpose of making investments in the types of securities described under *"Qualifying Assets"* 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 significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if 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, officers or employees, offers to provide, and, if accepted, does in fact provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

***Temporary Investments***

Pending investment in other types of "qualifying assets," as described above, our 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, which is referred to herein, collectively, as temporary investments, such that at least 70% of our assets are qualifying assets.

***Investment Limitations***

In addition to the requirements that we will need to satisfy in order to maintain our status as a BDC, we shall be subject to the following investment limitations, in each case measured at the time of the relevant investment:

● no more than 10% of the aggregate Capital Commitments may be invested in any single portfolio company (including
in such limitation (a) investments in any direct or indirect subsidiary of such portfolio company and (b) the amount of any outstanding obligations of such portfolio company (or direct or indirect subsidiary of such portfolio company) that
have been guaranteed by us); *provided*, *that* a wholly owned subsidiary of ours will not be treated as a portfolio company and therefore will not be subject to this limitation;

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● at all times, we shall use reasonable best efforts to make or structure each investment in a jurisdiction outside
the United States in a manner such that no Shareholder (a) would have any personal liability with respect to such investment beyond such Shareholder's obligations to make contributions or payments to us as provided in the organizational
documents, or (b) would be required with respect to such investment to file income tax returns in that jurisdiction reporting income (other than any Shareholder who must file such returns without regard to our activities or who is required to
file such returns for the purpose of reducing, eliminating or recovering any taxes withheld on behalf of such Shareholder); and

● at no time shall we invest in (a) residual interests in entities treated as real estate mortgage investment
conduits ("REMICs") or (b) real estate investment trusts that (1) are treated as taxable mortgage pools or (2) hold residual interests in REMICs or subsidiaries that are taxable mortgage pools, in each case as determined
for U.S. federal income tax purposes.

***Senior Securities and Leverage***

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of Preferred Common Shares senior to the Common Shares, if our asset coverage, as defined in the 1940 Act, is at least equal to 150% (or 200% if certain requirements under the 1940 Act are not met) immediately after each such issuance. While any Preferred Common Shares or, in certain limited circumstances, debt securities are outstanding, we may be prohibited from making distributions to Shareholders or repurchasing Common Shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for generally up to 60 days without regard to the 150% asset coverage requirement described above. Finally, (i) Preferred Common Shares must have the same voting rights as the Common Shares (one Common Share, one vote), and (ii) holders of Preferred Shares (the "Preferred Shareholders") must have the right, as a class, to appoint two trustees to the Board of Trustees.

***Code of Ethics***

We will adopt, and the Advisor and Sub-Advisor 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 our personnel. The code of ethics generally contains restrictions on investments by our personnel in securities that we may purchase or hold. This information will be available at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549 and on the SEC's website at <u>www.sec.gov</u>. The public may obtain information on the operation of the SEC's public reference room by calling the SEC at 1-800-SEC-0330.

***Compliance Policies and Procedures***

We will adopt and implement, and the Advisor and Sub-Advisor have adopted and implemented, written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws. We, the Advisor and the Sub-Advisor are required to

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review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and to designate a chief compliance officer to be responsible for administering the policies and procedures.

***Proxy Voting Policies and Procedures***

We intend to delegate our proxy voting responsibility to the Advisor. The Proxy Voting Policies and Procedures of the Advisor are set forth below. The guidelines will be reviewed periodically by the Advisor and our Independent Trustees, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Advisor recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies for the Advisor's investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

If the Advisor has responsibility for voting proxies in connection with its investment advisory duties, or has the responsibility to specify to an agent how to vote the client's proxies, it exercises such voting responsibilities through the corporate proxy voting process. The Advisor believes that the right to vote proxies is a significant asset of its clients' holdings. In order to provide a basis for making decisions in the voting of proxies for its clients, the Advisor and its affiliates have established a proxy voting committee (the "Proxy Committee") and adopted proxy voting guidelines (the "Guidelines") and procedures.

The Proxy Committee generally meets quarterly (or at such other frequency as determined by the Proxy Committee), and its duties include establishing proxy voting guidelines and procedures, overseeing the internal proxy voting process, and reviewing proxy voting issues. The members of the Proxy Committee include the Advisor's personnel from the investment, compliance, legal and marketing departments. The Advisor also uses outside proxy voting services (each, an "Outside Service") to help manage the proxy voting process. Each Outside Service facilitates its voting according to the Guidelines (or according to guidelines submitted by the Advisor's clients) and helps maintain the Advisor's proxy voting records. The Advisor's proxy voting and record keeping is dependent on the timely provision of proxy ballots by custodians, clients and other third parties. Under circumstances described below involving potential conflicts of interest, the Advisor may also request an Outside Service to help decide certain proxy votes. In those instances, the Proxy Committee shall review and evaluate the voting recommendations of each Outside Service to ensure that recommendations are consistent with the Advisor's clients' best interest. In the event the Advisor inadvertently receives any proxy material on behalf of a client that has retained proxy voting responsibility, and where it is reasonably feasible by the Advisor to determine the identity of the client, the Advisor will promptly forward such materials to the client. As a matter of firm policy, the Advisor does not disclose to unaffiliated third parties how it expects to vote on upcoming proxies and does not disclose the way it voted proxies without a legitimate need to know such information.

The Guidelines provide a basis for the Advisor's decisions in the voting of proxies for clients. When voting proxies, the Advisor's utmost concern is that all decisions be made solely in

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the interests of the client and with the goal of maximizing the value of the client's investments. Generally, proposals will be voted in accordance with the Guidelines and any applicable guidelines provided by the Advisor's clients. The Advisor's underlying philosophy, however, is that the portfolio managers, who are primarily responsible for evaluating the individual holdings of the Advisor's clients, are best able to determine how best to further client interests and goals. The portfolio managers may, in their discretion, take into account the recommendations of the Advisor's management, the Proxy Committee, and any Outside Service.

Individual portfolio managers, in the exercise of their best judgment and discretion, may from time to time override the Guidelines and vote proxies in a manner that they believe will enhance the economic value of clients' assets, keeping in mind the best interests of the beneficial owners. The Guidelines provide procedures for documenting and, as required, approving such overrides. In the event a potential conflict arises in the context of voting proxies for the Advisor's clients, the primary means by which the Advisor will avoid a conflict of interest is by casting votes with the assistance of an Outside Service according to the Guidelines and any applicable guidelines provided by the Advisor's clients. If a potential conflict of interest arises, and the proxy vote to be decided is predetermined under the Guidelines, then the Advisor will follow the Guidelines and vote accordingly. On the other hand, if a potential conflict of interest arises and there is no predetermined vote, or the Guidelines themselves refer such vote to the portfolio manager for decision, or the portfolio manager would like to override a predetermined vote, then the Guidelines provide procedures for determining whether a material conflict of interest exists and, if so, resolving such conflict.

The Advisor or an Outside Service will keep records of the following items for at least five years: (i) the Guidelines and any other proxy voting procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's EDGAR system); (iii) records of votes cast on behalf of clients (if maintained by an Outside Service, that Outside Service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and the Advisor's response (whether a client's request was oral or in writing); and (v) any documents the Advisor prepared that were material to making a decision on how to vote, or that memorialized the basis for the decision. Additionally, the Advisor or an Outside Service will maintain any documentation related to an identified material conflict of interest.

***Privacy Principles***

We are committed to maintaining the confidentiality, integrity and security of nonpublic personal information relating to our investors. The following information is provided to describe generally what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

We may collect nonpublic personal information regarding investors from sources such as subscription agreements, investor questionnaires and other forms; individual investors' account histories; and correspondence between individual investors and the Company. We may share information that we collect regarding an investor with our affiliates and the employees of such affiliates for legitimate business purposes, for example, in order to service the investor's accounts or provide the investor with information about other products and services offered by

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the Company or our affiliates that may be of interest to the investor. In addition, we may disclose information that we collect regarding investors to third parties who are not affiliated with us (i) as required by law or in connection with regulatory or law enforcement inquiries, or (ii) as otherwise permitted by law to the extent necessary to effect, administer or enforce investor or our transactions.

Any party that receives nonpublic personal information relating to investors from the Company is permitted to use the information only for legitimate business purposes or as otherwise required or permitted by applicable law or regulation. In this regard, for our officers, employees and agents and affiliates, access to such information is restricted to those who need such access in order to provide services to us and to our investors. We maintain physical, electronic and procedural safeguards to seek to guard investor nonpublic personal information.

***Reporting Obligations***

In order to be regulated as a BDC under the 1940 Act, we are required to register a class of equity securities under the 1934 Act. As a result, we have filed this Registration Statement for our Common Shares with the SEC under the 1934 Act. Subsequent to the effectiveness of this Registration Statement, we will be required to file annual reports, quarterly reports and current reports with the SEC. This information will be available at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549 and on the SEC's website at www.sec.gov. The public may obtain information on the operation of the SEC's public reference room by calling the SEC at 1-800-SEC-0330.

Because we do not currently maintain a corporate website, we do not intend to make available on a website our annual reports on Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K. We do intend, however, to provide electronic or paper copies of our filings free of charge upon request.

**Certain U.S. Federal Income Tax Consequences** 

The following is a summary of certain material U.S. federal income tax considerations related to an investment in the Common Shares. This summary is based upon the provisions of the Code, as amended, the U.S. Treasury regulations promulgated thereunder, published rulings of the Internal Revenue Service (the "IRS") and judicial decisions in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. The discussion does not purport to describe all of the U.S. federal income tax consequences that may be relevant to a particular investor in light of that investor's particular circumstances (including alternative minimum tax consequences) and is not directed to investors subject to special treatment under the U.S. federal income tax laws, such as banks, dealers in securities, persons holding Common Shares as part of hedging transaction, wash sale, conversion transaction or integrated transaction, real estate investment trusts, regulated investment companies, tax-exempt entities, U.S. Holders (as defined below) whose functional currency is not the U.S. dollar, certain financial institutions and insurance companies. In addition, this summary does not discuss any aspect of state, local or non-U.S. tax law and assumes that investors will hold their Common Shares as capital assets (generally, assets held for investment).

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For purposes of this discussion, a "U.S. Holder" is a Shareholder that is, for U.S. federal income tax purposes: (a) an individual who is a citizen or resident of the United States; (b) a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (c) an estate, the income of which is subject to U.S. federal income taxation regardless of its source or (d) a trust if a court within the United States can exercise primary supervision over its administration and certain other conditions are met. A "Non-U.S. Holder" is a Shareholder who is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes. For tax purposes, our fiscal year is the calendar year.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Common Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective investor that will own Common Shares through a partnership should consult its tax advisors with respect to the purchase, ownership and disposition of those Common Shares.

***Tax matters are complex and prospective investors in the Common Shares are urged to consult their own tax advisors with respect to the U.S. federal income tax and state, local and non-U.S. tax consequences of an investment in the Common Shares, including the potential application of U.S. withholding taxes.***

***Classification of the Company as Corporation for Tax Purposes***

*As a Delaware statutory trust that is expected to be treated as a business entity because it has the power to vary its investments, the Company is expected to be an eligible entity that is entitled to elect its classification for U.S. federal tax purposes. The Company intends to make an election to cause it to be classified as an association that is taxable as a corporation for U.S. federal income tax purposes.* 

***Regulated Investment Company Classification***

As a BDC, we intend to elect, and intend to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, we generally will not be required to pay corporate-level federal income taxes on any ordinary income or capital gains that we distribute to our Shareholders as dividends. To continue to qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC tax treatment, we must distribute to our Shareholders, for each taxable year, the sum of at least 90% of our "investment company taxable income" for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses, and 90% of our net tax-exempt interest (the "Annual Distribution Requirement").

***Taxation as a Regulated Investment Company***

If we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● qualify as a RIC; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● satisfy the Annual Distribution Requirement;

then we will not be subject to federal income tax on the portion of our investment company taxable income and net capital gain (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we distribute to Shareholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to Shareholders.

We will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, and on which we paid no federal income tax, in preceding years.

In order to maintain our qualification as a RIC for federal income tax purposes, we must, among other things:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● derive in each taxable year at least 90% of our gross income from (a) dividends, interest, payments with
respect to certain securities (including loans), gains from the sale of stock or other securities or currencies, or other income derived with respect to our business of investing in such stock, securities or currencies and (b) net income
derived from an interest in a "qualified publicly traded partnership"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● at least 50% of the value of our 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 our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● no more than 25% of the value of our assets is invested in (i) the securities, other than U.S. government
securities or securities of other RICs, of one issuer, (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or
similar or related trades or businesses or (iii) the securities of one or more "qualified publicly traded partnerships."

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with increasing interest rates or debt instruments issued with warrants), we must include in income each year a portion of the original

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issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any original issue discount accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to Shareholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount.

Because we may use debt financing, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources or are otherwise limited in our ability to make distributions, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax, or may cause the Company to be subject to the 4% nondeductible U.S. federal excise tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% gross income test described above. We will monitor our transactions and may make certain tax elections in order to mitigate the potential adverse effect of these provisions or invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes.

If, in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to Shareholders, and distributions will be taxable to the Shareholders as ordinary dividends to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, certain corporate Shareholders would be eligible to claim a dividends received deduction with respect to such dividends and non-corporate Shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's tax basis, and any remaining distributions would be treated as a capital gain. If we fail to qualify as a RIC, we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five taxable years.

In the event we invest in non-U.S. securities, we may be subject to withholding and other non-U.S. taxes with respect to those securities. We do not expect to satisfy the conditions

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necessary to pass through to our Shareholders their share of the non-U.S. taxes paid by the Company. The Company generally intends to conduct its investment activities to minimize the impact of foreign taxation, but there is no guarantee that we will be successful in this regard.

***Taxation of U.S. Holders***

Distributions by us generally will be taxable to U.S. Holders as ordinary income or capital gains. Distributions of our investment company taxable income will be taxable as ordinary income to U.S. Holders to the extent of our current or accumulated earnings and profits. Distributions of our net capital gains (that is, the excess of our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. Holder as long-term capital gains, regardless of the U.S. Holder's holding period for its Common Shares. Distributions of investment company taxable income that are reported by us as being derived from "qualified dividend income" will be taxed in the hands of non-corporate Shareholders at the rates applicable to long-term capital gain, provided that holding period and other requirements are met by both the Shareholders and us. "Qualified dividend income" reported by us may not exceed the aggregate dividends it receives from most U.S. corporations and certain foreign corporations. Dividends distributed by us will generally not be attributable to qualified dividend income.

Distributions in excess of our current and accumulated earnings and profits first will reduce a U.S. Holder's adjusted tax basis in such U.S. Holder's Common Shares and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. Holder. For a summary of the tax rates applicable to capital gains, including capital gain dividends, see the discussion below.

Although we currently intend to distribute realized net capital gains (i.e., net realized long-term capital gains in excess of net realized short-term capital losses), if any, at least annually, we may in the future decide to retain some or all of our net capital gains, and to designate some or all of the retained amount as a "deemed distribution." In that case, among other consequences, we will pay corporate-level tax on the retained amount, each U.S. Holder will be required to include its share of the deemed distribution in income as if it had been actually distributed to the U.S. Holder, and the U.S. Holder will be entitled to claim a credit or refund equal to its allocable share of the corporate-level tax we pay on the retained capital gain. The amount of the deemed distribution net of such tax will be added to the U.S. Holder's cost basis for its Common Shares. Since we expect to pay tax on any retained capital gains at our regular corporate capital gain tax rate, and since that rate is in excess of the maximum rate currently payable by non-corporate U.S. Holders on long-term capital gains, the amount of tax that non-corporate U.S. Holders will be treated as having paid will exceed the tax they owe on the capital gain dividend. Such excess generally may be claimed as a credit or refund against the U.S. Holder's other U.S. federal income tax obligations. A U.S. Holder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to Shareholders prior to the expiration of 60 days after the close of the relevant tax year.

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For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of dividends paid for that year, we may, under certain circumstances, 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 we make such an election, a U.S. Holder generally will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared 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 year, will be treated as if it had been received by the U.S. Holders on December 31 of the year in which the dividend was declared.

If the Company acquires shares in a passive foreign investment company ("PFIC"), we 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 we distribute such income as a taxable dividend to Shareholders. Additional charges in the nature of interest generally will be imposed on us in respect of deferred taxes arising from any such excess distribution or gain. If the Company 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, we will be required to include in income each year our proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, we may be able to elect to mark our shares in a PFIC at the end of each taxable year to market; in this case, we 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 our income. Our ability to make either election will depend on factors beyond our control, and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, we may be required to recognize in a taxable year income in excess of any distributions we receive 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 we are subject to the 4% federal excise tax. Similarly, if we acquire shares in a controlled foreign corporation ("CFC"), we may be required to recognize in a taxable year income in excess of any distributions we receive from CFCs 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 we are subject to the 4% federal excise tax.

You may recognize taxable gain or loss if you sell or exchange your Common Shares (including a redemption of such Common Shares or upon a liquidation of the Company). The amount of the gain or loss will be measured by the difference between your adjusted tax basis in your Common Shares and the amount of the proceeds you receive in exchange for such Common Shares. Any gain or loss arising from the sale or exchange of the Common Shares (or, in the case of distributions in excess of the sum of our current and accumulated earnings and profits and your tax basis in the Common Shares, treated as arising from the sale or exchange of your Common Shares) generally will be a capital gain or loss if the Common Shares are held as a capital asset. This capital gain or loss normally will be treated as a long-term capital gain or loss if you have held your Common Shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or exchange of Common Shares held for six months or less generally will be treated as a long-term capital loss

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to the extent of the amount of capital gain dividends received, or treated as deemed distributed, with respect to such Common Shares.

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

In general, individual U.S. Holders currently are subject to a maximum U.S. federal income tax rate of 20% on their net capital gain, i.e., the excess of net long-term capital gain over net short-term capital loss for a taxable year, including a long-term capital gain derived from an investment in the Common Shares in the future. In addition, individuals with income in excess of $200,000 ($250,000 in the case of married individuals filing jointly or $125,000 in the case of married individuals filing separately) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses). Corporate U.S. Holders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Dividends distributed by us to corporate Shareholders generally will not be eligible for the dividends-received deduction. Tax rates imposed by states and local jurisdictions on capital gain and ordinary income may differ.

We (or the applicable withholding agent) will send to each of the U.S. Holders, as promptly as possible after the end of each calendar year, a report detailing the amounts includible in such U.S. Holder's taxable income for such year as ordinary income, long-term capital gain and "qualified dividend income," if any. In addition, the U.S. federal tax status of each year's distributions generally will be reported to the IRS. Distributions may also be subject to additional state, local, and non-U.S. taxes depending on a U.S. Holder's particular situation.

***Limitation on Deduction for Certain Expenses***

If the Common Shares are not beneficially owned by at least 500 persons at all times during the taxable year, then a U.S. Holder that is an individual, estate or trust may be subject to limitations on miscellaneous itemized deductions in respect of its share of expenses that we incur, to the extent that the expenses would have been subject to these limitations if the holder had incurred them directly. However, for taxable years beginning after December 31, 2017 and before January 1, 2026, U.S. Holders are not permitted to take any miscellaneous itemized deductions. We do not expect the Common Shares to be beneficially owned by 500 or more persons.

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If we do not satisfy the 500-shareholder requirement, we would be required to report the relevant expenses, including the Management Fee and Incentive Fee, on Form 1099-DIV, and affected holders will be required to take into account as income an amount equal to their allocable share of such expenses and to take into account their allocable share of such expenses.

***U.S. Taxation of Tax-Exempt U.S. Holders***

A U.S. Holder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. Holder of the activities we propose to conduct could give rise to UBTI. However, a BDC (and RIC) is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its Shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. Holder should not be subject to U.S. taxation solely as a result of the holder's ownership of Common Shares and receipt of dividends with respect to such Common Shares. Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. Holder. Therefore, a tax-exempt U.S. Holder should not be treated as earning income from "debt-financed property" and dividends we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to BDCs (or RICs), the treatment of dividends payable to tax-exempt investors could be adversely affected.

***Taxation of Non-U.S. Holders***

Whether an investment in the Common Shares is appropriate for a Non-U.S. Holder will depend upon that person's particular circumstances. Non-U.S. Holders should consult their tax advisers before investing in the Common Shares. Distributions of our "investment company taxable income" to Non-U.S. Holders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of federal withholding tax if paid to Non-U.S. Holders directly) will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent such distributions do not exceed our current and accumulated earnings and profits unless an applicable exception applies. If the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (and, if a treaty applies, are attributable to a U.S. permanent establishment of the Non-U.S. Holder), we will not be required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements, (such as providing Form W-8ECI), although Non-U.S. Holders will be subject to U.S. federal income tax on distributions at the rates applicable to U.S. persons. Special certification requirements apply to a Non-U.S. Holder that is a non-U.S. partnership or a non-U.S. trust, and such entities are urged to consult their own tax advisers.

U.S.-source withholding taxes are generally not imposed on dividends paid by RICs to the extent the dividends are reported as "interest-related dividends" or "short-term capital gain dividends." Interest-related dividends and short-term capital gain dividends generally represent

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distributions of interest or short-term capital gains that would not have been subject to U.S. withholding tax at the source if they had been received directly by a non-U.S. person, and that satisfy certain other requirements. No assurance can be given as to whether any of the Company's distributions will be reported as eligible for this exemption from withholding tax. In addition, Non-U.S. Holders should be aware that U.S. withholding rules require the Company (or its withholding agent) to withhold on distributions in the absence of certainty as to whether such distributions are eligible for the exemption from withholding tax. Since amounts designated as interest-related dividends may be reduced to the extent such amounts exceed the Company's "qualified net interest income" for the taxable year in which such dividend is distributed, the Company will generally not be certain that the entire amount of mid-year distributions of interest-related dividends is, in fact, properly treated as such. Accordingly, such distributions to Non-U.S. Holders may be subject to overwithholding by the Company (or its withholding agent). The Company intends to take measures to minimize the risk of such overwithholding. In addition, the Company may choose to hold such amounts in escrow until the year-end determination of qualified net interest income can be made. In such cases, the Company intends to promptly return any overwithheld amounts to Non-U.S. Holders subsequent to making such determinations. Alternatively, however, there is a risk that such overwithheld amounts may be remitted to the Internal Revenue Service and that a Non-U.S. Holder would be required to file a return with the Internal Revenue Service in order to claim a refund of such overwithheld amounts.

Actual or deemed distributions of our net capital gains to a Non-U.S. Holder, and gains realized by a Non-U.S. Holder upon the sale or redemption of its Common Shares (including a redemption of such Common Shares or upon a liquidation of the Company), will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Holder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States) or, in the case of an individual, the Non-U.S. Holder was present in the United States for 183 days or more during the taxable year and certain other conditions are met. If we distribute our net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Holder will be entitled to a U.S. federal income tax credit or tax refund equal to the allocable share of the corporate-level tax we pay on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. Holder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

If any actual or deemed distributions of our net capital gains, or any gains realized upon the sale or redemption of Common Shares, are effectively connected with a U.S. trade or business of the Non-U.S. Holder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. Holder), such amounts will be subject to U.S. income tax, on a net-income basis, in the same manner, and at the graduated rates applicable to, a U.S. Holder. For a corporate Non-U.S. Holder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale or redemption of its Common Shares that are effectively connected to a U.S. trade or business (and, if a treaty applies, are attributable to a U.S. permanent establishment), may, under certain circumstances, be

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subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

Under legislation commonly referred to as the "Foreign Account Tax Compliance Act" ("FATCA") a 30% withholding tax is imposed on payments of certain types of income to non-U.S. financial institutions that fail to enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by U.S. persons (or held by non-U.S. entities that have U.S. persons as substantial owners) or that fail to meet the requirements of a relevant intergovernmental agreement. The types of income subject to the tax include U.S. source interest and dividends paid after June 30, 2014. Under proposed U.S. Treasury regulations, which may be relied upon until final U.S. Treasury regulations are published, there is no FATCA withholding on gross proceeds from the sale of any property that could produce U.S.-source interest or dividends or on certain capital gains distributions. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the holder's account. In addition, subject to certain exceptions, a 30% withholding is also imposed on payments to non-U.S. entities that are not financial institutions unless the non-U.S. entity certifies that it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a Non-U.S. Holder and the status of the intermediaries through which they hold their Common Shares, Non-U.S. Holders could be subject to this 30% withholding tax with respect to distributions on their Common Shares. Under certain circumstances, a Non-U.S. Holder might be eligible for refunds or credits of such taxes.

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

***Tax Shelter Reporting Regulations***

Under applicable Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to the Company's Common Shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Holder in any single taxable year (or a greater loss over a combination of years), the U.S. Holder must file with the IRS a disclosure statement on Form 8886. Direct U.S. Holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Holders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Holders 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. Holders should consult their own tax advisers to determine the applicability of these Treasury regulations in light of their individual circumstances.

***Backup Withholding and Information Reporting***

Backup withholding may apply to distributions on the Common Shares with respect to certain non-exempt U.S. Holders. Such a U.S. Holder generally will be subject to backup

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withholding unless the U.S. Holder provides its correct taxpayer identification number and certain other information, certified under penalties of perjury, to the dividend paying agent, or otherwise establishes an exemption from backup withholding. Any amount withheld under backup withholding is allowed as a credit against the U.S. Holder's U.S. federal income tax liability, provided the proper information is provided to the IRS.

U.S. information reporting requirements and backup withholding tax will not apply to dividends paid on the Common Shares to a Non-U.S. Holder, provided the Non-U.S. Holder provides a Form W-8BEN or Form W-8BEN-E (or satisfies certain documentary evidence requirements for establishing that it is a non-United States person) or otherwise establishes an exemption. Information reporting and backup withholding also generally will not apply to a payment of the proceeds of a sale of the Common Shares affected outside the United States by a non-U.S. office of a non-U.S. broker. However, information reporting requirements (but not backup withholding) will apply to a payment of the proceeds of a sale of the Common Shares effected outside the United States by a non-U.S. office of a broker if the broker (i) is a United States person, (ii) derives 50% or more of its gross income for certain periods from the conduct of a trade or business in the United States, (iii) is a "controlled foreign corporation" as to the United States, or (iv) is a non-U.S. partnership that, at any time during its taxable year is more than 50% (by income or capital interest) owned by United States persons or is engaged in the conduct of a U.S. trade or business, unless in any such case the broker has documentary evidence in its records that the holder is a non-U.S. holder and certain conditions are met, or the holder otherwise establishes an exemption. Payment by a United States office of a broker of the proceeds of a sale of the Common Shares will be subject to both backup withholding and information reporting unless the holder certifies its non-United States status under penalties of perjury or otherwise establishes an exemption. Backup withholding is not an additional tax. Any amounts withheld from payments made to a Shareholder may be refunded or credited against such Shareholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.

**Item 1A. Risk Factors.** 

*An investment in our securities involves certain risks relating to our structure and investment objective. The risks set forth below are not the only risks we face, and we face other risks which we have not yet identified, which we do not currently deem material or which are not yet predictable. If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV could decline, and you may lose all or part of your investment.* 

<u>Limited Operatin</u>g <u>Histor</u>y. We were formed in October 2024 and have limited operating history. As a result, we have limited financial information on which an investor can evaluate an investment in our company or our prior performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of an investor's investment could decline substantially or an investor's investment could become worthless. Past performance, including the past performance of other investment entities and accounts managed by the Advisor or the Sub-Advisor, is not necessarily indicative of our future results.

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<u>We are a privately placed, perpetual-life BDC, and our Shareholders may not be able to transfer or otherwise dispose of our Common Shares at desired times or prices, or at all</u>. We are a privately placed, perpetual-life BDC. Our Common Shares may generally only be transferred with the consent of the Advisor, and the Advisor may grant or withhold such consent in its sole discretion. Although we expect to offer a share repurchase program in the future, we can offer no assurances as to whether we will do so, the prices at which shares may be repurchased, or how many shares may be repurchased at any given time. Additionally, our Shares are not listed for trading on a stock exchange or other securities market. Thus, there is currently not a public market for our Common Shares, and we do not currently expect that such a public market will ever develop. As a result, our Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time.

<u>Dependence on Ke</u>y <u>Personnel and Other Mana</u>g<u>ement</u>. Shareholders have no right or power to participate in the management of the Company and may not receive detailed financial information regarding investments that is available to the Advisor or the Sub-Advisor. An investor in the Company must rely upon the ability of the Advisors to identify, and the ability of the Advisor (including the Private Credit Group and other investment professionals of the Advisor) to structure and implement investments consistent with our investment objectives and policies. Accordingly, our success is dependent on the ability of the Advisors to retain and motivate highly qualified professionals. In particular, the loss of services of Mr. Richard Miller, Mr. Mark Gertzof, Mr. Pete Mardaga or Mr. Walt Hill could have an adverse effect on our business, financial condition or results of operations. Our future success also depends on the ability of the Advisors to identify, hire, train and retain other highly qualified and experienced investment and management professionals. Competition for such professionals is significant, and there can be no assurance that the Advisors will be able to attract or retain other highly qualified professionals in the future. The inability of the Advisors to attract and retain such professionals could have a material adverse effect upon our business, financial condition or results of operations.

Each of the Investment Advisory Agreement and the Sub-Advisory Agreement may be terminated under certain circumstances. The termination of either agreement may adversely affect the quality of our investment opportunities. Furthermore, if either agreement is terminated, it may be challenging for the Advisor or the Sub-Advisor to be replaced. Additionally, there can be no assurance that the Sub-Advisor will not voluntarily withdraw from its relationship with the Company, resulting in adverse impacts to our business, financial condition or results of operations.

<u>Reliance on Portfolio Company Management</u>. The day-to-day operations of each portfolio company in which we invest will be the responsibility of such entity's management team. In addition, we may make investments in portfolio companies where we have limited influence and the other investors in such portfolio company have economic or business interests or goals that are inconsistent with our business interests and goals. Although the Advisor will be responsible for monitoring the performance of each of our investments and we are required, pursuant to a specific 1940 Act provision applicable to BDCs, to offer to provide each of our portfolio companies managerial assistance, there can be no assurance that the existing management team of a portfolio company or any successor will be able to operate any such

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entity in accordance with our expectations. In this situation, we may not be in a position to limit or otherwise protect the value of our investment.

<u>Economic Recessions or Downturns</u>. Many of the portfolio companies in which we make investments may be susceptible to economic slowdowns or recessions and may be unable to repay the loans we made to them during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net investment income and assets. Unfavorable economic conditions also could increase our and our portfolio companies' funding costs, limit our and our portfolio companies' access to the capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company's ability to meet its obligations under the debt that we hold. We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

<u>No Assurance of Profits</u>*.* There is no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the types of companies and transactions described herein. The marketability and value of any of our investments will depend upon many factors beyond our control. We will incur organizational expenses, Management Fees and other operating expenses which may exceed our income, and a Shareholder could lose the entire amount of its contributed capital. Therefore, a prospective investor should only invest in the Company if such investor can withstand a total loss of his or her investment. The past investment performance of the entities and accounts with which the Advisor and its investment professionals have been associated cannot be taken to guarantee future results of any investment in the Company.

<u>No Guarantee of Interests.</u> Any losses in the Company will be borne solely by Shareholders and not by TCW or PNC (in their capacity as the Advisor or the Sub-Advisor, as the case may be); therefore, TCW's and PNC's losses in the Company will be limited to losses attributable to the interests in the Company held by them in their capacity as Shareholders of the Company. Interests in the Company are not insured by or guaranteed by the U.S. Federal Deposit Insurance Corporation, and are not deposits in, obligations of, or endorsed or guaranteed in any way by any banking entity. Investments in the Company are subject to substantial investment risks, including, among others, those described herein, including the possibility of partial or total loss of an investor's investment. Prospective investors should read this Registration Statement

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and our offering and organizational documents carefully and consult with their own advisors before deciding whether to invest in us.

<u>Unspecified Use of Proceeds</u>. Investors will not have an opportunity prior to investing to evaluate any of the portfolio investments to be made by us or the relevant economic, financial and other information regarding such portfolio investments and, accordingly, will be entirely dependent upon the judgment and ability of the Advisors in investing and managing our capital.

<u>Suitability of Investments</u>. An investment in us is not suitable for all investors. An investment is suitable only for sophisticated investors, and an investor must have the financial ability to understand and willingness to accept the extent of its exposure to the risks and lack of liquidity inherent in an investment in the Company. Investors with any doubts as to the suitability of an investment in us should consult their professional advisors to assist them in making their own legal, tax, accounting and financial evaluation of the merits and risks of investment in us in light of their own circumstances and financial condition.

<u>Drawdowns of Capital Commitment</u>. Shareholders will be obligated to fund drawdowns to purchase shares of Common Shares based on their Capital Commitment. Pursuant to the Subscription Agreement, the Advisor may draw down on the Shareholders' remaining Capital Commitments upon at least 10 business days' prior notice (or shorter periods if the Advisor determines in good faith that it is necessary or appropriate to facilitate the consummation of a portfolio investment). To satisfy such obligations, Shareholders may need to maintain a substantial portion of their Capital Commitments in assets that can be readily converted to cash. Failure by a Shareholder to timely fund its Capital Commitment may result in some of its shares of Common Shares being forfeited or subject the Shareholder to other remedies available to us. Failure of a Shareholder to contribute its Capital Commitments could also cause us to be unable to realize our investment objectives. A default by a substantial number of Shareholders or by one or more Shareholders who have made substantial Capital Commitments would limit our opportunities for investment or diversification and would likely reduce our returns.

<u>Prepayment Risk</u>. The value of our assets may be affected by prepayment rates on loans. Prepayment rates are influenced by changes in interest rates and a variety of economic, geographic and other factors beyond our control. Therefore, the frequency at which prepayments (including voluntary prepayments by borrowers and liquidations due to defaults and insolvency) occur in respect of our portfolio investments can adversely impact us and prepayment rates cannot be predicted with certainty, making it impossible to insulate ourselves from prepayment or other such risks. Early prepayments give rise to increased reinvestment risk, including, for example, when the prevailing level of interest rates falls, we may be unable to reinvest cash in a new portfolio investment with an expected rate of return at least equal to that of the portfolio investment prepaid.

<u>Allocation of Expenses</u>. To the extent that any fees and expenses were incurred on our behalf and any Other Clients (as defined below), the Company and such Other Clients will generally bear an allocable portion of any such fees and expenses on a pro rata basis (as determined by the Advisors) in proportion to the Company's and such Other Clients' respective percentage interests in the portfolio investment to which such fees and expenses relate (subject to our and such Other Clients' offering and/or governing documents), or in such other manner as

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the Advisor considers fair and equitable. Notwithstanding the foregoing, the Advisor may in its sole discretion structure a co-investment opportunity, provided co-investment relief discussed elsewhere in this Registration Statement is granted, such that the proposed participants in such co-investment opportunity do not bear any Broken Deal Expenses (as defined below), with the result that we will bear all such Broken Deal Expenses; provided, if so structured, that such participants will not be entitled to receive any break-up or similar fee income, if any, that may be earned with respect to such transaction. In most cases, we expect that proposed participants in co-investments will not bear Broken Deal Expenses (such as legal fees, reverse termination fees, extraordinary expenses such as litigation costs and judgments and other expenses), with the result that only we will bear all such Broken Deal Expenses.

For purposes of this Registration Statement, to the extent the context permits or otherwise requires, Other Clients refers to clients, investment funds, client accounts and proprietary accounts advised or managed by the Advisor or the Sub-Advisor or their respective affiliates, and in which we will not have an interest ("Other Clients"). Broken Deal Expenses refer to fees and expenses for investment and/or divestment transactions not completed by us, including amounts payable to or by third parties, and all fees and expenses of any legal, financial, accounting, advisory, consulting or other advisors or lenders, investment banks and other financing sources in connection with arranging financing for transactions that are not consummated and any deposits or down payments that are forfeited in connection with, or amounts paid as a penalty for, unconsummated transactions ("Broken Deal Expenses").

<u>Reliance on the Advisor, the Sub-Advisor and their Professionals</u>. The Advisor will have discretion over approving an investment of our assets. Our success will depend in large part upon the skill and expertise of the Advisor, the Sub-Advisor and their respective professionals. There is ever increasing competition among alternative asset firms, financial institutions, private equity firms, investment managers and other industry participants for hiring and retaining qualified investment professionals, and there can be no assurance that such professionals will continue to be associated with the Advisor, the Sub-Advisor or their respective affiliates. The loss of the services of one or more of such persons could have a material adverse impact on our ability to realize our investment objectives. Moreover, although we expect to have access to all of the appropriate resources, relationships and expertise of the Advisors, there can be no assurance that such resources, relationships and expertise will be available for every transaction. In addition, investment professionals and committee members may be replaced or added at any time. In addition, members of the investment team will work on other projects for the TCW Group or PNC, as applicable. The professionals involved with us are not dedicated exclusively to us and will have other responsibilities for the TCW Group or PNC, as applicable. Conflicts of interest may arise in allocating management time, services or functions, and the ability of us and our investment team to access other professionals. Further, there can be no assurance that the Sub-Advisor will not voluntarily withdraw from its relationship with us, resulting in adverse impacts us. See also "*—Risk of Certain Events Related to Sub-Advisor and its Affiliates*."

<u>Dependence on PNCCM as Sourcing Agent</u>. We are dependent on PNCCM as a sourcing agent for our investments. While the Advisor may source investments and retains final authority to approve or reject investments, the Advisor may rely on PNCCM's sourcing efforts, and the Sub-Advisor's originating and due diligence efforts. If the Sub-Advisor provides incomplete or inaccurate information, or fails to identify appropriate investment opportunities, the Advisor may

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not be able to manage our portfolio effectively. This level of reliance on a sourcing agent increases the risk that the Sub-Advisor's decisions could impact our performance, particularly if the Sub-Advisor prioritizes certain investments or strategies that may not fully align with our best interests or our investment objectives. Additionally, reliance on this sourcing channel could expose us to business continuity risk in the event that PNCCM terminates its relationship with us, which may result in adverse impacts on our access to new investment opportunities. See also "*—Risk of Certain Events Related to Sub-Advisor and its Affiliates*."

<u>Other Affiliate Transactions and Investments in Different Levels of Capital Structure</u>. From time to time, the Company and Other Clients may make investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities, subject to the limitations of the 1940 Act. PNC may also hold investments in an issuer that we are invested in, and such holdings may be at different levels of the capital structure or in different classes of securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. To the extent we hold securities that are different (including with respect to their relative seniority) than those held by an Other Client, the Advisor and its affiliates may be presented with decisions when our interests are in conflict, particularly if the Company and Other Clients hold significant or controlling interests in competing or different tranches of a portfolio company's capital structure. For example, conflicts could arise where we lend funds to a portfolio company while an Other Client invests in equity securities of such portfolio company. In this circumstance, for example, if such portfolio company goes into bankruptcy, becomes insolvent or is otherwise unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders of different types of securities as to what actions the portfolio company should take. In addition, purchases or sales of securities for our account (particularly marketable securities) will be bunched or aggregated with orders for Other Clients, including other funds. It is frequently not possible to receive the same price or execution on the entire volume of securities sold, and the various prices may be averaged, which may be disadvantageous to us. Further conflicts could arise after the Company and Other Clients have made their respective initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in our best interests to provide such additional financing. If the other affiliates were to lose their respective investments as a result of such difficulties, the ability of the Advisor to recommend actions in our best interests might be impaired. TCW and PNC (as applicable) may in their discretion take steps to reduce the potential for adversity between us and the Other Clients, including causing us and/or such Other Clients to take certain actions that, in the absence of such conflict, we would not take. In addition, there may be circumstances where TCW or PNC agrees to implement certain procedures to ameliorate conflicts of interest that may involve a forbearance of rights relating to us or Other Clients, such as where TCW may cause Other Clients to decline to exercise certain control- and/or foreclosure-related rights with respect to a portfolio investment. There can be no assurance that the return on our investment will be equivalent to or better than the returns obtained by Other Clients participating in the transaction. In addition, it is possible that in a bankruptcy proceeding, our interests will be subordinated or otherwise adversely affected by virtue of an Other Client's or other vehicle's involvement and actions relating to its investment. For example, in circumstances where we hold a junior mezzanine interest in a portfolio company, holders of more senior classes of debt issued by such portfolio company (which can include Other Clients) could take actions for their benefit (particularly in circumstances where such portfolio company

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faces financial difficulties or distress) that further subordinate or adversely impact the value of our investment in such portfolio company.

Further, parties with material relationships with us (including, but not limited to, (i) Other Clients (including portfolio companies thereof and lenders thereto), (ii) co-investors, (iii) TCW and PNC (including PNC Bank) (including equity holders thereof and lenders thereto), and (iv) our investors could provide additional financing to our Portfolio Companies, subject to the restrictions of the 1940 Act and, in the case of PNC, the BHC Act and the regulations promulgated thereunder. TCW or PNC could have incentives to cause us and / or our Portfolio Companies to accept less favorable financing terms from such parties as compared to third party providers. If the Company occupies a different, and in particular, more senior position in the capital structure than such parties, TCW or PNC could influence us or the portfolio company to offer financing terms that are more favorable to such parties. In the case of a related party financing between us or our Portfolio Companies, on the one hand, and TCW or PNC or Other Clients' portfolio companies, on the other hand, subject to our governing documents, the Advisors could, but are not obligated to, rely on a third party agent to confirm the terms offered by the counterparty are consistent with market terms, or the Advisor could instead rely on their own internal analysis, which the Advisors believe is often superior to third party analysis given TCW's and PNC's scale in the market.

If, however, any of TCW, PNC, the Company, an Other Client or any of their portfolio companies delegates to a third party, such as another member of a financing syndicate or a joint venture partner, the negotiation of the terms of the financing, the transaction will be assumed to be conducted on an arms-length basis, even though the participation of the TCW- or PNC-related vehicle impacts the market terms. For example, in the case of a loan extended to us or a portfolio company by a financing syndicate in which an Other Client has agreed to participate on terms negotiated by a third-party participant in the syndicate, it might have been necessary to offer better terms to the financing provider to fully subscribe the syndicate if the Other Client had not participated. It is also possible that the frequent participation of Other Clients in such syndicates could dampen interest among other potential financing providers, thereby lowering demand to participate in the syndicate and increasing the financing costs to us. The Advisors do not believe either of these effects is significant, but no assurance can be given to investors that these effects will not be significant in any circumstance.

<u>Investment Priorit</u>y. If TCW is presented with an investment opportunity that is appropriate for us, on the one hand, and another TCW Steel City Platform client, on the other hand, TCW will generally allocate such investment opportunities between us and such other TCW Steel City Platform clients in a manner and order that it deems fair, equitable, and appropriate and taking into account such factors as it determines to be appropriate, in each case in its discretion. All allocations will be overseen and approved by TCW in accordance with the Advisor's allocation policy, ensuring compliance with internal procedures and regulatory requirements.

If the aggregate allocation recommended by the Advisor for us and one or more other TCW Steel City Platform clients collectively exceeds the size of the investment opportunity, the participation in such investment opportunity will generally be allocated among us and such other TCW Steel City Platform clients based on various factors as the Advisor determines to be

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appropriate in its reasonable discretion, including, but not limited to, the available capital of the Company and such other TCW Steel City Platform clients, total capital commitments, targeted leverage, remaining investment commitments and cash on hand, existing investment obligations and reserves, if any, in each case related to us and applicable other TCW Steel City Platform clients, and available investment size.

Finally, from time to time, we may be presented with an investment opportunity to invest in an amount that exceeds the amount the Advisor believes would be in our best interests. In such an instance, a portion of such investment opportunity that is allocated to us, up to the amount of such excess, may be allocated to co-investors in the Advisor's discretion in accordance with the Advisor's allocation policy. Similar apportionment principles will apply, as appropriate, to asset disposition decisions. With respect to any investment or asset disposition decision, as applicable, the foregoing considerations could in certain circumstances adversely affect the price paid or received by us, or the size of the position purchased or sold by us (including the preclusion of the Company from purchasing a position) or may inhibit the exercise of various rights available to us with respect to the subject asset.

In addition, we may invest in assets in which other TCW Steel City Platform clients invest, either concurrently with, or subsequent or prior to, us. The Advisor and TCW may from time to time incur costs, fees, and expenses in connection with portfolio investments to be made concurrently on behalf of us and other TCW Steel City Platform clients. The apportionment of such costs, fees, and expenses among us and other TCW Steel City Platform clients will be made in a manner that the Advisor and TCW consider fair and equitable under the circumstances and SEC exemptive relief, once such relief has been granted.

TCW shall not have any obligation to present any investment opportunity to us if TCW determines in good faith that such opportunity should not be presented to us for any one or a combination of the reasons specified above. Similarly, PNCCM shall not have any obligation to source a particular investment opportunity for us if PNC determines in good faith that such opportunity should not be presented to us for any one or a combination of similar reasons to those specified above, or if PNC is otherwise restricted from sourcing such opportunity for us. The application of the above guidelines may result in us not participating (and/or not participating to the same extent) in certain investment opportunities in which we would have otherwise participated had the related allocations been determined without regard to such guidelines and/or based only on the circumstances of those particular investments.

Orders may be combined for us and all other participating TCW Steel City Platform clients, and if any order is not filled at the same price, they may be allocated on an average price basis. Similarly, if an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities may be allocated among the different accounts on a basis that TCW considers equitable. If TCW determines that a proposed allocation to us or other TCW Steel City Platform clients would be inappropriately small because it is below the threshold for a minimum investment under the relevant investment policies or guidelines for either us or such other TCW Steel City Platform clients, or that the proposed allocation would result in a holding that is too small to efficiently trade or value, TCW may instead allocate the entire investment to a single participating entity or to only the eligible entities, *provided that* such allocations are done on a rotating basis as they arise so that each of the Company and such other TCW Steel City

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Platform clients have an opportunity to participate over time in opportunities that are not large enough to be allocated among all otherwise eligible entities.

<u>Limitations on Co-Investments with Affiliates</u>. The 1940 Act may limit our ability to engage in certain transactions with affiliates. As a result, we may be prohibited from co-investing with such affiliates in investments where terms of such investments other than price and amount of securities (such as financial and negative covenants, guarantees, or indemnification provisions) are negotiated, unless SEC co-investment exemptive relief is obtained. These restrictions may limit our access to certain investment opportunities that would otherwise be available to us.

Until SEC exemptive relief is granted, we may face restrictions in our ability to co-invest with affiliates. If the Order is granted, we will be permitted to co-invest alongside affiliates, but only under the terms and conditions set forth in the SEC exemptive order. TCW and PNC have each filed an application with the SEC seeking an SEC exemptive order (the "Order") that would allow us to co-invest with other funds advised by the Advisor, the Sub-Advisor, or their affiliates, though there is no assurance when, or if, such relief will be granted, that any relief granted will be on the terms requested, or that the terms of such relief, if granted, will be acceptable to us. If exemptive relief is granted, co-investments made under the Order will be subject to its conditions and requirements, which may limit our ability to participate in certain co-investment transactions. As a result, we may be unable to structure our portfolio as desired due to the requirements of the Order and the allocation of investment opportunities among us and our affiliates. To the extent the conditions of the Order are not satisfied with respect to any given investment, the consequence could be that we or an affiliate are unable to participate in, or approve an amendment to the terms of, certain investments.

<u>Debt Financin</u>g<u>s in Connection with Acquisitions and Dispositions</u>. We may from time to time provide financing (i) as part of a third-party purchaser's bid for, or acquisition of, a portfolio entity or the underlying assets thereof owned by one or more Other Clients and/or (ii) in connection with a proposed acquisition or investment by one or more Other Clients or affiliates of a portfolio investment and/or its underlying assets. This generally would include the circumstance where we are making commitments to provide financing at or prior to the time such third-party purchaser commits to purchase such investments or assets from one or more Other Clients. We may also make portfolio investments and provide debt financing with respect to portfolio investments in which Other Clients and/or affiliates hold or propose to acquire an interest. While the terms and conditions of any such arrangements will generally be at arm's-length terms negotiated on a case-by-case basis, the involvement of the Company and/or such Other Clients or affiliates may affect the terms of such transactions or arrangements and/or may otherwise influence the Advisor's decisions with respect to the management of the Company and/or such Other Clients or the relevant portfolio investment, which may give rise to potential or actual conflicts of interest and which could adversely impact us. Subject to the limitations of the 1940 Act and our governing documents, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by TCW or PNC, or other TCW or PNC funds.

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We may from time to time dispose of all or a portion of a portfolio investment where the Advisor, the Sub-Advisor or one or more Other Clients is providing financing to repay debt issued to us. Such involvement may give rise to potential or actual conflicts of interest.

<u>Co-Investment Syndication</u>. The Company may initially consummate a portfolio investment intended as a co-investment as described herein and, later, syndicate such co-investment to certain persons. There can be no assurance that the Company will be successful in syndicating any such co-investment, in whole or in part, that the closing of such co-investment will be consummated in a timely manner, that any syndication will take place on terms and conditions that will be preferable for the Company or that expenses incurred by the Company with respect to any such syndication will not be substantial. In the event that the Company is not successful in syndicating any such co-investment, in whole or in part, it may consequently hold a greater concentration and have more exposure in the related investment than initially was intended, which could make the Company more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. Moreover, an investment by the Company that is not syndicated to co-investors as originally anticipated could reduce the Company's overall investment returns.

<u>Service Providers and Counterparties</u>*.* Certain advisors and other service providers, or their affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys, consultants, and investment or commercial banking firms) to the Company, the Advisor, TCW, PNC and/or Portfolio Companies also provide goods or services to, or have business, personal, financial or other relationships with, the Advisor, TCW, PNC and their respective portfolio companies, or the Portfolio Companies. Such advisors and service providers (or their affiliates) may be investors in the Company, affiliates of the Advisor, sources of investment opportunities, co-investors, commercial counterparties and/or portfolio companies in which TCW, PNC and/or the Company has a portfolio investment. Accordingly, payments by the Company and/or such entities may indirectly benefit us and/or our affiliates.

Because TCW and PNC have many different businesses, including the registered broker dealers TCW Funds Distributors LLC and PNCCM, each of TCW and PNC is subject to a number of actual and potential conflicts of interest, greater regulatory oversight and more legal and contractual restrictions than that to which it would be subject if it had just one line of business. For instance, employees of TCW are registered representatives and principals and may receive compensation from the Advisor for selling interests in open- and closed-end commingled investment vehicles that are managed by the Advisor (including us). Such individuals will not receive sales commissions from those investment vehicles, unless specifically disclosed.

Advisors and service providers, or their affiliates, often charge different rates or have different arrangements for different types of services. With respect to service providers, for example, the fee for a given type of work may vary depending on the complexity of the matter as well as the expertise required and demands placed on the service provider. Therefore, to the extent the types of services used by the Company and/or Portfolio Companies are different from those used by TCW or PNC (including their respective personnel), TCW or PNC (including their respective personnel) (as the case may be) may pay different amounts or rates than those paid by the Company and/or Portfolio Companies. In addition, TCW, PNC, the Company, Other Clients and/or their respective portfolio companies, may enter into agreements or other arrangements

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with vendors and other similar counterparties (whether such counterparties are affiliated or unaffiliated with TCW or PNC) from time to time whereby such counterparty may charge lower rates and/or provide discounts or rebates for such counterparty's products and/or services depending on certain factors, including without limitation, volume of transactions entered into with such counterparty by TCW, PNC, the Company, Other Clients and their portfolio companies in the aggregate.

<u>Allocation of Personnel</u>. The Advisor, the Sub-Advisor and their respective members, partners, officers and employees will devote as much of their time to our activities as they deem necessary and appropriate. Subject to the terms of the Declaration of Trust, the Advisor, TCW, PNC and their respective affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with us and/or may involve substantial time and resources of the Advisor or the Sub-Advisor. Additionally, certain employees, directors and officers of the Sub-Advisor also perform other services for PNC (or other clients of the Sub-Advisor) and may receive higher compensation in connection with such other services, thereby incentivizing such individuals to devote more time and services to PNC or such clients. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Advisor or the Sub-Advisor and their officers and employees will not be devoted exclusively to our business, but will be allocated between our business and the management of the monies of such other advisees of the Advisor or the Sub-Advisor.

<u>Portfolio Investment Data</u>. TCW and PNC receive various kinds of portfolio company/entity data and information (including from Portfolio Companies and/or entities of the Company), such as data and information relating to business operations, trends, budgets, customers and other metrics. (This data is sometimes referred to as "big data.") In furtherance of the foregoing, TCW and PNC may seek to enter into information-sharing and use arrangements with Portfolio Companies and/or entities of the Company. TCW and PNC believe that access to this information furthers our interests by providing opportunities for operational improvements across Portfolio Companies and/or entities of the Company and in connection with our investment management activities. Subject to appropriate contractual arrangements, TCW and PNC may also utilize such information outside of our activities in a manner that provides a material benefit to TCW or PNC, but not us.

<u>Potential Conflicts of Interest – Re</u>g<u>ulation</u>*.* The Sub-Advisor is a wholly owned subsidiary of PNC Bank. Certain regulatory requirements impose investment and other restrictions that apply to a bank, such as PNC Bank, and some of its affiliated persons when they manage the investments of others, including restrictions that limit the ability to invest in certain affiliates of the bank and other types of issuers. These restrictions, as well as PNC Bank policies and procedures and those adopted by the Sub-Advisor, may be applied to holdings of the Company and may restrict our ability to invest in or engage in transactions with certain issuers of equity securities, fixed income securities and other investments. These restrictions may limit our ability to make certain investments the Advisor or the Sub-Advisor might otherwise select and may adversely affect our performance.

<u>Possible Future Activities</u>*.* TCW and PNC may expand the range of services that they each provide over time. Except as provided herein, TCW or PNC will not be restricted in the

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scope of its business or in the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. TCW and PNC have, and will continue to develop, relationships with a significant number of companies, financial sponsors and their senior managers, including relationships with clients who may hold or may have held investments similar to those intended to be made by us. These clients may themselves represent appropriate investment opportunities for us or may compete with us for investment opportunities.

<u>Restrictions on Transfer or Withdrawal</u>. Shareholders will generally not be permitted to transfer their Common Shares unless (i) we and, if required by our lending arrangements under any permitted credit facility, our lenders give consent and (ii) the transfer is made in accordance with applicable securities laws. Furthermore, the transferability of the Common Shares may be subject to certain restrictions contained in the Subscription Agreement and Declaration of Trust and may be affected by restrictions on resale imposed under U.S. federal, U.S. state or another jurisdiction's securities laws. A public market does not currently exist for the Common Shares and one is not expected to develop.

<u>Illiquid and Lon</u>g<u>-Term Investments</u>. It is anticipated that there will be a significant period of time before we will have completed our portfolio investments. Many of such portfolio investments are currently expected by the Advisor and the Sub-Advisor to take on average at least three to five years (or potentially longer) from the date of initial investment to reach a state of maturity when realization of the portfolio investment can be achieved. Although our portfolio investments will typically generate some current income and/or cash flow in the form of amortization, interest or fee payments, private investment transaction structures often will not provide for liquidity of our portfolio investment prior to repayment upon a refinancing event, and the return of capital and the realization of gains, if any, from a portfolio investment generally will occur only upon the partial or complete disposition of such portfolio investment. In light of the foregoing, it is likely that no significant return from the disposition of our portfolio investments will occur for a substantial period of time from our date of closing. While a portfolio investment may be sold at any time, it is not generally expected that this will occur for a number of years after such portfolio investment are made. It is unlikely that there will be a public market for the illiquid and/or long-term securities held by us at the time of their acquisition. Therefore, no assurance can be given that, if we are determined to dispose of a particular portfolio investment, we could dispose of such portfolio investment at a prevailing market price, and there is a risk that disposition of such portfolio investment may require a lengthy time period or may result in distributions in-kind to investors. Although the Advisor and the Sub-Advisor expect that portfolio investments will either be disposed of prior to the Company being put into liquidation or be suitable for in-kind distribution at liquidation, we may have to sell, distribute or otherwise dispose of portfolio investments at a disadvantageous time as a result of liquidation. We generally will not be able to sell our portfolio investments through the public markets unless their sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available. Additionally, there can be no assurances that the portfolio investments can be sold on a private basis. In addition, we may be prohibited from selling certain securities for a period of time because of contractual, legal, regulatory or other similar reasons and, as a result, may not be permitted to sell a portfolio investment at a time we might otherwise desire to do so.

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<u>Operational Risk</u>. We depend on TCW and PNC to develop the appropriate systems and procedures to control operational risk. Operational risks arising from mistakes made in the closing, confirmation or settlement of transactions, from transactions not being properly booked, evaluated, accounted for or managed or other similar disruption in our operations may cause us to suffer financial losses, disruption of our business, liability to third parties, regulatory intervention or damage to our reputation. Our business is highly dependent on our ability to process a large number of transactions across numerous and diverse markets. Consequently, we rely heavily on our financial, accounting, asset management and other data processing systems. The ability of our systems to accommodate an increasing volume of transactions could also constrain our ability to properly manage our portfolio. Generally, none of the Advisor, the Sub-Advisor, TCW or PNC will be liable to us for losses incurred due to the occurrence of any such errors.

<u>Market and Geopolitical Events</u>. Market and geopolitical events could materially and adversely affect certain of our portfolio companies, and could materially and adversely affect our business, financial condition, results of operations and cash flows*.* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Our business and operations, as well as the business and operations of our portfolio companies, may be materially adversely affected by inflation (or expectations for inflation), trade tensions, tariffs, interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on our business and operations, and on the business and operations of our portfolio companies.

<u>Disruption and Instability in Capital Markets</u>. The U.S. and global capital markets experienced extreme volatility and disruption in recent years, leading to recessionary conditions and depressed levels of consumer and commercial spending. Disruptions in the capital markets increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. We cannot assure you that these conditions will not worsen. If conditions worsen, a prolonged period of market illiquidity could have a material adverse effect on our business, financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results.

In addition, to the extent that recessionary conditions return, the financial results of small to mid-sized companies, like those in which we invest, will likely experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, the end markets for certain of our portfolio companies' products and services have experienced, and continue to experience, negative economic trends. The

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performances of certain of our portfolio companies have been, and may continue to be, negatively impacted by these economic or other conditions, which may ultimately result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our receipt of a reduced level of interest income from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● decreases in the value of collateral securing some of our loans and the value of our equity investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ultimately, losses or change-offs related to our investments.

Russia's invasion of Ukraine in February 2022, the resulting responses by the U.S. and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The U.S. and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies. Furthermore, the conflict between Russia and Ukraine and the varying involvement of the United States and other NATO countries could present material uncertainty and risk with respect to us and the performance of our investments or operations, and our ability to achieve our investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in Russia or Ukraine, they may have adverse consequences related to the ongoing conflict. In addition, recent and ongoing conflicts in the Middle East could potentially cause significant disruptions to all or part of the global financial system, international trade, and the transportation and energy sectors, among other disruptions. In addition, the conflicts are expected to displace hundreds of thousands of people and have increased the threat of violence across the globe. They have further increased regional and global tensions (including a potential expansion of the conflicts to other countries as well as other potential conflicts included, but not limited to, conflicts in other geographic locations and between other state and non-state actors), among other potential consequences. Developing and further governmental actions (sanctions-related, military or otherwise) with respect to either or both the Russia-Ukraine conflict or the conflict in the Middle East may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks in ways that are adverse to our investment strategy, all of which could adversely affect our ability to fulfill our investment objectives. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Furthermore, the political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue that has included threats of invasion by China. Political or economic disturbances (including an attempted unification of Taiwan by force), any economic sanctions implemented in response, and any escalation of hostility between China and Taiwan would likely have a significant adverse impact on economies, markets and individual securities globally.

<u>Chan</u>g<u>es to U.S. Tariff and Import/Export Re</u>g<u>ulations</u>. There have been significant changes to U.S. trade policies, treaties and tariffs, resulting in significant uncertainty about the

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future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments have had a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

<u>Competition for Investment Opportunities</u>. There can be no assurance that there will be a sufficient number of suitable investment opportunities to enable us to invest all of the Commitments of the Shareholders in opportunities that satisfy our investment strategy, or that such investment opportunities will lead to completed investments by us. The activity of identifying, structuring, completing, implementing and realizing attractive investment opportunities is highly competitive. We will compete for investment opportunities with many other industry participants, including other BDCs, public and private funds, individual and institutional investors, and financial institutions. Many such entities have substantially greater economic and personnel resources than the Company and/or better relationships with borrowers and others and/or the ability to accept more risk than we believe can be prudently managed. Accordingly, competition for investments may have the effect of reducing the number of suitable prospective investments available to us and increasing the bargaining power of borrowers, thereby reducing our investment returns. Furthermore, the availability of investment opportunities generally will be subject to market conditions. It is possible that our capital will not be fully utilized if sufficient attractive investments are not identified and consummated by the Advisor.

<u>Risk of Certain Events Related to Sub-Advisor and its Affiliates</u>. As affiliates of PNC will serve as the Sub-Advisor in respect of, and a Shareholder in, the Company, if PNC were to become insolvent, enter a receivership or similar procedure, experience a change of control or otherwise experience significant changes in its financial, regulatory or strategic position, the Company could be adversely affected. In particular, the services and expertise of PNC as the Sub-Advisor could be interrupted or compromised and/or we could lose a significant anchor investment from a Shareholder. If PNC or one or more of its affiliates were to enter into a receivership or resolution, their contractual obligations to us could be subject to a stay and PNC's interest in the Company could be subject to transfer or sale to a third party as part of a resolution strategy.

Furthermore, the Company's sourcing fee arrangement with PNCCM, discussed in the section entitled "*Item 7. Certain Relationships and Related Transactions, and Trustee Independence*," is a new and unproven relationship between the Company and PNCCM, and is subject to all of the business risks and uncertainties associated with any new commercial arrangement of this type, including the potential failure to achieve the expected benefits of the arrangement; difficulties for each party in operationalizing the arrangement; impairment of relationships with employees, customers or business partners; and the risk of termination of the agreement between the Company and PNCCM pursuant to its terms.

In addition, although PNCCM has agreed to screen and refer, at its discretion, eligible investments to the Company, it may not be able to do so efficiently or effectively, and many of

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the difficulties normally encountered by a new product offering to clients are beyond our or PNCCM's control. Further, because the arrangement with PNCCM does not obligate PNCCM to source lending opportunities or any other opportunities for the TCW Steel City Senior Lending strategy (the "TCW Steel City Senior Lending Strategy"), nor does it restrict PNCCM or its affiliates from engaging in any lending activities, these activities may compete with the Company and, as a result, there can be no assurances that the arrangement with PNCCM will allow our Advisors to effectively achieve the Company's investment objective or implement its investment strategy. PNCCM does not have any fiduciary duty to us, the Advisor or the Sub-Advisor, it will not provide investment advice or recommendations or conduct any analyses of potential investment opportunities for us, the Advisor or the Sub-Advisor (other than initial preliminary screening reviews as part of the sourcing process), and it makes no representation as to the accuracy or completeness, nor the suitability or adequacy for our purposes, of any information it may share with the Sub-Advisor that it developed in connection with the sourcing of other tranches of the same facility. It is expected that PNCCM will have interests that conflict with ours, such as, amongst other things, the incentive to refer a prospective borrower to the Advisors in order to improve PNCCM's relationship with that prospective borrower, to generate new business or new clients, and it is each of the Advisor and Sub-Advisor's responsibility to determine whether any potential opportunity sourced by PNCCM is appropriate for us.

<u>Status as Non-Diversified Investment Company</u>. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our asset diversification requirements as a RIC under the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

<u>No Secondary Market for Securities</u>. Our investments are generally heavily negotiated and, accordingly, do not have the liquidity of conventional securities and will not have readily available market prices. We value such investments at fair value as determined in good faith by the Advisor in its capacity as our "valuation designee" in accordance with our valuation policy. Because there is no single standard for determining fair value, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment. In addition, due to their illiquid nature, we may not be able to dispose of our investments in a timely manner, at a fair price and/or in the manner that was thought to be viable when the investment was initiated (due to economic, legal, political or other factors). There is no assurance that we will be able to dispose of an investment in a particular security. The inability to dispose of a security could result in losses incurred by us, including the loss of our entire investment in such security. The debt of highly leveraged companies or companies in default also may be less liquid than other debt. If we voluntarily or involuntarily sold those types of debt securities, we might not receive the full value we expect.

<u>Illiquidity of Collateral</u>. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of those assets will satisfy a company's

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obligations. If a company defaults on a secured investment, the Company may receive assets other than cash or securities in full or partial satisfaction of such company's obligations. The Company might not be able to realize the benefit of the assets for legal, practical or other reasons. The Company might hold those assets until it is determined to be appropriate to dispose of them.

<u>Portfolio Concentration</u>. Although the regulatory restrictions applicable to RICs limit the amount that we may generally invest in any single portfolio company, our investments may not be diversified. *See* "*Item 1(c). Description of Business—Regulation as a Business Development Company— Qualifying Assets" and "Item 1(c) Description of Business—Certain U.S. Federal Income Tax Consequences— Taxation as a Regulated Investment Company.*" Aside from the diversification requirements that we will have to comply with as a RIC, other investment limitations described in this Registration Statement and other contractual investment limitations to which we are subject pursuant to the Declaration of Trust, we do not have any specific portfolio diversification or concentration limits. As a result, our portfolio may include a relatively limited number of large positions. If our investments are concentrated in a few issuers or industries, any adverse change in one or more of such issuers or industries could have a material adverse effect on our investments. To the extent the aggregate Commitments of the Shareholders turn out to be substantially less than the amounts targeted, our portfolio may be even more concentrated than it would otherwise be.

<u>Credit Risks</u>. Debt investments are subject to credit risk. Credit risk relates to the ability of the borrower to make interest and principal payments on the loan or security as they become due. If the borrower fails to pay interest, our income might be reduced. If the borrower fails to repay principal, the value of that security and the value of the Company might be reduced. Our investments in debt securities are subject to risks of default. We may invest in debt securities made in connection with leveraged buy-out transactions, recapitalizations (i.e., a type of a corporate restructuring that aims to change a company's capital structure) and other highly leveraged transactions. While our investments in senior loans typically will be secured by collateral, we may have difficulty liquidating the collateral or enforcing our rights under the terms of the senior loans in the event of the borrower's default. There is no guarantee that the collateral securing a senior loan will be sufficient to protect us against losses or a decline in income in the event of a borrower's non-payment of interest or principal. In the event that a borrower declares bankruptcy, a court could invalidate our security interest in the loan collateral or subordinate our rights under the senior loan to other creditors of the borrower. Also, we may invest part of our assets in loans and other debt obligations that are not fully secured.

<u>Interest Rate Risk</u>. In general, the value of a debt security changes as prevailing interest rates change. For fixed-rate debt securities, when prevailing interest rates fall, the values of outstanding debt securities generally rise. When interest rates rise, the values of outstanding debt securities generally fall, and they may sell at a discount from their face amount. Our debt investments will generally have adjustable interest rates. For that reason, the Advisor expects that when interest rates change, the amount of interest we received in respect of such debt investments will change in a corresponding manner. However, the interest rates of some debt investments adjust only periodically. Between the times that interest rates on debt investments adjust, the interest rates on those investments may not correlate to prevailing interest rates. In recent years the U.S. Federal Reserve Board (the "Fed") increased interest rates from historically

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low levels in an effort to cause inflation levels to align with the Fed's long-term inflation target, but the Fed lowered interest rates by 50 basis points in September 2024 and by 25 basis points in November 2024 and may lower interest rates further this year. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, or general economic conditions).

<u>Reliance Upon Unaffiliated Co-Lender</u>. In certain circumstances we may co-invest with an unaffiliated lender, who will sometimes be responsible for performing some of the legal due diligence on the borrower and for negotiating some of the terms of the loan agreement that establishes the terms and conditions of the debt investment and the rights of the borrower and the lenders. In such circumstances, although we will perform our own due diligence, we may rely in part on the quality of the due diligence performed by the co-lender and will be bound by the negotiated terms of the loan documentation. There can be no assurance that the unaffiliated co-lender will perform the same level of due diligence as we would perform or that the co-lender will negotiate terms that are consistent with the terms generally negotiated and obtained by us. If the unaffiliated co-lender is acting as collateral agent under the loan documentation and becomes insolvent, the assets securing the debt investment may be determined by a court or regulatory authority to be subject to the claims of the co-lender's creditors. If that were to occur, we might incur delays and costs in realizing payment on the loan, or we might suffer a loss of principal and/or interest.

<u>Valuation Risk.</u> Many of our portfolio securities may not have a readily available market price and our Advisor, as the "valuation designee," will value these securities at fair value as determined in good faith under procedures approved by our Board of Trustees, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment. The majority of our investments are expected to be in instruments that do not have readily ascertainable market prices. Investments which the Company holds for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

<u>Reliance upon Consultants</u>. The Advisor may rely upon independent consultants in connection with its evaluation of proposed investments; however, no assurance can be given that these consultants will accurately evaluate such investments and we may incur liability as a result of such consultants' actions.

<u>Use of Investment Vehicles</u>. In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle (each, an "Investment Vehicle") are similar to those associated with a direct investment in a portfolio company. While we will analyze the credit and business of a potential portfolio company in determining whether or not to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle. In the event of a bankruptcy proceeding against the Investment Vehicle, the risks outlined below under "—Insolvency Considerations with Respect to Portfolio Companies" will be applicable with equal effect. Additionally, in the case of a bankruptcy proceeding against the portfolio company, the assets of

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the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle would be structurally subordinated to the other obligations of the portfolio company).

<u>Insolvency Considerations with Respect to Portfolio Companies</u>. Various laws enacted for the protection of creditors may apply to our debt investments. A bankruptcy proceeding against a borrower could delay or limit our ability to collect the principal and interest payments on that borrower's debt obligations. In a lawsuit brought by creditors of a borrower, a court or a trustee in bankruptcy could take certain actions that would be adverse to us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other creditors might convince the court to set aside or subordinate a loan or the security interest in a loan as
a "fraudulent conveyance," a "preferential transfer" or for other equitable considerations. In that event, the court could recover from us the interest and principal payments that the borrower made before becoming insolvent.
There can be no assurance that we would be able to prevent such recapture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A bankruptcy court may restructure the payment obligations under debt securities so as to reduce the amount to
which we would be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The court might discharge the amount of a loan we make that exceeds the value of the collateral securing the
loan. The court could subordinate our rights to the rights of other creditors of the borrower under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Although our senior secured position under a senior loan provides some assurance that we would be able to recover
some of our investment in the event of a borrower's default, the collateral might be insufficient to cover the borrower's debts. A bankruptcy court might find that the collateral securing the senior loan is invalid or require the
borrower to use the collateral to pay other outstanding obligations. If the collateral consists of stock of the borrower or its subsidiaries, the stock may lose all of its value in the event of a bankruptcy, which would leave us exposed to greater
potential loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If a borrower defaults on a scheduled interest or principal payment on a debt obligation, we may experience a
reduction of our income. In addition, the value of the debt investment would decline, which may, in turn, cause our value to decline.

<u>Lender Liability</u>. In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "Lender Liability"). Generally, Lender Liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Lender Liability claims generally arise in bankruptcy, but can also arise under state law claims. Lender Liability often involves claims of misconduct where a lender

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) intentionally takes an action that exacerbates the insolvency of a borrower or issuer or that results in the undercapitalization of a borrower or issuer to the detriment of other creditors of such borrower or issuer, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a shareholder to dominate or control a borrower or issuer to the detriment of other creditors of such borrower or issuer. We could be subject to allegations of Lender Liability because of the nature of certain of our investments. There is also a risk that where Lender Liability is alleged, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors (a remedy called "Equitable Subordination"). We do not intend to engage in conduct that would give rise to a claim of Lender Liability or Equitable Subordination. However, as a BDC, we are obligated to offer managerial assistance to each of our portfolio companies. To the extent any of our portfolio companies elect to accept such offer to provide managerial assistance, that level of involvement with a portfolio company could strengthen a Lender Liability claim against us. Therefore, claims for Lender Liability or Equitable Subordination affecting our investments could arise as a result of any managerial assistance that we provide in order to fulfill our obligations as a BDC. Moreover, because of the nature of our investments, we may not always be the lead creditor, and security or other agents may act on behalf of the investors in a security owned by us. Therefore, claims for Lender Liability or Equitable Subordination affecting our investments could also arise without our direct managerial or other involvement.

<u>Special Risks of Highly Leveraged or other Risky Portfolio Companies</u>. We may invest in debt and equity securities of portfolio companies that are highly leveraged and whose debt securities would be considered well below investment grade. We may also invest in obligations of portfolio companies in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (i.e., a debtor in possession financing) if the obligations meet the credit standards of the Advisor. Debtor in possession financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow an entity to continue its business operations while reorganizing under Chapter 11. Such financings are senior liens on unencumbered security (i.e., security not subject to other creditor claims). These debt obligations tend to offer higher yields than investment grade securities to compensate investors for the higher risk, and are commonly referred to as "high risk securities" or, in the case of bonds, "junk bonds." Similarly, we may also invest in obligations of portfolio companies in connection with rescue situation and Chapter 11 exit financings. Rescue situation financings may avoid a company's need to resort to bankruptcy and provide the company with working capital it needs to continue uninterrupted operations. Chapter 11 exit financings allow a company to deleverage its balance sheet and to emerge from a Chapter 11 bankruptcy. Lending to highly leveraged or other risky borrowers is highly speculative. These investments may expose us to financial market risks, interest rate risks and credit risks that are significantly greater than the risks associated with other securities in which we may invest. An economic downturn or a period of rising interest rates, for example, could cause a decline in the prices of such securities. The prices of securities structured as zero-coupon or pay-in-kind securities may be more volatile than securities that pay interest periodically and in cash. In the event of a default by a portfolio company, we would experience a reduction of our income and could expect a decline in the fair value of the defaulted securities and may incur significant additional expenses to seek recovery.

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<u>Risk of Brid</u>g<u>e Financin</u>g. If we make or invest in a bridge loan or interim financing for a portfolio company that intends to refinance all or a portion of that loan, there is a risk that the borrower will be unable to complete such refinancing successfully. Such failure could lead to the portfolio company having to pay interest at increasing rates along with additional fees and expenses, the result of which may reduce the value of the portfolio company.

<u>Risk of Subordinated or Mezzanine Financing</u>. Our investments in subordinated or mezzanine financing will generally be unsecured or, if secured, will be subordinated to the interests of the senior lender in the borrower's capital structure. In the event of a bankruptcy or insolvency involving the borrower where there are insufficient assets to satisfy the obligations of the borrower to its senior lender, there may be no assets available to meet its obligations to the holders of its subordinated or mezzanine debt, including the Company.

<u>Risks of Investing in Unitranche Loans</u>. 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. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the "first out" tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the "last out" tranche, which is generally paid only after the first out tranche is paid. We may participate in "first out" and "last out" tranches of unitranche loans and make single unitranche loans.

<u>Risks Specific to Trade Receivables Securitizations</u>. We intend to make investments in securitizations, including, but not limited to, trade receivables securitizations. Trade receivables securitizations may be subject to the risks of dilution, which will be a noncash reduction in the receivable balance for reasons other than default. Dilution risks may increase if product quality deteriorates or the value of future services and warranties becomes questionable. The risk of loss of funds held by the seller-servicer at the time of bankruptcy may also be heightened by the rapid payment rates associated with trade receivables. Our investment performance may be adversely impacted under such circumstances.

<u>Risks of Technology Financing</u>. We may invest in and/or otherwise provide financing to portfolio companies focused on enterprise software solutions, including but not limited to business process automation, data management systems, cloud based applications and technology-enabled businesses targeting the middle market. Such portfolio companies are frequently in growth stage, but with a well-established value proposition.

The value of a portfolio investment may decline if such a portfolio company is not able to evolve its technology, products, business concepts or services. Although portfolio companies will have defined value propositions and competitive moats at the time of our investment, technology related products and services are subject to attrition of subscription risk in the absence of continued innovation and product investments versus other industries. Thus, the ultimate success of these companies often depends on their ability to continually develop their

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product offerings in increasingly competitive markets. If they are unable to do so, our investment returns could be adversely affected.

Portfolio companies may be unable to acquire or develop successful new applications due to, among others, liquidity constraints, competition, inadequate personnel, the intellectual property they currently hold not remaining viable and limited access to suppliers or manufacturers of necessary components or products. Even if such portfolio companies are able to develop commercially viable products, the market for new products and services is highly competitive and rapidly changing. Neither we nor such portfolio companies will have any control over the pace of technology development.

The growth of certain technology sectors is impacted by new or changing regulatory matters, which may result in our portfolio investments in such sectors being subject to requirements that necessitate additional investments in products or render existing products as less commercially valuable. In addition, litigation regarding intellectual property rights is common in the sectors of the technology industry on which we intend to focus. Any of these factors could materially and adversely affect the operations of a portfolio company in this industry and, in turn, impair its ability to service its debt obligations to us.

<u>Risks Associated with Delayed-Draw Facilities</u>. We may make investments that require multiple fundings over time or are structured as "revolvers" or "delayed-draws." These types of investments generally have funding obligations that extend over a period of time and that may extend beyond the investment period. In such circumstances, we may be required to reserve remaining Capital Commitments for future funding obligations and may be required to fund such obligations after the termination of the investment period. However, there can be no assurance that the reserved funds will ultimately be utilized for portfolio investments, which may result in us not fully deploying our committed capital. Moreover, borrowers with deteriorating creditworthiness may continue to satisfy their contractual conditions and therefore be eligible to draw unfunded amounts at times when we might prefer not to advance such amounts. In addition, the Advisor may have assumptions as to when a company with which we transact may draw on unfunded amounts when we enter into the commitment. If the borrower does not draw as expected, the commitment may not prove as attractive an investment as originally anticipated. Furthermore, any failure to advance requested funds to a borrower with which we transact could result in possible assertions of offsets against amounts previously funded.

<u>Risks of Middle Market Loans</u>. Borrowers under loans originated by us or in which we may invest may include privately owned small and mid-sized companies, which present a greater risk of loss than loans to larger companies. Compared to larger, publicly owned firms, these companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position, and may need more capital to expand or compete. These financial challenges may make it difficult for our borrowers to make scheduled payments of interest or principal on our loans. Accordingly, advances made to these types of borrowers entail higher risks than advances made to companies that are able to access traditional credit sources.

<u>Risks of PIK and Private Credit Terms</u>. A portfolio investment may have a contractual return that is not paid entirely in cash, but rather features a PIK element paid partially or wholly in-kind or as an accreting liquidation preference, in which case we will be forgoing a cash

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margin for an accrued interest amount rolled throughout the life of the loan. This may have the effect of lengthening the time before cash is received and increasing our risk exposure. While the Advisor seeks to achieve our targeted returns for any given portfolio investment, other factors, such as overall economic conditions, the competitive environment and the availability of potential purchasers of the securities, may shorten or lengthen our holding period, and some portfolio investments may take several additional years from the initial investment date to achieve a realization. In some cases, we may be prohibited by contract from selling certain securities for a period of time. If we are required to liquidate all or a portion of our portfolio positions quickly, then we may realize significantly less than the value at which we previously recorded those portfolio investments. The interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan. The interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments. Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash. PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of the associated collateral. Use of PIK and OID securities may provide certain benefits to the Advisor, including increasing management fees and incentive compensation.

<u>Non-U.S. Investment Risk</u>. We may invest up to 30% of our gross assets in portfolio companies domiciled outside of the United States (assuming that the remaining 70% of our gross assets constitute "qualifying assets" (as defined in the 1940 Act and as described under "*Item 1(c). Description of Business—Regulation as a Business Development Company—Qualifying Assets*")). Non-U.S. obligations have risks not typically involved in domestic investments. For example, non-U.S. obligations not denominated in U.S. dollars will cause our investment performance to vary based on changes in the applicable currency exchange rate. Moreover, even if we attempt to hedge the currency exchange risk, these hedges may be expensive and may not completely protect us in all circumstances. Non-U.S. investing can also result in higher transaction and operating costs for the Company. Non-U.S. issuers may not be subject to the same accounting and disclosure requirements that U.S. issuers are subject to. The value of non-U.S. investments may be affected by exchange control regulations, expropriation or nationalization of a company's assets, non-U.S. taxes, delays in settlement of transactions, changes in governmental economic or monetary policies in the United States or abroad, or other political and economic factors. We may have greater difficulty taking appropriate legal actions in non-U.S. courts. Non-U.S. countries may impose withholding taxes on income paid on the debt securities of issuers in those countries.

<u>Risks of Using Derivative Instruments</u>. The risks posed by derivative instruments can be extremely complex and difficult to evaluate, including (i) risks relating to our counterparties in such a transaction; (ii) imperfect correlation between movements in the currency, interest rate or other reference on which the derivative is based and movements in the assets of the underlying portfolio; and (iii) reduced ability to meet short-term obligations because of the percentage of our assets segregated to cover derivative obligations. In addition, by hedging a particular position, any potential gain from an increase in value of such position may be limited.

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Under an applicable SEC rule, BDCs that use over a certain level of derivatives will be subject to a value-at-risk ("VaR") leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements will apply, unless a BDC qualifies as a "limited derivatives user," as defined under the rule. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

<u>Risks Related to Warehousing Transactions</u>. We may enter into one or more warehousing transactions. We may not be able to consummate or realize the anticipated benefits from any such warehousing transaction. Under certain warehousing transactions, we may agree to purchase assets from a warehouse provider at prices based on cost plus adjustments designed to give such warehousing provider the economic benefits of accrued but unpaid interest and structuring fees and original issue discount, while such warehouse provider holds the assets. As a result, we generally will not receive any benefit of holding the investments in a warehouse until we have acquired such assets from such warehouse provider, and certain benefits of the acquisition of the assets (such as discounted purchase prices resulting from structuring fees or original issue discount), may have deteriorated by the time we acquire the assets.

Purchases of assets from a warehouse provider will be at prices determined under the warehousing transaction which may differ from the assets' market prices at the time of such purchase. As a result, we may pay more or less than the current market value of such assets when we acquire them. Certain warehousing agreements may also provide us with options to purchase certain assets at fair market value at the time of purchase, although a warehouse provider could retain the option to reject any purchase offers from us and retain such assets.

<u>Economic Interest of the Advisor and Sub-Advisor</u>. Because the Advisor and Sub-Advisor will be compensated in part on a basis tied to our performance, the Advisor and Sub-Advisor may have an incentive to make investments that are risky or speculative.

<u>Effect of Fees and Expenses on Returns</u>. We will pay Management Fees and Incentive Fees to the Advisor, sourcing fees to PNCCM and, in the future, TCW (each, as applicable, the "Sourcing Party"), and generally will bear our other Company Expenses. Generally, other than the Incentive Fee, fees and expenses will be paid regardless of whether we produce positive investment returns. The fees and expenses will reduce the actual returns to Shareholders, the distributions we make to Shareholders, and the overall value of the Shareholders' investment.

<u>Retention of Proceeds</u>. The Company may retain, in whole or in part, any proceeds attributable to portfolio investments and may use the amounts so retained to make investments, pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or other obligations (including obligations to make indemnification advances and payments), provided, that, no part of such retained amounts will be used to make any investment for which the Advisor would not be permitted to draw down Capital

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Commitments. To the extent such retained amounts are reinvested in investments, a Shareholder will remain subject to investment and other risks associated with such investments.

<u>Effect of Varying Terms of Classes of Shares</u>. Although we have no current intention to do so, pursuant to the Declaration of Trust, we may issue Preferred Shares. If we issue Preferred Shares, there can be no assurance that such issuance would result in a higher yield or return to the holders of the Common Shares. The issuance of Preferred Shares would likely cause the NAV of the Common Shares to become more volatile. If the dividend rate on the Preferred Shares were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the Common Shares would be reduced. If the dividend rate on the Preferred Shares were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of the Common Shares than if we had not issued Preferred Shares. Any decline in the NAV of our investments would be borne entirely by the holders of the Common Shares. Therefore, if the fair value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of the Common Shares than if we were not leveraged through the issuance of Preferred Shares.

<u>Ri</u>g<u>hts of Preferred Shareholders</u>. Holders of any Preferred Shares that we might issue would have the right, voting separately as a single class, to elect two members of the board at all times. In addition, if dividends for Preferred Shares become two full years in arrears, the holders of those Preferred Shares would have the right to elect a majority of the board until such arrearage is completely eliminated. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Common Shares and Preferred Shares, both by the 1940 Act and by the terms of our debt financings (if any), might impair our ability to qualify as a RIC for federal income tax purposes. While we would intend to redeem the Preferred Shares to the extent necessary to enable us to distribute our income as required to qualify as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements.

<u>Regulations Governing our Operation as a BDC</u>. We may issue debt securities or Preferred Shares and/or borrow money from banks or other financial institutions, which are collectively referred to herein as "senior securities," up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act currently in force, we will be permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% (or 200% if certain requirements under the 1940 Act are not met) of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. Also, any amounts that we use to service our indebtedness would not be available for distributions to our Shareholders. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss.

If we issue Preferred Shares, the Preferred Shares would rank "senior" to the Common Shares in our capital structure, the Preferred Shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of the Shareholders.

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<u>We incur significant costs as a result of being registered under the 1934 Act</u>. We incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act. These requirements may place a strain on our systems and resources. The 1934 Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant resources and management oversight. We have implemented and may continue to implement 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 our business, financial condition, results of operations and cash flows. We have incurred and expect to incur significant annual expenses related to these steps and trustees' and officers' liability insurance, trustee fees, reporting requirements of the SEC, transfer agent fees, additional administrative expenses payable to the Administrator to compensate it for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses associated with being a public company.

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

<u>Borrowing Money</u>. The use of leverage magnifies the potential for gain or loss on amounts invested and, therefore, increases the risks associated with investing in the Company. Subject to the borrowing limitation imposed on us by the 1940 Act, the Company and any wholly owned subsidiary of the Company may borrow from or issue senior debt securities to banks, insurance companies and other lenders in the future. Our lenders will have fixed dollar claims on our assets that are superior to the claims of the Shareholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures.

As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which will include all of our borrowings and any Preferred Shares that we may issue in the future, of at least 150% (or 200% if certain requirements under the 1940 Act are not met). If this ratio declines below 150% (or 200% if certain requirements under the 1940 Act are not met), we may not be able to incur additional debt, which could have a material adverse effect on our operations. The amount of leverage that we employ will depend on the Advisor's assessment of market and other factors at the time of

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any proposed borrowing. There can be no assurance that we will be able to obtain credit at all or on terms acceptable to us.

In addition, any debt facility into which we may enter would likely impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. In particular, it is anticipated that the credit facility would contain certain financial covenants, which may include requiring us to maintain a minimum amount of equity supporting the credit facility or comply with certain collateral quality and coverage tests.

<u>Obligations of Shareholders Relating to Credit Facilities</u>. We intend to enter into one or more credit facilities or other borrowings, either directly or through one or more subsidiaries. However, there can be no assurance that we will be able to close a credit facility or obtain other financing.

Further, if our borrowing base under a credit facility or other borrowings were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or other borrowings or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

We may also be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition and could lead to cross defaults under other credit facilities and other borrowings. This could reduce our liquidity and cash flow and impair our ability to manage and grow our business.

Also, any security interests and/or negative covenants required by a credit facility or other borrowings we enter into may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. Any obligations to our creditors under our credit facilities or other borrowings may be secured by a pledge of and a security interest in some or all of our assets, including our portfolio of investments and cash. If we default, we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

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As part of certain credit facilities or other borrowings, the right to make capital calls of Shareholders may be pledged as collateral, which will allow our creditors to call for capital contributions upon the occurrence of an event of default. To the extent such an event of default does occur, Shareholders could therefore be required to fund any shortfall up to their remaining Capital Commitments, without regard to the underlying value of their investment.

<u>Failure to Qualify as a RIC</u>. We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code. To qualify as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we distribute the sum of at least 90% of our net ordinary income, net short-term capital gains in excess of net long-term capital losses, if any, and 90% of its net tax-exempt interest (if any) to the Shareholders on an annual basis. Because we intend to incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax. To qualify as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in the Company having to dispose of certain investments quickly in order to qualify as a RIC, or to prevent the loss of such qualification after becoming a RIC. Because most of our investments will be in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. While we generally will not lose our status as a RIC as long as we do not acquire any non-qualifying securities or other property, under certain circumstances we may be deemed to have made an acquisition of non-qualifying securities or other property. If we fail to qualify as a RIC for any reason and become subject to corporate income tax, the resulting corporate income taxes could substantially reduce our net assets, the amount of income available for distributions to the Shareholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and the Shareholders. *See* "*Item 1(c). Description of Business— Certain U.S. Federal Income Tax Consequences—Taxation as a Regulated Investment Company.*"

<u>Withholding Risk for Foreign Investors</u>. U.S. withholding tax rules require 30% withholding on distributions to Non-U.S. Holders unless there is certainty that such distributions are not subject to such withholding. The Company may make distributions at times of the year when there is uncertainty as to whether the amounts distributed are subject to such withholding. Accordingly, such distributions to Non-U.S. Holders may be subject to overwithholding by the Company (or its withholding agent) and Non-U.S. Holders may be required to file a return with the Internal Revenue Service in order to receive a refund of such overwithheld amounts. Non-U.S. Holders should see the discussion under the heading "*Item 1(c). Description of Business—Certain U.S. Federal Income Tax Consequences—Taxation of Non-U.S. Holders.*"

<u>Risks may arise in connection with the rules under ERISA related to investment by ERISA Plans</u>. We will use reasonable efforts to conduct our affairs so that our assets will not be deemed to be "plan assets" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In this regard, we may be operated as an annual "venture capital operating company," under the ERISA rules in order to avoid our assets being treated as "plan

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assets" for purposes of ERISA. Accordingly, there may be constraints on our ability to make or dispose of investments at optimal times (or to make certain investments at all).

<u>Recourse to Our Assets</u>. Our assets, including any investments made by us and any capital held by us, are available to satisfy all our liabilities and other obligations. If we become subject to a liability, parties seeking to have the liability satisfied may have recourse to our assets generally and not be limited to any particular asset, even in the circumstance where a specific investment gave rise to the liability.

<u>Need for Follow-On Investments</u>. We may be called upon to provide follow-on funding or additional loans for, or have the opportunity to increase our investment in, our portfolio companies. There can be no assurance that we will be able to make or arrange for follow-on investments or loans or that we will have sufficient funds to do so. Any decision not to make follow-on investments or loans or the inability to make them may have a substantial negative impact on a portfolio company in need of funds or may diminish our proportionate ownership in such entity and thus our ability to influence the entity's future conduct. The inability to make follow-on investments or loans may also impede, diminish or reduce the number of attractive investments made available to us.

<u>Liti</u>g<u>ation Risks</u>. We will be subject to a variety of litigation risks, particularly if one or more of our portfolio companies face financial or other difficulties. Legal disputes, involving any or all of the Company, the Advisor, the Sub-Advisor or their affiliates, may arise from our activities and investments and could have a significant adverse effect on us.

<u>A Shareholder's Ownership Percentage Interest in Us Will Be Diluted If We Issue Additional Shares</u>. Shareholders do not have preemptive rights to any Common Shares we may issue in the future. We will, at a future date, and in accordance with the process described below, to issue additional Common Shares at or below the NAV per Common Share. To the extent we issue additional Common Shares, a Shareholder's ownership percentage interest in us may be diluted. In addition, if such Common Shares are issued below NAV, existing Shareholders may also experience dilution in the book value and fair value of their Common Shares.

We are generally not able to issue and sell our Common Shares at a price below NAV. We may, however, sell our Common Shares, or warrants, options or rights to acquire our Common Shares, at a price below the then-current NAV of our common shares (i) with the consent of a majority of our Shareholders (and a majority of our Shareholders who are not affiliates of ours) and (ii) if, among other things, a majority of our Independent Trustees and a majority of our Trustees who have no financial interest in the transaction determine that a sale is in the best interests of us and our Shareholders.

We may, in our sole discretion, permit one or more investors to make additional Capital Commitments ("Subsequent Commitments") after the date the first Subscription Agreements are accepted by us. New investors that make a Subsequent Commitment, or existing Shareholders that increase their Capital Commitment prior to the time at which the share repurchase program commences (each, an "Additional Shareholder") will be required to make subsequent purchases of Common Shares (each, a "Catch-up Purchase") on a date (or dates) (each such date, the "Catch-up Date") to be determined by us. The aggregate amount of the Catch-up Purchase (the

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"Catch-up Purchase Amount") will be equal to an amount necessary to ensure that, upon payment of the Catch-up Purchase Amount, such Additional Shareholder will have contributed the same percentage of its Capital Commitment to us as all Shareholders whose subscriptions were previously accepted. Catch-up Purchases will be made at a per share price equal to the net asset value per share of the Common Shares as of the close of the last calendar quarter preceding the date of the Catch-up Purchase, subject to per share price adjustments and further adjusted, as described in the Subscription Agreement, to appropriately reflect such Additional Shareholder's pro rata portion of our initial organizational expenses. For the avoidance of doubt, we currently intend to call all capital prior to the commencement of the share repurchase program. Subsequent Commitments, beginning on the first business day of the calendar quarter immediately following the satisfaction of the Drawdown Condition, will be fully funded by investors. To accommodate the legal, tax, regulatory or fiscal concerns of certain prospective investors, we may determine to allow certain investors to fully fund their Capital Commitment at one point in time, in lieu of sequential drawdowns of the Capital Commitment.

<u>Consequences of Failure to Pay Commitment in Full</u>. If a Shareholder fails to pay any installment of its Capital Commitment, other Shareholders who have an outstanding Capital Commitment may be required to fund their respective Capital Commitments sooner than they otherwise would have absent such a default. In addition, if funding of Capital Commitments by other Shareholders and our borrowings are inadequate to cover defaulted Capital Commitments, we may be unable to pay our obligations when due or be subjected to penalties or may otherwise suffer adverse consequences that could materially adversely affect the returns to the Shareholders (including non-defaulting Shareholders). If a Shareholder defaults, there is no guarantee that we will recover the full amount of the defaulted Capital Commitment, and such defaulting Shareholder may lose all or a portion of its economic interest in us, as described under "*Item 11. Description of Registrants' Securities to be Registered—Default Provisions.*"

<u>Limited Liability of the Advisor and the Sub-Advisor</u>. To the extent permissible by law, neither the Advisor nor the Sub-Advisor will be liable, responsible or accountable in damages or otherwise to us or to any Shareholder for any breach of duty to us or the Shareholders or for any act or failure to act pursuant to the Investment Advisory Agreement, Sub-Advisory Agreement or otherwise, except in certain limited circumstances provided by the 1940 Act and as set forth in the Investment Advisory Agreement or Sub-Advisory Agreement. In general, we will be required to indemnify the Advisors (and other related and/or affiliated parties) for certain losses arising out of its activities on behalf of us. Such obligations could reduce significantly the returns to the Shareholders.

<u>Conflicts of Interest</u>. Conflicts of interest may exist from time to time between the Advisor or the Sub-Advisor and certain of its affiliates involved with us. See "*Item 7. Certain Relationships and Related Transactions, and Trustee Independence—Relationship with the Advisor and Potential Conflicts of Interest.*"

<u>Inability to Take Advantage of Investment Opportunities with Affiliated Funds or Investors</u>. The 1940 Act limits our ability to engage in transactions with affiliated funds and investors. For example, we are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our Independent Trustees and, in some cases, of the SEC. Any person that owns, directly or indirectly, five percent or more of our

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outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we are generally prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Independent Trustees. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include co-investments in the same portfolio company, without prior approval of the Independent Trustees and, in some cases, of the SEC. Although the Company may be able to benefit from exemptive relief if obtained from the SEC by the Advisors and other funds advised by the Advisors to engage in certain "joint" transactions, the relief, if obtained, is limited and subject to certain conditions. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities or controls us (such as the Advisors) or certain of that person's affiliates (such as other investment funds managed by the Advisors), or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. As a result of these restrictions, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any portfolio company of a fund managed by the Advisors or their affiliates without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us. If relief is obtained, in situations where we cannot co-invest with other investment funds managed by the Advisors due to the restrictions contained in the 1940 Act, the investment policies and procedures of the Advisor generally require that such opportunities be offered to us and such other investment funds consistent with the Advisor's allocation policy. Therefore, there can be no assurance that we will be able to participate in all investment opportunities identified by the Advisors that are suitable for us. See *"Item 7. Certain Relationships and Related Transactions, and Trustee Independence—Relationship with the Advisor and Potential Conflicts of Interest.*"

<u>Effect of BDC and RIC Rules on Investment Strategy</u>. Our having to comply with the various rules necessary to remain qualified as a BDC and a RIC could adversely impact the implementation of our investment strategy and thus reduce returns to investors. For example, the diversification requirements imposed by the RIC rules could, in certain situations, preclude us from making certain investments.

<u>No Registration; Limited Transferability of Common Shares</u>. The Common Shares are being offered without registration under the Securities Act or any other laws of applicable jurisdictions. All dispositions and transfers of the Common Shares shall be made pursuant to an effective registration statement or in accordance with an exemption from registration contained in the Securities Act. Shareholders will not be permitted to transfer their Common Shares unless (i) we and, if required by our lending arrangements, our lenders give consent and (ii) the Transfer is made in accordance with applicable securities laws. Furthermore, the transferability of the Common Shares may be subject to certain restrictions contained in the Subscription Agreement and the Declaration of Trust and may be affected by restrictions on resale imposed under U.S. federal, U.S. state or another jurisdiction's securities laws. Withdrawal from an investment in the Common Shares will not generally be permitted. In light of the restrictions imposed on any such transfer and in light of the limitations imposed on a Shareholder's ability to withdraw all or part of its investment in Common Shares, an investment in the Common Shares should be viewed as illiquid and subject to high risk.

<u>Our shares are not listed on an exchange or quoted through a quotation system and we do not currently intend to seek such listing or quotation</u>. We may, but are not required to, offer to

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repurchase shares of Common Shares on a quarterly basis after the end of the first full calendar quarter after the Drawdown Condition has been satisfied. As a result, Shareholders will have limited liquidity and may not be able to sell shares promptly, in desired quantities or at desired prices.

Our shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. We also do not intend to list our Common Shares on a national securities exchange. Our Common Shares are not registered under the 1933 Act, or any state securities law and will be restricted as to transfer by law and the terms of our Declaration of Trust and Subscription Agreement.

Shareholders generally may not sell, assign or transfer their shares without the prior written consent of the Advisor, which the Advisor may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, Shareholders are not entitled to redeem their shares of our Common Shares. Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time.

We anticipate that liquidity for a Shareholder's shares of Common Shares will be limited to participation in a share repurchase program, which we may commence at the end of the first full calendar quarter after the Drawdown Condition has been satisfied. Our Board of Trustees may not approve share repurchases, and any approval is in the Board's discretion. We cannot assure prospective investors when we will undertake or that we will undertake the share repurchase program. If we undertake the share repurchase program, we cannot assure prospective investors of the share price at which such share repurchase would be consummated. We do not know at this time what circumstances will exist in the future and therefore we do not know what factors the Board of Trustees will consider in determining whether to initiate the share repurchase program. We will notify Shareholders of such developments: (i) in our quarterly reports or (ii) by means of a separate mailing, accompanied by disclosure in a current or periodic report under the 1934 Act. In addition, under the share repurchase program, if implemented, we will have discretion to not repurchase shares, to suspend the program, and to cease repurchases.

The share repurchase program may not be for a sufficient number of shares of Common Shares to meet a Shareholder's request for share repurchases and we have no obligation to maintain such program. In addition, in any repurchase offer, if the amount requested to be repurchased in any repurchase offer exceeds the repurchase offer amount (which we intend to limit to no more than 5% of Common Shares outstanding as of the close of the previous calendar quarter), repurchases of shares of Common Shares would generally be made on a pro rata basis (based on the number of such shares put to us for repurchases), not on a first-come, first-served basis. Further, we will have no obligation to repurchase our Common Shares if the repurchase would violate the restrictions on distributions under federal law or Delaware law or non-compliance with applicable covenants and restrictions under our financing arrangements and other regulatory restrictions. These limits may prevent us from accommodating all repurchase requests made in any quarter.

In addition, if we offer, and a Shareholder chooses to participate in, a share repurchase program, such Shareholder will be required to provide us with notice of intent to participate prior to knowing what the net asset value per share of our Common Shares will be on the repurchase

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date. Although we expect to offer a Shareholder the ability to withdraw a repurchase request prior to the repurchase date, to the extent a Shareholder seeks to sell shares to us as part of a share repurchase program, the Shareholder will be required to do so without knowledge of what the repurchase price of our Common Shares will be on the repurchase date. Any such repurchases will be at a purchase price equal to the net asset value per share of Common Shares as of the last calendar day of the applicable quarter. As a result, the price at which we repurchase Common Shares may be greater or less than the price at which you purchased Common Shares. As a result, the share repurchase program should not be relied upon as a method to sell shares promptly or at a desired price.

<u>The price at which we may repurchase shares pursuant to the share repurchase program will be determined in accordance with our valuation procedures and, as a result, there may be uncertainty as to the value of our Common Shares</u>. Since shares of our Common Shares are not publicly traded, and we do not intend to list our Common Shares on a national securities exchange, the fair value of our Common Shares may not be readily determinable. Any repurchase of shares of Common Shares pursuant to our share repurchase program will be at a purchase price equal to the net asset value per share of Common Shares as of the last calendar day of the applicable quarter, as determined in accordance with our valuation procedures. Inputs into the determination of fair value of our Common Shares require significant management judgment or estimation.

<u>Tax Risks</u>. Tax consequences to Shareholders from an investment in the Common Shares are complex. Potential Shareholders are strongly urged to review the discussion in *"Item 1(c). Description of Business—Certain U.S. Federal Income Tax Consequences."*

<u>Changes in Applicable Law</u>. We must comply with various legal requirements, including requirements imposed by United States and non-U.S. anti-money laundering laws, securities laws, commodities laws, tax laws and pension laws. Should any of those laws change over the life of the Company, the legal requirements to which we and the Advisor may be subject could differ materially from current requirements. In addition, if a Shareholder fails to comply with applicable anti-money laundering laws and similar laws, the Company may mandatorily repurchase such Shareholder's Common Shares.

<u>Terrorist Action</u>. There is a risk of terrorist attacks on the United States and elsewhere causing significant loss of life and property damage and disruptions in the global market. Economic and diplomatic sanctions may be in place or imposed on certain states and military action may be commenced. The impact of such events is unclear, but could have a material effect on general economic conditions and market liquidity.

***General Risk Factors.***

<u>Dependence on Information Systems and Systems Failures</u>. Our business is highly dependent on the communications and information systems of the Advisor, the Sub-Advisor, the Advisor and Sub-Advisor's respective affiliates and third parties. Further, in the ordinary course of our business we, the Advisor or the Sub-Advisor may engage certain third-party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement

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with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● disease pandemics or other serious public health events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results.

<u>Cyber Security Breaches and Identity Theft</u>. Cyber security incidents and cyber-attacks have been occurring globally at more frequent and severe levels and are expected to continue to increase in frequency in the future. The information and technology systems of the Company, its portfolio investments and their service providers may be vulnerable to damage or interruption, including, without limitation, from computer viruses and other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors or malfeasance by their respective professionals or service providers, power, communications or other service outages and catastrophic events such as fires, tornadoes, floods, hurricanes, earthquakes or terrorist incidents. If unauthorized parties gain access to such information and technology systems, or if personnel abuse or misuse their access privileges, they may be able to steal, publish, delete or modify private and sensitive information. Although the Advisor has implemented, and portfolio investments and service providers may implement, various measures to manage risks relating to these types of events, such measures may be inadequate and, if compromised, information and technology systems could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Even with sophisticated prevention and detection systems, breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified in a timely manner or at all, potentially resulting in further harm and precluding appropriate remediation. TCW, PNC, the Company, Other Clients and/or any portfolio investment may have to make significant investments to fix or replace information and technology systems. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the operations of TCW, PNC, the Company, any portfolio investment, and/or their service providers and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to Shareholders (and their beneficial owners) and the intellectual property and trade secrets of TCW, PNC, the Company, and/or portfolio investments. Such a failure could harm the reputation of TCW, PNC, the Company and/or a portfolio investment, subject any such entity and their respective affiliates to legal claims and adverse publicity, and otherwise affect their business and

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financial performance. When such issues are present with regard to the issuer of securities in which the Company invests, the Company's portfolio investment in those securities may lose value.

<u>Cybersecurity Risk and Cyber Incidents</u>*.* Our business depends on the communications and information systems of our Advisor, our Sub-Advisor and their affiliates, our portfolio companies and third-party service providers. These systems are subject to potential cybersecurity attacks and incidents, including through adverse events that threaten the confidentiality, integrity or availability of our information resources. Cyber hacking could also cause significant disruption and harm to the companies in which we invest. Additionally, digital and network technologies (collectively, "cyber networks") might be at risk of cyberattacks that could potentially seek unauthorized access to digital systems for purposes such as misappropriating sensitive information, corrupting data or causing operational disruption. Cyberattacks might potentially be carried out by persons using techniques that could range from efforts to electronically circumvent network security or overwhelm websites to intelligence gathering and social engineering functions aimed at obtaining information necessary to gain access. These attacks could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption and result in disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, any of which could, in turn, have a material adverse effect on our operating results and negatively affect the value of our securities and our ability to pay distributions to our Shareholders.

As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by the Advisor, Sub-Advisor and third-party service providers. In addition, we, the Advisor and the Sub-Advisor currently or in the future are expected to routinely transmit and receive confidential and proprietary information by email and other electronic means. We, the Advisor and the Sub-Advisor may not be able to ensure secure capabilities with all of our clients, vendors, service providers, counterparties and other third parties to protect the confidentiality of the information.

In addition, we, the Advisor, the Sub-Advisor and many of our third-party service providers currently have work from home policies. Such a policy of remote working could strain our technology resources and introduce operational risks, including heightened cybersecurity risks and other risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our Advisor or our Sub-Advisor will be effective. Network, system, application and data breaches as a result of cybersecurity risks or cyber incidents could result in operational disruptions or information misappropriation that could have a material adverse effect on our business, results of operations and financial condition of us and of our portfolio companies.

<u>Risks Associated with Artificial Intelli</u>g<u>ence</u>. Recent technological advances in artificial intelligence, including machine learning technology ("Machine Learning Technology"), pose risks to us and our portfolio companies. We and our portfolio companies could be exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties use

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Machine Learning Technology in their business activities. We, the Advisor and the Sub-Advisor are not in a position to control the use of Machine Learning Technology in third-party products or services. Use of Machine Learning Technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party Machine Learning Technology applications and users. Machine Learning Technology and its applications continue to develop rapidly, and we cannot predict the risks that may arise from such developments.

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 and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent we or our portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could adversely impact us or our portfolio companies.

<u>Political, Social and Economic Uncertainty Risk</u>. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the U.S. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

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We will also be negatively affected if the operations and effectiveness of us or a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted.

**Item 2. Financial Information.** 

**Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

***Overview***

We were formed on October 14, 2024 as a limited partnership under the laws of the State of Delaware. We intend to complete our Conversion prior to commencement of operations. In connection with the Conversion, we also intend to change our name to TCW Steel City Senior Lending BDC.

We are an externally managed, non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. As a BDC and a RIC, we will be required to comply with certain regulatory requirements, such as the requirement to invest at least 70% of our assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest. See *"Item 1(c). Description of Business—Regulation as a Business Development Company"* and *"Item 1(c). Description of Business—Certain U.S. Federal Income Tax Consequences—Regulated Investment Company Classification."*

We are a senior direct lending investment company that will seek to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuers. Together with TCW Steel City Unlevered Private Fund LP, a related limited partnership, the Company is part of the TCW Steel City Platform, a newly formed strategy launched by the TCW Group and PNC to provide middle market lending solutions leveraging the unique strengths of both organizations to create a differentiated platform in private credit. We will be advised by TCW PT Management Company LLC and will be sub-advised by PNC Steel City Advisors, LLC. Our investment program will be primarily focused on investing in senior secured debt obligations. We currently expect to focus on portfolio companies in a variety of industries and will consider financings for many different purposes, including acquisitions, growth opportunities, liquidity needs, refinancings and recapitalizations. The issuers in which we intend to invest will be leveraged, and, in most cases, these investments will not be rated by any rating agency. If these investments were rated, we believe that they would likely receive a rating from a nationally recognized statistical rating organization of below investment grade. Exposure to below investment grade securities involves certain risks, and those securities are viewed as speculative with respect to the issuer's capacity to pay interest and repay principal.

Prior to the Conversion, we conducted private offerings of our limited partnership interests to investors on the Initial Closing Date and on April 8, 2025 in reliance on exemptions

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from the registration requirements of the Securities Act, and following the Conversion we expect to conduct private offerings of our Common Shares. At the closing of any private offering, each investor has and will make a Capital Commitment to purchase Common Shares pursuant to a subscription agreement entered into with us. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time we deliver a notice to the investors. See *"Item 1(c). Description of Business—The Private Offering—Initial and Subsequent Closings."*

We are initially offering one class of our Common Shares – the Class I Shares – and may offer additional classes of our Common Shares in the future. We and the Advisor may apply for the Multi-Class Exemptive Relief from the SEC that, if applied for and granted, would permit us to issue multiple classes of shares of our Common Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees. There is no assurance, however, that the relief would be granted.

***Revenues***

We plan to generate revenues in the form of interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. The historical investment philosophy, strategy and approach of the Private Credit Group has not involved the use of payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, or similar arrangements. Although we do not currently expect the Private Credit Group to originate investments for us with PIK interest features, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination. In addition, the Sub-Advisor may originate investments for us that involve the use of PIK interest features. Our highly negotiated private investments may include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias will be towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments.

***Expenses***

We do not currently have any employees and do not expect to have any employees. Services necessary for our business will be provided through the Administration Agreement and the Investment Advisory Agreement.

We, and indirectly our Shareholders, will bear all costs, expenses and liabilities, other than Advisor Expenses or Sub-Advisor Expenses (each as defined below) (which shall be borne by the Advisor and Sub-Advisor, respectively), in connection with our operations, administration and transactions or prospective transactions ("Company Expenses"), including, without limitation: (a) organizational expenses and expenses associated with the issuance of the Common Shares; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Advisor or the Administrator payable to third parties, including

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agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies (including expenses of senior advisors, industry experts, operating partners, and other similar professionals; *provided*, *that* only the allocable portion of the total fees, costs and expenses associated with such personnel attributable to their work relating to us will be treated as a Company Expense); (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Common Shares and other securities; (h) Management Fees, Incentive Fees and sourcing fees; (i) administrator fees and expenses payable under the Administration Agreement including payments based upon our allocable portion of the Administrator's overhead in performing its obligations, including the allocable portion of the cost of our chief compliance officer, chief legal officer and chief financial officer and their respective staff; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Common Shares to the extent not borne by the relevant transferring Shareholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes or other governmental charges assessed against us; (n) independent trustees' fees and expenses and the costs associated with convening a meeting of our Board of Trustees or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any Preferred Shares, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our financial statements and tax returns; (r) our allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other third party professionals to the extent they are devoted to preparing our financial statements or tax returns or providing similar "back office" financial services to us; (v) Advisor costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the organizational documents or Investment Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with our termination, liquidation or dissolution or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business.

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"Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Advisor or any of its affiliates, including us, in connection with maintaining and operating the Advisor's office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator's overhead in performing its obligations), in furtherance of providing investment management services for us. Advisor Expenses shall also include any expenses incurred by the Advisor or its affiliates in connection with the Advisor's registration as an investment adviser under the Advisers Act, or with its compliance as a registered investment adviser thereunder.

"Sub-Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Sub-Advisor in furtherance of providing investment advisory services to us other than organizational expenses or the Company Expenses set forth above.

***Financial Condition, Liquidity and Capital Resources***

We expect to generate cash from (1) drawing down capital in respect of Shares, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so.

Our 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 expenses, the Management Fee, the Incentive Fee, and any indemnification obligations), (3) debt service of any borrowings, (4) cash distributions to the Shareholders and (5) any share repurchases that we may conduct in the future.

***Quantitative and Qualitative Disclosures about Market Risk***

We are subject to financial market risks, including changes in interest rates. We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith by the board of directors in accordance with our 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 we make. See "*Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters—Valuation of Portfolio Securities*."

***Segment Reporting***

In accordance with ASC Topic 280 - "Segment Reporting (ASC 280)," the Company has determined that it has a single operating and reporting segment. The Company operates through a single operating and reporting segment with an investment objective to generate interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States.

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In addition to numerous other factors and metrics, the chief operating decision maker utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's Shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the Company's balance sheet as "total assets" and the significant segment expenses are listed on the Company's statement of operations.

**Item 3. Properties.** 

We maintain our principal executive office at 200 Clarendon Street, 51st Floor, Boston, Massachusetts 02116. We do not own any real estate. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

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

The following table sets forth information with respect to the expected beneficial ownership of our Common Shares as of the date of this Registration Statement, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each person known to us to be expected to beneficially own more than 5% of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each of our trustees and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all of our trustees and executive officers as a group.<sup></sup>

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| | |
|:---|:---|
|  **<u>Name</u>** | **<u>Percentage of Shared<br>Beneficially Owned</u>** |
| &nbsp;&nbsp; **5% Owners** |  |
| &nbsp;&nbsp; USAA Pension Trust | 22.64% |
| &nbsp;&nbsp; Nationwide Life Insurance Company | 20.38% |
| &nbsp;&nbsp; Nationwide Mutual Insurance Company | 6.79% |
| &nbsp;&nbsp; Private Credit Fund C LP | 45.29% |
| &nbsp;&nbsp; **Independent Trustees** |  |
| &nbsp;&nbsp; David R. Adler |  |
| &nbsp;&nbsp; Sheila A. Finnerty |  |
| &nbsp;&nbsp; Saverio M. Flemma |  |
| R. David Kelly |  |
| &nbsp;&nbsp; Andrew W. Tarica |  |
| &nbsp;&nbsp; **Interested Trustees** |  |
| &nbsp;&nbsp; Richard T. Miller |  |
| &nbsp;&nbsp; David Wang |  |
| &nbsp;&nbsp; **Executive Officers who are not Trustees** |  |
| &nbsp;&nbsp; Andrew Kim |  |

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| |
|:---|
| &nbsp;&nbsp; Christopher D. Marzullo |
| &nbsp;&nbsp; **All Directors and officers as a group (9 persons)** |

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

Our business and affairs will be managed under the direction of our Board of Trustees. The majority of the members of our Board of Trustees will at all times consist of Independent Trustees. Independent Trustees are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Advisor or any of their respective affiliates.

***Board of Trustees***

Our Board of Trustees will have ultimate authority over our operations, but will delegate the authority to manage our assets to the Advisor. Pursuant to the Declaration of Trust, our Board of Trustees will initially consist of seven members.

***Duties of Officers and Trustees***

The Declaration of Trust provides that our business and affairs will be managed under the direction of our Board of Trustees, which will have the power to appoint our officers. On a regular basis, the Board of Trustees will primarily be responsible for the determination of the NAV of the Common Shares, with the option to delegate the determination of the NAV to any officer of the Company or any other person or persons.

***Election of Trustees***

The Declaration of Trust provides that the affirmative vote of the holders of a plurality of the outstanding Common Shares entitled to vote in the election of trustees cast at a meeting of Shareholders duly called and at which a quorum is present will be required to elect a trustee. To the extent required by the 1940 Act, at any time when there are outstanding Preferred Shares, the Preferred Shareholders shall have the right, as a class, to elect (i) two additional trustees to the board, but shall not elect or vote for the other trustees, and (ii) if and for so long as dividends on the Preferred Shares are unpaid in an amount equal to two full years of dividends on the Preferred Shares, a majority of the trustees.

***Number of Trustees; Vacancies; Removal***

The Declaration of Trust provides that the number of trustees will be set only by the Board of Trustees. The Declaration of Trust provides that a majority of a quorum of the entire Board of Trustees may at any time increase or decrease the number of trustees. However, the number of trustees may never be less than one or more than twelve unless the Declaration of Trust is amended in which case we may have more than twelve trustees but never less than one. The Declaration of Trust provides any and all vacancies on the Board of Trustees 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 trusteeship in which the vacancy occurred and until a successor is duly elected and qualifies, subject to any applicable requirements of the 1940 Act.

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The Declaration of Trust provides that a trustee elected by the Shareholders may be removed only for cause, as defined therein, and then only by the affirmative vote of two-thirds of the remaining Trustees (provided that the aggregate number of Trustees after such removal shall not be less than two) or the holders of 66 2/3% of the then outstanding authorized Common Shares entitled to vote.

***Committees of the Board of Trustees***

Our Board of Trustees has two committees: an audit committee ("Audit Committee") and a special transactions committee ("Special Transactions Committee").

Our Board of Trustees also has the authority to form additional committees of the Board of Trustees from time to time to the extent that it determines that it is appropriate to do so.

***Audit Committee***

The Audit Committee operates pursuant to a charter that will be approved by the Board of Trustees. The Audit Committee is responsible for selecting, engaging and discharging our independent accountants, reviewing the plans, scope and results of the audit engagement with our independent accountants, approving professional services provided by our independent accountants (including compensation therefor), reviewing the independence of our independent accountants and reviewing the adequacy of our internal control over financial reporting, as well as establishing guidelines and making recommendations to our Board of Trustees regarding the valuation of our assets for which market quotations are not readily available. The members of the Audit Committee are David R. Adler, Saverio M. Flemma, Sheila A. Finnerty, R. David Kelly and Andrew W. Tarica each of whom is an Independent Trustee. Saverio M. Flemma serves as the chairman of the Audit Committee, and has been designated by our Board of Trustees as an "Audit Committee financial expert" under the rules of the SEC.

***Special Transactions Committee***

The Special Transactions Committee is comprised of David R. Adler, Saverio M. Flemma, Sheila A. Finnerty, R. David Kelly and Andrew W. Tarica, each of whom is considered an independent trustee of the Company.

The Special Transactions Committee will be responsible for reviewing and making certain findings in respect of co-investment transactions under the conditions of the exemptive relief that the Advisor has filed to obtain from the SEC as well as certain other matters pertaining to actual or potential conflicts of interest.

***Trustees***

Information regarding each person who is a member of our Board of Trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | Age | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position  | Trustee Since |
| &nbsp;&nbsp; ***Independent Trustees*** |  |  |  |
| &nbsp;&nbsp; David R. Adler | 60 | Trustee | 2025 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Sheila A. Finnerty | 59 | Trustee | 2025 |
| &nbsp;&nbsp; Saverio M. Flemma | 62 | Trustee | 2025 |
| R. David Kelly | 61 | Lead Trustee | 2025 |
| &nbsp;&nbsp; Andrew W. Tarica | 66 | Trustee | 2025 |
| <u>Name</u> | Age | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Position  | Trustee Since |
| &nbsp;&nbsp; ***Interested Trustees*** |  |  |  |
| &nbsp;&nbsp; Richard T. Miller | 62 | President, Trustee | 2025 |
| &nbsp;&nbsp; David Wang | 48 | Chief Operating<br> Officer, Trustee | 2025 |

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***Executive Officers Who Are Not Trustees***

Information regarding each person who is an executive officer of the Company but who is not a trustee is as follows:

---

| | | |
|:---|:---|:---|
| <u>Name</u> | Age | Position |
| &nbsp;&nbsp; Andrew Kim | 46 | &nbsp;&nbsp; Chief Financial Officer and<br> Treasurer |
| &nbsp;&nbsp; Christopher D. Marzullo | 57 | &nbsp;&nbsp; Chief Compliance Officer |
| &nbsp;&nbsp; Joseph Magpayo | 60 | &nbsp;&nbsp; Secretary |

---

**Biographical Information** 

***Independent Trustees***

David R. Adler is Chief Executive Officer of Adler Asset Management, LLC, a registered investment adviser. He also spent over 24 years in Investment Banking at BofA Merrill Lynch in the Financial Institutions Investment Banking Group and at J.P. Morgan Securities Inc. in the Mergers & Acquisitions Group. Mr. Adler received an M.B.A. in Finance from the University of Chicago Graduate School of Business and a B.A. in Economics from the University of Chicago.

Sheila A. Finnerty served as an Executive Managing Director at Liberty Mutual Insurance, a Fortune 100 Company, until her retirement. She has 34 years of experience and is widely respected as a successful investor and strong partner both in the financial markets and in business strategy. As an investor at both Liberty Mutual Investments and Morgan Stanley Investment Management, Ms. Finnerty successfully managed leveraged finance and alternative credit portfolios as well as being an active member of the internal Investment Committee and the leadership teams that oversaw asset allocation and strategy for these businesses. Prior to joining Liberty Mutual, Ms. Finnerty held several roles at Morgan Stanley Investment Management (MSIM) including Managing Director as Global Head of High Yield Investments as well as Head of Leveraged Loan Investments. Ms. Finnerty serves as an Independent Board Member for Vista Credit Partners. She is a member of the Board of Trustees of Manhattanville College and serves on the Philanthropy Committee of the May Institute. Ms. Finnerty is a strong proponent of diversity and inclusion initiatives and is a founding member of Women in Alternative Debt. Ms.

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Finnerty is a 1988 graduate of The New York University Stern School of Business and a 1986 graduate of Manhattanville College. She is a Charterholder of the CFA Institute.

Saverio M. Flemma is the founder and President of SF Advisors LLC, a financial advisory firm. He advises companies and business owners on capital structure and financing-related issues as well as company sales. Prior to SF Advisors, Mr. Flemma was a Senior Banker at Drexel Hamilton, LLC, an investment banking and securities brokerage firm. Mr. Flemma joined Drexel Hamilton in 2016 and was responsible for advising on mergers and acquisitions and capital raising transactions. Previously, Mr. Flemma served as a Managing Director in Investment Banking at Deutsche Bank Securities, Chase Securities and Banc of America Securities. Mr. Flemma earned a B.A. in Economics from Rollins College.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. David Kelly has investment experience serving both public companies and private companies in the financial advisory, real estate development and operating company sectors. Mr. Kelly has served as the Chief Executive Officer and Chairman of the board of directors of Croesus and Company, a real estate investment and advisory firm, since 2014. Mr. Kelly is the managing partner of StraightLine Realty Partners, LLC, an alternative investment platform with investments in real estate financial services and venture capital, which he founded in 2010. Mr. Kelly serves as Lead Director on the Board of Directors of TCW Direct Lending Funds VII and VIII. He also serves as Lead Director on the Board of Directors of Invesco's INREIT and is an at large director of Ashton Woods Homes. He also serves as an Independent Direct of Acadia Healthcare. Mr. Kelly serves on the Governing Body of the Children's Medical Center of Dallas, serving on the Finance Operating and Investment Committees. Mr. Kelly served as Chairman of the Teacher's Retirement System of Texas from 2007 to 2017. He also served as Chairman of the Texas Public Finance Authority from 2002 to 2006 as a gubernatorial appointee. Mr. Kelly earned a B.A. in Economics from Harvard University and an M.B.A. from Stanford University.

Andrew W. Tarica is the founder and CEO of Meadowbrook Capital Management ("MCM"), a fixed income credit asset management business he founded in 2001. Prior to founding MCM, he was the global head of the high grade corporate bond department at Donaldson, Lufkin & Jenrette from 1992 to 1999. From 1990 to 1992 he ran the investment grade sales and trading department at Kidder Peabody. He began his career at Drexel Burnham in 1983 in the investment grade trading area, where he eventually became the head of trading. He is a member of the Board of Directors of TCW Funds, Inc., TCW Strategic Income Fund, TCW Direct Lending VII, LLC, TCW Direct Lending VIII, LLC, TCW Star Direct Lending LLC and TCW Spirit Direct Lending LLC and Chairman of the TCW/MetWest Mutual Funds board. Mr. Tarica is a graduate of Northeastern University.

***Interested Trustees***

Richard T. Miller serves as Group Managing Director, Chief Investment Officer, and Chairman of the Investment Committee of the TCW Private Credit Group. Mr. Miller joined TCW in 2013 with the acquisition of the Special Situations Funds Group from Regiment Capital Advisors, LP which he led since the group's inception in 2001. Mr. Miller has over 30 years of experience in the capital markets and previously was ranked on the Institutional Investor "All American High Yield Research Team" for six consecutive years, focusing primarily on the Metals and Mining sector. Prior to his involvement in high yield research, he was at Chase

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Manhattan Bank in the Mergers & Acquisitions Group. He then moved on to become a Managing Director with the High Yield Group. Subsequently, he became the Head of High Yield Research at BankBoston Securities and in 1999, Mr. Miller joined UBS as a Managing Director and Head of the Global High Yield Research Group. Mr. Miller currently serves as an ex officio Trustee of the University of Rochester Endowment and is a Board Member of the Nativity Preparatory School and a former Board Member of the Dexter Southfield School. Mr. Miller received his BS from Syracuse University and his MBA from the University of Rochester.

David Wang serves as Managing Director, Chief Operating Officer and a member of the Investment Committee of the TCW Private Credit Group. Prior to joining TCW in 2013, Mr. Wang served as Director in the Capital Markets Group at Houlihan Lokey where he provided financing advisory services to middle market companies and financial sponsors. Prior to joining Houlihan Lokey, he served as Chief Financial Officer of Xinhua Finance, a publicly-traded international provider of financial indices, news, ratings and corporate communications products and services, where he led the company's global restructuring. Prior to that, Mr. Wang was a Vice President in the leveraged finance investment banking division of Libra Securities and its predecessor firm, U.S. Bancorp Libra. He also previously served as Chief Financial Officer of Kentucky Electric Steel, a highly successful distressed acquisition and turnaround sponsored by Everest Capital and Libra Securities. Mr. Wang serves or has previously served on the boards of the Center for Duchenne Muscular Dystrophy at UCLA and the California Science Center. Mr. Wang is a graduate of The Wharton School at the University of Pennsylvania where he received a BS in Economics.

***Executive Officers Who Are Not Trustees***

Andrew J. Kim is a Managing Director in the Client and Fund Reporting group focusing on financial reporting and operations for the Private Credit group. He joined TCW in March 2020. Prior to joining TCW, Mr. Kim was the Chief Financial Officer of a boutique investment fund focused on structured lending and private credit. Prior to that role, he was the Vice President of Finance at Tennenbaum Capital Partners which focused on direct lending, primarily investing in leveraged loans through various complex fund structures. He holds a BS of Finance from the University of Illinois at Urbana-Champaign and an accounting certificate from UCLA. In addition, he is a CFA Charterholder.

Christopher D. Marzullo is the Interim Global Chief Compliance Officer for TCW. In this role, he is responsible for directing and managing all compliance affairs for TCW globally. Prior to joining TCW in July 2025, Mr. Marzullo served as the General Counsel and Chief Compliance Officer at Brandywine Global Investment Management where he was responsible for overseeing and managing all legal and compliance matters globally for the past 17 years. Before joining Brandywine Global, he was Associate General Counsel with Legg Mason, responsible for providing legal and compliance advice to Legg Mason's various investment advisor subsidiaries. Mr. Marzullo began his career as a trial attorney in Baltimore. Mr. Marzullo earned his BS in Industrial and Labor Relations from Cornell University and his JD magna cum laude from the University of Baltimore School of Law.

Joseph Magpayo manages the Client Services operations teams with responsibilities including wrap fee SMA and mutual fund operations, client relationship management (CRM)

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administration, and heads the client service efforts with respect to TCW's investors in its alternative investment products. He has supervisory responsibilities as a Registered Principal and is also responsible for vendor management over several of TCW's key outsourcing partners. Mr. Magpayo is also the President, CEO and Chairman of the Board of TCW Funds Distributors, LLC, the firm's limited-purpose broker dealer. He has extensive operational, organizational, and people management expertise. Mr. Magpayo joined TCW in 1991. He earned a BA in History from St. Mary's College, an MA in American Studies from Pepperdine University, and an MBA with a Strategic Management emphasis from Azusa Pacific University.

Our Board of Trustees will adopt a corporate code of ethics that applies to our executive officers. See "*Item I(c). Description of Business— Regulation as a Business Development Company—Code of Ethics*."

**Item 6. Executive Compensation.** 

(a) <u>Compensation of Executive Officers</u> 

We do not currently have any employees and do not expect to have any employees. Services necessary for our business, including such services provided by our executive officers, will be provided by individuals who are employees of the Advisor or the Sub-Advisor, pursuant to the terms of our Investment Advisory Agreement, the Sub-Advisory Agreement or through the Administration Agreement. Therefore, our day-to-day investment operations will be managed by the Advisor, and most of the services necessary for the origination and administration of our investment portfolio will be provided by investment professionals employed by the Advisor.

None of our executive officers will receive direct compensation from us. Under the Administration Agreement, we will reimburse the Administrator for expenses incurred by it on our behalf in performing its obligations under the Administration Agreement. Certain of our executive officers, through their ownership interest in or management positions with the Advisor, may be entitled to a portion of any profits earned by the Advisor, which includes any fees payable to the Advisor under the terms of our Investment Advisory Agreement, less expenses incurred by the Advisor in performing its services under our Investment Advisory Agreement. The Advisor may pay additional salaries, bonuses, and individual performance awards and/or individual performance bonuses to our executive officers in addition to their ownership interest.

(b) <u>Compensation of Independent Trustees</u> 

Each of our Independent Trustees will receive an annual retainer fee of $60,000, payable once per year, if the trustee attends at least 75% of the meetings held during the previous year. In addition, Independent Trustees will receive $2,000 for each board meeting that they participate in.

Independent trustees will also be reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in each board meeting.

The Independent Trustees will also receive $800 for each Audit Committee meeting that they participate in. With respect to each Audit Committee meeting not held concurrently with a board meeting, Independent Trustees will be reimbursed for all reasonable out-of-pocket

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expenses incurred in connection with participating in such Audit Committee meeting. In addition, each of the chairperson of the Audit Committee and any lead independent trustee will receive an annual retainer of $12,000.

No compensation will be paid to trustees who are "interested persons," as that term is defined in the 1940 Act. The Company will not have any retirement or pension plans, or any compensation plans under which the Company's equity securities would be authorized for issuance.

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

(a) <u>Transactions with Related Persons; Review, Approval or Ratification of Transaction with Related Persons</u> 

***Investment Management and Advisory Agreement; Administration Agreement***

We will enter into the Investment Advisory Agreement with our Advisor pursuant to which we will pay Management Fees and Incentive Fees to the Advisor, and we will enter into the Administration Agreement with the Administrator pursuant to which we will make payments equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement.

The Investment Advisory Agreement and the Administration Agreement will be approved by our Board of Trustees at the initial board meeting. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period from their effective date to the second anniversary of such effective date and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board of Trustees, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Trustees. The Investment Advisory Agreement will automatically terminate in the event of an assignment by the Advisor, see "*Item 1A. Risk Factors—Dependence on Key Personnel and Other Management*" and the Administration Agreement will automatically terminate in the event of an assignment by the Administrator. Notwithstanding the foregoing, each of the Investment Advisory Agreement and the Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, provided, that, such termination will be directed or approved by the vote of a majority of our outstanding voting securities, by the vote of our trustees, or by the Advisor or Administrator (as applicable). If the Investment Advisory Agreement is terminated according to this paragraph, we will pay the Advisor a pro-rated portion of the Management Fee and Incentive Fee.

***Relationship with the Advisor and Potential Conflicts of Interest***

We, the Advisor, and our respective direct or indirect members, partners, officers, trustees, employees, agents and affiliates may be subject to certain potential conflicts of interest in connection with our activities and investments. For example, the terms of the Advisor's management and incentive fees may create an incentive for the Advisor to approve and cause us

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to make more speculative investments than we would otherwise make in the absence of such fee structure.

The Private Credit Group is separated from those partners and employees of the Advisor and its affiliates involved in the management of the investments of other funds and other accounts (the "Other Employees") by an ethical wall, and accordingly, the Other Employees may be unable to make certain material information available to the Private Credit Group. In addition, the Advisor's other funds and separate accounts may take positions in securities and/or issuers that are in a different part of the capital structure of an issuer or adverse to ours.

The respective members of the senior management and investment teams of the Advisor and the Investment Committee of the Advisor serve or may serve as officers, trustees, directors, principals or investment committee members of entities that operate in the same or a related line of business as we do, or of investment funds managed by the Advisor or its affiliates. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in our best interests or in the best interest of the Shareholders. For example, Mr. Miller and the other members of the Investment Committee have management responsibilities for other investment funds, accounts or other investment vehicles managed by the Advisor or its affiliates.

Our investment objective may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For example, the Advisor concurrently manages accounts that are pursuing an investment strategy similar to our strategy, and we may compete with these and other entities managed by affiliates of the Advisor for capital and investment opportunities. As a result, those individuals at the Advisor may face conflicts in the allocation of investment opportunities between us and other investment funds or accounts advised by principals of, or affiliated with, the Advisor.

***Certain Business Relationships***

Certain of our current trustees and officers are directors or officers of the Advisor.

***Indebtedness of Management***

None.

***Trustee Independence***

For information regarding the independence of our trustees, see "*Item 5. Trustees and Executive Officers*" and "*Item 6. Executive Compensation*."

***Investment Opportunities***

Under the sourcing arrangement that the Company has in place with PNCCM, PNCCM will source investment opportunities for us through PNC's network. In doing so, it will rely on the services of personnel from PNC Bank and PNCCM to source such opportunities. As part of PNCCM's investment process and taking into account various factors, PNCCM will determine whether it would be appropriate for the Company to participate in an investment opportunity.

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While the Advisor retains final authority to approve or reject investments and will also participate in sourcing investment opportunities, the Advisor will rely on PNCCM's sourcing efforts, and the Sub-Advisor's originating and due diligence efforts. Although PNCCM has agreed to screen and refer, at its discretion, eligible investments to the Company, there is no guarantee that it will be able to do so efficiently or effectively, and many of the difficulties normally encountered by a new product offering to clients are beyond our or PNCCM's control. Further, because the arrangement with PNCCM does not obligate PNCCM to source lending opportunities or any other opportunities for the TCW Steel City Senior Lending Strategy, nor does it restrict PNCCM or its affiliates from engaging in any lending activities, these activities may compete with the Company and, as a result, there can be no assurances that the arrangement with PNCCM will allow our Advisors to effectively achieve the Company's investment objective or implement its investment strategy. PNCCM does not have any fiduciary duty to us, the Advisor or the Sub-Advisor, it will not provide investment advice or recommendations or conduct any analyses of potential investment opportunities for us, the Advisor or the Sub-Advisor (other than initial preliminary screening reviews as part of the sourcing process), and it makes no representation as to the accuracy or completeness, nor the suitability or adequacy for our purposes, of any information it may share with the Sub-Advisor that it developed in connection with the sourcing of other tranches of the same facility. It is expected that PNCCM will have interests that conflict with ours, such as, amongst other things, the incentive to refer a prospective borrower to the Advisors in order to improve PNCCM's relationship with that prospective borrower, to generate new business or new clients, and it is each of the Advisor and Sub-Advisor's responsibility to determine whether any potential opportunity sourced by PNCCM is appropriate for us.

Separately, the Advisors have each filed to obtain exemptive relief from the SEC that, if obtained, subject to certain conditions and limitations as described below, will permit us and other funds advised by the Advisors (referred to herein as "potential co-investment funds") to engage in certain co-investment transactions. Under the exemptive relief, in the case where the interest in a particular investment opportunity exceeds the size of the opportunity, then the investment opportunity will be allocated among us and such potential co-investment funds based on the allocation policy of the Advisor. Under the allocation policy, an investment opportunity will be allocated to us based on certain criteria, including but not limited to capital available for investment, which generally will be determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the board or other governing body of the relevant fund or imposed by applicable laws, rules, regulations or interpretations. There can be no assurance that we will be able to participate in all investment opportunities that are suitable to us and there is no guarantee that the SEC will grant the exemptive relief described herein.

***Broad and Wide-Ranging Activities***

TCW, including the Private Credit Group, engages in a broad spectrum of activities and services that are not exclusive in respect of the Company. PNC also engages in a broad spectrum of activities, including without limitation in its capacity as an investment banker, lender, investor, swap dealer, advisor, counterparty, agent, and principal. In addition, PNC may provide services in the future beyond those currently provided. Further, the Advisors advise Other

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Clients that have investment objectives or portfolios similar to, related to or opposed to those of the Company. PNC may receive greater fees or other compensation (including performance-based fees) from such other PNC clients than it does from us. In the ordinary course of their business activities, TCW and PNC

will engage in activities where the interests of certain divisions of each entity or the interests of each entity's clients will conflict with the interests of the Company, our Shareholders or Portfolio Companies. Other present and future activities of TCW and PNC will give rise to additional conflicts of interest. In the event that a conflict of interest arises, the Advisor will attempt to resolve such conflict in a fair and equitable manner. To the extent provided in the Declaration of Trust or Bylaws, the Advisor will have the power to resolve, or consent to the resolution of, conflicts of interest on behalf of, and such resolution will be binding on, the Company. Investors should be aware that conflicts will not necessarily be resolved in favor of the Company's interests.

***Particular Risks due to PNC's Broad and Wide-Ranging Activities***

PNC is one of the largest diversified financial services institutions in the United States, with total assets of $559 billion as of June 30, 2025 and existing relationships with approximately 21,000 Corporate and Institutional Banking customers. PNC provides services to those customers that go beyond the services typically provided by investment advisors that are not affiliated with a bank including, without limitation, financial advisory services, sales and trading, asset management activities, commercial and personal banking and other lending activities, engaging in broker-dealer activities and other activities ("Banking Activities"). PNC, PNC Bank or their affiliates may offer or provide such services to borrowers of the Company outside of the TCW Steel City Platform and unconnected to the lending or other activities of the Company. Neither the Company nor the Partners will have any right to revenues or other compensation received by PNC in the course of such Banking Activities. Such Banking Activities, and various other activities PNC engages in, may, in the ordinary course of PNC's business, create situations where PNC's interests or the interests of its clients will conflict with the interests of the Company, one or more of the Partners or a portfolio company. For example, PNC's interest may conflict with those of the Company or a portfolio company in working out the debt of a defaulting portfolio company to which PNC and the Company extend credit. In some cases, PNC's offering of products or services to a borrower or potential borrower may limit the ability of the Company to extend credit or take other actions with respect to such a borrower. Investors should be aware that actual, apparent or potential conflicts of interest between PNC and/or any of its clients, on the one hand, and the Company and one or more of the Partners or a portfolio company, on the other hand, will exist and others will arise in connection with the operation of the Company. Because of the sheer number of PNC's existing clients and the breadth of the Banking Activities, it is possible that the frequency or severity of conflicts between PNC and other persons associated with the TCW Steel City Senior Lending Strategy may be greater than for a sub-advisor not affiliated with a large bank. PNC's employees will also have interests separate from those of PNC and the Company. PNC may not have contemplated every conflict of interest that could exist. While PNC will implement reasonable mitigants to address some or all of these conflicts, there can be no assurance that conflicts of interest will be resolved in favor of the Company or the Partners.

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***Policies and Procedures***

Certain policies and procedures implemented by TCW and PNC to mitigate potential conflicts of interest and address certain regulatory requirements and contractual restrictions will from time to time reduce the synergies across their respective businesses that the Company expects to draw on for purposes of pursuing attractive investment opportunities. Because each of TCW and PNC has many different asset management and advisory businesses (including PNC's Banking Activities), each is subject to a number of actual and potential conflicts of interest, greater regulatory oversight and more legal and contractual restrictions than that to which it would otherwise be subject if it had just one line of business. In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, TCW and PNC have implemented certain policies and procedures (*e.g*., information walls) that reduce the positive synergies that TCW and PNC could otherwise utilize for purposes of managing the Company's portfolio investments. For example, TCW and PNC will from time to time come into possession of material non-public information with respect to companies in which the Company may be considering making an investment or companies that are advisory clients of TCW or PNC. As a consequence, that information, which could be of benefit to the Company, is likely to be restricted to those other businesses and otherwise be unavailable to the Company and will also restrict the Company's activities. Further, PNC policy requires that members of the Sub-Advisor's Investment Committee who are also involved in PNC's decisions on whether to extend credit to a borrower must recuse themselves from making decisions on PNC's direct extension of credit to borrowers to whom the Company has also extended credit. Additionally, TCW or PNC (as applicable) may restrict or otherwise limit the Company from entering into agreements with, or related to, companies that either are clients of TCW or PNC or in which any fund of TCW or PNC has invested or has considered making an investment. TCW and PNC (as applicable) will from time to time restrict or otherwise limit the ability of the Company to make investments in or otherwise engage in businesses or activities competitive with companies of other advisory clients of TCW or PNC, either as a result of contractual restrictions or otherwise. Furthermore, there will be circumstances in which affiliates of TCW (including Other TCW Clients) or PNC (including other PNC clients) may refrain from taking certain confidential information in order to avoid trading restrictions.

***Portfolio Company Relationships***

TCW, PNC and Other Clients may from time to time hold equity or other investments in companies or businesses (even if they are not "affiliates" of TCW or PNC) that provide services to or otherwise contract with Portfolio Companies. In addition, it is possible that certain portfolio companies in which Other Clients have an interest may compete with the Company for one or more investment opportunities. It is also possible that certain portfolio companies of Other Clients or companies in which Other Clients have an interest will compete with the Company for one or more investment opportunities and/or engage in activities that may have adverse consequences on the Company and/or its portfolio investments.

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With respect to transactions or agreements with Portfolio Companies (including, for the avoidance of doubt, long-term incentive plans), at times, if unrelated officers of a portfolio company have not yet been appointed, TCW or PNC (as applicable) may negotiate and execute agreements between TCW or PNC, as the case may be, and/or the Company on the one hand, and the portfolio company or its affiliates, on the other hand, which could entail a conflict of interest in relation to efforts to enter into terms that are arm's length. Among the measures TCW may use to mitigate such conflicts is to involve outside legal counsel to review and advise on such agreements and provide insights into commercially reasonable terms.

***Other TCW and PNC Businesses, Activities and Relationships***

As part of their respective regular business, TCW and PNC provide a broad range of services (including, with respect to PNC, the Banking Activities). In addition, TCW and PNC may provide services in the future beyond those currently provided. Subject to the terms of the Declaration of Trust, Shareholders will not receive any benefit from such fees.

In connection with their respective businesses, each of TCW and PNC may come into possession of information that limits its ability to engage in potential transactions. The Company's activities are expected to be constrained as a result of the inability of TCW or PNC personnel to use such information. For example, employees of TCW and PNC from time to time are prohibited by law or contract from sharing information with members of the Company's investment team. Additionally, there are expected to be circumstances in which one or more individuals associated with TCW and PNC (including Other Clients) will be precluded from providing services related to the Company's activities because of certain confidential information available to those individuals or to other parts of TCW or PNC (*e.g.*, trading may be restricted).

TCW and PNC have long-term relationships with a significant number of corporations and their senior management. In determining whether to invest in a particular transaction on behalf of the Company, the Advisor will consider those relationships and may decline to participate in a transaction as a result of one or more of such relationships. TCW and PNC are under no obligation to decline any engagements or investments in order to make an investment opportunity available to the Company. The Company may be forced to sell or hold existing portfolio investments as a result of brokerage service relationships or other relations that TCW or PNC may make or have made. (See "*—Other Clients; Allocation of Investment Opportunities*" below and "*—Portfolio Company Relationships*" above.) If the SEC grants the exemptive relief discussed elsewhere in this Registration Statement, the Company may also co-invest with other TCW Steel City clients in particular investment opportunities, and the relationship with such other TCW Steel City clients could influence the decisions made by the Advisor with respect to such investments. There is no assurance, however, that the relief will be granted. There can be no assurance that all potentially suitable investment opportunities that come to the attention of TCW will be made available to the Company.

Subject to the terms of its governing documents, the Company may invest in securities of the same issuers as Other Clients, the Advisors, TCW and PNC. To the extent that the Company holds interests that are different (including more senior or more junior) than those held by such Other Clients, the Advisors, TCW and PNC may be presented with decisions involving

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circumstances where the interests of such Other Clients are in conflict with those of the Company. Furthermore, it is possible that the Company's interest may be subordinated or otherwise adversely affected by virtue of such Other Client's involvement and actions relating to its investment.

Advisor employees, including employees of TCW and PNC, are generally permitted to invest in alternative investment funds, real estate funds, hedge funds or other investment vehicles, including potential competitors of the Company. Shareholders will not receive any benefit from any such investments.

Subject to applicable law, the Company may invest in securities, loans or other obligations of companies affiliated with PNC or in which PNC or other PNC clients have an equity, debt or other interest, or make investments that may result in PNC or other PNC clients being relieved of obligations or otherwise divesting of investments, which may enhance the profitability of PNC's or other PNC clients' investments in and activities with respect to such companies.

In addition, other present and future activities of TCW (including the Advisor) and PNC (including the Sub-Advisor) will from time to time give rise to additional conflicts of interest relating to TCW, PNC and their respective investment activities. In the event that any such conflict of interest arises, the Advisor will attempt to resolve such conflicts in a fair and equitable manner. Investors should be aware that conflicts will not necessarily be resolved in favor of the Company's interests.

In addition, PNC, the clients it advises, and its personnel may engage (or consider engaging) in commercial arrangements or transactions with other PNC clients, and/or may compete for commercial arrangements or transactions in the same types of companies, assets, securities and other instruments, as the Company. Decisions and actions of the Advisors on behalf of the Company may differ from those by TCW or PNC on behalf of Other Clients. Advice given to, or investment or voting decisions made for, the Company may compete with, affect, differ from, conflict with, or involve timing different from, advice given to, or investment or voting decisions made for, Other Clients. Transactions by, advice to and activities of such Other Clients may involve the same or related companies, securities or other assets or instruments as those in which the Company invests, and such Other Clients may engage in a strategy while the Company is undertaking the same or a differing strategy, any of which could directly or indirectly disadvantage the Company (including its ability to engage in a transaction or other activities) or the prices or terms at which the Company's transactions or other activities may be effected. For example, PNC may be engaged to provide advice to another PNC client that is considering entering into a transaction with the Company, and PNC may advise the other PNC client not to pursue the transaction with the Company or otherwise in connection with a potential transaction provide advice to the other PNC client that would be adverse to the Company. The Company may hold a security and PNC may establish a short position either in that same security or in similar securities. This short position may result in the impairment of the price of the security that the Company holds or may be designed to profit from a decline in the price of the security. The Company could similarly be adversely impacted if it establishes a short position, following which PNC takes a long position in the same security or in similar securities.

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To the extent the Company engages in transactions in the same or similar types of securities or other investments as Other Clients, the Company and Other Clients may compete for such transactions or investments, and transactions or investments by such Other Clients or other affiliates of the Company may negatively affect the investments of the Company (including the ability of the Company to engage in such a transaction or investment or other activities), or the price or terms at which the Company's transactions or investments or other activities may be effected. Moreover, PNC or other PNC clients, on the one hand, and the Company, on the other hand, may vote differently on or take or refrain from taking different actions with respect to the same security, which may be disadvantageous to the Company.

***Incentives to Outsource Services to Third Parties***

In many cases, services that are outsourced to third-party providers could also be performed by TCW or its employees. The decision to engage third-party service providers rather than using internal resources gives rise to conflicts of interest. This is because, under the terms of the Declaration of Trust, TCW generally bears the compensation costs or other amounts payable to its employees, whereas amounts paid to third-party service providers are typically Company Expenses, ultimately borne by Shareholders. As a result, TCW has an incentive to retain third-party providers rather than hire additional employees, and to outsource functions that TCW employees could otherwise perform. This may result in higher costs to the Company and its Shareholders.

***Collaboration with and Sub-Advisory and Other Services by PNC***

As described herein, PNC Steel City Advisors, LLC will act as the sub-advisor pursuant to a sub-advisory agreement. Subject to the terms of the Sub-Advisory Agreement, services provided by the Sub-Advisor with respect to the Company may include originating, conducting due diligence on or developing potential portfolio investments, as well as making recommendations to the Advisor in relation to structuring, managing, monitoring and disposing of or otherwise realizing upon portfolio investments. Although the Advisor must approve any investment recommended by the Sub-Advisor before or when the Company makes such investment, the Sub-Advisor is responsible for originating potential new investments and recommending them to the Advisor. As a result, the Advisor will be dependent on information provided by the Sub-Advisor, which if inaccurate could adversely affect the Advisor's ability to manage the Company's investment portfolio in accordance with its investment objectives.

The Company will pay an affiliate of the Sub-Advisor a Sourcing Fee in respect of new investment commitments (including upsizes) for which such affiliate of the Sub-Advisor was the Sourcing Party, which Sourcing Fee shall be earned upon commitment (or, with respect to delayed-draw term loans with a discounted closing fee, earned in part upon commitment and in part at the time of each advance), as more fully described herein. In providing the foregoing services to the Company, the Sub-Advisor may be subject to conflicts of interests similar to the ones that the Advisor faces.

Additionally, as part of the strategic business relationship between TCW and PNC, in addition to this Fund, similar sub-advisory arrangements will also be established in respect of TCW Steel City Unlevered Private Fund LP, which will co-invest in all or substantially all of the

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available portfolio investments alongside the Company, in each case, subject to the terms of the governing documents of the Company. Investors may be afforded different regulatory protections.

As described herein, the TCW Steel City Platform is a newly formed platform launched by the TCW Group and PNC, and the Company, together with other private credit funds, are part of the TCW Steel City Senior Lending Strategy. In connection with the foregoing, the TCW Group and PNC have entered into an umbrella agreement to coordinate the investment management, investment advisory and sub-advisory services that the TCW Group and PNC (including through their respective affiliates) shall respectively provide with respect to the private credit funds (the "Umbrella Agreement").

(b) <u>Promoters and Certain Control Persons</u> 

The Advisor may be deemed promoters of the Company. We will enter into the Investment Advisory Agreement with the Advisor. The Advisor, for its services to us, will be entitled to receive Management Fees and Incentive Fees. In addition, under the Investment Advisory Agreement, we expect, to the extent permitted by applicable law and in the discretion of our trustees, to indemnify the Advisor and certain of its affiliates. See *"Item 1(c). Description of Business—Investment Management and Advisory Agreement"* and *"Item 1(c). Description of Business—Sub-Advisory Agreement."*

**Item 8. Legal Proceedings.** 

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

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

**Market Information** 

Our outstanding Common Shares will be offered and sold in transactions exempt from registration under the Securities Act under section 4(a)(2) and Regulation D. See *"Item 10. Recent Sales of Unregistered Securities"* for more information. There is currently no public market for the Common Shares, and we do not expect one to develop.

Because the Common Shares are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Common Shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) our consent is granted, and (ii) the Common Shares are registered under applicable securities laws or specifically exempted from registration (in which case the Shareholder may, at our option, be required to provide us with a legal opinion, in form and

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substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Common Shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of Common Shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us.

**Shareholders** 

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

**Valuation of Portfolio Securities** 

We will determine the net asset value per Common Share quarterly. The net asset value per Common Share is equal to the value of our total assets minus liabilities and any Preferred Shares outstanding divided by the total number of Common Shares outstanding. At present, we do not have any Preferred Shares outstanding.

The Company's assets and liabilities will be valued by our Advisor as the "valuation designee." Investments which the Company holds for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board. Substantially all of our investments are expected to be in loans that do not have readily ascertainable market prices. In connection with that determination, investment professionals from the Advisor will prepare portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of the Advisor in our valuation process could result in a conflict of interest.

Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult for investors to value accurately our portfolio investments and could lead to undervaluation or overvaluation of our Common Shares. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

FASB Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement, not an entity-specific

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measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities.

The three-level hierarchy for fair value measurement is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical
instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2—inputs to the valuation methodology are other than quoted prices in active markets, which are
either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government
and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value
measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

We anticipate that the majority of our investments will fall within Level 3 of the fair value hierarchy.

**Dividend Policy** 

To obtain and maintain our RIC tax status, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes of an amount equal to at least 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net long-term capital losses, as well

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as other taxable income, excluding any net capital gains reduced by deductible expenses) and 90% of our net tax-exempt income for that taxable year. As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our investment company taxable income and net capital gains that we distribute to Shareholders. In addition, to avoid the imposition of a nondeductible 4% U.S. federal excise tax, we must distribute (or be treated as distributing) in each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 98% of our ordinary net income for the calendar year, excluding ordinary gains and losses, recognized during a
calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the
twelve-month period ending on October 31 of such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 100% of any income or gains recognized, but not distributed in preceding years.

While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

We generally expect to distribute substantially all of our earnings on a quarterly basis. One or more of the considerations described below, however, could result in the deferral of dividend distributions until the end of the fiscal year.

We may make investments that are subject to tax rules that require us to include amounts in our income before we receive cash corresponding to that income or that defer or limit our ability to claim the benefit of deductions or losses. For example, if we hold securities issued with original issue discount, that original issue discount may be accrued in income before we receive any corresponding cash payments. Similarly, the terms of the debt instruments that we hold may be modified under certain circumstances. These modifications may be considered "significant modifications" for U.S. federal income tax purposes that give rise to deemed debt-for-debt exchange upon which we may recognize taxable income or gain without a corresponding receipt of cash.

In cases where our taxable income exceeds our available cash flow, we will need to fund distributions with the proceeds of sale of securities or with borrowed money, and may raise funds for this purpose opportunistically over the course of the year.

In certain circumstances (e.g., where we are required to recognize income before or without receiving cash representing such income), we may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, we may have to sell investments at times we would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level U.S. federal income tax.

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If in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to Shareholders, and distributions will be taxable to our Shareholders as ordinary dividends to the extent of our current or accumulated earnings and profits, and distributions would not be required. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's tax basis, and any remaining distributions would be treated as capital gain. If we fail to qualify as a RIC for a period greater than two consecutive taxable years, to qualify as a RIC in a subsequent year we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (that is, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had sold the property at fair market value at the end of the taxable year) that we elect to recognize on requalification or when recognized over the next five years.

In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the conditions necessary to pass through to our Shareholders their share of the foreign taxes paid by us.

Following receipt of the Multi-Class Exemptive Relief, if any, each class of Common Shares will represent an investment in the same pool of assets and shall have the same preferences, conversion and other rights, voting powers, privileges, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as each other class of Common Shares except for such differences may be clearly and expressly set forth by the Board of Trustees in setting the terms of such class of shares. Dividends may be paid upon shares of different classes of Common Shares (which shall be done pro rata among the shareholders of shares of a specific class) at the same time and in different per share amounts on such class of Common Shares, if, as and when authorized by the Board of Trustees and declared by us out of funds legally available therefore. As a result of such differences in dividend amounts, as well as potential differences in various fees and charges imposed on the different classes of our Common Shares, shares of different classes of our Common Shares may experience different returns.

Because of the different distribution fees, shareholder services fees and any other class expenses that may be attributable to the different classes of our Common Shares, following receipt of the Multi-Class Exemptive Relief, if any, the net income attributable to, and any dividends payable on, each class of shares may differ from each other from time to time. As a result, the NAV per share of the classes may differ over time. Our expenses, respectively allocated to a particular class of shares, will be borne on a pro rata basis by each outstanding share of that class.

**Retention of Proceeds** 

Subject to the requirements of Section 852(a) of Subchapter M of the Code and the terms of any indebtedness or Preferred Shares, we may retain, in whole or in part, any proceeds attributable to portfolio investments. Any retained proceeds that represent net investment income will be treated as a deemed distribution by us to the Shareholders and a deemed re-contribution by the Shareholders to us, and the aggregate Undrawn Commitments of all Shareholders will be reduced accordingly. We may use the amounts so retained to make investments, pay our fees and

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expenses, repay our borrowings, or fund reasonable reserves for our future expenses or other obligations (including obligations to make indemnification advances and payments). We will treat any retained proceeds that represent net investment income as a deemed distribution to Shareholders and a deemed re-contribution by the Shareholders, and the aggregate Undrawn Commitments of all Shareholders will be reduced accordingly. For the avoidance of doubt, even if the Undrawn Commitment of the Common Shares becomes zero, we may continue to retain proceeds that represent net investment income as described above for the purpose of paying our operating costs (including expenses, the Management Fee, the Incentive Fee, payments to the Administrator and any indemnification obligations) and debt service of any borrowings we have made.

**Reports to Shareholders** 

We plan to furnish or make available to our Shareholders an annual report for each fiscal year ending December 31 containing financial statements audited by our independent registered public accounting firm. Additionally, we intend to comply with the periodic reporting requirements of the 1934 Act.

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

On February 5, 2025, April 8, 2025, and August 22, 2025, the private fund held closings, accepting an aggregate of $441,640,378 in Capital Commitments. As of the date of the Conversion, the private fund had called capital in the amount of $120 million of such Capital Commitments to purchase interests of the private fund.

Each purchaser of Common Shares in the private offering is required to represent that it is: (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Common Shares sold outside the United States, is not a "U.S. person" in accordance with Regulation S of the Securities Act; and (ii) is acquiring the Common Shares purchased by it for investment and not with a view to resale or distribution. We did not engage in general solicitation or advertising with regard to the private placement and did not offer securities to the public in connection with such issuance and sale.

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

The following description is based on relevant portions of the Delaware Statutory Trust Act (the "Statutory Trust Act"), as amended, and on the Company's Declaration of Trust and Bylaws that will be effective upon consummation of the Conversion. This summary is not necessarily complete, and investors should refer to the Statutory Trust Act and Company's Declaration of Trust and Bylaws for a more detailed description of the provisions summarized below.

**Description of our Shares** 

***General***

The terms of the Declaration of Trust authorize the Company to issue an unlimited number of Class I Shares, with such par value as may be authorized from time to time by the

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trustees in their sole discretion without Shareholder approval, and an unlimited number of preferred shares, with such par value as may be authorized from time to time by the trustees in their sole discretion without Shareholder approval. The Declaration of Trust also provides that the Board of Trustees may classify or reclassify any Common Shares or preferred shares into one or more classes or series of Common Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our Class I Shares, and we can offer no assurances that a market for our Class I Shares will develop in the future. We do not intend for our Common Shares to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our Common Shares. No Common Shares have been authorized for issuance under any equity compensation plans. Under the terms of our 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. Our 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 Company's assets or the affairs of the Company by reason of being a Shareholder. Unless the Board of Trustees determines otherwise, we will issue all of our Common Shares in uncertificated form.

Subject to the terms of an applicable Subscription Agreement, none of our Common Shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Company or potential liabilities associated with ownership of the security (not including investment risks). In addition, 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.

***Shares***

Under the terms of the Declaration of Trust, all Common Shares have equal rights as to dividends, other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and other distributions may be paid to Shareholders if, as and when authorized by the Board of Trustees and declared by us out of funds legally available therefor. Common Shares have no preemptive, exchange, conversion or redemption rights and Shareholders have no appraisal rights. Shareholders may not transfer Common Shares unless (i) the Adviser gives consent, or the transfer is permitted under the Subscription Agreement, and (ii) the transfer is made in accordance with the transfer restrictions contained in the Subscription Agreement and applicable securities law.

In the event of our liquidation, dissolution or winding up, each Common Share would be entitled to share ratably in all of our assets that are legally available for distribution after we pay or otherwise provide for all claims and obligations and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each Common Share will be entitled to one vote on all matters submitted to a vote of Shareholders, including the election of trustees.

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There will be no cumulative voting in the election of trustees. Cumulative voting entitles a Shareholder to as many votes as equals the number of votes which such holder would be entitled to cast for the election of trustees multiplied by the number of trustees to be elected and allows a Shareholder to cast a portion or all of the Shareholder's votes for one or more candidates for seats on the Board of Trustees. Without cumulative voting, a minority Shareholder may not be able to elect as many trustees as the Shareholder would be able to elect if cumulative voting were permitted. Subject to the special rights of the holders of any class or series of preferred shares to elect trustees, each trustee will be elected by a plurality of the votes cast with respect to such trustee's election, provided that, in the case where the number of nominees for the trusteeships exceeds the number of such trustees to be elected, a majority of all votes cast shall be required to elect such nominee.

***Preferred Shares***

The Private Offering does not include an offering of preferred shares, and we do not currently have any preferred shares outstanding. However, under the terms of the Declaration of Trust, our Board of Trustees 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 of Trustees 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. We do not currently anticipate issuing preferred shares in the near future. In the event we issue preferred shares, it will make any required disclosure to Shareholders. We will not offer preferred shares to the Adviser or our affiliates except on the same terms as offered to all other Shareholders.

Preferred shares could be issued with terms that would adversely affect the Shareholders. 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 Common Shares and before any purchase of Common Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such 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 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 our Independent Trustees not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

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

***Organization and Duration***

We were formed in the state of Delaware, and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

***Purpose***

Under the Declaration of Trust, we are 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 us pursuant to the agreements relating to such business activity.

Our 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. Our Board of Trustees may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including preferred shares and our Declaration of Trust provides that, while we do not intend to list our Shares on any securities exchange, if any class of our Shares is listed on a national securities exchange, our Board of Trustees will be divided into three classes of trustees serving staggered terms of three years each. 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 our Board of Trustees. We believe 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; Term and Election; Certain Transactions***

Our Declaration of Trust provides that the number of trustees will be set only by our Board of Trustees. Our Declaration of Trust provides that a majority of our entire Board of Trustees may at any time increase or decrease the number of trustees. by a majority vote or written consent, provided that the number of Trustees shall at all times be at least one but not more than twelve. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by our Board of Trustees in setting the terms of any class or series of preferred shares, pursuant to an election under the Declaration of Trust, any and all vacancies on our Board of Trustees 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 by our Shareholders and qualified, subject to any applicable requirements of the 1940 Act.

Our Declaration of Trust provides that a trustee may be removed with or without cause by a two-thirds majority of the remaining trustees (or in the case of the removal of a trustee that is not an interested person, a two-thirds majority of the remaining trustees that are not interested persons).

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Under the Declaration of Trust, the Company is not required to hold annual meetings and, prior to the earlier of (a) a listing of any class of the Company's shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, each trustee will hold office for life (or until the attainment of any mandatory retirement age or term limits established by a majority of the Board of Trustees) or until his or her successor is elected or the Company terminates, unless such trustee resigns or is removed in accordance with the Declaration of Trust. However, effective upon and following the occurrence of the earlier of (a) a listing of any class of the Company's Shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, the Board of Trustees will be divided into three classes, with the terms of one class expiring at each annual meeting of Shareholders. At each annual meeting, one class of trustees will be elected to a three-year term. This provision could delay for up to two years the replacement of a majority of the Board of Trustees. A trustee, or the entire Board of Trustees (provided that the aggregate number of trustees after such removal shall not be less than the minimum number required under the Declaration of Trust), may be removed from office, with or without cause, and only by the action of a majority of the remaining trustees (or in the case of the removal of an Independent Trustee, a majority of the remaining Independent Trustees).

In the event of a Shareholder vote on election of trustees, trustees shall be elected by a plurality of the vote of all holders of the outstanding Shares, provided that, in the case where the number of nominees for the trusteeships exceeds the number of such trustees to be elected, a majority of all votes cast shall be required to elect such nominee. Notwithstanding the foregoing, the holders of outstanding preferred shares, if any, will be entitled, voting as a separate class, to elect two trustees of the Company at all times. In addition, the holders of outstanding preferred shares, if any, will be entitled, voting as a separate class, to elect a majority of the Board of Trustees (i) if, at the close of business on any distribution payment date, distributions (whether or not declared) on outstanding preferred shares are unpaid in an amount equal to at least two full years' distributions on the preferred shares, or (ii) if at any time holders of preferred shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees.

***Action by Shareholders***

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, the Company is not required to hold annual meetings and the Bylaws provide that a meeting of Shareholders will not be required in any year in which the election of trustees is not required to be held under the 1940 Act. The failure to hold an annual meeting will not invalidate the Company's existence or affect any otherwise valid corporate act of the Company.

A special meeting of the Shareholders may be called at any time by a majority of the Board of Trustees or the chief executive officer.

***Amendment of the Declaration of Trust; No Approval by Shareholders***

The Board of Trustees may, without Shareholder vote (subject to applicable state and federal securities laws requirements), amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and

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restated Declaration of Trust. Shareholders will only have the right to vote on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Board of Trustees in good faith or is submitted to them by the Board of Trustees. Notwithstanding the foregoing, in connection with a listing of the Shares on a national securities exchange, the Board of Trustees may, without the approval or vote of the Shareholders, amend or supplement the Declaration of Trust in any manner, including, without limitation, to add voting restrictions or other limitations similar to provisions found in control share acquisition or similar statutes, to classify the Board of Trustees, to impose super-majority approval for certain types of transactions and to otherwise add or modify provisions that may be deemed to be adverse to Shareholders. A proposed amendment to the Declaration of Trust requires the affirmative vote of a majority of the Board of Trustees for adoption.

An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, will become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Board of Trustees setting forth an amendment and reciting that it was duly adopted by the trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration of Trust, as amended, in recordable form, and executed by a majority of the Board of Trustees, will be conclusive evidence of such amendment when lodged among the records of the Company or at such other time designated by the Board of Trustees.

***Derivative Actions***

Our Declaration of Trust provides that 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 ten percent (10%) of the outstanding Shares join in the bringing of such action. This requirement shall not apply to claims arising under federal securities laws.

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 Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to succeed; and a demand on the Board of Trustees will only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of trustees who are not Independent Trustees; and (ii) unless a demand is not required under clause (i) above, the Board of Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Board of Trustees will 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 Board of Trustees determines not to bring such action (such reimbursement shall not apply to claims arising under federal securities laws). For purposes of this paragraph, the Board of Trustees may designate a committee of one or more trustees to consider a Shareholder demand.

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***Direct Action***

Our Declaration of Trust provides that 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 set forth in the Declaration of Trust shall apply. This provision shall not apply to claims arising under federal securities laws.

***Exclusive Delaware Jurisdiction***

Our Declaration of Trust provides that, each trustee, each officer, each Shareholder and each person legally or 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 or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (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,

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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 Declaration of Trust, 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. This section does not apply to any claims brought under the federal securities laws, as stated in Section 14.2 of Article XIV of the Declaration of Trust.

***Determinations by our Board of Trustees***

Our Declaration of Trust contains a provision that codifies the authority of our Board of Trustees to manage our business and affairs. This provision enumerates certain matters and states that the determination as to any such enumerated matters made by or pursuant to the direction of our Board of Trustees (consistent with our Declaration of Trust) is final, conclusive, and binding upon us and our Shareholders. This provision does not alter the duties our Board of Trustees owes to us or our Shareholders pursuant to our Declaration of Trust and under Delaware law or under applicable federal securities laws.

***Construction and Governing Law***

Our Declaration of Trust provides that the Declaration of Trust and the Bylaws, and the rights and obligations of the trustees and Shareholders, shall be governed by and construed and enforced in accordance with the Delaware Statutory Trust Act and the laws of the State of Delaware. Under the terms of our Declaration of Trust, to the fullest extent permitted by law, our Shareholders will be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Delaware Statutory Trust Act or general trust law, and the Company, our 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 our 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 our Declaration of Trust.

***Books and Reports***

We are required to keep appropriate books of our business at our principal offices. The books will be maintained for both tax and financial reporting purposes on an accrual basis in accordance with GAAP.

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***Access to Records***

Shareholders shall have access to records of the Company as provided in Section 3819 of the Statutory Trust Act.

***Reports to Shareholders***

The Company will furnish to Shareholders as soon as commercially practicable after the end of each taxable year and each calendar year such information as is necessary for them to complete U.S. federal and state income tax or information returns, along with any other tax information required by law.

The Company will also furnish to Shareholders annual reports containing audited financial statements, quarterly reports, and such other reports as the Company determines to be appropriate or as may be required by law. Upon the effectiveness of this Registration Statement under the 1934 Act, the Company will be required to comply with all reporting, proxy solicitation and other applicable requirements under the 1934 Act.

Shareholders and the public may view the materials the Company files with the SEC through its website at www.sec.gov.

***Conflict with the 1940 Act***

Our Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control. In addition, the Company intends to amend and restate the Declaration of Trust to clarify that, if and to the extent that any provision of our Declaration of Trust conflicts with any provision of applicable federal securities laws, the applicable provision of the applicable federal securities laws will control.

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

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

Under the Declaration of Trust, we will fully indemnify any person who was or is involved in any actual or threatened action, suit or proceeding by reason of the fact that such person is or was one of our trustees or officers. So long as we are regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any trustee or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of trustees who are disinterested, non-party trustees or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct. In addition, we have obtained liability insurance for our officers and trustees.

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Under the Investment Advisory Agreement, we may, to the extent permitted by applicable law, in the discretion of our Board of Trustees, indemnify the Advisor and certain of its affiliates, as described under *"Item 1(c). Description of Business—General—Investment Management and Advisory Agreement."*

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

We set forth below a list of our audited financial statements included in this Registration Statement.

Independent Auditor's Report

Statement of Assets and Liabilities as of March 31, 2025

Statement of Operations from February 5, 2025 (inception) to March 31, 2025

Statement of Changes in Members' Capital (Deficit) from February 5, 2025 (inception) to March 31, 2025

Notes to Financial Statements

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

There are not and have not been any disagreements between us and our accountant on any matter of accounting principles, practices, or financial statement disclosure.

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

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

The financial statements included in this Registration Statement are listed in Item 13 and commence on page 117.

(b) <u>Exhibits</u> 

**Exhibit Index** 

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| | |
|:---|:---|
| 3.1 | [Certificate of Formation](http://www.sec.gov/Archives/edgar/data/2043133/000119312525172682/d942088dex9931.htm) |
| 3.2 | [Certificate of Trust\*](d40107dex9932.htm) |
| 3.3 | [Declaration of Trust\*](d40107dex9933.htm) |
| 3.4 | [Bylaws\*](d40107dex9934.htm) |
| 10.1 | [Investment Advisory and Management Agreement, by and between the Company and the Advisor\*](d40107dex99101.htm) |
| 10.2 | [Sub-Advisory Agreement, by and between the Company and the Sub-Advisor\*](d40107dex99102.htm) |

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

\* Filed herewith.

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| | |
|:---|:---|
| 10.3 | [Administration Agreement, by and between the Company and the Administrator\*](d40107dex99103.htm) |
| 10.4 | [Custody Agreement, by and between the Company and U.S. Bank National Association\*](d40107dex99104.htm) |
| 10.5 | [Indemnification Agreement\*](d40107dex99105.htm) |
| 10.6 [Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services\*](d40107dex99106.htm) | 10.6 [Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services\*](d40107dex99106.htm) |
| 10.7 | [Subscription Agreement\*](d40107dex99107.htm) |
| 10.8 | [License Agreement, by and between the Company and the Advisor\*](d40107dex99108.htm) |

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**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.

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|:---|
| **TCW STEEL CITY PERPETUAL<br>LEVERED FUND LP** |
| By: <u>/s/ Andrew Kim</u> |
| Name: Andrew Kim |
| Title: Chief Financial Officer and Treasurer |

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Date: September 18, 2025

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**TCW Steel City Perpetual Levered Fund LP** 

**FINANCIAL STATEMENTS FOR THE PERIOD ENDED March 31, 2025** 

**Table of Contents** 

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| | |
|:---|:---|
| **INDEX** | **PAGE** <br> **NO.**  |
|  [Independent Auditor's Report](#tx40107_101) | **118** |
|  [Statement of Assets and Liabilities as of March 31, 2025](#tx40107_102) | **119** |
|  [Statement of Operations from February 5, 2025 (inception) to March 31, 2025](#tx40107_103) | **120** |
|  [Statement of Changes in Members' Capital (Deficit) from February 5, 2025 (inception) to March 31, 2025](#tx40107_104) | **121** |
|  [Notes to Financial Statements](#tx40107_105) | **122** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

TCW Steel City Perpetual Levered Fund LP:

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of TCW Steel City Perpetual Levered Fund LP (the "Fund"), as of March 31, 2025, and the related statements of operations, and changes in members' capital/ (deficit) for the period from February 5, 2025 (inception) to March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations, and changes in members' capital/ (deficit) for the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

The financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![LOGO](g40107dsp0118.jpg)

Los Angeles, California

August 29, 2025

We have served as the Fund's auditor since 2025

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**TCW Steel City Perpetual Levered Fund LP** 

**Statement of Assets and Liabilities** 

**(Dollar amounts in thousands)** 

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| | |
|:---|:---|
|  | **As of<br> March 31, 2025** |
|  **Liabilities** |  |
|  Organization costs payable | $839 |
|  Offering costs payable | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | $859 |
|  **Members' Capital / (Deficit)** |  |
|  Common Unitholders' commitment | $105152 |
|  Common Unitholders' undrawn commitment | (105152) |
|  Common Unitholders' offering costs | (20) |
|  Common Unitholders' capital | (20) |
|  Accumulated losses | (839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Members' Capital / (Deficit)** | $(859) |

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The accompanying notes are an integral part of these financial statements.

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**TCW Steel City Perpetual Levered Fund LP** 

**Statement of Operations** 

**(Dollar amounts in thousands)** 

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| | |
|:---|:---|
|  | **For the period<br> from February 5, <br>2025 (Inception)<br>to<br>March 31, 2025** |
|  **Expenses** |  |
|  Organization costs | $839 |
|  **Total expenses** | **839** |
|  Net investment loss | (839) |
|  Net decrease in Members' Capital / (Deficit) from operations | $**(839)** |

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The accompanying notes are an integral part of these financial statements.

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**TCW Steel City Perpetual Levered Fund LP** 

**Statement of Changes in Members' Capital / (Deficit)** 

**(Dollar amounts in thousands)** 

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| | |
|:---|:---|
|  | **For the period<br> from February 5, <br>2025 (Inception)<br>to<br>March 31, 2025** |
|  **Decrease in Members' Capital / (Deficit) Resulting from Operations** |  |
|  Net investment loss | $839 |
|  **Total Decrease in Members' Capital / (Deficit) Resulting from Operations** | **(839)** |
|  **Total Decrease in Members' Capital / (Deficit) Resulting from Capital Activity** |  |
|  Offering Costs | (20) |
|  **Total Decrease in Members' Capital / (Deficit)** | **(859)** |
|  **Members' Capital / (Deficit), beginning of period** | **-** |
|  **Members' Capital / (Deficit), end of period** | $**(859)** |

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The accompanying notes are an integral part of these financial statements.

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**TCW Steel City Perpetual Levered Fund LP** 

**Notes to Financial Statements** 

**(Dollar amounts in thousands)** 

**1.** **Organization and Basis of Presentation** 

*Organization:* TCW Steel City Perpetual Levered Fund LP (the "Fund"), was formed as a Delaware limited partnership on October 14, 2024. The Fund expects to conduct a private offering of its common limited liability company units (the "Units" or "Common Units") to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"). In addition, the Fund may issue preferred units, though it currently has no intention to do so.

The Fund intends to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund also intends to elect to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a "RIC") under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the "Code"). As a BDC and a RIC, the Fund will be required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Fund will be required to comply with certain regulatory requirements.

*Investment Objective:* The Fund will seek to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuer that generate current income while preserving capital.

*Term:* The term of the Fund commenced on October 14, 2024 and shall continue until the Fund is dissolved and terminated pursuant to Article XI of the Amended and Restated Limited Partnership Agreement entered into on February 6, 2025 (the "Amended and Restated LPA"); provided, that if the conversion of the Fund into a BDC (the "Conversion Event") does not occur, the term of the Fund will only continue until the fifth anniversary of the expiry of the Investment Period (as defined below). The term of the Fund may be extended for an additional period of one-year in the General Partner's discretion and for subsequent one-year periods with the consent of Limited Partners with Capital Commitments aggregating in excess of 50% (the "Majority in Interest").

*Investment Period:* The Investment Period commenced on February 6, 2025 (the "Initial Closing Date") and shall end on the earliest of (a) a determination by the General Partner that the Investment Period shall terminate; (b) the end of the Suspension Period (as defined below), unless resumed; (c) the date upon which a Majority in Interest terminate the Investment Period; and (d) if no Conversion Event occurs on or prior to the three-year anniversary of the Fund making its first investment (the "Conversion End Date").

*Suspension Period:* If, at any time prior to the Conversion Event that results in the Fund becoming a non-exchange traded, perpetual BDC (a) either (1) Richard Miller and one or more other Key Persons (Richard Miller, Mark Gertzof, Pete Mardaga and Walt Hill) or (2) three or more of the Key Persons cease to be actively engaged in the affairs of the Fund (a "Key Person Event") or (b) TCW PT Management Company LLC (the "Adviser") or PNC Steel City Advisers, LLC (the "Sub-Adviser") ceases to be actively involved in the affairs of the Fund, the Fund shall automatically

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##### [**Table of Contents**](#toc)
enter into a 180-day period during which the Investment Period will be suspended (the "Suspension Period").

On February 5, 2025 ("Inception Date"), the Fund obtained capital commitments from the Limited Partner totaling $105,152. See Note 3 for additional details.

**2.** **Significant Accounting Policies** 

*Basis of Presentation:* The Fund's financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC Topic 946").

The statement of cash flows has been omitted because no cash transactions occurred during the period from Inception Date to March 31, 2025.

*Use of Estimates:* The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of statement of assets and liabilities. Actual results could differ from those estimates, and such differences could be material.

*Organization and Offering Costs:* Costs incurred to organize the Fund are expensed as incurred. Offering costs will be accumulated and charged directly to Member's Capital at the end of the period during which the Units will be offered (the "Closing Period"). The Fund will not bear more than $3,000 for organization and offering expenses in connection with the offering of the Units through the Closing Period.

**3.** **Members' Capital (Deficit)** 

*Capital Commitments:* Commitments from the Limited Partners and General Partner and amounts funded are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Committed<br>Capital** | **Capital<br>Commitments<br>Funded** | **Percent <br>Funded** |
|  Limited Partners | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105152 | $– | 0.0% |
|  General Partner |  | – | 0.0% |
|  Total | $105152 | $– | 0.0% |

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**4.** **Subsequent Events** 

The Fund has evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that require recognition or disclosure in these financial statements other than those described below.

On April 8, 2025, the Fund obtained additional commitments from the Limited Partners totaling $21,030.

## Ex-99.(3)(2)

**<u>CERTIFICATE OF TRUST</u>**

**<u>OF</u>**

**<u>TCW STEEL CITY SENIOR LENDING BDC</u>**

This Certificate of Trust of TCW Steel City Senior Lending BDC (the "Trust") is being filed to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed by this Certificate of Trust is TCW Steel City Senior Lending BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Agent</u>. The name and business address of the Registered Agent in the State of Delaware is: National Registered Agents, Inc., 1209 Orange Street, Wilmington DE, New Castle County.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Business Development Company</u>. The Trust is or will elect to become a regulated business development company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

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| |
|:---|
| /s/ |
| David R. Adler, not in their individual capacity but solely as Trustee |
| Sheila A. Finnerty, not in their individual capacity but solely as Trustee |
| Saverio M. Flemma, not in their individual capacity but solely as Trustee |

---

[signature page continues]

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---

| |
|:---|
| R. David Kelly, not in their individual capacity but solely as Trustee |
| Richard T. Miller, not in their individual capacity but solely as Trustee |
| Andrew W. Tarica, not in their individual capacity but solely as Trustee |
| David Wang, not in their individual capacity but solely as Trustee |

---

## Ex-99.(3)(3)

**TCW STEEL CITY SENIOR LENDING BDC** 

**DECLARATION AND AGREEMENT OF TRUST** 

**[•], 2025** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
| Section I.1 | Name | 1 |
| Section I.2 | Definitions | 1 |
| ARTICLE II PURPOSE | ARTICLE II PURPOSE | 4 |
| Section II.1 | Nature | 4 |
| Section II.2 | Purpose | 4 |
| ARTICLE III TRUSTEES | ARTICLE III TRUSTEES | 4 |
| Section III.1 | Powers | 4 |
| Section III.2 | Legal Title | 7 |
| Section III.3 | Number of Trustees; Term of Office | 8 |
| Section III.4 | Election of Trustees | 8 |
| Section III.5 | Resignation and Removal | 8 |
| Section III.6 | Vacancies | 8 |
| Section III.7 | Committees; Delegation | 9 |
| Section III.8 | Quorum; Voting | 9 |
| Section III.9 | Action Without a Meeting; Participation by Conference Telephone or Otherwise | 9 |
| Section III.10 | By-Laws | 10 |
| Section III.11 | No Bond Required | 10 |
| Section III.12 | Reliance on Experts, Etc | 10 |
| Section III.13 | Business Combination | 10 |
| Section III.14 | Subsidiaries | 10 |
| Section III.15 | Fiduciary Duty | 11 |
| Section III.16 | Annual Meetings | 11 |
| ARTICLE IV CONTRACTS | ARTICLE IV CONTRACTS | 11 |
| Section IV.1 | Distribution Contract | 11 |
| Section IV.2 | Advisory or Management Contracts | 11 |
| Section IV.3 | Affiliations of Trustees or Officers, Etc | 12 |
| ARTICLE V LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE V LIMITATION OF LIABILITY; INDEMNIFICATION | 12 |
| Section V.1 | No Personal Liability of Shareholders, Trustees, Etc | 12 |
| Section V.2 | Execution of Documents; Notice; Apparent Authority | 12 |
| Section V.3 | Indemnification of Trustees, Officers, Etc | 13 |
| ARTICLE VI SHARES OF BENEFICIAL INTEREST | ARTICLE VI SHARES OF BENEFICIAL INTEREST | 14 |

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i

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| | | |
|:---|:---|:---|
|  Section VI.1 | Beneficial Interest | 14 |
|  Section VI.2 | Other Securities | 14 |
|  Section VI.3 | Initial Designation of Classes | 14 |
|  Section VI.4 | Rights of Shareholders | 14 |
|  Section VI.5 | Trust Only | 15 |
|  Section VI.6 | Issuance of Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.1 General | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.1 General | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.2 On Merger or Consolidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.2 On Merger or Consolidation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.3 Fractional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.3 Fractional Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.4 Classes of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section VI.6.4 Classes of Shares | 15 |
|  Section VI.7 | Register of Shares | 15 |
|  Section VI.8 | Share Certificates | 15 |
|  Section VI.9 | Transfer of Shares | 16 |
|  Section VI.10 | Voting Powers | 16 |
|  Section VI.11 | Meetings of Shareholders | 16 |
|  Section VI.12 | Action Without a Meeting | 16 |
|  Section VI.13 | Quorum and Required Vote | 16 |
|  Section VI.14 | Delivery by Electronic Transmission or Otherwise | 17 |
|  Section VI.15 | Additional Provisions | 17 |
|  Section VI.16 | Removal of Trustees by Shareholders | 17 |
|  ARTICLE VII REPURCHASE AND REDEMPTION OF COMMON SHARES | ARTICLE VII REPURCHASE AND REDEMPTION OF COMMON SHARES | 17 |
|  Section VII.1 | Repurchase of Shares | 17 |
|  Section VII.2 | Price | 17 |
|  Section VII.3 | Repurchase by Agreement | 17 |
|  Section VII.4 | Involuntary Redemption; Disclosure of Ownership | 17 |
|  ARTICLE VIII DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS | ARTICLE VIII DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS | 18 |
|  Section VIII.1 | By Whom Determined | 18 |
|  ARTICLE IX DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. | ARTICLE IX DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. | 19 |
|  Section IX.1 | Duration and Termination | 19 |
|  Section IX.2 | Amendment Procedure | 20 |
|  Section IX.3 | Merger, Consolidation and Sale of Assets | 20 |
|  Section IX.4 | Conversion to Other Business Entities | 21 |
|  Section IX.5 | Incorporation | 21 |
|  ARTICLE X MISCELLANEOUS | ARTICLE X MISCELLANEOUS | 21 |

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ii

------

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| | | |
|:---|:---|:---|
|  Section X.1 | Registered Agent; Registered Office | 21 |
|  Section X.2 | Construction and Governing Law | 21 |
|  Section X.3 | Counterparts | 22 |
|  Section X.4 | Reliance by Third Parties | 22 |
|  Section X.5 | Provisions in Conflict with Law or Regulations | 22 |
|  Section X.6 | Use of Name | 22 |
|  Section X.7 | Derivative Actions | 23 |
|  Section X.8 | General Direct Actions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section X.8.1 General | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section X.8.1 General | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section X.8.2 Required Conditions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section X.8.2 Required Conditions | 24 |
|  Section X.9 | Inspection of Records and Reports | 24 |
|  Section X.10 | Exclusive Delaware Jurisdiction | 24 |
|  Section X.11 | Waiver of Jury Trial | 25 |
|  Section X.12 | Conversion | 25 |
|  Section X.13 | Section Headings; Interpretation | 25 |

---

iii

------

**DECLARATION AND AGREEMENT OF TRUST** 

**OF** 

**TCW STEEL CITY SENIOR LENDING BDC** 

DECLARATION AND AGREEMENT OF TRUST made on [•], 2025 by the individuals executing this Declaration as Trustees, who shall be the initial Trustees of the Company and the holders from time to time of the shares of beneficial interest issued hereunder.

WHEREAS, prior to filing a certificate of conversion (the "Certificate of Conversion) and the Certificate of Trust (the "Certificate of Trust"), on [ ], 2025 with the Office of the Secretary of State of Delaware to convert the Company to a Delaware statutory trust, the Company was formed and operated as a Delaware limited partnership named TCW Steel City Perpetual Levered Fund LP (the "LP");

WHEREAS, the LP's amended and restated limited partnership agreement provided that, at the election of the general partner of the LP (the "General Partner"), the LP would convert to a Business Development Company that would elect to be regulated under the Investment Company Act;

WHEREAS, the General Partner has made such election to convert the LP to a Business Development Company that will elect to be regulated under the Investment Company Act and in connection therewith has adopted a written consent approving (i) the conversion of the LP to a Business Development Company, (ii) this Declaration, the Bylaws, the Certificate of Trust, the Certificate of Conversion and (iii) the issuance of shares of beneficial interest of the Company to the limited partners of the LP and to the General Partner (as described therein) (the "the GP Written Consent"); and

WHEREAS, the Trustees desire that this Declaration and the Bylaws be the governing instrument of the Company and the beneficial interest in the trust assets be divided into shares of beneficial interest, as hereinafter provided;

NOW THEREFORE, the Trustees hereby declare that all money and property contributed to the trust established hereunder and all proceeds thereof shall be held and managed in trust for the pro rata benefit of the holders, from time to time, of the shares of beneficial interest issued hereunder and subject to the provisions hereof.

**ARTICLE I** 

**NAME AND DEFINITIONS** 

Section I.1 <u>Name</u>. The name of the trust created hereby is TCW Steel City Senior Lending BDC (the "Company"). So far as may be practicable, the business of the Company shall be conducted and transacted under that name. Under circumstances in which the Trustees determine that the use of the name "TCW Steel City Senior 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 filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. 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 I.2 <u>Definitions</u>. Wherever they are used herein, the following terms have the following meanings:

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"1940 Act" shall mean the Investment Company Act of 1940, as amended from time to time and the rules and regulations thereunder, and any order or orders thereunder which may from time to time be applicable to the Trust. References herein to specific sections of the 1940 Act shall be deemed to include such rules and regulations as are applicable to such sections as determined by the Trustees or their designees.

"Affiliate" shall have the meaning of "Affiliated Person" set forth in Section 2(a)(3) of the 1940 Act.

"Assessment" 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.

"Benefit Plan Investor" shall mean benefit plan investor as defined under the Plan Asset Regulations.

"By-Laws" shall mean the By-Laws of the Trust as amended from time to time.

"class" or "class of Shares" shall refer to the division of Shares into two or more classes as provided in Article VI hereof. "Code" shall mean the Internal Revenue Code of 1986, as amended.

"Commission" shall mean the Securities and Exchange Commission.

"Common Shares" shall mean Shares that do not have preference over any other class of Shares with respect to the payment of dividends or distributions upon liquidation, termination or winding up of the affairs of the Trust.

"Declaration" shall mean this Declaration and Agreement of Trust as amended from time to time. This Declaration and any By-Laws of the Trust shall constitute the governing instrument of the Trust.

"Delaware Act" shall mean Chapter 38 of Title 12 of the Delaware Code entitled "Treatment of Delaware Statutory Trusts," as it may be amended from time to time.

"Delaware General Corporation Law" shall mean the Delaware General Corporation Law, 8 Del. C. § 100, et seq., as amended from time to time.

"Distributor" shall have the meaning set forth in Section IV.1.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"ERISA Controlling Person" shall mean 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).

"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"General Direct Action" shall mean an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim sounds in contract, tort, fraud or otherwise or is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all Shareholders or all Shareholders of a series or class (and not an individual harm only to the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their holdings of Shares.

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"Independent Trustee" means a trustee who is not an Interested Person.

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

"Investment Advisor" shall have the meaning set forth in Section IV.2.

"Liquidity Event" shall mean a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial consideration, cash, Listed or non-Listed equity Securities or combination thereof: (a) a Listing; (b) a sale or merger in a transaction that provides Shareholders with cash and/or securities of a publicly traded company; or (c) a sale of all or substantially all of the assets of the Company for cash or other consideration.

"Listing" shall mean the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the Commission or the receipt by the Shareholders of Securities that are approved for trading on a national securities exchange or national securities association registered with the Commission in exchange for the Common Shares. The term "Listed" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"Majority Shareholder Vote" with respect to matters voted upon by all Shareholders voting as a single class, shall have the meaning of "majority of the outstanding voting securities of a company" set forth in section 2(a)(42) of the 1940 Act.

"Person" shall mean an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association

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

"Principal Underwriter" shall have the meaning set forth in Section 2(a)(29) of the 1940 Act.

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

"series" or "series of Shares" shall refer to the division of Shares into two or more series as provided in Article VI hereof. "Shareholder" shall mean a record owner of Shares.

"Securities" shall mean 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.

"Shares" shall mean the units of interest into which the beneficial interest in the Trust (or, if more than one series or class is authorized, each series or class thereof) shall be divided from time to time and includes fractions of Shares as well as whole Shares.

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"Trust" shall mean the Delaware statutory trust established under the Delaware Act by this Declaration, as from time to time amended. All provisions herein relating to the Trust shall apply equally to each series or class of Shares except as the context otherwise requires.

"Trustee" or "Trustees" shall mean the individual who has signed this Declaration, so long as she shall continue in office in accordance with the terms hereof, and all other individuals who may from time to time be duly elected or appointed, qualified and serving as Trustees in accordance with the provisions of Article III hereof, and reference herein to a Trustee or the Trustees shall refer to such person or persons in their capacity or capacities as trustees hereunder. Unless otherwise required by the context or specifically provided, any reference herein to the Trustees shall refer to the sole Trustee at any time that there is only one Trustee of the Trust.

"Trust Property" shall mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust or the Trustees.

**ARTICLE II** 

**PURPOSE** 

Section II.1 <u>Nature.</u> The Company is a Delaware statutory trust within the meaning of the Delaware Statutory Trust Act, existing pursuant to this Declaration and the Company's Certificate of Trust, each as may be amended or amended and restated from time to time.

Section II.2 <u>Purpose</u>. The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Delaware 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. 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 Delaware 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.

**ARTICLE III** 

**TRUSTEES** 

Section III.1 <u>Powers</u>. The Trustees, subject only to the specific limitations contained in this Declaration, shall have exclusive and absolute power, control and authority over the Trust Property and over the conduct of the affairs of the Trust as set forth in this Declaration, including such power, control and authority to do all such acts and things as in their sole judgment and discretion are necessary, incidental, convenient or desirable for the carrying out of or conducting of the business of the Trust or in order to promote the interests of the Trust, but with such powers of delegation as may be permitted by the Delaware

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Act. The enumeration of any specific power, control or authority herein shall not be construed as limiting the aforesaid power, control and authority or any other specific power, control or authority. The Trustees shall have all powers necessary or convenient to conduct and carry on the business of the Trust, or any part thereof, to have one or more offices and to exercise any or all of its trust powers and rights, in the State of Delaware, in any other states, territories, districts, colonies and dependencies of the United States and in any foreign countries. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. Such powers of the Trustees may be exercised without order of or resort to any court.

Without limiting the foregoing, the Trustees shall have the power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To enter into contracts of any nature related to the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, purchase or write options on, lend, enter into contracts for the future acquisition or delivery of, or otherwise deal in or dispose of, securities, indices, currencies, commodities or other property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers acceptances, and other securities, commodities or contracts of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, the U.S. Government or any foreign government or any political subdivision of the U.S. Government or any foreign government, or any domestic or international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities; to change the investments of the assets of the Trust; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To appoint agents and employees of the Trust, which agents and employees may be designated as officers of the Trust with corresponding titles as the Trustees may determine in their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To exercise all rights, powers and privileges of ownership or interest in all securities included in the Trust Property, including the right to vote, give assent, execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper and otherwise act with respect thereto and to do all acts for the preservation, protection, improvement and enhancement in value of all such securities and to delegate, assign, waive or otherwise dispose of any of such rights, powers or privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To exercise powers and rights of subscription or otherwise which in any manner arise out of the Trust's ownership of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To declare and pay dividends and distributions to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To acquire (by purchase, lease or otherwise) and to hold, use, maintain, develop and dispose of (by sale, lease or otherwise) any property, real or personal, and any interest therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To borrow money, and in this connection to issue notes or other evidences of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting the Trust Property to security interests; and to lend Trust Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To aid by further investment any Person, if any obligation of or interest in such Person is included in the Trust Property or if the Trustees have any direct or indirect interest in the affairs of such Person; to do anything designed to preserve, protect, improve or enhance the value of such obligation or interest; and to endorse or guarantee or become surety on any or all of the contracts, stocks, bonds, notes, debentures and other obligations of any such Person; and to mortgage the Trust Property or any part thereof to secure any of or all such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To enter into joint ventures, general or limited partnerships and any other combinations or associations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To purchase and pay for entirely out of Trust Property liability, casualty, property and other insurance, including, without limitation, insurance policies insuring the Shareholders, Trustees, officers, employees and agents of the Trust, the Investment Advisor, Sub-Advisor, the Distributor and dealers or independent contractors of the Trust against all claims and liabilities of every nature arising by reason of holding or having held any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, whether or not the Trust would have the power, under provisions of applicable law, to indemnify such Person against such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To establish and carry out pension, profit-sharing, share purchase, share bonus, savings, thrift and other retirement, incentive and benefit plans for any Trustees, officers, employees or agents of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To the extent permitted by law and determined by the Trustees, to indemnify any Person with whom the Trust has dealings, including, without limitation, the Shareholders, the Trustees, the officers, employees and agents of the Trust, the Investment Advisor, the Sub-Advisor, the Distributor, the transfer agent, the custodian and dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To incur and pay any charges, taxes and expenses which in the opinion of the Trustees are necessary or incidental to or proper for carrying out any of the purposes of this Trust, and to pay from the funds of the Trust Property to themselves as Trustees reasonable compensation and reimbursement for expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To prosecute or abandon and to compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To exercise the right to consent, and to enter into releases, agreements and other instruments, including, but not limited to, the right to consent or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer any security of which is or was held by the Trust; to consent to any contract, lease, mortgage, purchase or sale of such property by said corporation or issuer, and to pay calls or subscriptions with respect to securities held by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To join with other security holders in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depository or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to

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pay, and to pay, such portion of the expenses and compensation of such committee, depository or trustee as the Trustees shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To adopt a seal for the Trust, but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To employ one or more custodians of the assets of the Trust and authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To retain a transfer or similar agent or a shareholder servicing agent, or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters, or both, or otherwise, including pursuant to one or more distribution plans of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To interpret the investment policies, practices or limitations of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To set record dates for the determination of Shareholders with respect to various matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To take such actions as are authorized, incidental or required to be taken by the Trustees pursuant to other provisions of this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To engage in any other lawful act or activity in which statutory trusts organized under the laws of State of Delaware may engage, including, but not limited to, any and all acts permitted of a business development company subject to regulation under the 1940 Act.

The foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees.

The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. To the fullest extent permitted by law, any construction or interpretation of this Declaration by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes.

The Trustees shall not be limited by any law now or hereafter in effect limiting the investments which may be made or retained by fiduciaries, but they shall have full power and authority to make any and all investments within the limitation of this Declaration that they, in their sole and absolute discretion, shall determine, and without liability for loss even though such investments do not or may not produce income or are of a character or in an amount not considered proper for the investment of trust funds. Unless otherwise expressly provided herein or required by federal law including the 1940 Act, the Trustees shall act in their sole discretion and may take any action or exercise any power without any vote or consent of the Shareholders.

Section III.2 <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust as a separate legal entity under the Delaware Act, <u>provided</u> that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees with suitable reference to their

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trustee status, or in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of a custodian or subcustodian or a nominee or nominees or otherwise. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. To the extent title to the Trust Property has been vested in the Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death of a Trustee, such Trustee shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section III.3 <u>Number of Trustees; Term of Office</u>. The initial Trustee shall be the person initially signing this Declaration. The number of Trustees shall be the number of persons so signing until changed by the Trustees. A majority of a quorum of all Trustees may fix the number of Trustees from time to time; <u>provided</u> that the number of Trustees shall at all times be at least one (1) but not more than 12. Each of the Trustees executing this Declaration and each Trustee thereafter appointed or elected (whenever such election occurs) shall hold office until their successor is elected and qualified or until the earlier occurrence of any of the events specified in the first sentence of Section III.6 hereof.

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.

Section III.4 <u>Election of Trustees</u>. Trustees may succeed themselves in office. Trustees may be elected at a Shareholders' meeting. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act. To the extent required by the 1940 Act, the Shareholders shall elect the Trustees on such dates as the Trustees may fix from time to time. At such a Shareholders' meeting, Trustees shall be elected by a plurality of the votes validly cast, <u>provided</u> that, in the case where the number of nominees for the trusteeships exceeds the number of such Trustees to be elected, a majority of all votes cast shall be required to elect such nominee. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. The election of any Trustee (other than an individual who was serving as a Trustee immediately prior thereto) shall not become effective, however, until the individual named shall have accepted in writing such election and agreed in writing to be bound by the terms of this Declaration. The Trustees may determine by resolution those Trustees, if any, that shall be elected by Shareholders of a particular class of Shares (*e.g*., by a class of preferred Shares issued by the Trust) prior to the initial offering of such class of Shares. Trustees need not own Shares.

Section III.5 <u>Resignation and Removal</u>. Any Trustee may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by them and delivered to the Chair of the Board of Trustees, or the Secretary, and such resignation shall be effective upon such delivery, or at any later date specified in the instrument. Any of the Trustees may be removed (i) with or without cause by the action of a two-thirds majority of the remaining trustees (or in the case of the removal of an Independent Trustee, a two-thirds majority of the remaining Independent Trustees) (provided that the aggregate number of Trustees after such removal shall not be less than two) or (ii) by the Shareholders pursuant to Section VI.16 hereof.

Section III.6 <u>Vacancies</u>. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, retirement, resignation or removal (whether pursuant to Section III.5 hereof or otherwise), bankruptcy, adjudication of incompetence or other incapacity to perform the duties of the office of a Trustee. A vacancy shall also occur upon an increase in the number of Trustees in accordance with

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Section III.3 hereof. No vacancy shall operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of the Declaration. In the case of an existing vacancy, including a vacancy existing by reason of an increase in the authorized number of Trustees, the remaining Trustees shall fill such vacancy by the appointment of such individual as they in their sole and absolute discretion shall see fit, made by a written instrument signed by a majority of the Trustees then in office, even if the remaining Trustees do not constitute a quorum, <u>provided</u> that such power of appointment shall be subject to and limited by all applicable provisions of the 1940 Act and no such appointment shall become effective until the person named shall have accepted in writing such appointment and agreed in writing to be bound by the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided in Section III.4 or this Section III.6, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration. Any Trustee elected to fill a vacancy will serve for the remainder of the full term of the trusteeship in which the vacancy occurred and until a successor is duly elected and qualifies, subject to any applicable requirements of the 1940 Act.

Section III.7 <u>Committees; Delegation</u>. The Trustees shall have the power to appoint from their own number, and terminate, any one or more committees consisting of one or more Trustees, including an executive committee which may exercise some or all of the power and authority of the Trustees as the Trustees may determine (including but not limited to the power to determine net asset value and net income and the power to declare a dividend or other distribution on the Shares of any series or class), subject to any limitations contained in the By-Laws, and in general to delegate from time to time to one or more of their number or to one or more officers, employees or agents of the Trust any or all of their powers, authorities, duties and the doing of such things and the execution of such instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the Trustees may deem expedient (including but not limited to the power to declare a dividend or other distribution on the Shares of any series or class), <u>provided</u> that the Trustees shall not have the power to delegate to anyone the power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to change the principal office of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to amend the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue Shares of any series or class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to elect or remove from office any Trustee or the Chair of the Board of Trustees, the President, the Chief Financial Officer, the Treasurer or the Secretary of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to increase or decrease the number of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to declare a dividend or other distribution on the Shares of any series or class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to authorize any merger, consolidation or sale, lease or exchange of all or substantially all of the Trust Property.

Section III.8 <u>Quorum; Voting</u>. At all meetings of the Trustees, the presence of a majority of the total number of Trustees authorized shall constitute a quorum for the transaction of business. When a quorum is present at any meeting, a majority of Trustees present may take any action, except when a larger vote is required by this Declaration, the By-Laws or the 1940 Act.

Section III.9 <u>Action Without a Meeting; Participation by Conference Telephone or Otherwise</u>. Unless the 1940 Act requires that a particular action must be taken only at a meeting of Trustees, any action required or permitted to be taken at any meeting of the Trustees (or of any committee of the Trustees) may

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be taken without a meeting if written consents thereto are signed by a majority of the Trustees then in office (or by a majority of the members of such committee) and such written consents are filed with the records of the meetings. Unless the 1940 Act requires that Trustees must be present in person at a meeting of Trustees, Trustees may participate in a meeting of the Trustees (or of any committee of the Trustees) by means of a conference telephone or other means if all individuals participating can hear each other at the same time. Participation in a meeting by these means shall constitute presence at the meeting.

Section III.10 <u>By-Laws</u>. The Trustees may adopt By-Laws not inconsistent with this Declaration or law to provide for the conduct of the business of the Trust, and the Trustees may amend or repeal such By-Laws.

Section III.11 <u>No Bond Required</u>. No Trustee shall be obliged to give any bond or other security for the performance of any of their duties hereunder.

Section III.12 <u>Reliance on Experts, Etc</u><u>.</u> Each Trustee, officer, agent and employee of the Trust shall, in the performance of their duties, be fully and completely justified and protected by relying in good faith upon the books of account or other records of the Trust, or upon reports made to the Trustees (a) by any of the officers or employees of the Trust, (b) by the Investment Advisor, the Sub-Advisor, the Distributor, the custodian or the transfer agent, or (c) by any accountants, selected dealers or appraisers or other agents, experts or consultants selected with reasonable care by the Trustees, regardless of whether such agent, expert or consultant may also be a Trustee. The Trustees, officers, agents and employees of the Trust may take advice of counsel with respect to the meaning and operation of this Declaration and with respect to other legal matters or questions and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice.

Section III.14 <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, 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, association or

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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, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section III.15 <u>Fiduciary Duty</u>. The Trustees owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. Notwithstanding anything to the contrary in this Declaration, nothing in the Declaration that modifies, restricts or eliminates the duties or liabilities of the Trustees and officers shall apply to, or in any way limit the duties (including state law fiduciary duties of loyalty and care), or liabilities for the breach of such duties, of such persons with respect to, claims arising under the federal securities laws. For the avoidance of doubt, the Trustees and officers of the Trust shall have the benefit of the business judgment rule in the performance of their duties to the Trust and the Shareholders.

Section III.16 <u>Annual Meetings</u>. The Company is not required to hold annual meetings and, prior to the earlier of (a) a listing of any class of the Company's shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, each trustee will hold office for life (or until the attainment of any mandatory retirement age or term limits established by a majority of the Trustees) or until his or her successor is elected or the Company terminates, unless such trustee resigns or is removed in accordance with Section III.5 hereof. However, effective upon and following the occurrence of the earlier of (a) a listing of any class of the Company's Shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of Shareholders, the Trustees will be divided into three classes serving staggered terms of three years each, with the terms of one class expiring at each annual meeting of Shareholders. At each annual meeting, one class of trustees will be elected to a three-year term. This provision could delay for up to two years the replacement of a majority of the Trustees.

**ARTICLE IV** 

**CONTRACTS** 

Section IV.1 <u>Distribution Contract</u>. The Trust may from time to time enter into a distribution contract with another Person (the "Distributor") providing for the sale of Shares, pursuant to which the Trust may agree to sell Shares of one or more series or class to the Distributor or appoint the Distributor its sales agent for the Shares. Such contract may provide that the Distributor may enter into contracts with other persons to sell the Shares on behalf of the Distributor and the Trust. Such contract may also provide for the repurchase of Shares by the Distributor as agent of the Trust and shall contain such terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV or of the By-Laws as the Trustees may in their discretion determine.

Section IV.2 <u>Advisory or Management Contracts</u>. Subject to approval by a Majority Shareholder Vote to the extent required by the 1940 Act, the Trust may from time to time enter into investment advisory or management contracts with one or more other Persons (the "Investment Advisors") pursuant to which the Investment Advisor or Advisors shall agree to furnish to the Trust management, investment advisory, statistical and research facilities or other services. Such contract shall contain such other terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV, the By-Laws or applicable law as the Trustees may in their discretion determine, including the grant of authority to the Investment Advisors to determine what

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securities shall be purchased or sold by the Trust and what portion of its assets shall be uninvested and to implement such determinations by making changes in the Trust's investments.

Section IV.3 <u>Affiliations of Trustees or Officers, Etc</u><u>.</u> The fact that any Shareholder, Trustee, officer, agent or employee of the Trust is a shareholder, member, director, officer, partner, trustee, employee, manager, adviser or distributor of or for any Person or of or for any parent or Affiliate of any Person with which an investment advisory or management contract, principal underwriter or distributor contract or custodian, transfer agent, disbursing agent or similar agency contract may have been or may hereafter be made, or that any such Person, or any parent or Affiliate thereof, is a Shareholder of or has any other interest in the Trust, or that any such Person also has any one or more similar contracts with one or more other such Persons, or has other businesses or interests, shall not affect the validity of any such contract made or that may hereafter be made with the Trust or disqualify any Shareholder, Trustee, officer, agent or employee of the Trust from voting upon or executing the same or create any liability or accountability to the Trustees, the Trust, or the Shareholders.

**ARTICLE V** 

**LIMITATION OF LIABILITY; INDEMNIFICATION** 

Section V.1 <u>No Personal Liability of Shareholders, Trustees, Etc</u><u>.</u> 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. 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. No Trustee shall have any power to bind personally any Shareholder or to call upon any Shareholder for the payment of any sum of money or Assessment whatsoever other than such as the Shareholder may at any time personally agree to pay by way of subscription for any Shares or otherwise. All Persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. No Trustee, officer, employee or agent of the Trust shall be subject to any personal liability whatsoever to any person other than the Trust or the Shareholders in connection with the Trust Property or the acts, obligations or affairs of the Trustees or the Trust. The Trustees shall not be responsible or liable to the Trust or the Shareholders for any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment Advisors, the Distributor, the custodian and the transfer agent) of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any other Trustee. No Trustee, officer, employee or agent of the Trust shall be liable to the Trust or to any Shareholder, Trustee, officer, employee, or agent of the Trust, including for any action or failure to act (including without limitation the failure to compel in any way any former or acting Trustee to redress any breach of trust) except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties involved in the conduct of his or her office and shall not be liable for errors of judgment or mistakes of fact or law.

Section V.2 <u>Execution of Documents; Notice; Apparent Authority</u>. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon. Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall recite that the obligations of such instruments are not binding upon any of the Trustees, Shareholders, officers, employees or agents of the Trust individually but are binding only upon the assets and property of the Trust, but the omission

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thereof shall not operate to bind any Trustees, Shareholders or officers, employees and agents of the Trust individually. No purchaser, lender, transfer agent or other Person dealing with the Trustees or any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by such officer, employee or agent of the Trust or make inquiry concerning or be liable for the application of money or property paid, loaned or delivered to or on the order of the Trustees or of such officer, employee or agent of the Trust.

Section V.3 <u>Indemnification of Trustees, Officers, Etc</u><u>.</u> The Trust shall indemnify each of its current and former Trustees, officers, employees and agents (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) against all liabilities and expenses, including but not limited to all claims, demands, costs, losses, expenses, damages, amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by them in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body in which they may be or may have been involved as a party or otherwise or with which they may be or may have been threatened, while acting as Trustee or as an officer, employee or agent of the Trust or the Trustees, as the case may be, or thereafter, by reason of them being or having been such a Trustee, officer, employee or agent or otherwise relating to any act, omission, or obligation of the Trust. No individual shall be indemnified hereunder against any liability to the Trust or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office. In addition, no such indemnity shall be provided with respect to any matter disposed of by settlement or a compromise payment by such Trustee, officer, employee or agent of the Trust, pursuant to a consent decree or otherwise, either for said payment or for any other expenses unless there has been a determination that such Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office. All determinations that the applicable standards of conduct have been met for indemnification hereunder shall be made by (a) a majority vote of a quorum consisting of disinterested Trustees who are not parties to the proceeding relating to indemnification, or (b) if such a quorum is not obtainable or, even if obtainable, if a majority vote of such quorum so directs, by independent legal counsel in a written opinion, or (c) a vote of Shareholders (excluding Shares owned of record or beneficially by such individual). In addition, unless a matter is disposed of with a court determination (i) on the merits that such Trustee, officer, employee or agent was not liable or (ii) that such Person was not guilty of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office, no indemnification shall be provided hereunder unless there has been a determination by independent legal counsel in a written opinion or by vote of a majority of the disinterested Trustees that such Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office, based upon a review of readily available facts (as opposed to a full trial-type inquiry). The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustees, officers, employees and agents may now or hereafter be entitled, shall continue as to a person who has ceased to be a Trustee, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such person. Nothing contained herein shall affect any rights to indemnification to which personnel, including Trustees, officers, employees and agents, may be entitled by contract or otherwise under law.

The Trustees may make advance payments out of the assets of the Trust in connection with the expense of defending any action with respect to which indemnification might be sought under this Section V.3. The indemnified Trustee, officer, employee or agent of the Trust shall give a written undertaking to reimburse the Trust in the event it is subsequently determined that they are not entitled to such indemnification and (a) the indemnified Trustee, officer, employee or agent of the Trust shall provide security for their undertaking, (b) the Trust shall be insured against losses arising by reason of lawful advances, or (c) a majority of a quorum of disinterested Trustees or an independent legal counsel in a written opinion shall

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determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification. The rights accruing to any Trustee, officer, employee or agent of the Trust under these provisions shall not exclude any other right to which they may be lawfully entitled and shall inure to the benefit of their heirs, executors, administrators or other legal representatives. In making a determination under Section V.3, the disinterested trustees or legal counsel making the determinations shall afford the Trustee, officer, employee or agent a rebuttable presumption that the Trustee, officer, employee or agent has not engaged in bad faith, willful misfeasance, gross negligence or reckless disregard of the duties involved in the conduct of the Trustee, officer, employee or agent's office.

**ARTICLE VI** 

**SHARES OF BENEFICIAL INTEREST** 

Section VI.1 <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of shares of beneficial interest ("Shares"). Such shares of beneficial interest may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust. The Trustees may hold treasury Shares, reissue for such consideration and on such terms as they may determine, or cancel any Shares of any series or class repurchased or redeemed at their discretion from time to time.

Section VI.2 <u>Other Securities</u>. The Trustees may, subject to the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement the Trust's governing instrument as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under the Trust's governing instrument. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of the Trust's governing instrument (prior to giving effect to such supplement or amendment) with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities..

Section VI.3 <u>Initial Designation of Classes</u>. Subject to the designation of additional classes pursuant to Section VI.2 and VI.6.4, there shall be one class, hereby designated as Class I Shares of the Trust.

Section VI.4 <u>Rights of Shareholders</u>. Shares shall be deemed to be personal property giving only the rights provided in this Declaration. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The right to conduct any business hereinbefore described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an Assessment of any kind by virtue of their ownership of Shares. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor to entitle the legal representative of such Shareholder to an accounting or

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to take any action in any court or otherwise against other Shareholders or the Trustees or the Trust Property, but only to the rights of such Shareholder hereunder. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may otherwise approve, including pursuant to Section VI.2.

Section VI.5 <u>Trust Only</u>. The Trust shall be a Delaware statutory trust organized under the Delaware Act. It is the intention of the Trustees to create only the relationship of Trustees 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 trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section VI.6 <u>Issuance of Shares</u>.

Section VI.6.1 <u>General</u>. The Trustees hereby approve, without any further action, the issuance of Shares as described in the GP Written Consent and listed in Schedule A thereto. The Trustees may from time to time without vote of the Shareholders issue and sell or cause to be issued and sold additional Shares. All such Shares, when issued in accordance with the terms of this Section VI.6, shall be fully paid and nonassessable.

Section VI.6.2 <u>On Merger or Consolidation</u>. In connection with the acquisition of assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities), businesses or stock of another Person, the Trustees may issue or cause to be issued Shares and accept in payment therefor, in lieu of cash, such assets or businesses at their market value (as determined by the Trustees) or such stock at the market value (as determined by the Trustees) of the assets held by such other Person, either with or without adjustment for contingent costs or liabilities, <u>provided</u> that the funds of the Trust are permitted by law to be invested in such assets, businesses or stock.

Section VI.6.3 <u>Fractional Shares</u>. The Trustees may issue and sell fractions of Shares having pro rata all the rights of full Shares, including, without limitation, the right to vote and to receive dividends and distributions.

Section VI.6.4 <u>Classes of Shares</u>. The Trustees may classify or reclassify any Shares or preferred shares into one or more classes or series of Common Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, or terms or conditions of redemption of the shares.

Section VI.7 <u>Register of Shares</u>. A register shall be kept at the principal office of the Trust or an office of the transfer agent of the Trust which shall contain the names and addresses of the Shareholders of each series or class, the number of Shares of each such series or class held by them respectively, a record of all transfers thereof and any other information required by the Code, United States Treasury Regulations or any other taxing authority with respect to regulated investment companies. Such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders of each series or class. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to such Shareholder as herein or in the By-Laws provided, until they have given their address to the transfer agent or such other officer or agent of the Trust as shall keep the said register for entry thereon.

Section VI.8 <u>Share Certificates</u>. No certificates certifying ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time.

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Section VI.9 <u>Transfer of Shares</u>. Shareholders may not sell, assign, transfer or otherwise dispose of Shares unless the Investment Advisor (i) gives consent, or the transfer is permitted under the subscription agreement, including in connection with transfers to the Company in connection with the Company's share repurchase program and (ii) the transfer is made in accordance with applicable securities laws. Each transferee must agree to be bound by these restrictions and all other obligations as a Shareholder.

Section VI.10 <u>Voting Powers</u>. The Shareholders shall have power to vote only: (a) for the election of Trustees as provided in Section III.4 hereof; (b) with respect to any investment advisory or management contract entered into pursuant to and to the extent required by Section IV.2 hereof; (c) with respect to the removal of Trustees pursuant to Section VI.16 hereof; (d) with respect to any termination of the Trust, as provided in Section IX.1 hereof; (e) with respect to any amendment of this Declaration to the extent and as provided in Section IX.2 hereof; and (f) with respect to such additional matters relating to the Trust as may be required by this Declaration or the By-Laws or by reason of the registration of the Trust or the Shares with the Commission or any state or by any applicable law or any regulation or order of the Commission or any state or as the Trustees may consider necessary or desirable. On any matter submitted to a vote of Shareholders, all Shares issued and outstanding shall, subject to applicable law, be voted as a single class in the aggregate and not by series or class, except with respect to (i) any matter determined by the Trustees to affect Shareholders of any particular series or class in a material respect different from the Shareholders of one or more other series or classes; and (ii) such matters as may be otherwise required by this Declaration or by the By-Laws or by reason of the registration of the Trust or its Shares with the Commission or any state or by any applicable law (including the 1940 Act) or any regulation or order of the Commission or any state or as the Trustees may consider necessary or desirable. With respect to such matters, Shareholders of each affected series or class shall have the power to vote as a separate series or class, as determined by the Trustees, and Shareholders that are not so affected shall not be entitled to vote. Each whole Share shall be entitled to one vote as to any matter on which Shareholders are entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. Until Shares are issued, the Trustees may exercise all rights of Shareholders (including, without limitation, the right to amend this Declaration) and may take any action required by law, the By-Laws or this Declaration to be taken by Shareholders. The By-Laws may include further provisions for Shareholders' votes and related matters.

Section VI.11 <u>Meetings of Shareholders</u>. Meetings of the Shareholders may be called at any time by the Chair of the Board of Trustees, the President or any Secretary of the Trust, or by a majority of the Trustees for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matters deemed to be necessary or desirable. A special meeting of the Shareholders may be called at any time by a majority of the Trustees or the chief executive officer of the Company.

Section VI.12 <u>Action Without a Meeting</u>. Any action which may be taken by Shareholders may be taken without a meeting if such proportion of Shareholders as is required to vote for approval of the matter by law, this Declaration or the By-Laws consents to the action in writing and the written consents are filed with the records of Shareholders' meetings. Such consents shall be treated for all purposes as a vote taken at a Shareholders' meeting.

Section VI.13 <u>Quorum and Required Vote</u>. One third (331/3%) of the outstanding Shares shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or this Declaration permits or requires that holders of any series or class shall vote as a series or class, then one third (331/3%) of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class. Any lesser number, however, shall be sufficient for adjournment and any adjourned session or sessions may be held within six months after the date set for the original meeting without the necessity of further notice. Except when a

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larger vote is required by any provision of this Declaration or the By-Laws of the Trust and subject to any applicable requirements of law, a majority of the Shares voted shall decide any question, provided that where any provision of law or of this Declaration permits or requires that the holders of any series or class shall vote as a series or class, then a majority of the Shares of that series or class voted on the matter shall decide that matter insofar as that series or class is concerned.

Section VI.14 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

Section VI.15 <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

Section VI.16 <u>Removal of Trustees by Shareholders</u>. No Trustee shall serve as trustee of the Trust after the holders of record of not less than two-thirds of the outstanding Shares of the Trust have declared that such Trustee be removed from office by votes cast in person or by proxy at a meeting called for such purpose. Notwithstanding the provisions of Section VI.11 hereof, the Trustees shall comply at all times with the provisions of the 1940 Act.

**ARTICLE VII** 

**REPURCHASE AND REDEMPTION OF COMMON SHARES** 

Section VII.1 <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, at the recommendation of the Investment Advisor, 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 VII.2 <u>Price</u>. Common Shares may be repurchased at their net asset value or at such other price as is in compliance with the 1940 Act or any exemption therefrom, which may be reduced by any sales charge, withdrawal charge, or any other form of charge authorized by the Trustees. With respect to Common Shares, net asset value shall be determined as set forth in Article VIII hereof as of such time as the Trustees shall have theretofore prescribed by resolution. Payment for Common Shares repurchased shall be made in cash or in property out of the assets of the Trust to the Shareholder of record at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws.

Section VII.3 <u>Repurchase by Agreement</u>. The Trust may repurchase Common Shares directly, or through the Distributor or another agent designated for the purpose, by agreement with the owner thereof, or an agent designated by such owner, at a price not exceeding the net asset value per share determined as set forth in Article VIII hereof as of the time specified in the prospectus of the Trust at the time in effect.

Section VII.4 <u>Involuntary Redemption; Disclosure of Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Common Shares or other securities of the Trust or any series or class thereof has or may become concentrated in any Person to an extent which would disqualify the Trust as a regulated

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investment company under the Code or would cause the Trust to be treated as a personal holding company under the Code, then the Trustees shall have the power by lot or other means deemed equitable by them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to call for redemption a number of Common Shares sufficient in the opinion of the Trustees to (A) maintain or bring the direct or indirect ownership of Common Shares into conformity with the requirements for such qualification or (B) avoid or to continue to avoid the treatment of the Trust as a personal holding company under the Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to refuse to transfer or issue Common Shares to any Person whose acquisition of the Shares in question would in the opinion of the Trustees result in such disqualification or treatment. Any redemption pursuant to this Section VII.4 shall be effected at net asset value determined in accordance with Section VIII.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares of the Trust shall, upon request, disclose to the Trustees in writing such information with respect to direct and indirect ownership of Common Shares of the Trust as the Trustees deem necessary to comply with the provisions of the Code, United States Treasury regulations, or with the requirements of any other taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision herein, if and to the extent that any class of Shares do not constitute Publicly Offered Securities, or the Company is unable to operate as a "venture capital operating company" under the ERISA, and as a result unable 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 our Common 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustees shall have the power to redeem Common Shares in any Shareholder's account at a redemption price determined in accordance with Section VIII.1 below if at any time the total number of Common Shares held in such account is fewer than an established minimum selected by the Trustees, in which event the Shareholder shall be notified that the number of Common Shares in the account is fewer than the minimum and shall be allowed a period, fixed by the Trustees, in which to avoid such redemption by increasing the account to at least the established minimum.

**ARTICLE VIII** 

**DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS** 

Section VIII.1 <u>By Whom Determined</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to applicable federal law, including the 1940 Act, and Article VI hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Common Shares of the Trust or any series or classes thereof or net income attributable to the Common Shares of the Trust or any series or classes thereof, or the declaration and payment of dividends and distributions on the Shares of the Trust or any series or classes thereof and the method of determining the Shareholders to whom

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dividends and distributions are payable, as they may deem necessary or desirable. The Trustees may suspend the determination of net asset value to the extent permitted by the 1940 Act or the regulations and orders from time to time in effect thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the powers of the Trustees under Section III.1 of Article III hereof, the Trustees may at any time and from time to time, as they may determine, allocate or distribute to Shareholders such income and capital gains, accrued or realized, or returns of capital as the Trustees may determine, after providing for actual, accrued or estimated expenses and liabilities (including reserves) determined in accordance with generally accepted accounting practices. Without limiting the generality of the foregoing, but subject to applicable federal law, including the 1940 Act, any dividend or distribution may be paid in cash and or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same series or class. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

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

**ARTICLE IX** 

**DURATION; DISSOLUTION AND TERMINATION** 

**OF TRUST; AMENDMENT; MERGERS, ETC.** 

Section IX.1 <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless dissolved and terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be dissolved and terminated 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 or the termination of the Company except to the extent required by the 1940 Act. Upon the termination of the Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business, <u>provided</u> that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the Trust Property that requires Shareholder approval under Section IX.3 hereof shall receive the approval so required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their

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protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After termination of the Trust and distribution to the Shareholders as herein provided, the Trustees shall provide for the making of all filings and applications required by law and shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination. Thereupon, the Trustees shall be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

Section IX.2 <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically provided herein, the Trustees may, without Shareholder vote, amend this Declaration by an instrument in writing or an amended and restated Declaration signed by a majority of the Trustees. Such an amendment shall be authorized by a Majority Shareholder Vote if it would limit the right of a Shareholder to vote under Section VI.10 or amend this Section IX.2 or if Shareholder authorization is required by the 1940 Act, with the series and classes of Shares entitled to vote on such an amendment determined pursuant to Section VI.10 hereof; <u>provided</u>, for the avoidance of doubt, that the issuance of additional voting Shares would not, on its own, be considered to limit the right of a Shareholder to vote under Section VI.10 for purposes of this sentence. Notwithstanding anything else herein, no amendment to this Declaration shall (i) limit the rights of indemnification provided in Article V hereof with respect to actions or omissions of Persons covered thereby prior to such amendment, (ii) impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or (iii) permit Assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An instrument in writing setting forth the amendment or an amended and restated Declaration, executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument by a majority of the Trustees (or by an officer of the Trust pursuant to a vote of a majority of the Trustees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, in connection with a listing of the Shares on a national securities exchange, the Trustees may, without the approval or vote of the Shareholders, amend or supplement this Declaration in any manner, including, without limitation, to add voting restrictions or other limitations similar to provisions found in control share acquisition or similar statutes, to classify the Board of Trustees, to impose super-majority approval for certain types of transactions and to otherwise add or modify provisions that may be deemed to be adverse to Shareholders.

Section IX.3 <u>Merger, Consolidation and Sale of Assets</u>. Pursuant to an agreement of merger or consolidation, the Trust, may, by act of a majority of the Trustees, without the vote or consent of the Shareholders, merge or consolidate with or into one or more business trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state of the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration that would otherwise require the approval of such Shareholders. In accordance with Section 3815(f) of the Delaware Act, an agreement of merger or consolidation may effect any amendment to this Declaration or the By-Laws or effect the adoption of a new declaration of trust or bylaws of the Trust if the Trust is the surviving or resulting business trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the Delaware Act.

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Section IX.4 <u>Conversion to Other Business Entities</u>. A majority of the Trustees may, without the vote or consent of the Shareholders, cause (i) the Trust to convert to a common-law trust, a general partnership, limited partnership or a limited liability company organized, formed or created under the laws of the State of Delaware as permitted pursuant to Section 3821 of the Delaware Act; (ii) the Shares of the Trust to be converted into beneficial interests in another business trust created pursuant to this Section IX.4, or (iii) the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; provided, however, that if required by the 1940 Act, no such statutory conversion, Share conversion or Share exchange shall be effective unless the terms of such transaction shall first have been approved at a meeting called for that purpose by a Majority Shareholder Vote of the Trust, as applicable; provided, further, that in all respects not governed by statute or applicable law, the Trustees shall have the power to prescribe the procedure necessary or appropriate to accomplish a sale of assets, merger or consolidation including the power to create one or more separate business trusts to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares of the Trust into beneficial interests in such separate business trust or trusts.

Section IX.5 <u>Incorporation</u>. Notwithstanding anything else contained herein, the Trustees may, without prior Shareholder approval, (i) cause to be organized or assist in organizing under the laws of any jurisdiction a corporation or corporations or any other trust, partnership, association or other organization to take over all or less than all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and may sell, convey and transfer Trust Property to any such corporation, trust, partnership, association or other organization in exchange for the shares or securities thereof or otherwise, and may lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, association or other organization, or any corporation, partnership, trust, association or other organization in which the Trust holds or is about to acquire shares or any other interest or (ii) cause the Trust to incorporate under the laws of Delaware.

**ARTICLE X** 

**MISCELLANEOUS** 

Section X.1 <u>Registered Agent; Registered Office</u>. The Registered Agent of the Trust within the State of Delaware for service of process, and the Registered Office of the Trust within the State of Delaware, shall be 1209 Orange Street, Wilmington, DE 19801 and the registered agent at such address shall be The Corporation Trust Company, or such other agent or place, respectively, as the Trustees may designate from time to time by any supplement to this Declaration, provided however, that such appointment shall not become effective until written notice thereof is delivered to the office of the Secretary of the State of Delaware.

Section X.2 <u>Construction and Governing Law</u>.

Section X.2.1 The Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Act and the laws of the State of Delaware; <u>provided</u>, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Section 3540 and Section 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which 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

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or requirements relating to the titling, storage or other manner of holding of 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 the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. To the fullest extent permitted by law, the Shareholders will be deemed to have waived any non-mandatory rights of beneficial owners under the Delaware Act or general trust law.

Section X.2.2 [Reserved]

Section X.3 <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section X.4 <u>Reliance by Third Parties</u>. Any certificate executed by an officer of the Trust or a Trustee certifying to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of any instrument or writing, (c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (e) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees or (f) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees and their successors.

Section X.5 <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with requirements of the 1940 Act, would be inconsistent with any of the conditions necessary for qualification of the Trust as a regulated investment company under the Code or is inconsistent with other applicable laws and regulations, such provision shall be deemed never to have constituted a part of this Declaration, <u>provided</u> that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such 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 in any jurisdiction.

Section X.6 <u>Use of Name</u>. The Trust is adopting its name through permission of the firm of TCW Group, Inc., an Affiliate of which is entering into a management or advisory contract with the Trust. Such contract shall make appropriate provisions that upon the termination of such contract for any cause, or if such firm, or a subsidiary, Affiliate or successor thereof, deems it advisable to withdraw the right to the use of its name, the Trust will, at the request of such firm, or of a subsidiary, Affiliate or successor thereof lawfully using the name, take such action as may be necessary to change its name to eliminate all use of or reference to "TCW" in any form and will not use the registered service mark of TCW Group, Inc. or its Affiliates without the written consent of such firm, subsidiary, Affiliate or successor. The Trust shall also

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agree in such contract that investment companies other than the Trust for which such firm or a subsidiary or successor thereof may act as investment adviser, and other companies affiliated with TCW Group, Inc., may be formed with "TCW" in their corporate titles. Such agreements on the part of the Trust are hereby made binding upon it, its Trustees, officers, shareholders, creditors and all other persons claiming under or through it.

Section X.7 <u>Derivative Actions</u>. In addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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. For purposes of this Section X.7(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of 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 Delaware Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a demand is not required under paragraph (a) of this Section X.7, Shareholders eligible to bring such derivative action under the Delaware Act who collectively hold Shares representing ten percent (10%) or more of all Shares issued and outstanding or of the series or classes thereof to which such action relates if it does not relate to all series and classes, shall join in the request for the Trustees to commence such action; provided that such requirement will not apply to claims arising under the federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section X.7, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section X.7, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who are "independent trustees" (as that term is defined in the Delaware Act). 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 Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action; provided that such requirement will not apply to claims arising under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in good faith and shall be binding upon the Shareholders. Where demand is not required per Section X.7, a Shareholder may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Trust or such series or class joins in the bringing of such court action, proceeding or claim; provided that such requirement will not apply to claims arising under the federal securities laws

Section X.8 <u>General Direct Actions</u>.

Section X.8.1 <u>General</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring a General Direct Action against the Trust and/or its Trustees is eliminated, except for a General Direct Action to enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Act.

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To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then Section X.8.2 shall apply.

Section X.8.2 <u>Required Conditions</u>. No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares or, if less than all outstanding series or classes are alleged to have been harmed in connection with the General Direct Action, 10% of the Shares in the respective series, class or classes alleged to have been harmed, join in the bringing of such action; provided that such requirement will not apply to claims arising under the federal securities laws. In addition, a Shareholder may bring a General Direct Action only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shareholder or Shareholders has obtained authorization from the Trustees to bring such General Direct Action unless an effort to cause the Trustees to authorize 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 Delaware Act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless a demand is not required under clause (a) 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 Trust for the expense of any such advisors in the event that the Trustees determine not to authorize such action; provided that such requirement will not apply to claims arising under the federal securities laws.

Section X.9 <u>Inspection of Records and Reports</u>. To the fullest extent permitted by law, every Trustee shall have the right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. Shareholders shall have access to records of the Company as provided in Section 3819 of the Statutory Trust Act. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents. The books and records of the Trust may be kept at such place or places as the Board of Trustees may from time to time determine, except as otherwise required by law.

Section X.10 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share of the Trust (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 Act, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Act, this Declaration or the By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the By-Laws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Act, this Declaration or the By-Laws relating in any way to the Trust (regardless, in each 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

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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 and (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. This Section X.10 will not apply to claims arising under the federal securities laws.

Section X.11 <u>Waiver of Jury Trial</u>. IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW.

Section X.12 <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the By-Laws, a favorable vote of not less than seventy-five percent (75%) of the Shares of the Trust entitled to vote on the matter, each affected series or class outstanding, voting as separate series or classes, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Common Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) entitled to vote on the matter shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

Section X.13 <u>Section Headings; Interpretation</u>. Section headings in this Declaration are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. References in this Declaration to "this Declaration" shall be deemed to refer to this Declaration as from time to time amended, and all expressions such as "hereof", "herein" and hereunder" shall be deemed to refer to this Declaration as from time to time amended and not exclusively to the article or section in which such words appear.

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IN WITNESS WHEREOF, the undersigned initial Trustees of the Company have executed this instrument as of the day and year first above written.

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| |
|:---|
| /s/ |
| David R. Adler<br> as Trustee and not individually |
| /s/ |
| Sheila A. Finnerty<br> as Trustee and not individually |
| /s/ |
| Saverio M. Flemma<br> as Trustee and not individually |
| /s/ |
| R. David Kelly<br> as Trustee and not individually |
| /s/ |
| Richard T. Miller<br> as Trustee and not individually |
| /s/ |
| Andrew W. Tarica<br> as Trustee and not individually |
| /s/ |
| David Wang<br> as Trustee and not individually |

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[*Signature Page to Declaration and Agreement of Trust of TCW Steel City Senior Lending BDC*]

## Ex-99.(3)(4)

**BY-LAWS** 

**OF** 

**TCW STEEL CITY SENIOR LENDING BDC** 

(a Delaware Statutory Trust)

adopted [•], 2025

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<u>**Table of Contents**</u> 

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| | |
|:---|:---|
|  ARTICLE I Definitions | 3 |
|  ARTICLE II Offices and Seal | 3 |
| &nbsp;&nbsp;&nbsp; Section II.1 Principal Office | 3 |
| &nbsp;&nbsp;&nbsp; Section II.2 Other Offices | 3 |
|  ARTICLE III Shareholders | 3 |
| &nbsp;&nbsp;&nbsp; Section III.1 Meetings | 3 |
| &nbsp;&nbsp;&nbsp; Section III.2 Place of Meeting | 3 |
| &nbsp;&nbsp;&nbsp; Section III.3 Notice of Meetings | 3 |
| &nbsp;&nbsp;&nbsp; Section III.4 Shareholders Entitled to Vote | 3 |
| &nbsp;&nbsp;&nbsp; Section III.5 Quorum | 4 |
| &nbsp;&nbsp;&nbsp; Section III.6 Adjournment | 4 |
| &nbsp;&nbsp;&nbsp; Section III.7 Proxies | 4 |
| &nbsp;&nbsp;&nbsp; Section III.8 Inspection of Records | 4 |
| &nbsp;&nbsp;&nbsp; Section III.9 Record Dates | 4 |
|  ARTICLE IV Meetings of Trustees | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.1 Regular Meetings | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.2 Special Meetings | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.3 Notice | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.4 Waiver of Notice | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.5 Adjournment and Voting | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.6 Compensation | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.7 Quorum | 5 |
| &nbsp;&nbsp;&nbsp; Section IV.8 Action Without a Meeting | 5 |
|  ARTICLE V Executive Committee and Other Committees | 6 |
| &nbsp;&nbsp;&nbsp; Section V.1 How Constituted | 6 |
| &nbsp;&nbsp;&nbsp; Section V.2 Powers of the Executive Committee | 6 |
| &nbsp;&nbsp;&nbsp; Section V.3 Other Committees of Trustees | 6 |
| &nbsp;&nbsp;&nbsp; Section V.4 Proceedings, Quorum and Manner of Acting | 6 |
| &nbsp;&nbsp;&nbsp; Section V.5 Other Committees | 6 |
|  ARTICLE VI Chair of the Board; Officers | 6 |
| &nbsp;&nbsp;&nbsp; Section VI.1 General | 6 |
| &nbsp;&nbsp;&nbsp; Section VI.2 Election, Term of Office and Qualifications | 6 |
| &nbsp;&nbsp;&nbsp; Section VI.3 Resignations and Removals | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.4 Vacancies and Newly Created Offices | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.5 Chair of the Board | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.6 President | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.7 Vice President | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.8 Chief Financial Officer, Treasurer and Assistant Treasurers | 7 |
| &nbsp;&nbsp;&nbsp; Section VI.9 Chief Compliance Officer | 8 |

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i

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Section VI.10 Secretary and Assistant Secretaries | 8 |
| &nbsp;&nbsp;&nbsp; Section VI.11 Subordinate Officers | 8 |
|  ARTICLE VII Execution of Instruments; Voting of Securities | 8 |
| &nbsp;&nbsp;&nbsp; Section VII.1 Execution of Instruments | 8 |
| &nbsp;&nbsp;&nbsp; Section VII.2 Voting of Securities | 8 |
|  ARTICLE VIII Fiscal Year; Accountants | 9 |
| &nbsp;&nbsp;&nbsp; Section VIII.1 Fiscal Year | 9 |
| &nbsp;&nbsp;&nbsp; Section VIII.2 Accountants | 9 |
|  ARTICLE IX Amendments; Compliance with 1940 Act | 9 |
| &nbsp;&nbsp;&nbsp; Section IX.1 Amendments | 9 |
| &nbsp;&nbsp;&nbsp; Section IX.2 Compliance with 1940 Act | 9 |

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ii

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ARTICLE I

<u>Definitions</u> 

The terms "By-Laws," "1940 Act," "Delaware Act," "Shareholder," "Shares," "Trust," "Trustees," and "Trust Property," have the meanings given them in the Declaration and Agreement of Trust (the "<u>Declaration</u>") of TCW Steel City Senior Lending BDC dated [●], 2025, as amended from time to time.

ARTICLE II

<u>Offices and Seal</u> 

Section II.1 <u>Principal Office</u>. The principal office of the Trust shall be located in Wilmington, Delaware.

Section II.2 <u>Other Offices</u>. The Trust may establish and maintain such other offices and places of business within or without the State of Delaware as the Trustees may from time to time determine.

ARTICLE III

<u>Shareholders</u> 

Section III.1 <u>Meetings</u>. No annual meetings of the Shareholders are required to be held. A Shareholders' meeting for the election of Trustees and the transaction of other proper business may be held when authorized or required by the Declaration.

Section III.2 <u>Place of Meeting</u>. All Shareholders' meetings shall be held (i) at such place within or without the State of Delaware or (ii) virtually in a manner consistent with Section 3806(f) of the Delaware Act, in each case, as the Trustees shall designate.

Section III.3 <u>Notice of Meetings</u>. Notice of all Shareholders' meetings, stating the time, place and purpose of the meeting, shall be given by the Secretary of the Trust by mail or, to the extent permitted by law, by electronic mail ("e-mail") or other electronic transmission, as defined in the Delaware Act, to each Shareholder entitled to notice of and to vote at such meeting at such Shareholder's address of record on the register of the Trust or e-mail address or other address for electronic transmissions, if available. If no such address appears on the Trust's books or is given, notice shall be deemed to have been given if sent to that Shareholder by mail or, to the extent permitted by law, by e-mail or other electronic transmission, as defined in the Delaware Act, to the Trust's principal office. Such notice shall be given at least 10 days and not more than 120 days before the meeting. Such notice shall be deemed to be given when deposited in the United States mail, with postage thereon prepaid, or sent by e-mail or other electronic transmission, as applicable. Any adjourned meeting may be held as adjourned without further notice. No notice need be given (a) to any Shareholder if a written waiver of notice, executed before or after the meeting by such Shareholder or their attorney thereunto duly authorized, is filed with the records of the meeting, or (b) to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him. A waiver of notice need not specify the purposes of the meeting.

Section III.4 <u>Shareholders Entitled to Vote</u>. If, pursuant to Section III.9 hereof, a record date has been fixed for the determination of Shareholders entitled to notice of and to vote at any Shareholders' meeting, each Shareholder of the Trust entitled to vote in accordance with the applicable provisions of the Declaration, shall be entitled to vote, in person or by proxy, each Share or fraction thereof standing in such Shareholder's name on the register of the Trust at the time of determining net asset value

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on such record date. If the Declaration or the 1940 Act requires that Shares be voted by series or class, each Shareholder shall only be entitled to vote, in person or by proxy, each Share or fraction thereof of such series or class standing in such Shareholder's name on the register of the Trust at the time of determining net asset value on such record date. If no record date has been fixed for the determination of Shareholders entitled to notice of and to vote at a Shareholders' meeting, such record date shall be at the close of business on the day on which notice of the meeting is mailed or sent by e-mail or other electronic transmission, as applicable, or, if notice is waived by all Shareholders, at the close of business on the tenth day next preceding the day on which the meeting is held.

Section III.5 <u>Quorum</u>. The presence at any Shareholders' meeting, in person or by proxy, of Shareholders entitled to cast a third of the votes thereat shall be a quorum for the transaction of business, unless applicable law requires a larger number.

Section III.6 <u>Adjournment</u>. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by a majority of the votes properly cast upon the question of adjourning a meeting to another date and time provided that no meeting shall be adjourned for more than six months beyond the originally scheduled meeting date. In addition, any meeting of Shareholders, whether or not a quorum is present, may be adjourned or postponed by, or upon the authority of, the chair of the meeting or the Trustees to another date and time provided that no meeting shall be adjourned or postponed for more than six months beyond the originally scheduled meeting date. Any adjourned or postponed session or sessions may be held, within a reasonable time after the date set for the original meeting as determined by, or upon the authority of, the Trustees in their sole discretion without the necessity of further notice.

Section III.7 <u>Proxies</u>. Shares may be voted in person or by proxy. Any Shareholder may give authorization by telephone, facsimile, or by electronic transmission for another person to execute their proxy. When any Share is held jointly by several persons, any one of them may vote at any meeting, in person or by proxy, in respect of such Share unless at or prior to exercise of the vote, the Trustees receive a specific written notice to the contrary from any one of them. If more than one such joint owners shall be present at such meeting, in person or by proxy, and such joint owners or their proxies so present disagree as to any vote cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment of a meeting.

Section III.8 <u>Inspection of Records</u>. Shareholders shall have access to records of the Trust as provided in Section 3819 of the Statutory Trust Act..

Section III.9 <u>Record Dates</u>. The Trustees may fix in advance a date as a record date for the purpose of determining the Shareholders who are entitled to notice of and to vote at any meeting or any adjournment thereof, or to express consent in writing (including by electronic transmission) without a meeting to any action of the Trustees, or who shall receive payment of any dividend or of any other distribution, or for the purpose of any other lawful action, provided that such record date shall be not more than 120 days before the date on which the particular action requiring such determination of Shareholders is to be taken. In such case, subject to the provisions of Section III.4, each eligible Shareholder of record on such record date shall be entitled to notice of, and to vote at, such meeting or adjournment, or to express such consent, or to receive payment of such dividend or distribution or to take such other action, as the case may be, notwithstanding any transfer of Shares on the register of the Trust after the record date.

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ARTICLE IV

<u>Meetings of Trustees</u> 

Section IV.1 <u>Regular Meetings</u>. The Trustees from time to time shall provide by resolution for the holding of regular meetings for the election of officers and the transaction of other proper business and shall fix the place and time for such meetings to be held (i) within or without the State of Delaware or (ii) virtually in a manner consistent with applicable law.

Section IV.2 <u>Special Meetings</u>. Special meetings of the Trustees shall be held whenever called by the Chair of the Board of Trustees of the Trust (the "Board"), the President (or, in the absence or disability of the President, by any Vice President), the Chief Financial Officer, the Secretary or two or more Trustees, at the time and place (i) within or without the State of Delaware or (ii) virtually in a manner consistent with applicable law, as specified in the respective notices or waivers of notice of such meetings.

Section IV.3 <u>Notice</u>. No notice of regular meetings of the Trustees shall be required except as required by the 1940 Act. Notice of each special meeting shall be mailed to each Trustee, at the Trustee's residence or usual place of business, at least one day before the day of the meeting, or shall be directed to the Trustee at such place by telegraph, telecopy or cable, or shall be sent to the Trustee's usual or last known e-mail address or other address for electronic transmissions by e-mail or other electronic transmission, as applicable, or be delivered to the Trustee personally, at least twenty- four hours before the meeting. Every such notice shall state the time and place of the meeting but need not state the purposes thereof, except as otherwise expressly provided by these By-Laws or by statute. No notice of adjournment of a meeting of the Trustees to another time or place need be given if such time and place are announced at such meeting.

Section IV.4 <u>Waiver of Notice</u>. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by such Trustee before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him. A waiver of notice need not specify the purposes of the meeting.

Section IV.5 <u>Adjournment and Voting</u>. At all meetings of the Trustees, a majority of the Trustees present, whether or not constituting a quorum, may adjourn the meeting, from time to time. The action of a majority of the Trustees present at a meeting at which a quorum is present shall be the action of the Trustees unless the concurrence of a greater proportion is required for such action by law, by the Declaration or by these By-Laws.

Section IV.6 <u>Compensation</u>. Each Trustee may receive such remuneration for their services as such as shall be fixed from time to time by resolution of the Trustees.

Section IV.7 <u>Quorum</u>. A majority of the Trustees present at a meeting shall constitute a quorum for the transaction of business, but in no case shall a quorum be less than two Trustees if at such time the Trust has two or more Trustees.

Section IV.8 <u>Action Without a Meeting</u>. Pursuant to the applicable provisions of the Declaration and Section 3806 of the Delaware Act, the Trustees may take any action required or permitted to be taken at any meeting of the Trustees or by any committee thereof without a meeting, if (i) a consent thereto is given in writing (including by electronic transmission) by a majority of the Trustees or Members of such committee, as the case may be, and (ii) such consent is filed with the records of the meetings. Consistent with the Declaration and Section 3806 of the Delaware Act, a consent given by electronic transmission by a Trustee or by a person or persons authorized to act for a Trustee shall be deemed to be written and signed.

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ARTICLE V

<u>Executive Committee and Other Committees</u> 

Section V.1 <u>How Constituted</u>. The Trustees may, by resolution, designate one or more committees, each consisting of at least one Trustee. The Trustees may, by resolution, designate one or more alternate members of any committee to serve in the absence of any member or other alternate member of such committee. Each member and alternate member of a committee shall be a Trustee and shall hold office at the pleasure of the Trustees. When an Executive Committee is designated by the Trustees, its members shall include at least one of the Chair of the Board and the President, and may include both the Chair and the President.

Section V.2 <u>Powers of the Executive Committee</u>. Unless otherwise provided by resolution of the Trustees, the Executive Committee, when designated by the Trustees, shall have and may exercise all of the power and authority of the Trustees, provided that the power and authority of the Executive Committee shall be subject to the limitations contained in the Declaration.

Section V.3 <u>Other Committees of Trustees</u>. To the extent provided by resolution of the Trustees, other committees shall have and may exercise any of the power and authority that may lawfully be granted to the Executive Committee.

Section V.4 <u>Proceedings, Quorum and Manner of Acting</u>. In the absence of appropriate resolution of the Trustees, each committee may adopt such rules and regulations governing its proceedings, quorum and manner of acting as it shall deem proper and desirable. In the absence of any member or alternate member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint a Trustee to act in the place of such absent member or alternate member.

Section V.5 <u>Other Committees</u>. The Trustees may appoint other committees, each consisting of one or more persons who need not be Trustees. Each such committee shall have such powers and perform such duties as may be assigned to it from time to time by the Trustees, but shall not exercise any power which may lawfully be exercised only by the Trustees or a committee thereof.

ARTICLE VI

<u>Chair of the Board; Officers</u> 

Section VI.1 <u>General</u>. The Board may designate a Chair of the Board (the "Chair"). The position of Chair of the Board shall not be that of an officer of the Trust. The designated officers of the Trust shall be a President, a Secretary, a Chief Financial Officer, a Chief Compliance Officer, a Treasurer and may include one or more Vice Presidents (one or more of whom may be Executive Vice Presidents), one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section VI.11 of this Article VI.

Section VI.2 <u>Election, Term of Office and Qualifications</u>. The Chair of the Board and the designated officers of the Trust (except those appointed pursuant to Section VI.11) shall be elected by the Trustees at any regular or special meeting of the Trustees. Except as provided in Section VI.3 and VI.4 of this Article VI, the Chair of the Board and the officers elected by the Trustees each shall hold office until their respective successors shall have been chosen and qualified. Any two such positions, except those of the President and a Vice President, may be held by the same person, but no officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument be required by law to be executed, acknowledged or verified by any two or more officers. The Chair of the Board and the

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President shall be selected from among the Trustees and may hold such positions only so long as they continue to be Trustees. Any Trustee or officer may be but need not be a Shareholder of the Trust.

Section VI.3 <u>Resignations and Removals</u>. The Chair of the Board or any officer may resign their position at any time by delivering a written resignation to the Trustees, the President, the Secretary or any Assistant Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery. Any person may be removed from such position with or without cause by the vote of a majority of the Trustees at any regular meeting or any special meeting. Except to the extent expressly provided in a written agreement with the Trust, no person resigning and no person removed shall have any right to any compensation for any period following their resignation or removal or any right to damages on account of such removal.

Section VI.4 <u>Vacancies and Newly Created Offices</u>. If any vacancy shall occur in any office by reason of death, resignation, removal, disqualification or other cause, or if any new office shall be created, such vacancies or newly created offices may be filled by the Trustees at any regular or special meeting or, in the case of any office created pursuant to Section VI.11 of this Article VI, by any officer upon whom such power shall have been conferred by the Trustees.

Section VI.5 <u>Chair of the Board</u>. The Chair of the Board shall preside at all meetings of the Trustees and shall be ex officio a member of all committees of the Trustees, except the Audit Committee, on which they may serve as a member if appointed. The Chair of the Board may be the chief executive officer of the Trust. Subject to the supervision of the Trustees, the Chair shall have general charge of the business of the Trust, the Trust Property and the officers, employees and agents of the Trust. The Chair shall have such other powers and perform such other duties as may be assigned to them from time to time by the Trustees.

Section VI.6 <u>President</u>. The President shall be the chief operating officer of the Trust and may be the chief executive officer of the Trust. At the request of or in the absence or disability of the Chair of the Board, the President shall in general exercise the powers and perform the duties of the Chair of the Board. Subject to the supervision of the Trustees and such direction and control as the Chair of the Board may exercise, they shall have general charge of the operations of the Trust and its officers, employees and agents. The President shall exercise such other powers and perform such other duties as from time to time may be assigned to them by the Trustees.

Section VI.7 <u>Vice President</u>. The Trustees may, from time to time, designate and elect one or more Vice Presidents who shall have such powers and perform such duties as from time to time may be assigned to them by the Trustees or the President. At the request or in the absence or disability of the President, the Executive Vice President (or, if there are two or more Executive Vice Presidents, the senior in length of time in office or if there is no Executive Vice President in the absence of both the President and any Executive Vice President, the Vice President who is senior in length of time in office of the Vice Presidents present and able to act) may perform all the duties of the President.

Section VI.8 <u>Chief Financial Officer, Treasurer and Assistant Treasurers</u>. The Chief Financial Officer shall be the principal financial and accounting officer of the Trust and shall have general charge of the finances and books of account of the Trust. Except as otherwise provided by the Trustees, they shall have general supervision of the funds and property of the Trust and of the performance by the custodian appointed pursuant to Section III.1 (paragraph (t)) of the Declaration of its duties with respect thereto. The Chief Financial Officer shall render a statement of condition of the finances of the Trust to the Trustees as often as they shall require the same and they shall in general perform all the duties incident to the office of the Chief Financial Officer and such other duties as from time to time may be assigned to them by the Trustees.

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The Treasurer or any Assistant Treasurer may perform such duties of the Chief Financial Officer as the Chief Financial Officer or the Trustees may assign. In the absence of the Chief Financial Officer, the Treasurer may perform all duties of the Chief Financial Officer. In the absence of the Chief Financial Officer and the Treasurer, any Assistant Treasurer may perform all duties of the Chief Financial Officer. The Treasurer or any Assistant Treasurer may perform such duties of the Chief Financial Officer as the Chief Financial Officer or the Trustees may assign. In the absence of the Chief Financial Officer, the Treasurer may perform all duties of the Chief Financial Officer.

Section VI.9 <u>Chief Compliance Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Compliance Officer of the Trust shall be responsible for the design, oversight and periodic review of the Trust's procedures for compliance with applicable Federal securities laws. The designation, compensation and removal of the Chief Compliance Officer shall be subject to approval by the Trustees as contemplated by Rule 38a-1 under the 1940 Act. The Chief Compliance Officer shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President or by these By-Laws.

Section VI.10 <u>Secretary and Assistant Secretaries</u>. The Secretary shall attend to the giving and serving of all notices of the Trust and shall record all proceedings of the meetings of the Shareholders and Trustees in one or more books to be kept for that purpose. The Secretary shall keep in safe custody the seal of the Trust and shall have charge of the records of the Trust, including the register of Shares and such other books and papers as the Trustees may direct and such books, reports, certificates and other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any Trustee. The Secretary shall perform such other duties as appertain to their office or as may be required by the Trustees. Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Trustees may assign, and, in the absence of the Secretary, they may perform all the duties of the Secretary.

Section VI.11 <u>Subordinate Officers</u>. The Trustees from time to time may appoint such other subordinate officers or agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine. The Trustees from time to time may delegate to one or more of the Chair of the Board, officers or agents the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties.

ARTICLE VII

<u>Execution of Instruments; Voting of Securities</u> 

Section VII.1 <u>Execution of Instruments</u>. All deeds, documents, transfers, contracts, agreements, requisitions, orders, promissory notes, assignments, endorsements, checks and drafts for the payment of money by the Trust, and any other instruments requiring execution either in the name of the Trust or the names of the Trustees or otherwise may be signed by the Chair, the President, a Vice President, the Secretary, the Chief Financial Officer, Treasurer or an Assistant Treasurer, or as the Trustees may otherwise, from time to time, authorize. Any such authorization may be general or confined to specific instances.

Section VII.2 <u>Voting of Securities</u>. Unless otherwise ordered by the Trustees, the Chair, the President or any Vice President shall have full power and authority on behalf of the Trustees to attend and to act and to vote, or in the name of the Trustees to execute proxies to vote, at any meeting of stockholders of any company in which the Trust may hold stock. At any such meeting such person shall possess and may exercise (in person or by proxy) any and all rights, powers and privileges incident to the

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ownership of such stock. The Trustees may by resolution from time to time confer like powers upon any other person or persons.

ARTICLE VIII

<u>Fiscal Year; Accountants</u> 

Section VIII.1 <u>Fiscal Year</u>. The fiscal year of the Trust shall be established, re-established or changed from time-to-time by resolution of the Trustees.

Section VIII.2 <u>Accountants</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 shall employ a public accountant or a firm of independent public accountants as their accountant to examine the accounts of the Trust and to sign and certify at least annually financial statements filed by the Trust. The accountant's certificates and reports shall be addressed both to the Trustees and to 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;(b) Any vacancy occurring due to the death or resignation of the accountant may be filled at a meeting called for the purpose by the vote, cast in person, of a majority of those Trustees who are not Interested Persons of the Trust.

ARTICLE IX

<u>Amendments; Compliance with 1940 Act and Declaration</u> 

Section IX.1 <u>Amendments</u>. These By-Laws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such a majority.

Section IX.2 <u>Compliance with 1940 Act</u> <u>and Declaration</u>. No provision of these By-Laws shall be given effect to the extent inconsistent with the requirements of the 1940 Act. In the event of any inconsistency between these By-Laws and the Declaration, the terms of the Declaration will control.

## Ex-99.(10)(1)

**AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT** 

This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (as may be further amended, restated and modified from time to time, this "**Agreement**"), dated as of [ ], 2025, is made and entered into by and among TCW Steel City Senior Lending BDC (formerly known as, TCW Steel City Perpetual Levered Fund LP), a Delaware statutory trust (the "**Fund**"), and TCW PT Management Company LLC, a Delaware limited liability company (the "**Advisor**").

**WHEREAS**, the Fund is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act");

**WHEREAS**, on February 6, 2025, the Fund and the Advisor entered into an investment advisory agreement, pursuant to which the Advisor agreed to furnish investment advisory services to the Fund (the "Initial Agreement"); and

**WHEREAS**, the Fund and the Advisor desire to amend and restate the Initial Agreement in its entirety.

**NOW, THEREFORE**, the parties hereby agree that the Initial Agreement is hereby amended and restated in its entirety to read as follows (and that the Initial Agreement shall be of no further force and effect whatsoever after the date hereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment**. The Fund hereby appoints the Advisor to serve as the investment advisor and manager of the Fund with full power and authority (subject to the following provisions of this Agreement) to do all things that, in its sole judgment, are necessary or appropriate in connection with the investment, holding and divestment of Fund assets and the Advisor hereby accepts such appointment. The Fund agrees that the Advisor may also provide management or other services to other parties, including, but not limited to, any other clients and affiliates of the Advisor. In addition to the services of its own staff, the Advisor shall have the authority to arrange for and coordinate the services of other professionals and consultants (including, without limitation, any affiliate of the Advisor) to assist it in providing services to the Fund. The Advisor may engage one or more sub-advisors (including, without limitation, any affiliate) to perform investment advisory or investment management services for the Fund, including, but not limited to, the services described in Section 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Management of the Fund**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing services pursuant to this Agreement, the Advisor (i) shall observe all provisions of the applicable organizational documents and registration statement or other offering documents, as the same may be amended and/or supplemented from time to time and filed with the Securities and Exchange Commission ("**SEC**"), and (ii) shall be subject to supervision of the board of trustees of the Fund (the "**Board of Trustees**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor will manage the assets of the Fund in accordance with the Investment Company Act and such policies and instructions as the Board of Trustees may establish. Without limiting the generality of the foregoing, the Advisor shall, during the term and subject to the provisions of this Agreement, directly or by delegation to one or more sub-advisors: (i) formulate and implement the Fund's investment program; (ii) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (iii) identify, research, evaluate and negotiate the structure of the investments made by the Fund (including due diligence on prospective portfolio companies); (iv) close, monitor and administer the Fund's investments, including the exercise of

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any rights in its capacity as a lender; (v) determine the securities and other assets that the Fund will originate, purchase, retain, or sell; (vi) place orders for the purchase or sale of portfolio securities for the Fund's account with broker-dealers; (vii) pay such expenses as are incurred by it in connection with providing the foregoing services; (viii) coordinate with the Administrator (as defined herein); and (ix) provide 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, including providing operating and managerial assistance to the Fund and its portfolio companies as required. Subject to the supervision of the Board of Trustees, the Advisor shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt financing, the Advisor will arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board of Trustees. If it is necessary or appropriate for the Advisor to make investments on behalf of the Fund through a subsidiary of the Fund or other special purpose vehicle, the Advisor shall have authority to create or arrange for the creation of such subsidiary of the Fund or other special purpose vehicle and to make such investments through such subsidiary of the Fund or other special purpose vehicle, at all times in accordance with the Investment Company Act. The Advisor shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Fund and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect to the Fund's portfolio transactions and shall render to the Fund's Board of Trustees such periodic and special reports as the Board of Trustees may reasonably request. The Advisor agrees that all records that it maintains for the Fund are the property of the Fund and will surrender promptly to the Fund any such records upon the Fund's request; *provided*, that the Advisor may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation**. As compensation for serving as the Advisor of the Fund as contemplated hereunder, the Fund shall pay the Advisor or the Advisor's designees as the Advisor may otherwise direct, the following fees. To the extent permitted by applicable law, the Advisor may elect, or the Fund may adopt a deferred compensation plan pursuant to which the Advisor may elect, to defer or waive all or a portion of its fees hereunder for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Management Fee**. The Fund will pay to the Advisor an annual management fee (the "**Management Fee**") quarterly in arrears calculated as follows: 0.3125% (i.e., 1.25% *per annum*) of the average net assets of the Fund, with the average determined based on the net assets of the Fund as of the end of the three most recently completed calendar months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Incentive Fee**. The Fund will pay to the Advisor an incentive fee (the "**Incentive Fee**") quarterly in arrears in two parts 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;(i) **Incentive Fee Based on Income**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 incentive fee based on Pre-Incentive Fee Net Investment Income Returns (as defined below) in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.0% annualized) (the "**Hurdle Rate**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.71% (6.86% annualized) (the "**Catch-up**"). The Catch-up is meant to provide the Advisor with approximately 12.5% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.71% in any calendar quarter; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.71% (6.86% annualized). This reflects that once the Hurdle Rate is reached and the Catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are payable to the Advisor.

"**Pre-Incentive Fee Net Investment Income Returns**" means, as the context requires, either the dollar value of, or percentage rate of return on, the value of the Fund's net assets in accordance with GAAP at the end of the immediately preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses accrued for the quarter.

&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) **Incentive Fee Based on Capital Gains**. Payable at the end of each calendar year in arrears, 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid capital gains incentive fees. In no event will the capital gains incentive fee payable pursuant to this Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Term; Termination**. This Agreement shall become effective as of the date hereof. This Agreement shall continue 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 Fund's Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (B) the vote of a majority of the Fund's Board of Trustees that are non "interested persons" as such term is defined in the Investment Company Act (the "**Independent Trustees**"), in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days' written notice, by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of the Fund's Board of Trustees or by the Advisor. 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 Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor or its affiliates shall pay or otherwise bear and be responsible for the payment of all costs and expenses associated with the performance of its services hereunder, except to the extent such costs and expenses constitute Fund expenses subject to reimbursement by the Fund. As soon as practicable after the date hereof, the Fund will reimburse the Advisor for expenditures that constitute Fund expenses incurred by the Advisor on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund expenses shall include, without limitation, (i) organizational expenses and expenses associated with the issuance of shares; (ii) expenses of calculating the net asset value (including the cost and expenses of any independent valuation firm); (iii) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (iv) expenses incurred by the Advisor or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring the Fund's financial and legal affairs, providing administrative services, monitoring or administering investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies (including expenses of senior advisors, industry experts, operating partners, and other similar professionals; *provided*, that only the allocable portion of the total fees, costs and expenses associated with such personnel

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attributable to their work relating to the Fund will be treated as a Fund expense); (v) costs associated with reporting and compliance obligations under the Investment Company Act, the Securities Exchange Act of 1934, as amended and other applicable federal or state securities laws; (vi) fees and expenses incurred in connection with debt incurred to finance investments or operations, and payment of interest and repayment of principal on such debt; (vii) expenses related to sales and purchases of shares and other securities; (viii) Management Fees and Incentive Fees; (ix) administrator fees and expenses payable under the Administration Agreement, including payments based upon the allocable portion of the Administrator's overhead in performing its obligations, including the allocable portion of the cost of the Fund's chief compliance officer, chief legal officer and chief financial officer and their respective staff; (x) transfer agent, sub-administrator and custodial fees; (xi) expenses relating to the issue, repurchase and transfer of shares to the extent not borne by the relevant transferring shareholders and/or assignees; (xii) federal and state registration fees; (xiii) federal, state and local taxes and other governmental charges assessed against the Fund; (xiv) Independent Trustees' fees and expenses and the costs associated with convening a meeting of the Board of Trustees or any committee thereof; (xv) fees and expenses and the costs associated with convening a meeting of the shareholders or holders of any preferred units, as well as the compensation of an investor relations professionals responsible for the coordination and administration of the foregoing; (xvi) costs of any reports, proxy statements or other notices to shareholders, including printing and mailing costs; (xvii) costs and expenses related to the preparation of financial statements and tax returns; (xviii) the allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (xix) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (xix) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to the Fund; (xxi) compensation of other third party professionals to the extent they are devoted to preparing the Fund's financial statements or tax returns or providing similar "back office" financial services to the Fund; (xxii) Advisor costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Fund, monitoring investments and disposing of any such investments; (xxiii) portfolio risk management costs; (xxiv) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (xxv) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Fund, including in each case services with respect to the proposed purchase or sale of securities by the Fund that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (xxvi) costs of amending, restating or modifying the Fund's operating agreement or advisory agreement or related documents of the Fund or related entities; (xxvii) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Fund or related entities; and (xxviii) all other properly and reasonably chargeable expenses incurred by the Fund or the Administrator in connection with administering the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor shall not be entitled to receive any salary, fees or compensation from the Fund, except as provided in Section 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to the Management Fee and Incentive Fee provided in Section 3 hereof, the Advisor is entitled to the reimbursement of certain expenses incurred on behalf of the Fund to the extent described in the administration agreement ("**Administration Agreement**") by and between the Fund and TCW Asset Management Company LLC (the "**Administrator**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Portfolio Transactions and Brokerage**. To the extent brokers or dealers are utilized in portfolio transactions for the Fund, the Advisor shall endeavor to obtain on behalf of the Fund the best overall terms available. In assessing the best overall terms available for any transaction, the Advisor shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of

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the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Advisor may also consider the "brokerage and research services" provided to the Fund and/or other accounts over which the Advisor or an affiliate of the Advisor exercises investment discretion. The Advisor is authorized to pay a broker or dealer that provides such brokerage and research services a commission for executing a portfolio transaction for the Fund that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Advisor determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Advisor to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exculpation; Indemnification**.

The Advisor, its members and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor or its affiliates (the "**Indemnified Parties**") shall not be liable to the Fund for any action taken or omitted to be taken by the Advisor in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the Investment Company 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). The Fund shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) 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 Fund or its security holders) arising out of or otherwise based upon the performance of any of the Advisor's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel and accountants; *provided*, that such counsel or accountants were selected with reasonable care and such protection is permitted by applicable law, including the Investment Company Act. Notwithstanding the foregoing provisions of this Section 7 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 Fund 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 any Indemnified Party's duties or by reason of the reckless disregard of the Advisor's duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding anything in this Section 7 to the contrary, nothing contained herein shall protect or be deemed to protect the Advisor or its controlling persons against, or entitle or be deemed to entitle the Advisor or its controlling persons to, indemnification in respect of, any liability to the Fund or its security holders to which the Advisor or its controlling persons would otherwise be subject by reason of (a) a material breach of this Agreement that has a material adverse effect on the Fund, (b) negligence or (c) misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order, in the performance of the Advisor's and/or its controlling persons' duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Amendment and Waiver**. This Agreement may be amended by the mutual consent of the parties hereto; *provided*, that the approval of the Fund's Independent Trustees and the majority of the outstanding voting securities of the Fund must be obtained in conformity with the requirements of the Investment Company Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Notices**. All notices, demands and other communications to be given and delivered under or by reason of provisions of this Agreement shall be in writing and shall be deemed to be Notice in accordance with the Partnership Agreement, as follows:

If to the Advisor, to:

TCW PT Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Attention: Andrew Bowden

Email: tcw.privatefunds@tcw.com

If to the Fund, to:

TCW Steel City Senior Lending BDC

515 South Flower Street

Los Angeles, CA 90071

Attention: Andrew Bowden

Email: tcw.privatefunds@tcw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Assignment**. 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 Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Power of Attorney**. To the fullest extent permitted by applicable law, the Fund, does hereby irrevocably constitute and appoint the Advisor and its officers, or the successor thereof as the investment advisor and manager of the Fund and its officers, with full power of substitution, the true and lawful attorney-in-fact and agent of the Fund, to execute, acknowledge, verify, swear to, deliver, record and file, in its or its assignee's name, place and stead, all instruments, documents and certificates that may from time to time be required by the laws of the United States, the State of Delaware, the State of New York, any other jurisdiction in which the Fund conducts or plans to conduct business, or any political subdivision or agency thereof, to effectuate, implement and continue the investment and other activities of the Fund, including the power and authority to execute, verify, swear to, acknowledge, deliver, record and file all instruments that the Advisor determines to be appropriate in connection with any indebtedness incurred by the Fund and any other instruments determined by the Advisor to be necessary or appropriate in connection with the proper conduct of the investment or other activities of the Fund and that do not, to the Advisor's knowledge, adversely affect the interests of Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Governing Law**. This agreement and the rights and obligations of the parties hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed wholly within that jurisdiction. This Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns**. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto, and their respective successors, and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Severability**. Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such term or provision will be

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enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Entire Agreement**. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes any prior agreement or understanding among them with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Headings**. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof or affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Counterparts**. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Survival of Certain Provisions**. The provisions of Sections 7, 9 and this Section 12 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, winding up and termination of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Waiver**. No waiver of the provisions of this Agreement shall be valid unless in writing and signed by the party to be bound. No failure or delay by any party in exercising any right or remedy hereunder shall operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent occasion.

\* \* \* \* \*

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

---

| |
|:---|
| **ADVISOR:** |
| **TCW PT MANAGEMENT COMPANY LLC** |
| By:<u> </u> |
| Name: Richard Villa |
| Title: Executive Vice President |
| By:<u> </u> |
| Name: Zachary Edelman |
| Title: Senior Vice President |
| **TCW STEEL CITY SENIOR LENDING BDC** |
| By:<u> </u> |
| Name: Andrew Kim |
| Title: Chief Financial Officer and Treasurer |
| By:<u> </u> |
| Name: Christopher D. Marzullo |
| Title: Chief Compliance Officer |

---

[Signature page to Investment Advisory Agreement of TCW Steel City Senior Lending BDC]

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[Signature page to Investment Advisory Agreement of TCW Steel City Senior Lending BDC]

## Ex-99.(10)(2)

**AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT** 

This AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (as may be further amended, restated and modified from time to time, this "**Agreement**"), dated as of [ ], 2025, is made and entered into by and among TCW PT Management Company LLC, a Delaware limited liability company (the "**Advisor**"), PNC Steel City Advisors, LLC, a Delaware limited liability company (the "**Sub-Advisor**"), and, solely for the purposes of Section 12 of this Agreement, TCW Steel City Senior Lending BDC (formerly known as TCW Steel City Perpetual Levered Fund LP) (the "**Fund**").

**WHEREAS**, the Advisor is appointed to serve as the investment advisor and manager of the Fund, pursuant to an investment advisory agreement (as may be amended, restated and modified from time to time, the "**Investment Advisory Agreement**");

**WHEREAS**, the Investment Advisory Agreement provides *inter alia* that the Advisor may engage one or more sub-advisors to perform investment advisory or investment management services for the Fund;

**WHEREAS**, the Advisor, pursuant to an agreement dated February 6, 2025 ("**Initial Sub-Advisory Agreement**"), engaged the Sub-Advisor to provide certain investment advisory and other related services, , with respect to the Fund, and such investment advisory and other related services are more fully described herein (collectively, the "**Services**");and

**WHEREAS**, the Advisor and Sub-Advisor desire to amend and restate the Initial Sub-Advisory Agreement in its entirety.

**NOW, THEREFORE**, the parties hereby agree that the Initial Sub-Advisory Agreement is hereby amended and restated in its entirety to read as follows (and that the Initial Sub-Advisory Agreement shall be of no further force and effect whatsoever after the date hereof)::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to Section 1 of the Investment Advisory Agreement, the Advisor hereby appoints the Sub-Advisor to serve as the non-discretionary sub-advisor in respect of the Fund with full power and authority (subject to the following provisions of this Agreement) to do all things that, in its sole judgment, are necessary or appropriate in connection with the investment, holding and divestment of Fund assets, and the Sub-Advisor hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the services of its own staff, the Sub-Advisor shall have the authority to arrange for and coordinate the services of other professionals and consultants (including, without limitation, any affiliate of the Sub-Advisor) to assist it in providing the Services to the Advisor; *provided* that except as otherwise already disclosed to the Advisor, the Sub-Advisor shall promptly notify the Advisor in writing prior to entering into any delegation agreements or subcontracts; and *provided*, *further*, that, for the avoidance of doubt, notwithstanding Section 7, the Sub-Advisor shall remain liable for any act or omission of any such person as if such act or omission were its own but to the extent only that it would have been liable if such act or omission had been its own act or omission under this Agreement. The Sub-Advisor shall take such action as the Advisor shall reasonably request to enable the Advisor, the Fund or, the board of trustees of the Fund (the "**Board of Trustees**") to seek remedies against any such person for any act or omission of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Responsibilities of Sub-Advisor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Services to be provided or procured by the Sub-Advisor to the Advisor shall include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) originating, reviewing and evaluating potential investments for the Fund, and making recommendations to the
Advisor on new investment opportunities for consideration by the Fund, and providing the Advisor with any other materials prepared by the Sub-Advisor in connection with all kinds of investment recommendations to the Advisor (including any such
information packages prepared by the Sub-Advisor for approval by its Investment Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) making recommendations to the Advisor on other investment, reinvestment, refinancing, divestment decisions
for the Fund, including those in relation to then existing investments already made by the Fund and any modifications or workouts thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) performing due diligence on prospective investments for the Fund, carrying out relevant market and
investment research, and providing information and support (including using good faith efforts to source information from prospective and current portfolio level borrowers) as reasonably requested by the Advisor in carrying out its due diligence and
valuation process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewing broker-dealer agreements for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reviewing and evaluating the underwriting guidelines in respect of the Fund's investments, providing
recommendations to the Advisor on such guidelines, and reviewing and sharing underwriting information with the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) together with external counsel jointly approved by the Advisor and the Sub-Advisor to represent the Fund,
leading negotiations and discussions with borrowers on loan documents in connection with the Fund's investments and underlying loan activities, in each case, subject to the parameters and limitations set forth in the Fund's investment
guidelines, and assisting with the finalization of such transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reviewing, analyzing and monitoring the status and progress of the Fund's investments and providing,
on request by the Advisor, updates on the investment performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) coordinating with the Advisor and its Investment Committee on investment advice, recommendations and
decisions with respect to the Fund in accordance with the process agreed upon between the parties, it being understood that the Advisor's Investment Committee shall make final decisions to release term sheets, approve investments, amend legal
or other related transaction documents and initiate any workout activity in connection with any and all investments of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) performing loan reviews with respect to the Fund's investments and portfolio reviews with respect to
the Fund, including procuring members of the Sub- Advisor's Investment Committee to conduct a joint meeting with members of the Advisor's Investment Committee at least once per quarter to review the Fund's overall investment
strategy and financial reporting from the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) upon request by the Advisor, reviewing and evaluating any changes in the Fund's investment strategies,
and making relevant recommendations to the Advisor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) assisting with the review and provision of factual information (and any other information reasonably
requested by the Advisor) related to valuation (and associated diligence) of investments of the Fund and other investor reporting information; *provided* that the Advisor has ultimate responsibility for valuation and investor reporting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) assisting with the preparation, review and maintenance of investor presentations and marketing materials for
interests in the Fund (including any offering memorandum, prospectus, investment summaries, flipbook presentations, marketing materials or similar information regarding the Fund, in each case, which, to the extent permitted under an applicable
trademark license agreement (for so long as such license thereunder remains in effect), shall be branded with TCW Steel City Private Credit branding) and any investor due diligence questionnaires and other investor diligence item in relation to the
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) upon reasonable request by the Advisor, participating in investor communications in respect of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) upon reasonable request by the Advisor or where necessary, making appropriate personnel available to
coordinate with the Advisor on matters relating to capital raising for the Fund, and to provide such support as the Advisor requests in fundraising matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) assisting the Advisor in confirming compliance by the Fund's investments with the regulatory and other
investment criteria of the Fund, and providing other assistance with the legal and regulatory compliance and reporting obligations under U.S. federal, state, local, non-U.S. or other laws and regulations in connection with the operation of the Fund,
including directly or indirectly related to the making, holding or disposing of investments by the Fund; *provided* that the Advisor has ultimate responsibility for such compliance matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) providing the Advisor with such other related services as the Advisor may, from time to time, reasonably
request for the Advisor to manage the Fund.

For avoidance of doubt, the Sub-Advisor shall have no authority to make investment decisions for the Fund, and the Advisor shall have the right to approve the acquisition of each of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In carrying out its obligations under this Agreement, the Sub-Advisor shall: (i) be obliged at all times to observe and comply with (A) the applicable organizational documents and registration statement or other offering documents, as the same may be amended and/or supplemented from time to time and filed with the Securities and Exchange Commission (the "**SEC**"), and other investment guidelines and portfolio investment transaction process (including relevant allocation of responsibilities) as agreed by the parties thereto in respect of the Fund and/or as communicated by the Advisor to the Sub-Advisor in writing from time to time; (B) applicable laws and regulations, (C) the reasonable, good faith instructions and directions of the Advisor and, the Board of Trustees, including the requirements of any exemptive orders applicable to the Fund, and (D) work collaboratively with the Advisor to cause the Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**"), for qualification as a regulated investment company (for so long as the Fund seeks to qualify as a regulated investment company under the Code); and (ii) take into account any other matter that prudent investment advisors of an investment portfolio should reasonably take into consideration in the proper discharge of their duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Advisor shall maintain and keep all books, accounts and other records of the Sub-Advisor that relate to investment advisory activities and other Services performed by the Sub-Advisor hereunder as required under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), and, the Investment Company Act of 1940, as amended ("**Investment Company Act**"). The Sub-Advisor shall provide the Advisor, the Board of Trustees or their respective representatives and agents with access to such books and records (including, without limitation, any other papers or documents pertaining thereto) and provide such other documents and information as reasonably requested by the Advisor, or the Board of Trustees (or their respective representatives and agents) to monitor and supervise the performance of the Services by the Sub-Advisor or to enable the Fund, the Advisor, the Board of Trustees or their respective affiliates to comply with applicable laws. Such books, records and documents shall be made available for inspection at the Sub-Advisor's business offices at a time that is reasonable in the circumstances upon reasonable prior notice to the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Advisor shall not be, and shall not represent to any third party in any manner, express or implied, that it is, an employee, agent, partner, legal representative, or joint venturer of the Advisor, or franchisee, other than the fact that the Sub-Advisor is appointed as a service provider to the Advisor to provide the Services hereunder. For all purposes of this Agreement, the Sub-Advisor shall be deemed to be an independent contractor and, unless expressly authorized by the Advisor from time to time, shall have no authority to act or make any decisions for or on behalf of or represent the Fund, the Board of Trustees or the Advisor in any way or otherwise be deemed to be an agent of the Fund or the Advisor. Other than materials which contain only the name or appointment of the Sub-Advisor or language that is identical to previously-approved language from any offering memorandum, prospectus, investment summaries, flipbook presentations, marketing materials or similar information regarding the Fund that the Sub-Advisor assisted with the preparation, review, or maintenance of, sales and other marketing and communications materials referring to or containing information regarding the Sub-Advisor shall be subject to the review and approval of the Sub-Advisor, which approval shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for providing the Services contemplated in this Agreement, the Advisor shall during the term of this Agreement pay to the Sub-Advisor a sub-advisory fee (the "**Sub-Advisory Fee**") in such amount and manner as is set out in Sections 3(b) and 3(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise mutually agreed in writing by the parties hereto, the Sub-Advisory Fee shall, with respect to each fiscal quarter, be an aggregate amount equal to 50% of the Management Fee (as defined in the Investment Advisory Agreement), and of the Incentive Fee (as defined in the Investment Advisory Agreement, the Incentive Fee together with the Management Fee, the "**Advisory Fees**") received by the Advisor with respect to any fiscal quarter, fiscal year or other period under the Investment Advisory Agreement, *less* the Sub-Advisor's *pro rata* share of certain expenses, disbursements and distributions incurred or made by the Advisor as may be agreed upon by the Advisor and the Sub-Advisor from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Advisory Fee shall be paid to the Sub-Advisor within seventy-five (75) days of the Advisor's receipt of the quarterly Advisory Fees from the Fund. In the event that this Agreement is terminated other than at the end of a fiscal quarter, for purposes of determining the Sub-Advisory Fee payable to the Sub Advisor under this Section 3 with respect to a fiscal quarter in which such termination occurs, the Sub-Advisory Fee payable to the Sub-Advisor shall be calculated as if the Advisory Fees accrual terminated as of the termination date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Advisor may, in its discretion, reduce or waive any Sub-Advisory Fees payable to it at any time, including during any wind-down of the business of the Fund. The Advisor may not reduce or waive the Advisory Fees without the written approval of the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Term; Termination**. This Agreement shall become effective as of the date hereof. This Agreement shall continue in effect for two (2) 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 Fund's Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (B) the vote of a majority of the Fund's Board of Trustees that are non "interested persons" as such term is defined in the Investment Company Act (the "**Independent Trustees**"), in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, (i) upon sixty (60) days' written notice, by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of the Fund's Board of Trustees or by the Advisor; and (ii) this Agreement may be terminated at any time, without the payment of any penalty, upon one hundred twenty (120) days' written notice by the Sub-Advisor. 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 Investment Company Act). This Agreement will also terminate upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Advisor or its affiliates shall pay or otherwise bear and be responsible for the payment of all costs and expenses incurred by them (including but not limited to those set forth in Section 5(c) below) in connection with the performance of the Services hereunder, except to the extent such costs and expenses constitute Fund expenses subject to reimbursement by the Fund. As soon as practicable after the date hereof, the Advisor will cause the Fund to reimburse the Sub-Advisor for expenditures that constitute Fund expenses incurred by the Sub-Advisor on or prior to the date hereof; *provided*, that such expenses have been incurred and the Sub-Advisor provides to the Fund and/or Advisor reasonable records of all such expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Advisor shall not be entitled to receive any salary, fees or compensation from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Advisor shall bear all costs and expenses incurred by it by way of its normal operating overhead expenses, including salaries and fringe benefits of its officers and employees, fees paid to its delegates or subcontractors under any such delegation or subcontract arrangements pursuant to Section 1(b), rent, utilities, capital equipment and other expenses incurred in maintaining the Sub-Advisor's place of business, internal costs associated with the preparation of reports and information required under this Agreement, portfolio management technology costs, but not including Fund expenses. For the avoidance of doubt, any costs and expenses incurred by the Sub-Advisor directly or indirectly in connection with origination and preliminary evaluation and diligence of potential investment opportunities that (i) are never presented to, or (ii) are presented to but not approved by, the Advisor's Investment Committee shall be deemed as the Sub-Advisor's own operating overhead expenses and not Fund expenses, and shall not be netted out of any quarterly Advisory Fees for purposes of Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Portfolio Transactions and Brokerage.** To the extent brokers or dealers are utilized in portfolio transactions for the Fund, upon request of the Advisor, the Sub-Advisor shall endeavor to obtain for the Fund the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-Advisor shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis.

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In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Sub-Advisor may also consider the "brokerage and research services" provided to the Fund and/or other accounts over which the Sub-Advisor or an affiliate of the Sub-Advisor exercises investment discretion. The Sub-Advisor is authorized to pay a broker or dealer which provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Advisor determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Advisor to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Representations and Covenants of the Sub-Advisor**. The Sub-Advisor represents and covenants to the Advisor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is validly existing, duly empowered and authorized to execute, deliver and perform this Agreement on the terms and conditions herein contained and to give effect to the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided that the Fund and the Advisor comply with all applicable provisions of Section 15 of the Investment Company Act concerning the Fund and its advisory and sub-advisory arrangements, the Sub-Advisor is not prohibited by the Investment Company Act, the Advisers Act or other laws, regulations or orders from performing the services contemplated by this Agreement, and the Sub-Advisor will promptly notify the Advisor and the Fund of the occurrence of any event that would disqualify the Sub-Advisor from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it will exercise in the performance of the Services the standard of skill, care and diligence reasonably to be expected of a properly qualified investment sub-advisor in providing the investment sub-advisory and related services with respect to investments comparable in size, scope, complexity and purpose to each investment by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution, delivery and performance of this Agreement by the Sub-Advisor will not conflict with any law, order, judgment, decree, rule or regulation of any court, arbitral tribunal or government agency, or any agreement, instrument or indenture to which the Sub-Advisor is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is registered with the SEC as an investment adviser under the Advisers Act and will maintain such registration during the term of this Agreement. The Sub-Advisor agrees that its activities will at all times be in compliance with all applicable laws and regulations governing its operations and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) parts 1 and 2 of the Sub-Advisor's Form ADV (collectively, the "**Sub-Advisor's Form ADV**") previously provided to the Advisor is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made not misleading. The Sub-Advisor will promptly provide the Advisor and the Fund with a complete copy of all subsequent amendments to the Sub-Advisor's Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it will adopt a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and will provide the Advisor and the Fund with a copy of that code, together with evidence of its adoption. Within twenty (20) days of the end of each calendar during which this Agreement remains in effect, a duly authorized officer of the Sub-Advisor shall certify to the Advisor or

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the Fund that the Sub-Advisor has complied with the requirements of Rule 17j-1 under the Investment Company Act during the previous quarter and that there have been no material violations of the Sub-Advisor's code of ethics or, if such a violation has occurred, that appropriate action has been taken in response to such violation. Upon the written and reasonable request of the Advisor or the Fund, the Sub-Advisor shall permit representatives of the Advisor or the Fund to examine the reporting obligations required to be made by the Sub-Advisor by Rule 17j-1(c)(1) under the Investment Company Act and other records evidencing enforcement of the code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it shall maintain at all times during the course of this Agreement and for the period thereafter in which indemnification obligations thereto could be triggered, an errors and omissions or professional liability insurance policy with respect to the Sub-Advisor in a commercially reasonable amount and on commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has in place, and shall have in place during the entire term of this Agreement, a business continuity plan, which may be updated from time to time, that governs the Sub-Advisor's treatment of (i) material data processed by the Sub-Advisor's computer system in the performance of its duties hereunder and the retrieval of any such material data from the Sub-Advisor's back-up facilities and (ii) the performance of its duties under this Agreement relating to contingency planning, disaster recovery, back-up processing, recovery time objective, resumption operating capacities, escalation, activation and crisis management procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Sub-Advisor will review the Fund's registration statement or other offering documents, and represents and warrants that, with respect to the disclosure about the Sub-Advisor or information relating to the Sub-Advisor, the Sub-Advisor will not provide or approve any untrue statement of any material fact and will not omit any statement of material fact necessary to make the statements provided by or regarding the Sub-Advisor not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to its knowledge after reasonable inquiry, as of the date hereof, there is no administrative, civil or criminal actions, litigation, arbitration, sanctions, fines, suits, other proceedings or investigations (excluding routine examinations or inspections) by a regulatory body, court, arbitrator or governmental agency with authority over the Sub-Advisor (ongoing, pending, on appeal or concluded) against (i) the Sub-Advisor, (ii) its affiliate or any person to whom the Sub-Advisor has delegated its functions under this Agreement, or (iii) any of its key professional staff responsible for the Services, in any such case, (x) is related to the investment advisory or similar business of the Sub-Advisor and reasonably could be expected to have an adverse effect on the ability of Sub-Advisor to perform its obligations hereunder or (y) if adversely determined, may reasonably be expected to have an effect on the Fund or Fund shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it or any of its affiliates has not entered into, and shall not enter into, with the Sub-Advisor's investment professionals in respect of the Fund, any agreement or arrangement that conflicts with the Sub-Advisor's obligations under this Agreement or is otherwise detrimental to the interests of the Advisor, or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it will promptly notify the Advisor of the occurrence of any event that would render any of the foregoing inaccurate or untrue in any respect or that would otherwise adversely affect the performance of any Services hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Representations and Covenants of the Advisor**. The Advisor represents and covenants to the Sub-Advisor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is validly existing, duly empowered and authorized to execute, deliver and perform this Agreement on the terms and conditions herein contained and to give effect to the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided that the Fund and the Sub-Advisor comply with all applicable provisions of Section 15 of the Investment Company Act concerning the Fund and its advisory and sub-advisory arrangements, the Advisor is not prohibited by the Investment Company Act, the Advisers Act or other laws, regulations or orders from performing the services contemplated by this Agreement, and the Advisor will promptly notify the Sub-Advisor of the occurrence of any event that would disqualify the Advisor from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution, delivery and performance of this Agreement by the Advisor will not conflict with any law, order, judgment, decree, rule or regulation of any court, arbitral tribunal or government agency, or any agreement, instrument or indenture to which the Advisor is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is registered with the SEC as an investment adviser under the Advisers Act and will maintain such registration during the term of this Agreement. The Advisor agrees that its activities will at all times be in compliance with all applicable laws and regulations governing its operations and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) parts 1 and 2 of the Advisor's Form ADV (collectively, the "**Advisor's Form ADV**") as filed with the SEC is a true and complete copy of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made not misleading. The Advisor will promptly notify the Sub-Advisor any subsequent, material amendments to the Advisor's Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it will adopt a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and will provide the Sub-Advisor and the Fund with a copy of that code, together with evidence of its adoption. Within twenty (20) days of the end of each calendar quarter during which this Agreement remains in effect, a duly authorized officer of the Advisor shall certify to the Sub-Advisor or the Fund that the Advisor has complied with the requirements of Rule 17j-1 under the Investment Company Act during the previous quarter and that there have been no material violations of the Advisor's code of ethics or, if such a violation has occurred, that appropriate action has been taken in response to such violation. Upon the written and reasonable request of the Sub-Advisor or the Fund, the Advisor shall permit representatives of the Sub-Advisor or the Fund to examine the reporting obligations required to be made by the Advisor by Rule 17j-1(c)(1) under the Investment Company Act and other records evidencing enforcement of the code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it shall maintain at all times during the course of this Agreement and for the period thereafter in which indemnification obligations thereto could be triggered, an errors and omissions or professional liability insurance policy with respect to the Advisor in a commercially reasonable amount and on commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to its knowledge after reasonable inquiry, as of the date hereof, there is no administrative, civil or criminal actions, litigation, arbitration, sanctions, fines, suits, other proceedings or investigations (excluding routine examinations or inspections) by a regulatory body, court, arbitrator or governmental agency with authority over the Advisor (ongoing, pending, on appeal or concluded) against (i) the Advisor, (ii) its affiliate or any person to whom the Advisor has delegated its functions under this Agreement, or (iii)

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any of its key professional staff responsible for the provision of services to the Fund, in any such case, (x) is related to the investment advisory or similar business of the Advisor and reasonably could be expected to have an adverse effect on the ability of Advisor to perform its obligations hereunder or (y) if adversely determined, may reasonably be expected to have an effect on the Fund or Fund shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it or any of its affiliates has not entered into, and shall not enter into, with the Advisor's investment professionals in respect of the Fund, any agreement or arrangement that conflicts with the Advisor's obligations under this Agreement or is otherwise detrimental to the interests of the Sub-Advisor, or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it will promptly notify the Sub-Advisor of the occurrence of any event that would render any of the foregoing inaccurate or untrue in any respect.

9. **Exculpation; Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Sub-Advisor, its members and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Sub-Advisor or its affiliates (the "**Indemnified Parties**") shall not be liable to the Fund for any action taken or omitted to be taken by the Sub-Advisor in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the Investment Company 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). The Fund shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) 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 Fund or its security holders) arising out of or otherwise based upon the performance of any of the Sub-Advisor's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care and such protection is permitted by applicable law, including the Investment Company Act. Notwithstanding the foregoing provisions of this Section 9 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 Advisor, the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of any Indemnified Party's duties or by reason of the reckless disregard of the Sub-Advisor's duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Sub-Advisor agrees to indemnify, defend and protect the Advisor, the Fund and their respective officers, managers, partners, agents, employees, controlling person, members and any other person or entity affiliated with the Advisor and the Fund (collectively, the "**Advisor Indemnified Parties**") and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Advisor 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 Sub-Advisor) arising directly out of any actions or omissions of the Sub-Advisor or otherwise based upon the performance of any of the Sub-Advisor's duties or obligations under this Agreement. Notwithstanding anything in this

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Section 9 to the contrary, the Sub-Advisor shall not be subject to any liability for any indemnification hereunder unless such obligation arises as a result of the Sub-Advisor's fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Advisor agrees to indemnify, defend and protect the Sub-Advisor and its respective officers, managers, partners, agents, employees, controlling person, members and any other person or entity affiliated with the Sub-Advisor (collectively, the "**Sub-Advisor Indemnified Parties**") and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Sub-Advisor 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 Advisor) arising directly out of any actions or omissions of the Advisor or otherwise based upon the performance of any of the Advisor's duties or obligations under this Agreement. Notwithstanding anything in this Section 9 to the contrary, the Advisor shall not be subject to any liability for any indemnification hereunder unless such obligation arises as a result of the Advisor's fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Amendment and Waiver**. This Agreement may be amended by the mutual consent of the parties hereto, <u>provided</u> that such amendment must also be approved by the Fund's Independent Trustees and, subject to the requirements of the Investment Company Act, the majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Notices**. All notices, demands and other communications to be given and delivered under or by reason of provisions of this Agreement shall be in writing and shall be deemed to be a notice in accordance with the Partnership Agreement, as follows:

If to the Advisor, to:

TCW PT Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Attention: Andrew Bowden

Email: tcw.privatefunds@tcw.com

If to the Sub-Advisor, to:

PNC Steel City Advisors, LLC

The Tower at PNC Plaza, Floor 14

300 Fifth Avenue

Pittsburgh, PA 15222

Attention: Walter Hill, Laura Long

Email: walter.hill@pnc.com, laura.long@pnc.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Assignment**. 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 Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Governing Law**. This agreement and the rights and obligations of the parties hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed wholly within that jurisdiction. This Agreement shall

------

also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns**. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto, the Covered Persons and their respective successors, permitted assigns and, in the case of individual Covered Persons, heirs and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Severability**. Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Entire Agreement**. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes any prior agreement or understanding among them with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Headings**. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof or affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Counterparts**. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Survival of Certain Provisions**. The provisions of Sections 7, 9, 11 and this Section 13 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, winding up and termination of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Waiver**. No waiver of the provisions of this Agreement shall be valid unless in writing and signed by the party to be bound. No failure or delay by any party in exercising any right or remedy hereunder shall operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Confidentiality**. Each party will keep confidential any information obtained in connection with its duties hereunder that is identified as confidential or by its nature or means of receipt would be considered confidential. Each party will use, disclose and distribute such information only in connection with the provision of services to the Fund, and any such disclosure will only be pursuant to authorization by the other party, unless (i) such disclosure pertains to information that is required to be disclosed by applicable law (including by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process), any listing agreement with or rules of any national securities exchange or interdealer quotation service or the rules or regulations of any applicable governmental authority, or upon reasonable request of the SEC or any applicable national securities exchange, (ii) in the case of PNC, such disclosure is to its bank regulators as required in the course of regular supervisory discussions or upon reasonable request, (iii) such disclosure pertains to information that is or becomes generally available to the public without breach of this provision, (iv) such disclosure is to the disclosing party's (or any of its affiliate's) agents, directors, officers and employees, in each case, who is informed of the obligations under this provision, (v) such disclosure is to its agents, accountants, attorneys or other advisors who have a need to know such information in connection with the parties' provision of services to the Fund and who are informed of the obligations under this provision, (vi) such disclosure is in connection with the enforcement of this Agreement, or (vii) such disclosure is reasonably necessary for such party to perform any of its duties or obligations hereunder; *provided* that with respect to any disclosure pursuant to the foregoing clauses (i) or (ii), (A) to the extent legally permissible, the disclosing party shall provide the other party

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with written notice of such disclosure and, to the extent reasonably practicable, the disclosing party shall attempt to provide prior or concurrent notice of such disclosure to the other party and (B) the disclosing party shall provide prior or concurrent written notice to any such recipient regulator that such information is confidential. The cost (including reasonable and documented, out-of-pocket attorneys' fees and expenses) of seeking a protective order covering any such confidential information (whether or not actually obtained) will be shared equally by the Advisor and the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Other Activities of the Sub-Advisor**. The services of the Sub-Advisor to the Advisor and the Fund are not exclusive, and the Sub-Advisor may engage in any other business or render similar or different services to others.

\* \* \* \* \*

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

---

| |
|:---|
| **ADVISOR:** |
| **TCW PT MANAGEMENT COMPANY LLC** |
| By: |
| Name: Richard Villa |
| Title: Executive Vice President |
| By: |
| Name: Zachary Edelman |
| Title: Senior Vice President |
| **SUB-ADVISOR:** |
| **PNC STEEL CITY ADVISORS, LLC** |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

[Signature page to Sub-Advisory Agreement of TCW Steel City Senior Lending BDC]

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---

| |
|:---|
| **FUND**, *solely with respect to Section 12***:** |
| **TCW STEEL CITY SENIOR LENDING BDC** |
| By: |
| Name: Andrew Kim |
| Title: Chief Financial Officer and Treasurer |
| By: |
| Name: [ ] |
| Title: Chief Compliance Officer |

---

[Signature page to Sub-Advisory Agreement of TCW Steel City Senior Lending BDC]

## Ex-99.(10)(3)

**AMENDED AND RESTATED ADMINISTRATION AGREEMENT** 

This Amended and Restated Administration Agreement (as may be further amended, restated and modified from time to time, the "<u>Agreement</u>") dated [ ], 2025, is made and entered into by and between TCW ASSET MANAGEMENT COMPANY LLC, a Delaware limited liability company (the "<u>Administrator</u>"), TCW STEEL CITY SENIOR LENDING BDC (formerly known as, TCW Steel City Perpetual Levered Fund LP), a Delaware statutory trust (the "<u>Fund</u>").

**WHEREAS**, the Fund is a closed-end, non-diversified 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>Investment Company Act</u>" or the "<u>1940 Act</u>");

**WHEREAS**, on February 6, 2025, the Fund and the Administrator entered into an administration agreement, pursuant to which the Administrator agreed to furnish administrative services to the Fund (the "<u>Initial Agreement</u>") as set out in the Initial Agreement; and

**WHEREAS**, the Fund and the Administrator desire to amend and restate the Initial Agreement in its entirety.

**NOW, THEREFORE**, the parties hereby agree that the Initial Agreement is hereby amended and restated in its entirety to read as follows (and that the Initial Agreement shall be of no further force and effect whatsoever after the date hereof):

**1.**  **<u>Duties of the Administrator</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Fund hereby employs the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of TCW PT Management Company LLC, a Delaware limited liability company (the "<u>Advisor</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for the performance of) the administrative services necessary for the operation of the Fund. Without limiting the generality of the foregoing, the Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Fund with general overhead, including office facilities and equipment, and clerical, bookkeeping and record keeping services at such facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) oversee the maintenance of the Fund's financial records and otherwise assist with the Fund's compliance with BDC and regulated investment company ("<u>RIC</u>") rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) monitor the payment of the Fund's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on behalf of the Fund, conduct relations with custodians, depositories, transfer agents, disbursing agents, other servicing agents, accountants, attorneys, underwriters, brokers and dealers,

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corporate fiduciaries, insurers, banks and such other person in any other capacity deemed to be necessary or desirable, including, but not limited to, negotiating agreements, reviewing performance of duties and directing actions of any such third party service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be responsible for the financial and other records that the Fund is required to maintain and shall prepare and disseminate reports to shareholders and reports and other materials (if any) to be filed with the Securities and Exchange Commission ("<u>SEC</u>") or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) assist the Fund in determining and publishing (as necessary or appropriate) valuations, overseeing the preparation and filing of the Fund's tax returns and generally overseeing the payment of the Fund's expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provide such other services as the Administrator, subject to review by the Advisor or, the board of trustees of the Fund (the "<u>Board of Trustees</u>" or the "<u>Board</u>"), shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.

The Administrator shall have the authority to execute, on behalf of the Fund, any orders, certifications or agreements incidental to the duties it performs for the Fund hereunder.

The Administrator shall make reports to the Board of Trustees, of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; <u>provided</u> 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 and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund.

The Administrator will provide on the Fund's behalf managerial assistance to those portfolio companies to which the Fund is required to provide such assistance.

The Administrator may engage one or more third parties to perform all or a portion of the foregoing services.

**2.**  **<u>Records</u>** 

The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Fund shall at all times remain the property of the Fund, 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 that it maintains for the Fund pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company 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.

**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 (regulated pursuant to Regulation S-P), shall be used by any other party hereto solely for the purposes contemplated by 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. 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.

**4.**  **<u>Compensation; Allocation of Costs and Expenses</u>** 

In full consideration of the provision of the services of the Administrator, the Fund will reimburse the Administrator for expenses incurred by it on behalf of the Fund in performing its obligations under this Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator. The Administrator agrees that it will not charge total fees to the Fund pursuant to this Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services.

**5.**  **<u>Limitation of Liability of the Administrator; Indemnification</u>** 

Neither the Administrator, nor any current and former shareholders, officers, directors, employees, partners, members, managers, agents and other representatives of the Administrator, shall be liable or responsible to the Fund or any shareholder for any act or omission, including any mistake of fact or error in judgment, taken, suffered or made by such person, arising out of or in connection with such person's activities related to the Fund, provided that such person did not act in bad faith, and such act or omission does not constitute gross negligence, willful misconduct or fraud by the person. The Administrator shall be indemnified by the Fund as set out in the Fund governing documents.

**6.**  **<u>Activities of the Administrator</u>** 

The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that directors, officers, employees and members of the Fund are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**7.**  **<u>Duration and Termination of this Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon its execution and shall continue in effect until two years from the date hereof. Thereafter, this Agreement shall continue in effect from year to year, provided its continuance is specifically approved at least annually (a) by vote of a "majority of the outstanding voting securities" of the Fund or by vote of the Board, and (b) by vote of a majority of the "independent trustees" as set out under Section 2(a)(19) of the 1940 Act, cast in person at a meeting called for the purpose of voting on such approval. The Fund (either by vote of its Board of Trustees or by vote of a "majority of the outstanding voting securities" of the Company) may, at any time and without payment of any penalty, terminate this Agreement upon 60 days' written notice to the Administrator. This Agreement shall automatically and immediately terminate in the event of its "assignment." The Administrator may terminate this Agreement without payment of any penalty on 60 days' written notice to the Fund. This Agreement shall become effective as of the first date above written.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the termination or expiration of this Agreement, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration and Section 5 shall continue in force and effect and apply to the Administrator and all indemnified parties as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by a party without the consent of the other party; <u>provided</u>, <u>however</u>, that the rights and obligations of the Fund under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Fund into, or conveyance of all of the assets of the Fund to, such newly formed entity, <u>provided</u> that the sole purpose of that merger or conveyance is to effect a mere change in the Fund's legal form into another limited liability entity.

**8.** **Notices** 

Any notice under this Agreement shall be given in writing, addressed and delivered to the party to this Agreement entitled to receive such notice at such address as such party may designate in writing and shall be deemed to have been given when personally delivered, mailed by certified mail, return receipt requested, sent by reliable overnight courier, or transmitted by electronic facsimile or electronic mail to the principal office of the Administrator or the Fund, as the case may be.

**9.**  **<u>Non-waiver</u> <u>of Rights</u>** 

Nothing contained in this Agreement shall constitute a waiver by the Fund of any of its legal rights under applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

**10.** **Amendment** 

This Agreement may be modified or amended only by a writing signed by the parties hereto, <u>provided</u>, <u>however</u>, that the parties shall not amend this Agreement in a manner that is inconsistent with, or would result in a breach of, Fund governing documents.

**11.**  **<u>Governing Law</u>** 

This Agreement shall be construed in accordance with the laws of the State of New York (without giving effect to principles of conflict of laws of the State of New York) and the applicable provisions of the 1940 Act. To the extent applicable law of the State of New York, or any of the provisions herein conflict with applicable provisions of the 1940 Act, the latter shall control.

**12.**  **<u>Sole Agreement</u>** 

This Agreement reflects the sole understanding of the parties hereto with respect to the subject matter hereof and supersedes and replaces all agreements between the Fund and the Administrator with respect to the subject matter hereof.

**13.**  **<u>Counterparts</u>** 

This Agreement may be signed in any number of counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

**14.**  **<u>Severability</u>** 

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In the event that any provision or portion of this Agreement is determined to be invalid, illegal or unenforceable for any reason, in whole or in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law.

[*Remainder of Page Intentionally Left Blank*]

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

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| | |
|:---|:---|
| **TCW ASSET MANAGEMENT**<br> **COMPANY LLC** | **TCW ASSET MANAGEMENT**<br> **COMPANY LLC** |
| By: |  |
|  | Name: Richard Villa |
|  | Title: Executive Vice President |
| By: |  |
|  | Name: Zachary Edelman |
|  | Title: Senior Vice President |
| **TCW STEEL CITY SENIOR**<br> **LENDING BDC** | **TCW STEEL CITY SENIOR**<br> **LENDING BDC** |
| By: |  |
|  | Name: Andrew Kim |
|  | Title: Chief Financial Officer |

---

## Ex-99.(10)(4)

**AMENDED AND RESTATED CUSTODY AGREEMENT** 

THIS AGREEMENT is made and entered into as of October 1, 2025 (the "Effective Date"), by and between **TCW STEEL CITY SENIOR LENDING BDC**, a Delaware statutory trust, (the "Fund," as successor of TCW Steel City Perpetual Levered Fund LP, previously organized as a Delaware limited partnership), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, TCW Steel City Perpetual Levered Fund LP and the Custodian entered into a Custody Agreement dated as of January 30, 2025 (the "Original Agreement");

WHEREAS, the parties desire to amend and restate the terms of the Original Agreement with the terms of this Agreement;

WHEREAS, the parties desire to supersede and replace in its entirety the Original Agreement with this Agreement as of the Effective Date;

WHEREAS, the Fund is a closed-end management investment company, which intends to elect to be treated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, TCW Asset Management Company LLC**,** a Delaware limited liability company, serves as administrator and TCW PT Management Company LLC serves as the investment manager to the Fund (the "Fund Administrator" or the "Investment Manager"); and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund.

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash, loans and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I** 

**CERTAIN DEFINITIONS** 

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 "<u>Authorized Person</u>" means any Officer or person (including an authorized person of the Administrator or the Investment Manager) or other agent who has been designated by written notice as such from the Fund, the Administrator or the Investment Manager, or other agent and is named in Exhibit B attached hereto. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>"Board of Trustees"</u> shall mean the trustees from time to time serving under the Company's <u>Declaration and Agreement of Trust</u>, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book- entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any day that is not a Saturday or Sunday and is not a legal holiday or a day on which banking institutions generally are authorized or obligated by law or regulations to remain closed in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"ERISA"</u> means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Foreign Securities"</u> means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "<u>Declaration and Agreement of Trust</u>" shall mean the Declaration and Agreement of Trust of TCW Steel City Senior Lending BDC , as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"Loan"</u> means any U.S. dollar denominated commercial loan, or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations, acquired by any Fund from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Loan Checklist"</u> means a list delivered to the Custodian in connection with delivery of a Loan to the Custodian that identifies the items contained in the related Loan File.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "<u>Loan Documents</u>" means those documents related to Loans to the extent delivered to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>"Loan File"</u> means, with respect to each Loan delivered to the Custodian, each of the Loan Documents identified on the related Loan Checklist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "<u>Loan Trade Confirmation</u>" means a confirmation to the Custodian from the Fund of the Fund's acquisition of a Loan, and setting forth applicable information with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part hereof, subject to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian and the Fund from time to time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 <u>"Noteless Loan"</u> means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 <u>"Participation"</u> means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 "<u>Participating Plan</u>" means an employee benefit plan that the Fund has accepted for participation in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 <u>"Plan-assets Vehicle"</u> means an investment contract, product, or entity that holds plan assets (as determined pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 <u>"Proper Instructions"</u> shall mean Written Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 <u>"Shares"</u> shall mean, with respect to the Fund, the Common Units (as such term is defined by the <u>Declaration and Agreement of Trust</u>) issued by the Fund on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 <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 Fund based on the standards specified in Section 3.03 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 Fund 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 Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. 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 Fund assets as the specified provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 <u>"Underlying Note"</u> means the one or more promissory notes executed by an obligor evidencing a Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 <u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II** 

**APPOINTMENT OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Company's <u>Declaration and Agreement of Trust</u>, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the resolution of the Board of Trustees of the Fund appointing the Custodian, certified by the
Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A certification of the Chairman or the President and the Secretary of the Fund setting forth the names and
signatures of the current Officers of the Fund and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund's obligation to provide such written notice.

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**ARTICLE III** 

**CUSTODY OF CASH AND SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry 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 Fund, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody and Cash Accounts</u>. The Custodian shall open and maintain in its fund custody department: (x) a custody account in the name of the Fund coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities (other than Loans), cash and other assets of the Fund which are delivered to it and (y) cash accounts, including any subaccounts, in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all principal and interest received with respect to the Loans. The amounts held in the cash accounts shall be transferred in the respective Fund's custody account on a daily basis. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 Appointment of Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash
of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and
shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained
in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians by the Board of
Trustees in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any such
new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund's
assets with a Sub-Custodian, the Custodian will determine that the Fund's assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the
Fund's assets will be held by

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that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The agreement between the Custodian and each Sub-Custodian acting
hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter after the date of this Agreement, the Custodian shall provide written
reports notifying the Board of Trustees of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements. Such reports
shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund
that it agrees to exercise reasonable care, prudence and diligence , no less than a nationally recognized custodian exercises with respect to comparable assets; provided, however, with respect to custody of any Loans, the Custodian's
responsibility shall be limited to the exercise of reasonable care , no less than a nationally recognized custodian exercises with respect to comparable assets, by the Custodian in the physical custody of any such documents delivered to it, and any
related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to it. The Custodian further warrants that the Fund's assets will be subject to reasonable care, no less
than a nationally recognized custodian exercises with respect to comparable assets, if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including,
without limitation: (i) the Sub- Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and
data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund
will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the 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;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub- Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's
members of a Sub-Custodian's network; and (iii) the

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custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect
to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures are required to collect such income, the Fund and Custodian shall consult as to the measurers
and as to the compensation and expenses of the Custodian relating to such measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities (excluding Loans) of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities
Depository or Book- Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without
limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Loans) of the Fund kept in a Book-Entry System or Securities Depository shall be kept in
an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Fund maintained in a Book- Entry System or
Securities Depository shall, by book-entry, identify such Securities (other than Loans) as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the
Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account; and (ii) the making of an entry on the records of
the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are held in a Book-Entry

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System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry
System or Securities Depository in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any
loss or damage to the Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub- Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated
to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to
the extent that the Fund has not been made whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities
intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund, such reports as are available concerning the Custodian's internal accounting controls and financial strength, and
(iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets
corresponding to the security entitlements of its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and
only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities
registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in
Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of

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such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of
Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the redemption price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following
payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses
are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding
escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking
institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purpose, but only upon receipt, in addition to Proper Instructions, declaring such purpose
to be a proper trust purpose, and naming the person or persons to whom such payment is to be made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account or Loan Documents but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash,
by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the
provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an offeror's depository agent in connection with tender or other similar offers for Securities of the
Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units;
provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling the Securities, for examination in accordance with the "street delivery"
custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or
cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such
case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such
collateral as the Fund shall have specified to the Custodian in Proper Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the
Fund, but only against receipt by the Custodian of the amounts borrowed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations)
regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper corporate purpose, but only upon receipt, in addition to Proper Instructions, specifying
the Securities to be delivered, declaring such purpose to be a proper trust purpose, and naming the person or persons to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the
Custodian's own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Proper Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund
is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon
all Securities that may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax
laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and

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the Fund at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or
Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Proper Instructions, attend to all non- discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any
ADR's you may purchase and own and which U.S. Bank (the "Bank") custodies on your behalf, you understand that the holding of American Depository Receipts (" <u>ADRs</u> ") may require the disclosure of your beneficial
ownership information (Name, Address, TIN/SSN, Share amount) by U.S. Bank to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain for you the most
preferential tax treatment. You acknowledge and consent to any and all disclosures or releases of beneficial information, described above, by U.S. Bank to any third parties relating to ADRs and release, hold harmless, and indemnify the Bank from any
liability for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities (other than Loans) shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities (other than Loans) registered in the name of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property
held for the Fund, including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other
records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such
collateral), (D) dividends and interest received, and (E)

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dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the
Fund and in compliance with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers,
employees or agents of the Fund and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub- Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities (excluding Loans) that are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities (excluding Loans), without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercially efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three

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Business Days prior to the beginning date of the tender period. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Fund, to communicate on behalf of the Fund, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Fund, with respect to any Loans. All such actions and communications are the responsibility of the Fund.

**ARTICLE IV** 

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities (other than Loans) for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Fund shall deliver or cause to be delivered to the Custodian a properly completed Loan Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require, and may, but is not required, deliver to the Custodian the Loan Documents for all Loans, including the Loan Checklist..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything herein to the contrary, delivery of Loans acquired by the Fund which constitute Noteless Loans or Participations or which are otherwise not evidenced by a "security" or "instrument" as defined in Section 8-102 and Section 9- 102(a)(47) of the UCC, respectively, shall be made by delivery to the Custodian of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Fund (or its nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of the Fund as assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable care, no less than a nationally recognized custodian exercises with respect to comparable assets, by the Custodian in the physical

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custody of any loan documents including any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively, "<u>Financing Documents</u>"), that may be delivered to it. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" a sufficient quantity thereof.

&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 become available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Fund to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

&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 Fund may (i) cause the copies of the loan documents evidencing such Loan to be delivered to the Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan and (iii) a properly completed Loan Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (iv) take all actions reasonably necessary for the Fund to acquire good title to such Loan; and (v) take all actions as may be reasonably necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Fund. The Custodian shall have no liability for any delay or failure on the part of the Fund 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 Fund to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor or similar party with respect to the related Loan Asset, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Fund, on the basis of such

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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;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities (excluding Loans) against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities (excluding Loans) prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

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**ARTICLE V** 

**REDEMPTION OF FUND SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank or broker-dealer as the Fund may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI** 

**SEGREGATED ACCOUNTS** 

Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered
under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange
(or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by
the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated
accounts by registered investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper trust purposes, but only upon receipt of Proper Instructions, setting forth the purpose or
purposes of such segregated account and declaring such purposes to be proper trust purposes.

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Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII** 

**COMPENSATION OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on **<u>Exhibit A</u>** hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred and evidenced in writing by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 1<sup>1</sup>⁄<sub>2</sub> % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on **<u>Exhibit A</u>** hereto (as amended from time to time)

**ARTICLE VIII** 

**REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding

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obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its certificate of trust, <u>Declaration and</u> <u>Agreement of Trust</u> or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a "U.S. Bank" as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all
requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX** 

**CONCERNING THE CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care, no less than a nationally recognized custodian exercises with respect to comparable assets that it manages for itself and for others in accordance with its existing practices and procedures relating to assets of the nature and character of the assets to be held by the Fund, in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating

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to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-SAR, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

**ARTICLE X** 

**INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims,

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demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub- Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's trustees, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail to promptly repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive
damages under any provision of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the indemnification provisions contained in this Article shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to
indemnify the indemnitee except with the indemnitor's prior written consent.

**ARTICLE XI** 

**FORCE MAJEURE** 

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i)

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after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law and regulation; or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. The Fund agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

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**ARTICLE XIII** 

**EFFECTIVE PERIOD; TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years, which may be extended by notice to the Custodian by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the initial term, this Agreement shall automatically renew for successive one (1) year terms
unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to
one or more Funds) upon giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the
continued service of the Fund would cause the Custodian or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, provided that in
such event the Custodian shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition the Fund to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated by any party upon the breach of the other party of any material term of this
Agreement if such breach is not cured within 30 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a
conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Fund elect to terminate this Agreement to the end of the then current term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement up to a maximum of 12 month, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect following the liquidation of the Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) through c) above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice from the of acceptance by the successor custodian, on such specified date of termination (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 Fund 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 Fund at the successor custodian, provided that the Fund 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 Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV** 

**CLASS ACTIONS** 

The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

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However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund.

**ARTICLE XV** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Trustee's oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if the investment strategy of any Fund materially changes or deviates from the investment strategy that causes the Fund to file an amended prospectus with the SEC, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Fund or the services provided under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 Governing Law.

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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association Lunken Operations Center

CN-OH-L2GL

5056 Wooster Road,

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services Fax: 844.206.1025

Email: <u>Trust.-.Fund.Custody.Conversion.Team@usbank.com</u>

and notice to the Fund shall be sent to:

TCW Steel City Senior Lending, BDC

c/o TCW Asset Management Company LLC 515 S. Flower Street

Los Angeles, CA 90071

Attn: Andrew Kim, Managing Director

Email: <u>andrew.kim@TCW.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

(**signatures on the following page)**

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| |
|:---|
| **TCW STEEL CITY SENIOR LENDING, BDC** |
| By: |
| Name: |
| Title:<u> </u> |
| Date:<u> </u> |
| **U.S. BANK NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title:<u> </u> |
| Date:<u> </u> |

---

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**List of Data Elements for Loan Trade Confirmation** 

**Trade Date** 

**Issuer Description** 

**Investment Description** 

**CUSIP/Investment ID** 

**Maturity Date** 

**Coupon Rate** 

**Currency** 

**Quantity** 

**Price** 

**Trade Fees** 

**Accrued Interest** 

**Broker** 

**Comments** 

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**<u>EXHIBIT A</u>**

**Custodian Compensation** 

Securities Custody Services Fee Schedule at

• Alternative Investment Processing

• Trade Coordination

• Transaction Activity

• Corporate Actions

• Global Account Services

• Global Trade Services

● Global Settlement

*Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio\** 

0.5 basis points

Minimum annual fee per fund – $24,000

Plus portfolio transaction fees

*Services* 

• Re-registration and registration of existing and new hedge fund positions

• Trade processing and reporting of hedge fund positions

• Holdings reporting of hedge fund positions

● Provision for Bank Accounts

Portfolio Transaction Fees

• $4.00 – Book entry DTC transaction, Federal Reserve transaction, principal paydown

• $7.00 – US Bank Repo agreement, reverse repurchase agreement, time deposit, CD or other non-depository transaction

• $8.00 – Option/SWAPS/future contract written, exercised or expired

• $15.00 – Mutual fund trade, Margin Variation Wire and outbound Fed wire

• $50.00 – Physical security transaction

● $5.00 – Check disbursement (waived if U.S. Bank is Administrator)

Note: A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

*Miscellaneous Expenses* 

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

*Additional Services* 

• Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

• $600 per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

• Class Action Services – $25 filing fee per class action per account, plus 2% of gross proceeds, up to a
maximum per recovery not to exceed $2,000.

● No charge for the initial conversion free receipt.

• Overdrafts – charged to the account at prime interest rate plus 2%, unless a line of credit is in place

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules, and reporting requirements).

Fees are calculated pro rata and billed monthly

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**<u>EXHIBIT B</u>**

**AUTHORIZED PERSONS** 

Set forth below are the names and specimen signatures of the persons authorized by the Fund to administer the Fund Custody Accounts.

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| | | |
|:---|:---|:---|
| **Name** | **Telephone/Fax Number** | **Signature** |

---

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**<u>EXHIBIT C</u>**

**Shareholder Communications Act Authorization** 

&nbsp;&nbsp;&nbsp;**NAME OF FUND**: TCW STEEL CITY SENIOR LENDING, BDC

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all securities U.S. Bank holds for you now and in the future, unless you change your mind and notify us in writing.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes<br>companies whose | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bank is authorized to provide my name, address and security position to requesting stock is owned by me. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | U.S. Bank is NOT authorized to provide my name, address and security position to requesting companies whose stock is owned by me. |

---

Signature:

Date:

## Ex-99.(10)(5)

**INDEMNIFICATION AGREEMENT** 

This INDEMNIFICATION AGREEMENT (the "**Agreement**") is made as of the date set forth on the signature page by and between TCW STEEL CITY SENIOR LENDING BDC , a Delaware statutory trust (the "**Company**"), and the trustee of the Company whose name is set forth on the signature page (the "**Director**").

WHEREAS, the Director is a director of the Company, and the Company wishes the Director to continue to serve in that capacity; and

WHEREAS, the Company's Declaration of Trust, as amended (the "**Trust Agreement**"), and applicable laws permit the Company to contractually obligate itself to indemnify the Director to the fullest extent permitted by law;

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual agreements set forth herein, the parties hereby agree as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Board**" shall mean the board of trustees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Cause**" shall mean either (i) a final judicial determination by a court of competent jurisdiction that the Director has committed any action relating to the performance of his or her duties under the Trust Agreement that constitutes gross negligence, fraud or willful misconduct, or (ii) that the Director has been indicted or convicted in a court of competent jurisdiction of (A) a crime involving fraud or moral turpitude; (B) an intentional or material violation of applicable securities or regulatory laws; or (C) a felony relating to the performance of his or her duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Change in Control**" shall mean that during any period of two consecutive years (or less), a majority of the existing members of the Board at the commencement of that period cease, for any reason, to constitute at least a majority of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Disabling Conduct**" shall be as defined in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Expenses**" shall mean all costs, disbursements or expenses of the type customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or acting as a witness in a Proceeding, including without limitation all judgments, penalties, fines, amounts paid or to be paid in settlement, ERISA excise taxes, liabilities, losses, interest, expenses of investigation, attorneys' fees, retainers, court costs, transcript costs, fees of experts and witnesses, expenses of preparing for and attending depositions and other proceedings, travel expenses, duplicating costs, printing and binding costs, computerized legal research costs, telephone charges, postage, and delivery service fees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Final Decision**" or "**Final Judgment**" shall mean a final adjudication by court order or judgment of the court or other body before which a matter is pending, from which no further right of appeal or review exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Independent Counsel**" shall mean a law firm, or a member of a law firm, that is experienced in matters of investment company law and neither at the time of designation is, nor in the five years immediately preceding such designation was, retained to represent (A) the Company or the Director in any matter material to either, or (B) any other party to the Proceeding giving rise to a claim for indemnification or advancements hereunder. Notwithstanding the foregoing, however, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest at the time of designation in representing either the Company or the Director in an action to determine the Director's rights pursuant to this Agreement, regardless of when the Director's act or failure to act occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Independent Director**" shall mean a director of the Company who is neither an "interested person" of the Company as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, nor a party to the Proceeding with respect to which indemnification or advances are sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "**Proceeding**" shall mean a legal proceeding, including without limitation any threatened, pending or completed claim, demand, threat, discovery request, request for testimony or information, action, suit, arbitration, alternative dispute resolution mechanism, investigation, or hearing, and any appeal from any of the foregoing, whether civil, criminal, administrative or investigative, whether formally or informally initiated, and shall also include any proceeding brought by the Director against the Company if, but only if, the Director is the prevailing party in such proceeding against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Director's "**service to the Company**" shall mean the Director's service as a director, officer, employee, agent or representative of the Company, including without limitation his or her service at the request of the Company as a director, officer, employee, agent or representative of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Indemnification**. The Company shall indemnify and hold harmless the Director against any Expenses actually and reasonably incurred by the Director in any Proceeding arising out of or in connection with the Director's service to the Company, to the maximum extent permitted by the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, as now or hereafter in force, subject to the conditions set forth in subparagraphs (a) through (d) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Disabling Conduct**. The Director shall be indemnified pursuant to this Section 2 against any Expenses reasonably incurred unless the Director incurred such Expenses by reason of the Director's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office as defined in Section 17(h) of the Investment Company Act of 1940, as amended ("**Disabling Conduct**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditions to Indemnification**. The Director shall be indemnified pursuant to this Section 2 if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 court or other body before which the Proceeding is brought shall have rendered a Final Decision on the merits, finding that the Director is not liable, has not engaged in Disabling Conduct, and/or is entitled to indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Proceeding against the Director shall have been dismissed for insufficiency of evidence of any Disabling Conduct with which the Director has been charged; 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;(iii) in the absence of such a Final Decision, dismissal or withdrawal, a determination shall have been made that the Director has not engaged in Disabling Conduct: (i) by the court or other body approving the settlement or other disposition of the Proceeding; or (ii) based upon a review of the available facts with respect to the Proceeding, by either the vote of a majority of a quorum of Independent Directors or by Independent Counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Other Restrictions**. The Director shall not be indemnified and held harmless pursuant to this Section 2 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Director is seeking indemnification for Expenses in connection with acts that have formed the basis for such Director's removal for Cause from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a Final Judgment has been entered that the Director's act or omission was material to the matter giving rise to the Proceeding and was committed in bad faith or was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a Final Judgment has been entered that the Director actually received an improper personal benefit in money, property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of a criminal Proceeding, a Final Judgment has been entered that the Director had reasonable cause to believe his or her conduct was unlawful; 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;(v) if the Proceeding is an action by or in the right of the Company, the Director is adjudged liable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Conditions to 1933 Act Indemnification**. In addition to the conditions set forth in subparagraphs (b) and (c), during any period in which an undertaking by the Company pursuant to Rule 484 under the Securities Act of 1933, as amended, is effective, the Director shall be indemnified pursuant to this Section 2 with respect to liabilities arising under the Securities Act of 1933, as amended, only if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 indemnification request is made in connection with the successful defense of an action against the Director; 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;(ii) in the opinion of Independent Counsel the question whether such indemnification is against public policy as expressed in such Act has been settled by controlling precedent; or if Independent Counsel is unable to provide such an opinion, Independent Counsel has submitted to a court of appropriate jurisdiction on behalf of the Company the question

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whether such indemnification is against public policy and a Final Decision has been rendered with respect to such submission that such indemnification is not against public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Advancement of Expenses**. The Company shall promptly advance funds to the Director to cover any and all Expenses the Director reasonably incurs with respect to any Proceeding arising out of or in connection with the Director's service to the Company, to the fullest extent permitted by the laws of the State of Delaware and the Investment Company Act of 1940, as amended, as such statutes are now or hereafter in force, subject to the provisions of subparagraphs (a) and (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Affirmation of Conduct and Undertaking**. A request by the Director for advancement of funds pursuant to this Section 3 shall be accompanied by (i) the Director's written affirmation of his or her good faith belief that he or she met the standard of conduct necessary for indemnification, and (ii) a written undertaking by or on behalf of the Director to repay such advancements upon the occurrence of any of the events barring indemnification set forth in Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditions to Advancement**. Funds shall be advanced to the Director pursuant to this Section 3 if: (1) the Company is insured against losses arising by reason of any such lawful advancements to the Director; (2) a determination is made by the vote of a majority of a quorum of Independent Directors, or by Independent Counsel in a written opinion, based on a review of the readily available facts then known (as opposed to a full trial-type inquiry), that there is reason to believe that the Director ultimately will be found to be entitled to indemnification pursuant to Section 2; or (3) in the absence of insurance or such a determination by the Independent Directors or Independent Counsel, such undertaking as required by subparagraph 3(a) above is secured by a surety bond or other appropriate security provided by the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Procedure for Determination of Entitlement to Indemnification and Advancements**. The procedures set forth in this Section shall govern determinations regarding advancements of Expenses and indemnifications. A request by the Director for indemnification or advancement of Expenses shall be made in writing, and shall be accompanied by such relevant documentation and information as is reasonably available to the Director. The Secretary of the Company shall promptly advise the Board of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Rebuttable Presumption**. In any determination by the Independent Directors or Independent Counsel, the Director shall be afforded a rebuttable presumption that the Director did not engage in Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cooperation**. The Director shall cooperate with the person or persons making a determination, including without limitation providing to such persons upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and is reasonably available to the Director and reasonably necessary to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Methods of Determination**. Except as specified in subparagraph 2(d)(ii), upon the Director's request for indemnification or advancement of Expenses, a determination with respect to the Director's entitlement thereto shall be made: (i) if there has been no Change in

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Control, by a quorum of the Board consisting of Independent Directors, or (if such a quorum is not obtainable or such Independent Directors so direct) by Independent Counsel, or (ii) if there has been a Change in Control, by Independent Counsel; **provided**, **however**, **that** the Director shall have the right, in his or her sole discretion, to request that the determination be made by Independent Counsel; and **provided**, **further**, **that** in any event that with regard to advancements no such determination shall be necessary if (x) the Company shall have received written confirmation in reasonably acceptable form that the Company is insured against all such losses arising by reason of any lawful advancements and that the insurer will pay all the Expenses of the Director in a reasonably prompt manner, or (y) the Director has provided an adequate security interest in addition to his affirmation and undertaking to repay (as required by subparagraph 3(a) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Independent Counsel**. If the determination of entitlement to indemnification or advancement of Expenses is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to the Director advising the Director of the identity of the Independent Counsel selected. The Director may, within five days after receipt of such written notice, deliver to the Company a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirement of independence set forth in the definition of Independent Counsel in Section 1, and shall set forth with particularity the factual basis of such assertion. Upon receipt of such objection, the Board shall select another Independent Counsel, subject to a similar right of objection.

If within fourteen days after submission by the Director of a written request for indemnification or advancement of Expenses no such Independent Counsel shall have been selected by the Board (whether or not an objection by the Director is the cause of the delay), then either the Company or the Director may petition a court of competent jurisdiction in California for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel.

The Company shall pay all reasonable fees and Expenses charged or incurred by Independent Counsel in connection with his or her determinations pursuant to this Agreement, and shall pay all reasonable fees and Expenses incident to the procedures described in this paragraph, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Failure to Make Timely Determination**. If the person or persons empowered or selected under subparagraphs (c) or (d) to determine whether the Director is entitled to indemnification or advancement of Expenses shall not have made such determination within sixty days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Director shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Director of a material fact, or an intentional omission of a material fact necessary to make the Director's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, or (ii) a prohibition of such indemnification or advancements under applicable law; **provided**, **however**, **that** such period may be extended for a reasonable period of time, not to exceed an additional thirty days, if the person

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or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Payment Upon Determination of Entitlement**. If a determination is made pursuant to Sections 2, 3, and 4 (c) through (e) above that the Director is entitled to indemnification or advancement of Expenses, payment of any indemnification amounts or advancements owing to the Director shall be made within ten days after such determination (and, in the case of advancements of further Expenses, within ten days after submission of supporting information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **General Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Indemnification if Otherwise Reimbursed**. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Director has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Alteration of Rights**. No amendment of the Trust Agreement shall limit or eliminate the right of the Director to indemnification and advancement of Expenses set forth in this Agreement. Moreover, unless contrary to applicable law, the procedures set forth in Sections 2 through 5 of this Agreement shall be the exclusive means by which the parties' rights and obligations with regard to indemnification and advancement of Expenses shall be determined, regardless of whether those rights and obligations arise by operation of law, the Trust Agreement or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Selection of Counsel**. The Company shall be entitled to assume the defense of any Proceeding for which the Director seeks indemnification or advancement of Expenses under this Agreement. However, a Director may request separate counsel if he or she so elects. Counsel selected by the Director shall conduct the defense of the Director to the extent reasonably determined by such counsel to be necessary to protect the interests of the Director, and the Company shall indemnify the Director therefor to the extent otherwise permitted under this Agreement, if the Director reasonably determines that there may be a conflict in the Proceeding between the positions of the Director and the positions of the Company or the other parties to the Proceeding that are indemnified by the Company and not represented by separate counsel, or the Director otherwise reasonably concludes that representation of both the Director, the Company and such other parties by the same counsel would not be appropriate. If the Company shall not have elected to assume the defense of any such Proceeding for the Director within thirty days after receiving written notice thereof from the Director, the Company shall be deemed to have waived any right it might otherwise have to assume such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **D&O Insurance**. For a period of six years after the Director has ceased to provide services to the Company, the Company shall purchase and maintain in effect one or more policies of insurance on behalf of the Director which collectively provide limits of coverage for claims made against the Director in the event of the insolvency of the Company which are consistent with the limits of coverage available for that Director in such circumstances when he or she ended service as a Director, unless (1) such insurance is not reasonably available, or (2) the limits of coverage which the Director had upon the termination of his service as a Director of the Company is in excess of that provided to any of the current Directors of the Company and the

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current Board provides coverage to the Director at least equal to the highest limit available to those current Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Subrogation**. In the event of any payment by the Company pursuant to this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Director, who shall, upon reasonable written request by the Company and at the Company's expense, execute all such documents and take all such reasonable actions as are necessary to enable the Company to enforce such rights. Nothing in this Agreement shall be deemed to diminish or otherwise restrict the right of the Company or the Director to proceed or collect against any insurers and to give such insurers any rights against the Company under or with respect to this Agreement, including without limitation any right to be subrogated to the Director's rights hereunder, unless otherwise expressly agreed to by the Company in writing, and the obligation of such insurers to the Company and the Director shall not be deemed to be reduced or impaired in any respect by virtue of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Notice of Proceedings**. The Director shall promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document commencing any Proceeding which may be subject to indemnification or advancement of expense pursuant to this Agreement, but no delay in providing such notice shall in any way limit or affect the Director's rights or the Company's obligations under this Agreement, except to the extent that the rights of the Company are materially adversely affected by such delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Notices**. All notices, requests, demands and other communications to a party pursuant to this Agreement shall be in writing, addressed to such party (and/or designated representative) at the address(es) specified on the signature page of this Agreement (or such other address as may have been furnished by such party by notice in accordance with this paragraph), and shall be deemed to have been duly given when delivered personally (with a written receipt signed by the addressee or its/his/her representative) or two days after being sent (1) by certified or registered mail, postage prepaid, return receipt requested, or (2) by nationally recognized overnight courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Severability**. If any provision of this Agreement shall be held to be invalid, illegal, or unenforceable, in whole or in part, for any reason whatsoever, (1) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any provision that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (2) to the fullest extent possible, the remaining provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Modification and Waiver**. This Agreement supersedes any existing or prior agreement between the Company and the Director pertaining to the subject matter of indemnification, advancement of Expenses and insurance and any such prior written or oral agreement shall be of no further force or effect. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both parties or their respective successors or legal representatives. Any waiver by either party of any breach by the other party of any provision contained in this Agreement to be performed by the other party must be in writing

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and signed by the waiving party or such party's successor or legal representative, and no such waiver shall be deemed a waiver of similar or other provisions at the same or any prior or subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Headings**. The headings of the Sections of this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be an original, and all of which when taken together shall constitute one document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Applicable Law**. This Agreement shall be governed by and construed and enforce in accordance with the laws of the state of Delaware without reference to principles of conflict of laws of the State of Delaware.

[*The remainder of this page has been left intentionally blank. The signature pages follow.*]

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth below.

Dated: , 2025

---

| | |
|:---|:---|
| TCW STEEL CITY SENIOR LENDING BDC , a Delaware statutory trust | TCW STEEL CITY SENIOR LENDING BDC , a Delaware statutory trust |
| By: |  |
|  | Name: [ ] |
|  | Title: [ ] |
| Address for notices: | Address for notices: |
| TCW Asset Management Company LLC<br> 515 South Flower Street | TCW Asset Management Company LLC<br> 515 South Flower Street |
| Los Angeles, CA 90071 | Los Angeles, CA 90071 |
| Attention: General Counsel | Attention: General Counsel |

---

[*Signature page to Indemnification Agreement*]

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Dated: , 2025

TRUSTEE (REFERRED TO HEREIN AS "DIRECTOR"):

Address for notices:<br>

[*Signature page to Indemnification Agreement*]

## Ex-99.(10)(6)

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS AGREEMENT** is made and entered into as of this [1<sup>st</sup> October 2025] (the "Effective Date"), by and among **TCW STEEL CITY SENIOR LENDING BDC**, a Delaware statutory trust (the **"Fund"**), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company **("Fund Services")**.

WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act");

WHEREAS, the Fund is authorized to offer and sell common shares in the Fund (collectively, the "Shares");

WHEREAS, Fund Services is, among other things, in the business of administering transfer agent and dividend disbursing functions for the benefit of its customers; and

WHEREAS, the Fund desires to retain Fund Services to provide transfer agent and dividend distribution agent services.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of Fund Services as Transfer Agent** 

The Fund hereby appoints Fund Services as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2.** **Services and Duties of Fund Services** 

Fund Services shall provide the following transfer agent services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act
and other applicable regulations, and as specified in the Fund's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process subscription agreements received from prospective holders of Shares (such holder of Shares,
"Shareholders").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the
Fund's custodian(s), and issue and record the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Arrange for issuance of Shares obtained through transfers of funds from Shareholders' accounts at
financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Process tender offers and related repurchase requests received in good order and, where relevant, deliver
appropriate documentation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming
Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Process transfers of Shares in accordance with the Shareholder's instructions and as permitted by the
Fund's registration statement and other operative documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be
withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Make changes to Shareholder records, including, but not limited to, address changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Prepare ad-hoc reports as necessary at prevailing rates; provided
however any such ad-hoc reporting exceeding $500 in cost to be explicitly approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and
statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) As requested, mail account statements and performance reports in a form approved by the Fund to Shareholders on
a monthly basis and shareholder reports on annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) In consultation with the Fund, prepare and file U.S. Treasury Department Forms 1099 and Forms 1042 and other
appropriate information required with respect to dividends, distributions and repurchases for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) As requested, answer correspondence from shareholders, securities brokers and others relating to Fund
Services' duties hereunder within required time periods established by applicable regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) As requested, provide service and support to financial intermediaries including but not limited to trade
placements, settlements and corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") or any rules or regulations
promulgated by the U.S. Securities and Exchange Commission ("SEC") thereunder, provided the same shall not be deemed to change Fund Services' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, Fund Services will provide the Fund's Chief Compliance Officer with reasonable access to Fund Services' Fund records relating to the services provided by it under this
Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the 1940 Act) involving Fund Services that affect or could affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Mail and/or obtain shareholders' certifications under penalties of perjury and pay on a timely basis to
the appropriate federal or state authorities any taxes to be withheld on dividends and distributions paid by the Fund, all as required by applicable federal and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Record the issuance of shares of the Fund and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a record of the total number of shares of each Fund which are authorized, issued and outstanding.

**3.** **Lost Shareholder Due Diligence Searches and Servicing** 

The Fund hereby acknowledges that Fund Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit A</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder's representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder's assets escheat to the applicable state. The Fund hereby acknowledges that Fund Services is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder's assets as compensation for its efforts in locating the lost shareholder. Fund Services shall report, or arrange to have reported, to the Fund shareholder account information where such accounts or funds have been turned over to applicable state authorities.

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**4.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs** 

The Fund acknowledges that it had an opportunity to review and consider the written procedures provided by Fund Services describing various processes used by Fund Services which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Fund has determined that the Procedures, as part of the Fund's overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations thereunder (together "AML Rules").

Based on this determination, the Fund hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the Fund's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by Fund Services and any such amended Procedures will be provided to the Fund prior to their implementation. Should the Fund desire that Fund Services perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

The Fund acknowledges and agrees that although it is directing Fund Services to implement the Procedures on its behalf, Fund Services is implementing the Procedures as a service provider to the Fund and the Fund is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

The Fund further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Fund. The Fund has had the opportunity to discuss the Procedures with Fund Services, and the Fund understands and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, Fund Services shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub- accounts through the Fund/SERV system operated by the National Securities Clearing Fund) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Fund and the intermediary.

The Fund hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services' implementation of the Procedures, on behalf of

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the Fund, as they may request, and (ii) permit such federal regulators to inspect Fund Services' implementation of the Procedures on behalf of the Fund.

**5.** **Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time by consent of both parties to this agreement). Fund Services shall be compensated for such miscellaneous expenses as are reasonably incurred by Fund Services in performing its duties hereunder and as are described in <u>Exhibit A</u> hereto. In the event that any additional requirements are imposed upon Fund Services hereunder due to the adoption of any new or amended industry, regulatory or other applicable rules, the parties shall, acting in good faith, mutually agree upon any additional compensation in respect thereof. The Fund shall pay all such fees and reimbursable expenses within (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify Fund Services in writing within (30) calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1<sup>1</sup>⁄<sub>2</sub>% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to Fund Services shall only be paid out of assets and property of the Fund.

**6.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund is duly organized and existing under the laws of the jurisdiction of its organization, with full power
to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or

------

affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all
requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) It is a registered transfer agent under the Exchange Act.

**7.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund
Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication
or power supplies beyond Fund Services' control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence, or willful misconduct in
the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold
harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur or that may be
asserted against Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, (ii) in reliance upon any written or oral
instruction provided to Fund Services by

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the Fund's investment adviser or by any duly authorized officer of the Fund, as approved by the Fund's board of trustees (the "Board of Trustees"), except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and employees. Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's trustees, officers and employees.

Subject to each party's indemnification obligations with respect to third party claims (as described above), neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts Fund Services' services under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect Fund Services' premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A "material administrative error" means any error which the Fund's management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

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Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify
the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the
termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein
shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

**8.** **Data Necessary to Perform Services** 

The Fund or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.

**9.** **Proprietary and Confidential Information** 

Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings

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for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund; provided, however, that in the case of (i) and (ii) above, Fund Services shall reasonably cooperate with the Fund in its efforts to maintain the confidentiality of any such information. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Further, Fund Services will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information, "Personal Information"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the "Information Security Program"). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "Security Breach"). Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach.

In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund or any of their affiliates' regulators at Fund Services expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph 9 shall survive termination of this Agreement.

Fund Services will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Transfer Agent acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to

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its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports. Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund's shareholders to any third party unless specifically directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.

**10.** **Records** 

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund's disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Transfer Agent and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund's internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).

**11.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but
not limited to compliance with the Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration statement. Fund
Services' services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. Further the Fund agrees that it complies with any and all applicable local, state,
federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by Fund Services. Fund Services' functions hereunder
shall not relieve the Fund of their primary day-to-day responsibility for assuring such compliance.

The foregoing shall not affect Fund Services' responsibilities for compliance and related matters delegated to Fund Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended
("GDPR") or the Cayman Islands Data Protection Law, 2017, as amended ("DPL"), are applicable to Fund Services and the Fund the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The parties agree Fund Services is a "Data Processor" under GDPR and DPL, as applicable, in the
performance of its services under this the Agreement. Notwithstanding the foregoing, the parties agree USBFS is a "Data Controller" under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Fund shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in
place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by Fund Services, the transfer of Personal Data to Fund Services, and the transfer of Personal Data by Fund Services to third countries or regulatory
organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The parties further agree the Fund is a "Data Controller" under GDPR and DPL, as applicable. The
Fund, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Fund Services shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant to
this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging Fund Services' obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or
regulator (each a "Processing Order") to which Fund Services is subject. In the event Fund Services receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably
practicable under the circumstances, notify the Fund prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Fund is solely responsible for developing and implementing its internal policies and procedures with
respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Fund Services shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to
those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. implement appropriate technical and organizational measures to protect Personal Data including against
unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. only appoint sub-processors with the prior written consent of the Fund
(standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient

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guarantees in writing to Fund Services that they have implemented appropriate technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<sup><u>1</u></sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. beyond the initial appointment, inform the Fund of any intended material changes concerning the addition or
replacement of sub- processors, thereby giving the Fund the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. taking into account the nature of the processing, reasonably assist the Fund by appropriate technical and
organizational measures, insofar as possible, to enable the Fund to comply with its obligation to respond to requests for exercising a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. provide reasonable assistance to the Fund in ensuring their compliance with obligations regarding Personal Data
breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to Fund Services, and inform the Fund of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of the
provision of services under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. make available to the Fund all information reasonably necessary to demonstrate compliance with GDPR or DPL, as
applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Fund or its auditor; and immediately inform the Fund if, in its opinion, the Fund's instructions regarding this subsection infringes on
GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation
to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws.

**12.** **Term of Agreement; Amendment** 

This Agreement shall become effective as of the Effective Date and will continue in effect for a period of three (3) years, as may be extended. Following the initial term, this Agreement shall automatically renew for successive one year terms. This Agreement may be terminated by either party upon giving ninety (90) days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. For the

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avoidance of doubt, Fund Services' affiliates and third party software providers will be used as sub- processors under this Agreement, and the Fund hereby authorizes such use. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Fund, and authorized or approved by the Board of Trustees.

**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Fund by written notice to Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund 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, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund.

**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Trustees.

**15.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Act or any rule or order of the SEC thereunder.

**16.** **Services not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

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**17.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**18.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**19.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue

Milwaukee, WI 53202

Attn: GFS Contracts

Email: <u>GFSContracts@usbank.com</u>

and notice to the Fund shall be sent to:

TCW Steel City Senior Lending, BDC

515 S. Flower Street

Los Angeles, CA 90071

Attention: Andrew Kim, Managing Director, Private Credit Group

Email: <u>Andrew.kim@tcw.com</u>

**20.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

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**21.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

**[Signature Page Follows]** 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| |
|:---|
| **U.S. BANCORP FUND SERVICES, LLC** |
| By: |
| Name: |
| Title:<u> </u> |
| Date:<u> </u> |
| **TCW STEEL CITY SENIOR LENDING BDC** |
| By: |
| Name: |
| Title:<u> </u> |
| Date:<u> </u> |

---

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**Exhibit A to the Transfer Agent Servicing Agreement –** 

**Private BDC Phase** 

**Stock Transfer Agency Services Fee Schedule is applicable Private and Interval Funds (Unlisted on an exchange)\*** 

• Base Fee Per Fund $20,000 /year

• Open Accounts $13.00 /open account

• Closed Accounts $3.00/ closed account

**Annual Service Charges to the Fund (Listed on an exchange)** 

• Base Fee Per Fund (Annual Distributions) $20,000 /year

• Base Fee Per Fund (Monthly/Quarterly Distributions) $25,000 /year

• Open Accounts $13.00 /open account

• Closed Accounts $3.00/ closed account

**Out-Of-Pocket Expenses** 

Including but not limited to brokerage fees, telephone toll-free lines, inbound calls, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor confirms, tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail processing, travel, FATCA and other compliance mailings.

## Ex-99.(10)(7)

*Debevoise Draft – September 2, 2025* 

**<u> </u>** 

**[Document *#*]** 

**(for TCW use only)** 

**<u>TCW STEEL CITY SENIOR LENDING BDC</u>**

**<u>SUBSCRIPTION AGREEMENT<sup>1</sup></u>**

**<u>For Institutional Subscribers / Corporate Entities</u>**

**Full Name of Subscriber:<u> </u>** 

**Requested Capital Commitment: $** 

---

| |
|:---|
| &nbsp;&nbsp; ***For TCW Use Only:***<br> ***Status Codes***<br>NFC ☐<br>|
| &nbsp;&nbsp; ☐ VE ☐ EE ☐ TA ☐ N<br>Controlled Shareholder ☐<br>|

---

<sup>1</sup> **NTD**: Sub doc to be updated to align with finalized BDC documents.

Confidential & Trade Secret

- i -

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*Debevoise Draft – September 2, 2025*

<u>Directions for the Completion of the Subscription Documents</u> 

The attached Subscription Agreement (including the Schedules and Annexes attached thereto, the *"****Subscription Documents***") relates to the offering by TCW Steel City Senior Lending BDC (the "***Company***") to you (the "***Subscriber***") of Class I common shares of beneficial interest, par value $[•] per share ("***Class I Shares***") in 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 or signatures are provided. Subscribers may be required to furnish other or additional documentation evidencing the authority to invest in the Company. In addition, the Company may require additional information in order to verify the Subscriber's "accredited investor" status, and other representations made in the Subscription Agreement.

PLEASE TYPE OR USE LEGIBLE BLOCK CAPITALS WHEN COMPLETING THE SUBSCRIPTION DOCUMENTS.

1.  **<u>Instructions</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Fill in the name of the Subscriber and the requested capital commitment on the cover page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. All Subscribers must complete the enclosed Subscriber Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Fill in the name of the Subscriber and the date (print name and title of authorized signatory) of the
Subscription Agreement and sign in the blank provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. Carefully review the Electronic Communication and Signature Authorization (Annex III).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. If you are an existing Shareholder and you wish to increase your capital commitment, please complete the
Additional Commitment Form (Annex V).

2.  **<u>Required IRS Certifications – For all Subscribers</u>** . Fill in, sign (print name and title
of authorized signatory, if applicable) and date an IRS Form W-9 if you are a Subscriber that is a "United States person" (as defined in the Internal Revenue Code of 1986, as amended (the
"  ***Code*** ")) (a "  ***U.S. Subscriber*** "). If you are a Subscriber that is not a "United States person" (as defined in the Code) (a "  ***Foreign Subscriber*** "), please provide
a signed and completed appropriate Form W-8.

3. If the Advisor accepts your subscription (in whole or in part), the Advisor will countersign the
Subscription Agreement and deliver a copy of it to you at the address you provide in the Subscription Documents.

Please note that the attached Subscription Documents contain a power of attorney which enables the Advisor to execute documents relating to the Subscriber's investments in the Company on behalf of the Subscriber.

Confidential & Trade Secret

- ii -

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*Debevoise Draft – September 2, 2025*

4.  **<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 should be directed to the Advisor at (213) 244-0020, e-mail: PrivateFunds@tcw.com.

**Please type or print all information you supply.** 

**THE ADVISOR, IN ITS SOLE AND ABSOLUTE DISCRETION, MAY ACCEPT OR REJECT ANY SUBSCRIPTION (WHICH INCLUDES THE CAPITAL COMMITMENT APPLIED FOR BY THE UNDERSIGNED AND SET FORTH ON THE SIGNATURE PAGE HERETO) IN WHOLE OR IN PART.** 

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**TCW STEEL CITY SENIOR LENDING BDC** 

**(a Delaware statutory trust)** 

**SUBSCRIPTION AGREEMENT** 

TCW Steel City Senior Lending BDC

c/o TCW PT Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Ladies and Gentlemen:

This subscription agreement (with Schedules and Annexes hereto, the "***Subscription Agreement***") is made by and among TCW Steel City Senior Lending BDC, a Delaware statutory trust (the "***Company***"), TCW PT Management Company LLC, a Delaware limited liability company, the investment advisor of the Company (the "***Advisor***"), and the undersigned subscriber (in the case of a subscription for the account of a trust or other entity, such term shall refer to the trustee, fiduciary or representative making the investment decision and executing this Subscription Agreement, or the trust or other entity, or both, as appropriate) (the "***Subscriber***") who is hereby applying to become a shareholder of the Company (a "***Shareholder***"), on the terms and conditions set forth in this Subscription Agreement, the Company's Bylaws (as amended from time to time, the "***Bylaws***"), the Company's Declaration and Agreement of Trust (as amended from time to time, the "***Trust Agreement***") and in the Company's registration statement on Form 10 (as may be amended, the "***Registration Statement***" and, together with the Bylaws and Trust Agreement, the "***Company Documents***"). Capitalized terms used but not defined in this Subscription Agreement have the meanings assigned to them in the Company Documents, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription and Capital Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms hereof and in reliance upon the representations and warranties of the Subscriber contained herein, (i) the Company agrees to sell to the Subscriber and, to the fullest extent permitted by law, the Subscriber irrevocably offers to subscribe for and agrees to purchase Class I common shares of beneficial interest, par value $[•] per share ("***Class I Shares***") in the Company through periodic calls of all or a portion of the capital amounts of the Subscriber's aggregated capital commitments (the "***Capital Commitment***") for the total commitment amount indicated on the signature page of this Subscription Agreement (or such lesser amount that is accepted by the Advisor), which shall become contractually binding upon acceptance by the Advisor, in its sole discretion, (ii) the Subscriber agrees to become a Shareholder and to be bound by the terms and provisions of the Company Documents in the final form provided to the Subscriber and this Subscription Agreement, and (iii) the Subscriber and the Advisor agree that the Subscriber shall be admitted as a Shareholder, in each case on the Closing Date (as defined below). Subject to the terms hereof and of the Company Documents, the Subscriber's obligation to make capital contributions hereunder shall be unconditional, complete and binding upon the Closing Date (as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Advisor gives notice to the Subscriber that this subscription is rejected in full, this Subscription Agreement shall thereafter have no force or effect except as set forth in this Section 1(b) and in Section 6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The closing of the sale to the Subscriber, and the subscription for and agreement to purchase by the Subscriber, Class I Shares as provided for in Section 1(a), and the admission of the Subscriber as a Shareholder, shall take place via electronic transmission on the date that the Subscriber's Capital Commitment has been accepted in whole or in part by the Advisor in respect of the Company (the date of such acceptance, which shall be indicated on the signature page hereto, being hereinafter referred to as the "***Closing Date***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subsequent Commitments</u>. The Company may, in its sole discretion, permit one or more investors to make additional Capital Commitments ("***Subsequent Commitments***") after accepting an initial Capital Commitment from such Subscriber. New investors that make a Subsequent Commitment, or existing shareholders of the Company that increase their Capital Commitment prior to the time at which the Company's share repurchase program commences (each, an "***Additional Shareholder***") will be required to make subsequent purchases of Class I Shares (each, a "***Catch-up Purchase****"*) on a date (or dates) (each such date, the "***Catch-up Date***") to be determined by the Company. The aggregate amount of the Catch-up Purchase (the "***Catch-up Purchase Amount***") will be equal to an amount necessary to ensure that, upon payment of the Catch-up Purchase Amount, such Additional Shareholder will have contributed the same percentage of its Capital Commitment to the Company as all Shareholders whose subscriptions were previously accepted. Catch- up Purchases will be made at a per share price equal to the net asset value per share as of the close of the last calendar quarter preceding the date of the Catch-up Purchase, subject to adjustments as set forth below and further adjusted to appropriately reflect such Additional Shareholder's pro rata portion of the Company's initial organizational expenses, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Drawdowns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to drawdowns by the Company, each Subscriber will be required to fund drawdowns to purchase Class I Shares (a "***Drawdown Purchase***") up to the amount of their respective Capital Commitment each time the Company delivers a notice (a "***Drawdown Notice***"). Drawdown Notices will specify (i) the amount of the Drawdown (the "***Drawdown Amount***"); (ii) the portion of the Drawdown Amount to be paid by such Subscriber; (iii) the estimated number of Class I Shares to be purchased by such Subscriber; and (iv) the date (the "***Drawdown Date***") on which such Drawdown Amount is due. On the Drawdown Date, if, in connection with a per share price adjustment described in Section 3(b) below, the number of Class I Shares to be purchased by a Subscriber differs from the amount set forth in the Drawdown Notice, the Company will deliver to the Subscriber an additional notice setting forth the actual number of Class I Shares to be purchased by such Subscriber. Drawdown Notices will be delivered to each Subscriber at least 10 business days prior to the Drawdown Date (or shorter periods if the Advisor determines in good faith that it is necessary or appropriate to facilitate the consummation of a portfolio investment). All purchases pursuant to a Drawdown Notice will generally be made pro rata, in accordance with the remaining Capital Commitments of all Shareholders. To accommodate the legal, tax, regulatory or fiscal concerns of certain prospective investors, the Company may determine to allow certain investors to fully fund their

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Capital Commitment at one point in time, in lieu of sequential drawdowns of the Commitment as described in this Section 3. No Subscriber shall be required to invest more than the total amount of its Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The initial price of Class I Shares is $[•] per share on the initial Drawdown Date. For each subsequent Drawdown Date, the price per share shall equal the Company's net asset value per share as of the close of the last calendar quarter preceding the applicable Drawdown Date, subject to the board of trustees of the Company (the "***Board****"*) or a committee thereof making a determination, no later than 48 hours (excluding Sundays and holidays) prior to the Drawdown Date or the Catch-up Date, as applicable, that the Company is not selling Class I Shares at a price per Class I Share that is below its then-current net asset value per Class I Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Drawdown Amount shall be payable in U.S. Dollars and in immediately available funds. Payment of a Drawdown Amount shall be made on or prior to the applicable Drawdown Date and as promptly as possible after delivery of a Drawdown Notice. The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to its irrevocable and unconditional obligation to pay the Drawdown Amount, without any right of offset, reduction, counterclaim or defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Concurrent with any payment of all or a portion of the amount of a Drawdown Amount, the Company shall issue to the Subscriber a number of Class I Shares equal to (i) the amount of such Drawdown Amount funded by the Subscriber on the applicable Drawdown Date divided by (ii) the price per Class I Share as determined above. For the avoidance of doubt, the Company shall not issue Class I Shares for any portion of the Subscriber's Capital Commitment that has not been paid to the Fund and used to purchase Class I Shares pursuant to one or more Drawdown Notices (the "***Undrawn Capital Commitment***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company retains the right to exclude any Subscriber from purchasing Class I Shares on any Drawdown Date if, in the Company's reasonable discretion, there is a substantial likelihood that such Subscriber's purchase of Class I Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Subscriber, the Company, the Advisor, PNC Steel City Advisors, LLC (the "***Sub-Advisor***", and together with the Advisor, the "***Advisors***"), any other Subscriber or a portfolio company of the Company would be subject, (ii) subject the Company, the Advisors, or any other Subscriber or a portfolio company to any material filing requirement or regulatory requirement or material tax or withholding requirement, (iii) cause the investments of "Benefit Plan Investors" (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("***ERISA***") and certain Department of Labor regulations) to be significant and the Company's assets to be considered "plan assets" for purposes of ERISA or Section 4975 of the Code, or (iv) impair, delay or otherwise have an adverse impact on the Company's ability to make or continue to hold an investment or require the Advisors to modify the terms of an investment in a manner materially adverse to the Company. Accordingly, the Subscriber acknowledges and agrees that the Company may, in its reasonable discretion, from time to time require Drawdown Purchases from other investors and not the Subscriber. Accordingly, Drawdown Notices may be issued to only certain investors and shareholders of the Company (including or excluding the Subscriber) from time to time and require a purchase of Class I Shares by such investors in amounts determined by the Company in its reasonable discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber specifically agrees and consents that the Company may, at any time, without further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement), grant security over and, in connection therewith, Transfer (as defined below) its right to draw down capital from the Subscriber pursuant to this Section 3, the Company's right to receive the Drawdown Purchase (and any related rights of the Company), to lenders or other creditors of the Company, in connection with any indebtedness, guarantee or surety of the Company; provided, that, for the avoidance of doubt, any such grantee's right to draw down capital shall be subject to the limitations on the Company's right to draw down capital pursuant to this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Remedies</u> <u>Upon</u> <u>Drawdown Purchase or Catch-up Purchase Default</u>. In the event that the Subscriber (the "***Defaulting Subscriber***") fails to make a Drawdown Purchase or Catch-up Purchase in a timely manner after receiving a Drawdown Notice or Catch-up Notice, as applicable, and such default remains uncured for five Business Days after receipt of written notice thereof from the Advisor (or such shorter period as determined in the Advisor's reasonable discretion based on statements made by, or notice from, the Subscriber or its representatives) after the applicable Drawdown Date or Catch-up Date, then, in addition to all other legal remedies available to the Company, the Company shall be permitted to pursue one or any combination of the following remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may charge interest on the outstanding unpaid balance of such Drawdown Purchase or Catch-up Purchase which will accrue at the Default Rate (as defined herein), from and including the applicable Drawdown Date or Catch-up Date until the earlier of the date of payment of such Drawdown Purchase or Catch-up Purchase by such Defaulting Subscriber. The "Default Rate" with respect to any period shall be the lesser of (a) a variable rate equal to the prime rate in effect, from time to time, during such period plus 6% or (b) the highest interest rate for such period permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to such Defaulting Subscriber's unfunded Capital Commitment, the Company may elect to (i) admit to the Company an Additional Shareholder to assume all or a portion of the balance of such Defaulting Subscriber's unfunded Capital Commitment on such terms and upon the delivery of such documents as the Advisor shall determine in its sole discretion to be appropriate, or (ii) offer to such non-Defaulting Subscribers as the Advisor shall determine in its sole discretion the opportunity to increase their unfunded Capital Commitments pro rata in accordance with their Capital Commitments (with the right to increase proportionately their respective shares in the event that one or more non-Defaulting Subscribers declines such offer), up to an amount equal in the aggregate to the Defaulted Capital Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company may prohibit the Defaulting Subscriber from purchasing additional Class I Shares on any future Drawdown Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [one-half] of the Class I Shares then held by the Defaulting Subscriber may be automatically forfeited and Transferred on the books of the Company to the other Shareholders in the Company (other than any other Defaulting Subscribers) pro rata in accordance with their respective number of Class I Shares held; provided, that no Class I Shares shall be Transferred to any other subscribers of the Company pursuant to this Section 4(c) in the event that such Transfer would (i) violate the Securities Act, the Investment Company Act of 1940, as amended (the

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"***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 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 Class I Shares); and provided, further, that any Class I Shares that have not been Transferred to one or more other subscribers of the Company pursuant to the previous proviso shall be allocated among the participating subscribers pro rata in accordance with their respective number of Class I Shares held. The mechanism described in this Section 4(c) is intended to operate as a liquidated damage provision since the damage to the Company and the other subscribers of the Company resulting from a default by a Defaulting Subscriber is both significant and not easily susceptible to precise quantification. By entry into this Subscription Agreement, the Subscriber agrees to this Section 4(c) and acknowledges that the automatic Transfer of one-third of its Class I Shares constitutes a reasonable liquidated damages remedy for any default of its obligations to fund a Drawdown Purchase or Catch-up Purchase.

The Company will be authorized to issue additional Drawdown Notices to non-Defaulting Subscribers to make up for any short fall caused by a Defaulting Subscriber's failure to fund any Drawdown Notice, provided that no Subscriber will be obligated to fund more than its then unfunded Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitations on Transfer</u>. The Subscriber may not sell, assign, transfer or otherwise dispose of (a "***Transfer***") its Capital Commitment without the prior written consent of the Advisor, which the Advisor may grant or withhold in its sole discretion. Subscribers may not Transfer Class I Shares unless the Transfer is made in compliance with applicable federal securities laws and the transfer restrictions set forth in <u>Annex VI</u> hereto. The Subscriber further agrees that hedging transactions in the Class I Shares may not be conducted except in compliance with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Subscriber</u>*.* The Subscriber hereby represents and warrants to, and covenants with, the Advisor and the Company as of the date this Subscription Agreement is signed by the Subscriber and as of the Closing Date and on the subsequent dates (as set forth below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber's agreement to subscribe for Class I Shares is being agreed to for its own account, solely for investment and not with a view to resale or distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber acknowledges that the offering and sale of the Class I Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "***Securities Act***") or any applicable state law or the applicable laws of any other jurisdiction, and are being made in reliance upon U.S. federal and state exemptions for transactions not involving a public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber is (i) an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act (an "***Accredited Investor***"). The information relating to the Subscriber set forth in the Subscriber Questionnaire included in the Subscription

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Agreement Annexes and forming a part of this Subscription Agreement is complete and accurate as of the date set forth on the signature page hereof and will be complete and accurate as of the Closing Date applicable to the Subscriber. The Subscriber agrees that it will not take any action that could have an adverse effect on the availability of the exemption from registration provided by Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the Subscriber's agreement to subscribe for Class I Shares, the Subscriber meets all suitability standards imposed on it by applicable law. [The Subscriber further represents and warrants that it is a "qualified client" as defined in Rule 205-3 promulgated under the U.S. Investment Advisers Act of 1940, as amended (the "***Advisers Act***").]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber has carefully read Part 2 of the current Form ADV of the Advisor. The Subscriber has been furnished with, and has carefully read, the copy of the Confidential Private Placement Memorandum of the Company (including the portions thereof entitled "Certain Risk Factors" and "Potential Conflicts of Interest"), together with any supplements or amendments thereto issued through the Closing Date (the "***Memorandum***"), the form of the Company Documents, and this Subscription Agreement (collectively, the "***Informational Documents***") and has been given (during the course of this transaction and a reasonable time prior to the Subscriber's offer to subscribe for and agreement to purchase Class I Shares) the opportunity to ask questions of, and receive answers from, the Advisor or any other Person controlling, controlled by, or under common control with the Company, the Advisor or the Advisor concerning the terms and conditions of the offering of Class I Shares and other matters pertaining to an investment in the Company and has obtained from the Advisor and its representatives any additional information necessary to evaluate the merits and risks of an investment in the Company requested by the Subscriber to verify the accuracy of information furnished to it about the Company. The Subscriber acknowledges that Other Subscribers (as defined below) may have received different information than the Subscriber regarding the Company and the offering of the Class I Shares, including because Other Subscribers may have asked additional questions of, or received different information from the Advisor and their representatives. The Subscriber understands that (i) the Informational Documents do not include a description of the full range of risks associated with the subscription for and purchase of Class I Shares and (ii) neither the Company nor the Advisor makes any representation or warranty as to the accuracy or completeness of the Informational Documents. The Subscriber acknowledges and agrees that: (i) the Company has only recently been formed and has no financial or operating history; (ii) there are substantial risks and conflicts of interests incident to the subscription for and purchase of Class I Shares, as summarized in the Memorandum; (iii) the Advisors or any of their Affiliates shall receive substantial compensation in connection with the management of the Company; (iv) neither the Advisors nor any of their Affiliates has acted as or is an agent or employee of or has advised the Subscriber in connection with the investment in the Company by the Subscriber and (v) no federal, state, local or foreign agency has passed upon the Class I Shares or made any finding or determination as to the fairness of this investment. In considering a subscription for and purchase of Class I Shares, the Subscriber has evaluated for itself the risks and merits of such investment, including the risks and conflicts of interests set forth in the Memorandum, and is able to bear the economic risk of such investment, including a complete loss

<sup>2</sup> **Note to Vadim**: We assume we can delete but wanted to confirm that the fund won't require Qualified Client status.

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of capital, and in addition has not relied upon any representations made by, or other information (whether oral or written) furnished by or on behalf of, the Company, the Advisors, or any director, officer, employee, agent or Affiliate of such Persons, other than as set forth in the Informational Documents. The Subscriber acknowledges that it has not requested from, and is not relying on, the Company, the Advisors or any of their partners, members, officers, counsel, agents or representatives for any legal, investment or tax advice. The Subscriber has carefully considered and has, to the extent it believes necessary, discussed with its own legal, tax, accounting and financial advisers the suitability of an investment in the Company in light of its particular tax and financial situation, and has determined that the Class I Shares being subscribed for hereunder is a suitable investment for the Subscriber. The Subscriber understands that the Class I Shares are being offered pursuant to an exemption from the United States Commodity Exchange Act of 1936 and that the Subscriber will not receive the same information as would have been provided in a non-exempt offering under such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and all other jurisdictions where it is authorized to conduct business, and the execution, delivery and performance by the Subscriber of this Subscription Agreement and the Company Documents are within the Subscriber's corporate or other powers, as applicable, have been duly authorized by all necessary corporate or other action on its behalf, require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Advisor), and do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any provision of any charter, by-laws, trust agreement, indenture, mortgage, deed of trust, credit, note or evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, regulation, law, judgment, order, writ, injunction or decree to which the Subscriber is a party or by which the Subscriber or any of its properties is bound. This Subscription Agreement and the Company Documents have been duly executed and delivered by or on behalf of the Subscriber and constitute valid and binding agreements of the Subscriber, enforceable against the Subscriber in accordance with their terms. In addition, the Subscriber represents that any power of attorney of the Subscriber contained in this Subscription Agreement or the Company Documents has been executed by or on behalf of the Subscriber in compliance with the laws of the state or jurisdiction in which such agreements were executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subscriber is not a defined contribution plan (such as a 401(k) plan) or a partnership or other investment vehicle (i) in which its partners or participants have or will have any discretion to determine whether or how much of the Subscriber's assets are invested in any investment made or to be made by the Subscriber or (ii) that is otherwise an entity managed to facilitate the individual decisions of its beneficial owners to invest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Subscriber is (directly or indirectly) investing the assets of a "***Plan Investor***," which means (1) an "employee benefit plan" within the meaning of section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("***ERISA***"), that is subject to Part 4 of Subtitle B of Title I of ERISA, (2) a "plan" within the meaning of section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the "***Code***"), such as individual retirement accounts ("***IRAs***"), health savings accounts ("***HSAs***") and certain retirement plans for self-employed individuals; or (3) a person or entity whose underlying assets include or are deemed to include "plan assets" under the U.S. Department of Labor (the "***DOL***") regulation at 29 C.F.R. §

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2510.3-101, as modified by section 3(42) of ERISA (the "***ERISA Plan Asset Regulation***"), or otherwise for the purposes of Part 4 of Subtitle B of Title I of ERISA or section 4975 of the Code to hold the assets of any such employee benefit plan or other plan or arrangement described in (1) or (2) due to investments made in such entity by investors described in (1) or (2) (each of (1)-(3), a "***Benefit Plan Investor***") or (4) a plan or an entity that is not subject to Part 4 of Subtitle B of Title I of ERISA or section 4975 of the Code but that is subject to any U.S. federal, state, local or non-U.S. law or regulation that contains one or more provisions that are similar to Part 4 of Subtitle B of Title I of ERISA or section 4975 of the Code ("***Similar Laws***"): (i) the decision to subscribe for and agreement to purchase Class I Shares was made by a fiduciary (within the meaning of section 3(21) of ERISA and the regulations thereunder or section 4975(e)(3) of the Code, or a similarly responsible party under applicable Similar Laws) (a "***Fiduciary***") of the Plan Investor that is independent of and unrelated to the Company, TCW, the Advisor or any of their respective employees, representatives or Affiliates (the "***Transaction Parties***"), that is duly authorized to make such an investment decision on behalf of the Plan Investor; (ii) the Fiduciary is capable of evaluating investment risks, both in general and with regard to particular transactions and investment strategies, including without limitation the Subscriber's subscription for and agreement to purchase Class I Shares, and is responsible for exercising independent judgment in evaluating the decision to have the Plan Investor subscribe for and agree to purchase Class I Shares; (iii) the Fiduciary is responsible for the decision to invest in the Company and, in authorizing the Subscriber's subscription for and agreement to purchase Class I Shares, has taken into consideration its fiduciary duties under ERISA or any applicable Similar Law, including the diversification requirements of section 404(a)(1)(C) of ERISA (if applicable), the risks associated with an investment in the Company, the fact that the Subscriber has no withdrawal rights and the role an investment in the Company plays in that portion of the Plan Investor's portfolio managed by the Fiduciary, and has concluded that such an investment is prudent; (iv) the Subscriber's decision to invest in the Company and the acquisition of the Class I Shares contemplated thereby is in accordance with the terms of the Plan Investor's governing instruments and complies with all applicable requirements of ERISA, the Code and any Similar Law; (v) the purchase, holding and disposition of the Class I Shares by the Subscriber will not constitute or result in a non-exempt prohibited transaction under section 406 of ERISA, or section 4975 of the Code or a violation of any applicable Similar Law; (vi) the Subscriber has not solicited and has not received from the Transaction Parties any evaluation or other investment advice on any basis in respect of the advisability of a subscription for and agreement to purchase Class I Shares; (vii) none of the Transaction Parties has exercised any authority to cause the Subscriber to invest in the Class I Shares or to negotiate the terms of the Subscriber's investment in the Class I Shares; (viii) the Fiduciary has been informed by the Transaction Parties (A) that none of the Transaction Parties has undertaken or will undertake to provide impartial investment advice or has given or will give advice in a fiduciary capacity in connection with the Subscriber's acquisition of the Class I Shares, (B) of the existence and nature of the fees, compensation arrangements or financial interests of the Transaction Parties in the Subscriber's acquisition of the Class I Shares and (C) that none of the Transaction Parties receives a fee or other compensation from the Subscriber for the provision of investment advice (as opposed to other services) with respect to the Subscriber's subscription for and agreement to purchase Class I Shares; and (ix) none of the Transaction Parties is a Fiduciary of the Plan Investor in connection with the Subscriber's subscription for and agreement to purchase Class I Shares and will not act as a "fiduciary" in connection with the management or operation of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Subscriber is (directly or indirectly) investing the assets of a Plan Investor that is not subject to Part 4 of Subtitle B of Title I of ERISA or section 4975 of the Code but is subject to any law the provisions of which or regulations thereunder are similar to the ERISA Plan Asset Regulation, or that would otherwise provide that the assets of the Company could be deemed to include "plan assets" under any such law or regulation, the investment by the Subscriber will not cause the Company's assets to constitute the assets of such Plan Investor under the provisions of such law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Subscriber was offered the Class I Shares in the state or locality identified in "Street Address/Address of Principal Office" in Part A of the Subscriber Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber is not subscribing for and agreeing to purchase the Class I Shares as a result of or subsequent to any general solicitation or general advertising (as such terms are used in Rule 502(c) of Regulation D, promulgated under the Securities Act) including but not limited to any advertisement, article, notice or other communication published in any newspaper or magazine or similar medium or broadcast over radio, television, the Internet or in a similar format, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber represents that neither the Subscriber nor anyone who is treated as a "beneficial owner" (as defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934, as amended (the *"****Exchange Act****"*)) of the Class I Shares under Rule 506(d) or Rule 506(e) of Regulation D promulgated under the Securities Act has been subject to any of the events specified in Annex II during the time periods specified therein. Furthermore, the Subscriber agrees to provide the Advisor with prompt written notice of the occurrence of any event specified in Annex II with respect to the Subscriber or any such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any capital contributions made by the Subscriber to the Company shall not directly or indirectly be derived from activities that may contravene applicable laws and regulations, including anti-money laundering laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Subscriber represents and warrants that, to the best of its knowledge, none of (i) the Subscriber; (ii) any Person controlling or controlled by the Subscriber; (iii) if the Subscriber is a privately held entity, any Person having a beneficial interest in the Subscriber; (iv) if the Subscriber is not the beneficial owner of all of the Class I Shares, any Person having a beneficial interest in the Class I Shares; or (v) any Person for whom the Subscriber is acting as agent or nominee in connection with this investment in the Class I Shares: (A) is listed on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control ("**OFAC**"), any other sanctions-related list maintained by the U.S. government, the sanctions lists adopted by the United Nations, the European Union or the United Kingdom, or sanctions lists of any other applicable sanctions authority in any jurisdiction in which the Company may conduct its business, from time to time ("**Sanctions Authorities**"); (B) is located, organized, or resident in a country or territory that is the subject or target of country- wide or territory-wide sanctions administered by OFAC or any other Sanctions Authority; (C) is otherwise the subject of sanctions administered or enforced by the U.S. government or any other Sanctions Authority; (D) is a foreign shell bank; or (E) resides

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in or whose subscription funds are or will be transferred from or through an account in a high risk or non-cooperative jurisdiction ((A) through (C) above being "**Sanctioned Persons**").<sup>3</sup> The Subscriber agrees to notify promptly the Advisor or the person appointed by the Advisor to administer the Company's anti-money laundering program, if applicable, of any change in information affecting this representation and covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Subscriber also acknowledges that the Company will not accept the investment of funds by natural persons or entities acting, directly or indirectly, in contravention of any applicable money laundering regulations or conventions of the United States or any other jurisdictions, or on behalf of terrorists, terrorist organizations, narcotics traffickers or Sanctioned Persons, including those persons or entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization, Organization for Economic Cooperation and Development, Financial Action Task Force, OFAC, U.S. Department of State, U.S. Securities and Exchange Commission (the "**SEC**"), U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency or U.S. Internal Revenue Service ("**IRS**"), all as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Subscriber has conducted due diligence and based on such due diligence reasonably believes that none of (i) the Subscriber; (ii) any Person controlling or controlled by the Subscriber; (iii) if the Subscriber is a privately held entity, any Person having a beneficial interest in the Subscriber; (iv) if the Subscriber is not the beneficial owner of all of the Class I Shares, any Person having a beneficial interest in the Class I Shares; or (v) any Person for whom the Subscriber is acting as agent or nominee in connection with this investment in the Class I Shares: (A) is a senior political figure,<sup>4</sup> a politically exposed person,<sup>5</sup> any member of a senior political figure's or a politically exposed person's immediate family<sup>6</sup> or any close associate<sup>7</sup> of a

<sup>3</sup> A "high risk or non-cooperative jurisdiction" means any foreign country or territory that has been designated as high risk or non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering ("***FATF***"), of which the United States is a member and with which designation the United States representative to the group or organization continues to concur. See < https://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/?hf=10&b=0&s=desc(fatf_releasedate)> for FATF's list of non-cooperative countries and territories. 

<sup>4</sup> A "senior political figure" means a senior official in the executive, legislative, administrative, military or judicial branches of the U.S. or a foreign government (whether elected or not), a senior official of a major political party (whether U.S. or foreign), or a senior executive of a U.S. or foreign government-owned corporation. In addition, a "senior political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior political figure. 

<sup>5</sup> A "politically exposed person" includes: (a) a person who is or has been entrusted with prominent public functions by a foreign country, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation, and important political party official; (b) a person who is or has been entrusted domestically with prominent public functions, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation, and important political party official; and (c) a person who is or has been entrusted with a prominent function by an international organization like a member of senior management, such as a director, a deputy director and a member of the board or equivalent functions. 

<sup>6</sup> "Immediate family" of a senior political figure or politically exposed person typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>7</sup> A "close associate" of a senior political figure or politically exposed person is a person who is widely and publicly known nationally or internationally to maintain an unusually close relationship with the senior political

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senior political figure or politically exposed person; (B) resides in, or is organized or chartered under the laws of, a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Interrupt and Obstruct Terrorism Act of 2001 as a primary money laundering concern;<sup>8</sup> or (C) will contribute subscription funds that originate from, or will be or have been routed through, an account maintained by a foreign shell bank, an "off-shore bank," or a bank organized or chartered under the laws of a non-cooperative jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Subscriber acknowledges that the Company is, or may in the future become subject to, anti-money laundering statutes, regulations and conventions of the United States or any other jurisdictions, and the Subscriber agrees to execute instruments, provide information or perform any other acts as may reasonably be requested by the Advisor, or other authorized representative of the Company, for the purpose of: (i) carrying out due diligence as may be required by applicable law to establish the identity of (A) the Subscriber, (B) any underlying beneficial owner(s) of the Subscriber and (C) any investors, partners, members, directors, officers, beneficiaries or grantors of the Subscriber, and any underlying beneficial owner(s) of such investors, partners, members, directors, officers, beneficiaries or grantors, as applicable; (ii) maintaining records of identities, or verifications or certifications as to identities; and (iii) taking any other actions as may be required to comply with and remain in compliance with money laundering, sanctions, anti-corruption or related statutes, regulations or conventions applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) If the Subscriber is subscribing for and agreeing to purchase Class I Shares as agent, representative, intermediary/nominee or in any similar capacity for any other Person, or is otherwise requested to do so by the Advisor, it shall provide, upon request, a copy of any anti-money laundering policies, procedures and controls that it is required to maintain under applicable law (together, "***AML Policies***") to the Advisor. The Subscriber represents that: (i) its AML Policies comply with all anti-money laundering laws and regulations applicable to it; (ii) it is in compliance with its AML Policies and that its AML Policies have been approved by counsel or internal compliance personnel reasonably informed of anti-money laundering policies and their implementation and has not received a deficiency letter, negative report or any similar determination regarding its AML Policies from independent accountants, internal auditors or some other Person responsible for reviewing compliance with its AML Policies; (iii) it has all requisite power and authority from the underlying investors to execute and perform the obligations under this Subscription Agreement; and (iv) it has established and verified the identity and source of funds of all underlying investors, holds and will maintain evidence of such identification and verification for at least five years from the date of the dissolution of the Company and will make such information available to the Company and the Company's administrator upon request.

figure or politically exposed person, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior political figure or politically exposed person.

<sup>8</sup> The Treasury Department's Financial Crimes Enforcement Network ("***FinCEN***") issues advisories regarding countries of primary money laundering concern. FinCEN's advisories are posted at . 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Subscriber has read carefully and understands the Notice of Privacy Policy and Practices ("***Privacy Policy***") of the Company and the Advisor, a copy of which is included in the Subscription Agreement Annexes as Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Subscriber understands that the Company has elected to be regulated as a business development company ("***BDC***") under the Investment Company Act as provided in the Company Documents and the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Subscriber acknowledges that (i) the Board has approved the Company adopting a minimum permitted asset coverage ratio of 150% in accordance with Section 61(a) of the Investment Company Act, (ii) acknowledges that initial subscribers approved a proposal that allows the Company to reduce its asset coverage to 150%, (iii) and the Subscriber agrees not to seek to redeem its shares in connection therewith. "Asset coverage" has the meaning set forth in Section 18(h) of the Investment Company Act and generally is a company's total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness and if applicable, preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Subscriber agrees that the foregoing representations and warranties shall survive the Closing Date applicable to the Subscriber and will remain true and accurate for so long as the Subscriber holds Class I Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Subscriber shall notify the Company immediately if any of the foregoing representations or warranties cease to be true or accurate, or if they become misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The Company has entered into or expects to enter into separate subscription agreements (the "***Other Subscription Agreements***" and, together with this Subscription Agreement, the "***Subscription Agreements***") with other subscribers (the "***Other Subscribers***"), providing for the subscription for and agreement to purchase Class I Shares by the Other Subscribers and the admission of the Other Subscribers as Shareholders at the closing applicable to the Subscriber or at other closings. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the subscription for and agreement to purchase Class I Shares by the Subscriber and the Other Subscribers are separate transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Understandings</u>. The Subscriber hereby understands, acknowledges and agrees with the Company and the Advisor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber agrees to provide promptly such information and execute and deliver such documents as may be necessary to comply with any and all laws and regulations to which the Company may be subject and ensure the accuracy of the Subscriber's representations and warranties herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Class I Shares have not been approved or disapproved by the SEC or by any other federal, state or foreign securities commission or regulatory authority, and none of the foregoing authorities has confirmed the accuracy or determined the adequacy of the Memorandum or this Subscription Agreement. Any representation to the contrary is a criminal offense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Class I Shares are speculative investments and involve a high degree of risk. There is no public market for the Class I Shares, and no such public or other market is expected to develop. The transferability of the Class I Shares is substantially restricted by the terms of this Subscription Agreement, the Company Documents and applicable law. This Subscription Agreement is not transferable or assignable by the Subscriber without the prior written consent of the Advisor, as described in Section 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subscriber understands and agrees that in order to ensure compliance under applicable anti-money laundering laws and regulations, the Advisor may require a detailed verification of the identity of a Person applying to subscribe for and purchase Class I Shares. The Advisor reserves the right to request such information as is necessary to verify the identity of a Subscriber. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, the Advisor may refuse to accept the Subscriber's subscription until proper information has been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber covenants and agrees that it shall provide the Advisor, at any time during the term of the Company, with such information as the Advisor determines to be necessary or appropriate to (i) verify compliance with the anti-money laundering regulations of any applicable jurisdiction, (ii) respond to requests for information concerning the identity of the Subscriber, or any Person holding a beneficial interest in the Subscriber and/or the Class I Shares, from any governmental authority, self-regulatory organization or financial institution in connection with the Company's anti-money laundering compliance procedures or (iii) determine compliance with ERISA, section 4975 of the Code, the ERISA Plan Asset Regulation and any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber understands and agrees that if any of the representations and warranties set forth in Sections 6(n) through 6(q) ceases to be true or if the Company no longer reasonably believes that it has satisfactory evidence as to their truth, notwithstanding any other agreement to the contrary, the Company shall have the right, and may be obligated, to freeze the Subscriber's investment, either by prohibiting additional investments and/or segregating the assets constituting the investment in accordance with applicable regulations, or the Subscriber's investment may immediately be involuntarily withdrawn by the Company, and the Company may also be required to report such action and to disclose the Subscriber's identity to OFAC or any other authority. If the Company is required to take any of the foregoing actions, the Subscriber understands and agrees that it shall have no claim against the Company, the Advisor or any of their respective Affiliates, members, partners, shareholders, officers, directors, employees or agents for any form of damages as a result of any of the aforementioned actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subscriber certifies under penalties of perjury that (i)(A) the Subscriber's name, taxpayer identification or social security number (if applicable) and address provided in Part A of the Subscriber Questionnaire are correct, (B) the Subscriber has completed and returned with this Subscription Agreement the appropriate IRS Form(s) (W-9, W-8BEN, W- 8BEN-E, W- 8IMY, W-8ECI or W-8EXP) together with any appropriate attachments thereto and (C) the Subscriber will update the Advisor, and provide the Advisor with a new IRS Form (together with any appropriate attachments thereto), within 30 days of a change in circumstances that makes any information provided on such IRS Form incorrect or incomplete, and (ii)(A) if the Subscriber is a "United States person" (as defined in the Code), the Subscriber is not a non-resident alien

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individual, foreign corporation, foreign partnership, foreign trust or foreign estate (as defined in the Code), (B) if the Subscriber is not a "United States person" (as defined in the Code), the Subscriber is a non- resident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate (as defined in the Code) and (C) the Subscriber will notify the Company within 30 days of any change in such status. The Subscriber agrees to complete properly and provide to the Company or the Advisor in a timely manner any tax documentation that may be reasonably required by the Advisor in connection with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber agrees that it will furnish (including by way of updates) to the Company and the Advisor in such form and at such time as is reasonably requested by the Company or the Advisor (including by way of electronic certification) any information, representations and forms as shall reasonably be requested by the Company or the Advisor to assist it in (i) complying with any applicable law or tax requirements or determining the extent of and in fulfilling, its withholding obligations or (ii) obtaining any exemption, reduction or refund of any withholding or other taxes imposed by any tax authority or other governmental agency upon the Company, amounts paid to the Company, or amounts distributable by the Company to such Subscriber. The Subscriber agrees that if any information, representations or forms it previously provided to the Company or the Advisor becomes obsolete or incorrect in any respect, it shall update such information, representations or forms as soon as reasonably practicable. In the event that any Subscriber fails to furnish such information, representations or forms to the Company or the Advisor, the Company shall have full authority to take any and all of the following actions: (i) withhold from distributions the amount of any taxes required to be withheld pursuant to any applicable legislation, regulations, rules or agreements, and (ii) compulsorily withdraw the Subscriber's interest in the Company. If requested by the Company or the Advisor, the Subscriber shall execute any and all documents, opinions, instruments and certificates as the Company or the Advisor shall have reasonably requested or that are otherwise required to effectuate the foregoing. Each Subscriber hereby grants to the Advisor an irrevocable power of attorney, coupled with an interest, to execute any such documents, opinions, instruments or certificates on behalf of the Subscriber, if the Subscriber fails to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with any borrowings by the Company, the Subscriber hereby agrees to deliver promptly to the Advisor such financial information as is reasonably requested by the Advisor or any lender or other credit party (a "***Financier***") providing such borrowing, including in the case of a Subscriber that is (directly or indirectly) investing the assets of a Plan Investor that is subject to Part 4 of Subtitle B of Title I of ERISA, the Plan Investor's Form 5500, such evidence of authority for the execution, delivery and performance of its obligations under this Subscription Agreement or the Company Documents as is reasonably requested by the Advisor or such Financier and such confirmations and acknowledgments as may be reasonably required by such Financier which shall be in form and substance reasonably satisfactory to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) By execution of this Subscription Agreement, the Subscriber acknowledges receipt of the Privacy Policy included in the Subscription Agreement Annexes as Annex I. Furthermore, the Subscriber consents to the disclosure by the Company or the Advisor of certain non-public personal information about the Subscriber to other Shareholders, to The PNC Financial Services Group, Inc. and its Controlled Affiliates ("***PNC***") and to certain other non- affiliated third parties, as the Advisor may in its sole discretion determine to be necessary or appropriate for the operation of the Company and/or for TCW and PNC to comply with applicable law and regulation.

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The Privacy Policy provides an explanation of the disclosures that the Company makes in the ordinary course of business. To the greatest extent legally permitted, the Subscriber hereby waives all rights it may have under applicable bank secrecy, data protection and similar laws, rules, and regulations, that would otherwise prohibit such disclosures and transfers, and the Subscriber further represents and warrants that each Person whose information it provides (or has provided) to the Company has also, to the greatest extent legally permissible, consented to such disclosures and transfers. The Company may also release information about the Subscriber if directed to do so by the Subscriber, if compelled to do so by law or in connection with any government or self-regulatory organization request or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber acknowledges that the Company is entering into this Subscription Agreement in reliance on the representations, warranties, undertakings, and information provided herein, which the Subscriber acknowledges having given with the intention of inducing the Advisor and its Affiliates to approve and accept a subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber acknowledges that it has received and read the Electronic Communication and Signature Authorization, which is included in this Subscription Agreement as Annex III. The Subscriber can contact the Company in writing by email at PrivateFunds@tcw.com to communicate any changes in its contact information. The Company will email the Subscriber if the contact information for the Company changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Subscriber acknowledges that it has received this Subscription Agreement electronically from the Advisor or a third party engaged by the Advisor as a PDF document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Subscriber understands and acknowledges that Debevoise & Plimpton LLP ("***Debevoise***") represents only the Advisor and the Company and that Debevoise does not represent the Subscriber or the Shareholders as a group, in connection with the offer and sale of Class I Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Grant of Power of Attorney</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by applicable law, the Subscriber hereby irrevocably constitutes and appoints the Advisor and its officers, or the successor thereof as general partner of the Company and its officers, with full power of substitution, as its true and lawful agent and attorney-in-fact (the "***Attorney***"), in its or its assignee's name, place and stead (i) to add missing information, correct any errors or omissions and make reasonable representations in the Subscription Documents as directed by the Subscriber or reasonably required by the Company and (ii) to execute, acknowledge, verify, swear to, deliver, record and file all instruments, documents and certificates that may from time to time be required by the laws of the United States of America, the State of Delaware, the State of New York or any other jurisdiction in which the Company conducts or plans to conduct business, or any political subdivision or agency thereof, to effectuate, implement and continue the valid existence and investment and other activities of the Company, including the power and authority to execute, verify, swear to, acknowledge, deliver, record and file:

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&nbsp;&nbsp;&nbsp;&nbsp;&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, including any amendments to the Company Documents or any statement required to be filed under the Delaware Statutory Trust Act (the "***Statutory Trust Act***"), which the Advisors, the Board or liquidator deems appropriate to form, qualify or continue the Company as a limited partnership (or a partnership in which the Shareholders have limited liability) in Delaware and all other jurisdictions in which the Company conducts or plans to conduct its 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company Documents and any amendments to the Company Documents or any other agreement or instrument that the Advisors, the Board or liquidator deems appropriate and are authorized in accordance with the Company Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&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 agreements and instruments necessary or advisable to consummate, hold or otherwise dispose of any investment, including the execution of (1) the formation or organizational documents with respect to a Related Investment Fund ("***Related Investment Fund Agreement***"), (2) any amendments thereto, or (3) any other agreement or instrument that the general partner (or other governing entity) of any such Related Investment Fund deems appropriate to (A) form, qualify or continue the Related Investment Fund in all jurisdictions in which the Related Investment Fund conducts or plans to conduct business (including any filing for the purpose of admitting any Shareholder and/or any other Person to the Related Investment Fund and describing their initial or any increased commitments), (B) admit any Shareholder and/or any other Person to an Related Investment Fund in accordance with the terms of a Related Investment Fund Agreement, including any Transfer of a Shareholder's interest in the Company to any such Related Investment Fund, (C) effect the addition, substitution or removal of any Person pursuant to the terms of a Related Investment Fund Agreement or (D) effect an amendment, modification or waiver to a Related Investment Fund Agreement adopted in accordance with the terms of such Related Investment Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all conveyances and other instruments that the Advisor, the Board or liquidator deems appropriate to reflect and effect the dissolution, winding-up and termination of the Company pursuant to the terms of the Company Documents, including any notice required by the Statutory Trust Act to dissolve 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;(v) all instruments relating to (i) Transfers of interests in the Company or the admission of Additional Shareholders, (ii) the treatment of a Defaulting Shareholder or (iii) any change in the Capital Commitment of any Shareholder, all in accordance with the terms of the Subscription Agreements and Company Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&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) certificates of assumed name and such other certificates and instruments as may be necessary under the fictitious or assumed name statutes from time to time in effect in all jurisdictions in which the Company conducts or plans to conduct investment or other 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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all instruments that the Advisor determines to be appropriate in connection with forming and operating an investment vehicle and the Transfer of a Shareholder's interest in the Company to such investment vehicle, including the admission of such Shareholder to such investment vehicle, all as contemplated by the Subscription Agreements and Company Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&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) all instruments that the Advisor determines to be appropriate in connection with any indebtedness incurred 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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any elections for U.S. federal, state, local and non-U.S. tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&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) all other instruments or papers that may be required or permitted by law to be filed on behalf of the Company that are not legally binding on the Shareholders in their individual capacity and are necessary to carry out the provisions of this Subscription Agreement; 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;(xi) all other documents and agreements that the Advisors or the Board determine in good faith are necessary or appropriate to establish, allocate, commit and/or invest the assets of the Company, as well as any other documents or agreements that may from time to time be required in connection with the management of the Company and/or its investment activities, including the making, holding, monitoring and exiting of Investments, to implement the making and acceptance of a Subscription and/or any additional Subscription with respect to the Company on behalf of the Shareholders and/or their Affiliates from time to time, and as otherwise required by the laws of the United States or any other jurisdiction to perform the Advisors' obligations under the Company Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing grant of authority is (i) a special power of attorney coupled with an interest in favor of the Advisor and as such shall (x) survive the dissolution, termination or bankruptcy of the Shareholder granting the same or the transfer of all or any portion of such Shareholder's interest in the Company and (y) extend to such Shareholder's successors, assigns and legal representatives, and shall survive and not be affected by the death, disability or incapacity of a Shareholder that is a natural person or the merger, consolidation, dissolution or other termination of the existence of a Shareholder that is a corporation, association, partnership, limited liability company or trust or other entity, and (ii) is granted to secure obligations owed to, and is a proprietary interest of, the Advisor. This power of attorney may be exercised by such Attorney for all Shareholders (or any of them) by a single signature of the Advisor acting as such Attorney with or without listing all of the Shareholders executing any document or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>. All representations, warranties and covenants contained herein or made in writing by the Subscriber, or by or on behalf of the Company or the Advisor in connection with the transactions contemplated by this Subscription Agreement shall survive the execution and delivery of this Subscription Agreement, any investigation at any time made by or on behalf of the Company, the Advisor or the Subscriber, and the issue and sale of Class I Shares. Unless the Advisor otherwise agrees in writing, the Subscriber shall and hereby does indemnify and hold harmless The TCW Group, Inc. ("***TCW***"), the Company, the Advisors, the Board and their respective affiliates, and any director, officer, partner, member, manager, stockholder, employee, agent or control person of any of the foregoing (each, an "***Indemnitee***"), from and against any and all claims, losses, expenses, damages and liabilities relating to or arising out of any breach of any representation, warranty or covenant made by the Subscriber in this Subscription Agreement. Any such Indemnitees or other identifiable Person who is not a party to this Subscription Agreement may enforce any rights granted to it pursuant to this Subscription Agreement in its own right as if it was a party to this Subscription Agreement. Notwithstanding any term of this Subscription Agreement, the consent of or notice to any Person who is not a party to this Subscription

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Agreement shall not be required for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Subscription Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Subscription Agreement, and the application or interpretation thereof, shall be governed exclusively by its terms and by the laws of the State of Delaware, excluding the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY DELAWARE STATE OR U.S. FEDERAL COURT SITTING IN THE STATE OF DELAWARE IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION, SUIT OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH DELAWARE STATE OR U.S. FEDERAL COURT. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY LEGALLY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION, SUIT OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO IT AT THE ADDRESS SET FORTH ON THE BOOKS AND RECORDS OF THE COMPANY. EACH PARTY HEREBY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW**. **UNLESS THE ADVISOR OTHERWISE AGREES IN WRITING, THE SUBSCRIBER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY ACTION OR PROCEEDING BY OR AGAINST THE ADVISOR OR ANY OF THEIR AFFILIATES, DIRECT OR INDIRECT OWNERS, OFFICERS, DIRECTORS, MANAGERS, OR EMPLOYEES IN THEIR CAPACITY AS SUCH, OR IN ANY RELATED CAPACITY, OR THE COMPANY, OR IN ANY WAY RELATING TO THIS SUBSCRIPTION AGREEMENT (INCLUDING ANNEXES AND EXHIBITS THERETO), THE COMPANY DOCUMENTS OR OTHER OFFERING MATERIALS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of the Company to exercise any right or remedy under this Subscription Agreement or any other agreement between the Company and the Subscriber, or otherwise, or delay by the Company in exercising such right or remedy, will not operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Subscription Agreement, the Subscriber Questionnaire, the Company Documents, any memoranda of understanding or other writings (each a "***Memorandum of Understanding***") with individual Shareholders that have the effect of establishing rights under, or altering or supplementing, the terms of any Subscription Agreements or the Company Documents,

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and other agreements or documents referred to herein or in the Company Documents contain the entire agreement of the parties with respect to the subject matter hereof. There are no representations, warranties, covenants or other agreements except as stated or referred to herein and in such other agreements or documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Subscription Agreement may be executed in counterparts with the same effect as if the parties executing the counterparts had all executed one counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each provision of this Subscription Agreement, each representation made herein and each provision of or grant of authority by or in Section 8, shall be considered severable. If it is determined by a court of competent jurisdiction that any provision of this Subscription Agreement or any representation made herein is invalid under applicable law, such provision or representation shall be ineffective only to the extent of such prohibition or invalidity, without invaliding the remainder of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither this Subscription Agreement nor any provisions hereof shall be waived, modified, discharged or terminated except by an instrument in writing signed by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. If the Subscriber is more than one Person, the obligations of the Subscriber shall be joint and several, and the representations, warranties, covenants, agreements and acknowledgments herein contained shall be deemed to be made by and be binding upon each such Person and its successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Acceptance of Potential Remedies</u>. The Subscriber has read, is familiar with and understands the nature and scope of the rights and remedies provided to the Advisor and the Company in the Company Documents in the event of failure to pay any part of the Subscriber's Capital Commitment or other payment obligations under this Subscription Agreement or the Company Documents (including certain indemnification payments) when due, and is prepared to accept the exercise against the Subscriber of such rights and remedies in the event of such failure on the Subscriber's part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Distributions and Drawdowns</u>. Distributions to the Subscriber in respect of its Class I Shares shall be made as specified in Part A of the Subscriber Questionnaire or as otherwise specified in writing by the Subscriber to the Advisor. The Subscriber acknowledges and agrees that any distributions paid to it by the Company shall be paid to, and any contributions made by it to the Company shall be made from, an account in the Subscriber's name unless the Advisor, in its sole discretion, agrees otherwise.

\* \* \* \* \*

*[Remainder of page intentionally left blank]* 

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**<u>Schedule A to Subscription Agreement:</u>** 

**<u>Subscriber Questionnaire</u>** 

&nbsp;&nbsp; **ALL SUBSCRIBERS, PLEASE FOLLOW THESE INSTRUCTIONS:**<br>***If you do not complete the applicable Schedule(s) attached hereto, your Subscription Agreement shall be deemed incomplete.***<br>**THIS SUBSCRIPTION AGREEMENT SHALL NOT BE EFFECTIVE UNLESS AND UNTIL IT IS COUNTERSIGNED BY THE ADVISOR.**<br>

**<u>PART A. General Information</u>** 

**Subscriber Name and Address (please print)** 

Name (Print both names if joint registration)

Street Address/Address of Principal 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ()<u> </u>

City State Zip Code Telephone No.

**<u>Subscriber Information for AML Purposes (Please choose one):</u>**

☐ ERISA (Pension Fund regulated by the U.S. Department of Labor)

☐ U.S. Government Pension Plan

☐ U.S. Publicly Traded Company (NYSE, NASDAQ or ASE)

☐ U.S. Registered Broker-Dealer

☐ None of the Above

**If the Subscriber is classified as one of the first four categories above, please skip the remainder of this section and continue to Question 1 below.** 

a. Place and Date of Incorporation or Formation

City State Country MM/DD/YYYY

b. Principal Business Activity

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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c. Source of Investment Funds

d. Verification Documents: Please attach any of the following: Subscriber Organization Documents (e.g. LP
Agreement, Articles of Incorporation), recent Audited Financial Statements or Annual report

e. FinCEN Customer Due Diligence: Please review the included form titled "Beneficial Owners of Legal
Entity Customers Certification Form" and complete if applicable.

f. Is the Subscriber a senior political figure, or a person related to, or associated with, a senior foreign
political figure?

☐ Yes ☐ No

g. Is the Subscriber a foreign shell bank (a foreign bank without a physical presence (e.g. an office or a
branch) in the country in which it is organized) or does the client operate under an offshore banking license (a foreign bank that is prohibited from conducting banking activities in the country that issued the license)?

☐ Yes ☐ No

h. Is the Account held in the name of a registered investment adviser, a commingled fund or an intermediary
that is not a registered broker-dealer or a registered investment company (i.e., an investment Advisor acting on behalf of its clients or investment advisors for whom TCW is acting as a sub-advisor)?

☐ Yes ☐ No

i. Is the Subscriber domiciled or located in, owned, controlled by, or acting on behalf of the government of
Burma (Myanmar), the Crimea, Donetsk, Luhansk or other non-government-controlled regions of Ukraine, Cuba, Iran, North Korea, Venezuela, Russia or Syria?

☐ Yes ☐ No

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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1. **<u>Investment</u>**. Please indicate below the amount of the Subscriber's subscription amount in the Company.

Amount of Capital Commitment: $

(Minimum Capital Commitment is $10 million)

Payment made by wire direct to:

U.S. Bank, N.A.

SWIFT Code: USBKUS44IMT ABA Routing #091-000-022

Account #167502676569

Account Name: USBFS LLC FBO TCW Steel City Senior Lending BDC Reference:

2. <u>**Primary Contact Person for this Account**.</u> 

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| |
|:---|
| Name:<u> </u> |
| Company (if applicable):<u> </u> |
| Address:<u> </u> |
| City, State and ZIP Code:<u> </u> |
| Telephone Number:<u> </u> |
| Facsimile Number:<u> </u> |
| E-mail Address:<u> </u> |

---

3. **<u>Additional persons authorized to act for the Subscriber</u>**. (i.e. 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 8 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 8 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 Shareholder 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 Advisor may rely on the information provided herein until it receives written notice of superseding instructions.

**(Please check one):**

☐ There are no additional authorized signers.

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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☐ The Subscriber will attach a list of authorized individuals with signature specimens.

☐ Additional authorized signers are listed below (If completing via DocuSign TCW will route the document to the individual(s) listed below for signature):

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| | |
|:---|:---|
| **3.1** | **3.2** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |
| Email Address | Email Address |
| **3.3** | **3.4** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |
| Email Address | Email Address |

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4.  **<u>Tax Information:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Please provide your Taxpayer I.D.
Number: <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Subscriber is a (please check the appropriate box):

☐ Corporation

☐ Limited Partnership

☐ General Partnership

☐ Limited Liability Company

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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☐ S-Corporation

☐ Charitable Remainder Trust

☐ Tax-Exempt Endowment

☐ Private Tax-Exempt Foundation (as defined in §509 of the Internal Revenue Code)

☐ Employee Benefit Plan (self-directed)

☐ Employee Benefit Plan (trustee directed)

☐ Fund of Funds

☐ Other Tax Exempt Organization (<u>*i.e*.</u>, exempt from income taxation under §501 of the Internal Revenue Code)

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

☐ Other<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Is the Subscriber treated as a "disregarded entity" for U.S. federal income tax purposes? ☐ Yes ☐ No

If yes, list the name of the sole owner of the Subscriber:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Tax year ends (mm/dd):<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 State (***if applicable***) and country of residence for tax purposes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 For a domestic self-directed employee benefit plan (e.g. Keogh or self-directed 401k):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keogh or Plan Account Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax year ends (mm/dd)<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan or Custodian Taxpayer I.D. Number<u> </u>

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):

☐ The Subscriber will attach a contact list.

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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| | | |
|:---|:---|:---|
|  | **<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)*:** 

---

| | | |
|:---|:---|:---|
|  | **<u>Primary Contact</u>** | **<u>Secondary Contact</u>** |
| &nbsp;&nbsp;&nbsp;Annual Financial Reports | | |
| &nbsp;&nbsp;&nbsp;Quarterly Reports | | |
| &nbsp;&nbsp;&nbsp;Tax Information | | |
| &nbsp;&nbsp;&nbsp;Original Legal Documents | | |
| &nbsp;&nbsp;&nbsp;Copy of Legal Documents | | |
| &nbsp;&nbsp;&nbsp;Amendments or Other Documents to be Signed | | |
| &nbsp;&nbsp;&nbsp;Other Investor Correspondence | | |

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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<u>Capital Calls and Distribution Notices</u>        

6. **<u>Distributions</u>**. Please indicate where distributions should be sent (please check and complete one):

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| | | |
|:---|:---|:---|
| **<u>For All Subscribers</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Wire distribution to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Send checks to: |
| Bank Name: |  |  |
| Bank Address: |  |  |
| Bank ABA #: |  |  |
| Account Number: |  |  |
| Account Name: |  |  |
| Reference: |  |  |
| Contact Name: |  |  |
| Phone: |  |  |
| Email: |  |  |
| SWIFT Code: |  |  |
| Comments: |  |  |

---

---

| |
|:---|
| **<u>For Non-US Subscribers Only:</u>** |
| US Correspondent Bank Name: |
| US Correspondent Bank's Routing |
| Codes (either ABA # or CHIPS #): |
| Beneficiary's Bank's Name: |
| Beneficiary's Bank's Routing |
| Codes (either BIC # or UID #): |
| Beneficiary's Name: |
| Beneficiary's Account Number: |

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Confidential & Trade Secret

**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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Additional Reference Information:

7. **<u>Service of Process</u>**. (***For foreign Subscribers only. Does not apply to 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>Subscriber Classification</u>**. <sup>\*</sup> Please indicate which category below best describes the Subscriber. If the Subscriber is acting as a trustee, agent, representative, or nominee for a Beneficial Owner, please indicate which category best describes the Subscriber's Beneficial Owner.

☐ Broker-dealer

☐ Insurance company

☐ Investment company registered with the SEC

☐ Private Fund<sup>\*\*</sup>

☐ Non-profit organization

☐ Pension plan (excluding governmental pension plans)

☐ Banking or thrift institution (investing on a proprietary basis)

☐ State or municipal Government Entity<sup>\*\*\*</sup> (excluding governmental pension plans)

☐ State or municipal governmental pension plan

☐ Sovereign wealth fund or foreign official institution

☐ Investors that are not U.S. persons and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the

<sup>\*</sup> This information is being requested to permit the Advisor to make a Form PF filing with the SEC.

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| | |
|:---|:---|
| <sup>\*\*</sup> | "**Private Fund**" means any issuer that would be an investment company as defined in Section 3 of the Investment Company Act of 1940, as amended, but for Section 3(c)(1) or 3(c)(7) thereof.  |

---

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| | |
|:---|:---|
| <sup>\*\*\*</sup> | "**Government Entity**" means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof, and (iii) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof acting in its official capacity.  |

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Confidential & Trade Secret

**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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beneficial interest is held through a chain involving one or more third-party intermediaries

☐ Other (please specify):

9. <u>**Electronic Mail Authorization**</u>. By checking the box below, you acknowledge that you have read the "Electronic Communication and Signature Authorization" attached as Annex III and agree to the terms therein, and as long as you provide us with an electronic mail address you consent to any and all authorized contacts receiving electronic communications.

☐ I would like to receive electronic communications.

**END OF PART A** 

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**<u>SCHEDULE A TO SUBSCRIPTION AGREEMENT</u>** 

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**<u>PART B: Subscriber Status and Eligibility</u>** 

1. <u>**Accredited Investor Questionnaire**</u>. The Subscriber is an "accredited investor" as defined in Rule 501(a) of Regulation D because it is (please indicate by checking the applicable boxes):

☐ an employee benefit plan as defined in Title I of ERISA, and *(****check appropriate box****)*: 

☐ the investment decision to subscribe for and agree to purchase Class I Shares 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<u> </u> ; 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.

☐ the plan is a participant directed plan, the participant for whose benefit the investment in the Company is being made has directed such investment, and the participant is an "accredited investor" within the meaning of Regulation D.

☐ an investment adviser registered under the Advisers Act, or relying on an exemption from registration with the SEC under Section 203(l) or (m) of the Advisers Act, or an investment adviser registered under the laws of a state.

☐ 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, and has total assets in excess of $5,000,000. 

☐ an insurance company as defined in Section 2(a)(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, as amended.

Confidential & Trade Secret

**SCHEDULE A TO SUBSCRIPTION AGREEMENT** 

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☐ a "rural business investment company" as defined in Section 384A of the Consolidated Farm and Rural Development Act.

☐ 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 Exchange Act.

☐ an organization described in Section 501(c)(3) of the Code, not formed for the specific purpose of acquiring the Class I Shares, 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 the Class I 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 the Class I Shares, whose purchase of the Class I 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 purchase of Class I Shares, as described in Rule 506(b)(2)(ii) of Regulation D. 

☐ an entity in which all of the equity owners, either directly or indirectly, are "accredited investors" within the meaning of Regulation D.

☐ a revocable trust that may be amended or revoked at any time by the grantors thereof and all the grantors are "accredited investors" within the meaning of Rule 501(a) of Regulation D.

☐ a "Family Office"<sup>9</sup> that (i) has in excess of $5,000,000 assets under management (ii) was not formed for the purpose of acquiring the Class I Shares and (iii) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Company. 

☐ a "Family Client"<sup>10</sup> whose investment in the Company is directed by a Family Office pursuant to clause (iii) of the immediately preceding paragraph.

<sup>9</sup> "Family Office" means a company that (i) has no clients other than Family Clients; (ii) is wholly owned by Family Clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (iii) does not hold itself out to the public as an investment adviser. 

<sup>10</sup> "Family Client" means (i) a current or former family member (as defined below) or current or former key employee (as defined below); (ii) any non-profit organization, charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other Family Clients and charitable or non-profit organizations) or other charitable organization, in each case exclusively funded by one or more other 

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☐ an entity, other than any entity described above, that (i) was not formed for the purpose of buying Class I Shares and (ii) owns Investments with a value in excess of $5,000,000. ***(Note: Please read the definition of "Investments" in Annex IV to this Subscription Agreement.)***

2.  **<u>Subscriber as an Investor</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Subscriber Primarily Engaged in Investing, Reinvesting or Trading</u>**. Is the Subscriber engaged primarily in the business of investing, reinvesting or trading in securities for which ownership interests are held in the form of limited or general partnership interests, common stock, trust units, debt instruments or other securities? ***(Please answer "yes" or "no" below by checking the applicable box below.)***

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Inclusion In or Exclusion From the Investment Company Act</u>**.<sup>11</sup> If the Subscriber answered "yes" to question [2].1 above, the Subscriber *(please check the applicable box below)*:

☐ (a) is an investment company registered under the Investment Company Act; or

☐ (b) is excluded from the definition of "investment company" under the Investment Company Act (***please check (x) or (y) below***):

Family Clients; (iii) any estate planning vehicle of a current or former family member or key employee; (iv) any irrevocable trust in which the sole beneficiaries or the sole grantors are other Family Clients; (v) any trust in which each trustee is a key employee and each grantor is a key employee and/or such key employee's current or former spouse or spousal equivalent; and (vi) any company wholly owned (directly or indirectly) by, or operated for the sole benefit of, one or more other Family Clients. <br>

As used herein, a "family member" means all lineal descendants (including by adoption, stepchildren, foster children, and individuals that were a minor when another family member became a legal guardian of that individual) of a common ancestor (who may be living or deceased), and such lineal descendants' spouses or spousal equivalents; provided that the common ancestor is no more than 10 generations removed from the youngest generation of family members.

As used herein, a "key employee" means an executive officer, director, trustee, general partner, or person serving in a similar capacity at the Family Office or any employee (other than an employee performing solely clerical, secretarial, or administrative functions) who, in connection with his or her regular functions or duties, participates in the investment activities of the Family Office, provided that such employee has been performing such functions and duties for or on behalf of the Family Office, or substantially similar functions or duties for or on behalf of another company, for at least 12 months.

<sup>11</sup> **Note to Vadim**: We kept (now) sections 2.2 and 2.3 as we thought the information might still be useful to obtain regardless of whether QP status is in question, but please let us know if you disagree.

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☐ (x) in reliance on Section 3(c)(1) of the Investment Company Act (a private investment company with fewer than 100 beneficial owners); or

☒ (y) in reliance on Section 3(c)(7) of the Investment Company Act (a private company owned exclusively by "Qualified Purchasers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **<u>Number of Beneficial Owners</u>**. If the Subscriber checked any of the boxes in question 4.2 above, the number of beneficial owners (as determined under Section 3(c)(1) of the Investment Company Act) of its investment entity is<u> </u><u>.</u> (***The Advisor, in its sole discretion, may request information regarding the identity of the Subscriber's beneficial owners.)***

**3.**  **<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 Class I Shares;

☐ is ☐ is not operated for the specific purpose of acquiring Class I Shares;

☐ is ☐ is not an investment entity for which the Subscriber's stockholders, partners, members or other beneficial owners (i) can have individual discretion as to their participation or non-participation through the Subscriber in (a) the Subscriber's purchase of Class I Shares or (b) particular investments made by the Company or (ii) did contribute or will contribute additional capital (other than previously committed capital) for the purpose of purchasing Class I Shares;

☐ 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 such capital commitments) invested in the Company upon making this investment;

☐ has ☐ has never filed for or been involved as a debtor in bankruptcy proceedings and there are no suits pending or judgments outstanding against it which, in one case or in the aggregate, could impair its ability to make capital contributions to the Company as and when required under the Company Documents.

4. **<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) subject to Title I of ERISA, (b) a plan described in section 4975(e)(1) of the Code, subject to section 4975 of the Code, or (c) an entity whose underlying assets include assets of a plan described in (a) or (b). ****

5.  **<u>Relationship to TCW</u>** .

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Subscriber ☐ is ☐ is not ***(please check one)*** "TCW-Related."<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Subscriber (or the fiduciaries of the Benefit Plan Investor executing this Subscription Agreement)

☐ does ☐ does not have discretionary authority or control with respect to the assets of the Company or

☐ is ☐ is not a person that provides investment advice with respect to the Company's assets, or an "affiliate" of such a person. For purposes of this representation, an "affiliate" is any person controlling, controlled by or under common control with the Company or any of its investment advisers, including by reason of having the power to exercise a controlling influence over the management or policies of the Company or its investment adviser(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Subscriber ☐ is ☐ is not ***(please check one)*** "TCW-Controlled."<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Subscriber ☐ is ☐ is not ***(please check one)*** an "Affiliated Shareholder."<sup>14</sup>

6. **<u>Source of Funds – PNC Bank</u>**. The Subscriber agrees that it will not, to its actual knowledge, directly or indirectly make a Capital Contribution using the proceeds from any extension of credit from PNC Bank, N.A.

**(*Please check one)*** ☐ Yes ☐ No ****

7. **<u>Subscriber Status as U.S./Foreign Person</u>**. (***Please read Section 10.1 and check the box if you are described in such section. If not, check the box next to Section 10.2.*)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ☐ **<u>For U.S. Persons</u>**. The Subscriber is (a) an entity created or organized in or under the laws of the U.S., any state thereof that is treated for U.S. income tax purposes as a partnership or corporation, (b) a trust, if either (i) 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 (ii) the trust has a valid election in effect to be treated as a U.S. person, or (c) an estate the income of which is subject to tax in the United States regardless of its source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ☐ **<u>For Foreign Persons</u>**. The Subscriber is not a Person described in Section 10.1.

8. **<u>Required IRS Certification</u>**. (Please read Section 11.1 if you are a domestic Subscriber and Section 11.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement.)

<sup>12</sup> "***TCW****-****Related***" means any Shareholder who is a TCW entity or a director, officer, employee or agent of the Company or of a TCW entity. 

<sup>13</sup> "***TCW-Controlled***" means any Shareholder whose assets are being invested in the Company under the control of TCW. 

<sup>14</sup> "***Affiliated Shareholder***" means any Shareholder that is an Affiliate of the Advisor. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ☐ **<u>IRS/W-9 Certification for U.S. Subscribers</u>.** The Subscriber is a person of the type described in Section 10.1 and has attached hereto a properly completed and duly executed copy of Form W- 9 "Request for Taxpayer Identification Number and Certification" (a blank copy of which is attached to this Subscription Agreement as Exhibit A) in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Advisor and provide the Advisor with a new properly completed and duly executed copy of such form in the event 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 Advisor to reduce or eliminate withholding or other taxes.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ☐ **<u>IRS/W-8 Certification for Foreign Subscribers</u> (*<u>i.e.</u>* persons who cannot make the** certification **in Section 11.1 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 (together with all appropriate attachments). The Subscriber agrees to promptly notify the Advisor and provide the Advisor with a new properly completed and duly executed copy of such form in the event any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Advisor, the Subscriber will provide the Advisor with a new properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber (together with all appropriate attachments) within every three calendar years of the date on which it made its initial capital commitment to the Company. ***NOTE: Shareholders should consult their tax adviser regarding other forms that may be delivered to the Advisor to reduce or eliminate withholding or other taxes.***

9.  **<u>Subscriber Status as Bank Holding Company</u>** . (Please check the box if applicable.)

☐ The Subscriber is subject to the Bank Holding Company Act of 1956, as amended (the "***BHC Act***") ***<u>and</u>*** hereby elects to be treated as a BHC Shareholder (as defined in the Company Documents), for purposes of the Company Documents, with the effect that any portion of its interest in the Company which exceeds 4.99% of the aggregate interests in the Company of all Shareholders shall be non-voting Class I Shares. ****

10. **<u>Subscriber Subject to Public Disclosure Laws</u>**. (If applicable, please check the box and fill-in the requested information.)

☐ The Subscriber is subject to the Freedom of Information Act, 5 U.S.C. § 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.* 

11.  **<u>Placement Agents Questionnaire</u>** .

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Is the Subscriber's investment in the Company subject to any law, policy or regulation prohibiting or otherwise relating to the use of placement agents in connection with the Subscriber's evaluation or investment in private investment vehicles?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. If the Subscriber answered "Yes" to question 14.1 above, please provide a brief summary of such
law, policy or regulation.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. If the Subscriber answered "Yes" to question 14.1 above, does the Subscriber have knowledge of
any interaction between the Subscriber and a placement agent that would violate such law, policy or regulation?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Is the Subscriber's investment in the Company subject to any law, policy or regulation prohibiting the Company, the Advisor or any of their respective Affiliates from paying fees to any placement agent in connection with such investment?

**(*Please check one)*** ☐ Yes ☐ No ****

**<u>END OF PART B</u>** 

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**<u>PART C: Status as Benefit Plan Investor</u>** 

1.  **<u>Overview</u>** 

The ERISA Plan Asset Regulation defines *"****Benefit Plan Investor****"* as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 any employee benefit plan subject to Part 4 of Subtitle B of Title I of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 any plan to which section 4975 of the Code applies (which includes a trust described in section 401(a) of the Code that is exempt from tax under section 501(a) of the Code, a plan described in section 403(a) of the Code, an individual retirement account or annuity described in section 408 or 408A of the Code, a medical savings account described in section 220(d) of the Code, a health savings account described in section 223(d) of the Code and an education savings account described in section 530 of the Code); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 a person or entity whose underlying assets include, or are deemed to include under the ERISA Plan Asset Regulation or otherwise for purposes of Part 4 of Subtitle B of Title I of ERISA or section 4975 of the Code, "plan assets" by reason of an investment in the person or entity by plans described in 1.1 or 1.2 immediately above.

A person or entity described in 1.3 immediately above will be considered to hold "plan assets" only to the extent of the percentage of the equity interests in the person or entity held by plans described in 1.1 and 1.2 immediately above.

2.  **<u>Status as Benefit Plan Investor</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Is the Subscriber an employee benefit plan subject to Part 4 of Subtitle B of Title I of ERISA?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Is the Subscriber a plan to which section 4975 of the Code applies?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Is the Subscriber a governmental plan within the meaning of section 3(32) of ERISA, a non-electing church plan within the meaning of section 3(33) of ERISA or a non-U.S. plan within the meaning of section 4(b)(4) of ERISA that is not a plan described in 2.1 or 2.2 above?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Is the Subscriber an insurance company general account?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Is the Subscriber an entity such as an insurance company separate account, a bank collective trust fund or a hedge fund or other private investment vehicle, other than an insurance

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company general account, whose underlying assets include plan assets of an employee benefit plan or plan described in 2.1 or 2.2 above by reason of a plan's investment in the entity?

**(*Please check one)*** ☐ Yes ☐ No ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 If the answer to either question 2.4 or 2.5 above is "yes," the Subscriber represents, warrants and covenants that currently, and for as long as it is an investor in the Company, the maximum percentage of the Subscriber's assets that could constitute Benefit Plan Investor assets under the ERISA Plan Asset Regulation or section 401(c) of ERISA will not exceed the percentage (in 10% increments) set forth below (please check one) (if nothing is checked, we will assume 100%):

---

| | |
|:---|:---|
| 0% | 60% |
| 10% | 70% |
| 20% | 80% |
| 30% | 90% |
| 40% | 100% |
| 50% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Is the Subscriber a participant-directed plan?

**(*Please check one)*** ☐ Yes ☐ No ****

***(If the answer to sub-category 2.7 above is "Yes," please contact the Advisor.)***

3. **<u>ERISA Controlling Person</u>**. Does the Subscriber, or any "affiliate" of the Subscriber, have discretionary authority or control with respect to the assets of the Company or provide investment advice for a fee (direct or indirect) with respect to the Company's assets (an "ERISA Controlling Person"). For purposes of this ERISA Controlling Person representation, an "affiliate" is defined in paragraph (f)(3) of the ERISA Plan Asset Regulation as any person or entity, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such person. "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

If the Subscriber or any of their immediate family members is employed by any of the Company, the Advisor or their respective affiliates, the above "Yes" box for ERISA Controlling Person must be ticked.

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**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.** 

**<u>END OF PART C</u>** 

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**EXHIBIT A** 

**TAX FORM (W-9 OR W-8)** 

☐ U.S. Subscriber: Will attach an executed, current version of a W-9 Form.

☐ Foreign Subscriber: Will attach an executed, current version of the applicable W-8 Form.

**[To be provided separately]** 

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

**<u>ANNEX I</u>**

**<u>PRIVACY POLICY</u>**

Effective May 2025

In this Privacy Policy, "TCW," "we," "us,", and "our" refers collectively to The TCW Group, Inc. and its subsidiaries, affiliates, and funds, including but not limited to, TCW Investment Management Company LLC, TCW Asset Management Company LLC, Metropolitan West Asset Management, LLC, TCW PT Management Company LLC, TCW Asset Backed Finance Management Company LLC and Sepulveda Management LLC. References to the "Fund" refer to the particular investment fund(s) to which you are, or seek to be, admitted which are managed whether directly or indirectly by one or more investment manager, and references to the "General Partner" refer to the general partner or similarly placed entity of such Fund.

TCW recognizes the importance of keeping information about you secure and confidential. We do not sell or share your nonpublic personal and financial information with marketers or others outside our affiliated group of companies. We carefully manage information among our affiliated group of companies to safeguard your privacy.

The purpose of this Privacy Policy is to provide you with information about our use of Customer Data (as defined below) in accordance with applicable privacy and data protection laws.

WHAT YOU SHOULD KNOW

If you are in the U.S., we are providing this notice to you to comply with the requirements of Regulation S-P, "Privacy of Consumer Financial information," issued by the United States Securities and Exchange Commission. This notice specifically addresses nonpublic personal and financial information collected from our customers for the purposes of investment.

If you are in the European Economic Area ("EEA") and the United Kingdom (collectively, the "EU"), we are providing this notice to you to comply with the requirements of applicable laws, including the General Data Protection Regulation (the "GDPR"), the UK Data Protection Act 2018 and the GDPR as it forms part of the law of England, Wales, Scotland and Northern Ireland (the "UK GDPR").

Your personal information may be subject to certain additional and/or supplemental privacy notices depending on your location and your relationship with TCW. If you are a TCW employee, a separate employee privacy notice has been provided to you. In addition, please review our online Privacy Policy, available at https://www.tcw.com/Privacy-Policy, for more information about how TCW collects, uses, and shares information from visitors to the TCW website.

OUR PRIVACY POLICY

We are committed to protecting the nonpublic personal and financial information of our customers and consumers who obtain or seek to obtain financial products or services primarily for personal, family or

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

Confidential & Trade Secret

Annex I-1

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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household purposes. We fulfill our commitment by establishing and implementing policies and systems to protect the security and confidentiality of this information.

In our offices, we limit access to nonpublic personal and financial information about you to those TCW personnel who need to know the information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal and financial information; however, no method of transmission or electronic storage is completely secure, and we cannot guarantee absolute security.

CATEGORIES OF INFORMATION WE COLLECT

"Customer Data" means personal data that reasonably can be associated or linked to you or another customer as an individual person, and includes nonpublic personal and financial information, as well as personal data on yourself that you provide to us, as well as the personal data of individuals connected with you as an investor (for example, directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents). In our use of Customer Data, the Fund, the General Partner and the investment manager are each characterized as a "controller" under the GDPR and the UK GDPR. Except as otherwise described in this Privacy Policy, the affiliates and delegates of the Fund, the General Partner and the investment manager may act as "processors" of Customer Data.

If you are a natural person, this Privacy Policy will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with Customer Data on individuals connected to you for any reason in relation to your investment with us, this will be relevant for those individuals and you should transmit this document to those individuals or otherwise advise them of its content.

We collect and process the following forms of Customer Data:

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| ◾ | Identifiers such as your name, residential and/or business address, mailing address, email address, personal and/or business contact information, proof of address, driver's license, tax identification number, social security (or national insurance or similar) number, and passport number and other government identification information and/or numbers.  |

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◾ Commercial information, including tax information, bank account details, source of funds details and details related to your investment activity.

◾ Visual information, including your signature.

◾ Professional or employment-related information, including your job title, employer's name, place of work, work history and income.

◾ Background information, including information needed for or revealed by know-your-customer, fraud, terrorist financing, sanctions and anti-money laundering checks, investor due diligence, accreditation and consents.

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| ◾ | Financial information and account history, including information about your assets, income, net worth, amounts and types of investment, profit and loss allocations, capital account balances, commitments, withdrawals, redemptions, subscriptions and contributions, account data, other investment participation information, fund transfer information, beneficiaries, positions, percentages of fund, share or option numbers and values, vesting information, investment  |

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Confidential & Trade Secret

Annex I-2

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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history, and transaction and tax information.

◾ Inferences that we draw from Customer Data to create a profile about your preferences.

It is important that we maintain up to date records of key information about you. Please notify us of any significant changes in your personal circumstances as soon as they occur (e.g., change of name, address, contact information, etc.). From time to time, we may ask you to complete a new Customer Data form to ensure our records are up to date.

SOURCES OF CUSTOMER DATA

We collect Customer Data in various ways, including through:

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| ◾ | Your, or your employer's, financial intermediary's and/or designated representative's correspondence, interactions and transactions with us, our affiliates, delegates or others, including by letter, email, telephone, our websites, and through information provided in subscription agreements, investor questionnaires, applications and other agreements or documents completed by you or on your behalf.  |

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| ◾ | Information from other public sources, including public news sources, corporate registries, government and other public databases, and professional social media sites, such as LinkedIn, and information we receive from consumer reporting agencies, our services providers or others we may engage in connection with conducting due diligence, know-your-customer, anti-money laundering and other checks required to be performed in relation to admitting new investors.  |

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HOW AND ON WHAT BASIS DO WE USE CUSTOMER DATA?

We use Customer Data for a variety of reasonable and legitimate business purposes, including, but not limited to, where:

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| ◾ | It is necessary to enter into or for the performance of our rights and obligations under a contract with you or to take steps at your request prior to entering into a contract (e.g., to process your subscription agreement and/or the constitutional and operational documents of the Fund, provide information you have requested, create and administer your account, administer your investments, maintain registers and communicate with you about your investments).  |

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| ◾ | It is necessary for compliance with legal and regulatory obligations to which we are subject (such as compliance with know-your-customer, anti-money laundering and FATCA/CRS requirements) – this may involve collecting specific Customer Data about you where required by law and disclosing such information to applicable regulators, government bodies, tax and other authorities.  |

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| ◾ | It is necessary for our, our affiliates', delegates' and/or other third parties' legitimate interests (and such interests are not overridden by your interests, fundamental rights or freedoms) or (if required by law) with your consent, including to operate and facilitate our business and services to you, undertake business management, planning, statistical analysis, market research and marketing (including email marketing) activities, administer and maintain our core records,  |

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Confidential & Trade Secret

Annex I-3

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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protect our rights and interests, ensure the security of our assets, systems and networks, prevent, detect and investigate fraud, unlawful or criminal activities in relation to our services, and enforce our terms and conditions.

◾ It is necessary for the establishment, exercise or defense of legal claims.

Where we process Customer Data about you on the basis of your consent, you have the right to withdraw that consent at any time. If you decline to provide or withdraw your consent to our use of Customer Data about you and, under applicable law, we are relying on such consent as the legal basis for its processing, there are circumstances in which we will not be able to provide you with certain services or take particular action on your behalf.

Where we process Customer Data about you on the basis of our or a third party's legitimate interests, we may do so for our or our affiliates', delegates' and/or other third parties' everyday business purposes (such as to process your transactions, maintain your account(s)) or respond to court orders and legal investigations. To the extent permitted by law (including with your consent, where required), we may also process Customer Data about you to offer or market products or services to you (including by email), or permit authorized third parties to offer or market their services to you.

Should we wish to use Customer Data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you. We will not use Customer Data for any purposes inconsistent with this Privacy Policy without your permission.

You may be asked to provide some of the Customer Data referred to in this Privacy Policy for one or more of the purposes described above. If you fail to provide this Customer Data when requested, and the information is necessary for TCW to comply with its legal or contractual obligations under applicable law, we may not be able to meet the obligations placed on us. In all other cases, the provision of Customer Data is voluntary.

WITH WHOM DO WE SHARE CUSTOMER DATA?

We may share Customer Data to carry out and implement any and all purposes described above, and for the objects of the Fund, including:

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| ◾ | With our affiliates and delegates that may act as data processors, processors or service providers (the "Delegates"), which may use Customer Data, for example, to provide their services to us or to discharge the legal, regulatory, or self-regulatory requirements that apply directly to us or in respect of which we rely upon the Delegates provided that, such use of Customer Data by the Delegates will always be compatible with at least one of the aforementioned purposes for which we process Customer Data. The Delegates will not retain, use, sell or otherwise disclose Customer Data for any purpose other than the specific business purpose for which we have provided the information to the Delegate.  |

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| ◾ | With regulatory, self-regulatory, administrative, law enforcement agencies, or other oversight bodies in certain circumstances where we and/or our Delegates are obliged to share Customer Data and other information with respect to your interest in the Fund with the relevant regulatory authorities. They, in turn, may exchange this information with foreign authorities, including tax  |

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Confidential & Trade Secret

Annex I-4

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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authorities.

◾ As authorized, for example, by subscription agreements or organizational documents of the Fund and as authorized by you or your designated representatives.

◾ As necessary for us to enter into or to perform a contract with you (e.g., to process your subscription agreement, provide information you have requested, create and administer your account, administer your investments, maintain registers and communicate with you about your investments).

◾ As necessary for our, or a third party's, legitimate business interests, including with TCW as further described above.

◾ In connection with certain business transactions, with a third party that succeeds the investment manager or the General Partner in carrying on all or a part of our business or if the Fund is otherwise sold or transferred to a third party.

◾ As required by law, regulation, or self-regulatory requirement, including to comply with a subpoena or similar legal process, including when we believe in good faith that disclosure is legally required.

◾ As necessary for the establishment, exercise or defense of legal claims, or where otherwise necessary to protect the investment manager, the General Partner or the Fund's rights and property.

CATEGORIES OF INFORMATION WE DISCLOSE TO NONAFFILIATED THIRD PARTIES

We may disclose your name, address and account and other identifying numbers, as well as information about your pending or past transactions and other personal financial information, to nonaffiliated third parties, for our everyday business purposes, such as those necessary to execute, process, service and confirm your securities transactions and mutual fund transactions, to administer and service your account and commingled investment vehicles in which you are invested, to market our products and services through joint marketing arrangements or to respond to court orders and legal investigations.

We may disclose nonpublic personal and financial information concerning you to law enforcement agencies, federal regulatory agencies, self-regulatory organizations or other nonaffiliated third parties, if required or requested to do so by a court order, judicial subpoena or regulatory inquiry.

We do not otherwise disclose your nonpublic personal and financial information to nonaffiliated third parties, except where we believe in good faith that disclosure is required or permitted by law. Because we do not disclose your nonpublic personal and financial information to nonaffiliated third parties, our Customer Privacy Policy does not contain opt-out provisions.

CATEGORIES OF INFORMATION WE DISCLOSE TO OUR AFFILIATED ENTITIES

◾ We may disclose your name, address and account and other identifying numbers, account balances, information about your pending or past transactions and other personal financial information to our affiliated entities for any purpose.

◾ We regularly disclose your name, address and account and other identifying numbers, account balances and information about your pending or past transactions to our affiliates to execute,

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Confidential & Trade Secret

Annex I-5

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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process and confirm securities transactions or mutual fund transactions for you, to administer and service your account and commingled investment vehicles in which you are invested, to ensure compliance with applicable laws and regulations, or to market our products and services to you.

INFORMATION ABOUT FORMER CUSTOMERS

We do not disclose nonpublic personal and financial information about former customers to nonaffiliated third parties unless required or requested to do so by a court order, judicial subpoena or regulatory inquiry, or otherwise where we believe in good faith that disclosure is required or permitted by law.

INTERNATIONAL DATA TRANSFERS

Because the internet and our operations are global, Customer Data may be transferred to, processed in, and held in countries (including the United States) other than the one in which you reside. The EEA and the UK do not consider the United States and many other countries to provide essentially equivalent privacy protections. Such transfers are a necessary part of the services that we provide.

We will ensure application of the same standards of privacy protection as set out in this Privacy Policy regardless of the international transfer or processing of Customer Data. To the extent required by, and in accordance with, applicable data protection laws, we rely on appropriate or suitable safeguards in respect of international transfers of Customer Data, including:

◾ Using standard contractual clauses approved by relevant authorities as ensuring adequate safeguards.

◾ Obtaining your consent to transfer Customer Data about you after first informing you about the possible risks of such a transfer.

◾ When the transfer is necessary for the performance of a contract between you and us, or if the transfer is necessary for the performance of a contract between us and a third party, and the contract was entered into in your interest.

◾ When the transfer is necessary to establish, exercise or defend legal claims.

HOW LONG DO WE RETAIN CUSTOMER DATA?

We retain Customer Data only for as long as is necessary for the purposes set out in this Privacy Policy, subject to your rights, under certain circumstances, to have your Customer Data erased. When deciding how long to retain Customer Data, we take into account our legal and regulatory obligations, the amount, nature and sensitivity of the Customer Data, the potential risk of harm from unauthorized use or disclosure of Customer Data, the purposes for which we process Customer Data and whether we can achieve those purposes through other means. We may also retain Customer Data to investigate or defend against potential legal claims in accordance with the limitation periods of countries where legal action may be brought.

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Confidential & Trade Secret

Annex I-6

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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INDIVIDUAL RIGHTS

Individuals in the EEA and the UK, and individuals in other jurisdictions whose Customer Data is subject to the GDPR and/or the UK GDPR, have certain rights in relation to their Customer Data. Subject to certain limitations, these rights include the right for individuals to: (i) request access to and rectification or erasure of their Customer Data; (ii) restrict or object to the processing of their Customer Data; and (iii) obtain a copy of their Customer Data in a portable format. Individuals may also have the right to lodge a complaint about the processing of Customer Data with a data protection or supervisory authority.

QUESTIONS

Should you have any questions about our Customer Privacy Policy, please contact us by email or by regular mail at the address at the end of this policy.

Individuals in some U.S. jurisdictions, including California, have certain data subject rights. These rights vary, but they may include the right to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you wish to exercise any of these rights please contact us by email or by regular mail at the address at the end of this policy.

REMINDER ABOUT TCW'S FINANCIAL PRODUCTS

Financial products offered by The TCW Group, Inc. and its subsidiaries, affiliates, and funds:

◾ Are not guaranteed by a bank;

◾ Are not obligations of The TCW Group, Inc. or of its subsidiaries, affiliates, and funds;

◾ Are not insured by the Federal Deposit Insurance Corporation; and

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| ◾ | Are subject to investment risks, including possible loss of the principal amount committed or invested, and earnings thereon.  |

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Attention: Privacy Officer \| 515 South Flower Street \| Los Angeles, CA 90071 \| email: privacy@tcw.com

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Confidential & Trade Secret

Annex I-7

**<u>ANNEX I TO SUBSCRIPTION AGREEMENT</u>**

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**<u>ANNEX II</u>**

**<u>RULE 506(D) EVENTS</u>**

(i) Conviction, within the ten-year period ending on the date hereof, of
any felony or misdemeanor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) involving the making of any false filing with the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(ii) Any order, judgment or decree of any court of competent jurisdiction, entered within the five-year period
ending on the date hereof, that, at this date, restrains or enjoins the Subscriber from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) involving the making of any false filing with the SEC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(iii) A final order 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 (the "  ***CFTC*** "); or the National Credit Union Administration that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the date of this letter, bars the Subscriber from:

&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;2. engaging in the business of securities, insurance or banking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engaging in savings association or credit union activities;

&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 entered within the ten-year period ending on the date hereof.

(iv) An order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or
(f) of the Advisers Act that, as of the date hereof:

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Annex II-1

**<u>ANNEX II TO SUBSCRIPTION AGREEMENT</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) suspends or revokes the Subscriber's registration as a broker, dealer, municipal securities dealer or
investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) places limitations on the activities, functions or operations of the Subscriber; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) bars the Subscriber from being associated with any entity or from participating in the offering of any penny
stock.

(v) Any order of the SEC entered within the five-year period ending on the date hereof that, as of the date
hereof, orders the Subscriber to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) section 5 of the Securities Act.

(vi) Suspension or expulsion from membership in, or suspension or bar 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;

(vii) Filing (as a registrant or issuer), or being or being named as an underwriter in, any registration statement
or Regulation A offering statement filed with the SEC that, within the five-year period ending on the date hereof, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, as of the date hereof, the
subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued; or

(viii) A United States Postal Service false representation order entered within the five-year period ending on the
date hereof, or, as of the date hereof, 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.

If the Subscriber has been subject to such an event but, prior to the date hereof, (i) the court or regulatory authority that entered the relevant order, judgment or decree has advised in writing (whether contained in the relevant judgment, order or decree or separately to the SEC or its staff) that disqualification under paragraph (d)(1) of Rule 506 under the Securities Act should not arise as a consequence of such order, judgment or decree or (ii) the SEC has issued an exemption from paragraph (d)(1) of Rule 506 with respect to such event, a copy of such order, judgment, decree or exemption is attached to this certificate.

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Annex II-2

**<u>ANNEX II TO SUBSCRIPTION AGREEMENT</u>**

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**<u>ANNEX III</u>**

**<u>ELECTRONIC COMMUNICATION AND SIGNATURE AUTHORIZATION</u>**

By acknowledging your consent below (and as long as you provide us with an electronic mail address) you consent to any and all authorized contacts receiving electronic communications and understand that no paper copy will follow by mail. You agree that the authorized contacts listed in the Subscription Agreement (and any others you may subsequently identify) are specified as your agents for the limited purpose of receiving, on your behalf, any electronic delivery including, but not limited to, account statements, performance reports, privacy notices, investment adviser brochures (Form ADV), disclosure documents and any other information delivered or provided (i) by the Company, the Advisor or any of their Affiliates (collectively, "***TCW***") in connection with the investment advisory services that TCW provides to investors and (ii) by any other agent of TCW.

You further agree to notify TCW promptly in writing of any change to an e-mail or any other electronic delivery address specified above or otherwise agreed between you and TCW. Until we have received notice of a change, we may continue to send information to the previous e-mail or other electronic address, and any such information will be deemed to have been delivered, whether or not it is actually received. Additionally, you acknowledge and agree by acknowledging your consent below that a successful transmission report received by TCW will constitute delivery of any communication. At your request, we will send you paper copies of any information we make available in electronic form. You may request paper copies by contacting the Company at <u>PrivateFunds@tcw.com</u>. You agree, however, that neither your request for, nor our deliver of, a paper copy will imply that the previous electronic delivery of the information did not constitute good and effective delivery.

Although TCW will take all appropriate measures to protect the confidentiality of any information transmitted through e-mail, please be advised that the facility to encrypt e-mail messages is not available. Furthermore, the internet is not a secure environment and the use of Internet e-mail carries with it a number of inherent risks. As a result, we cannot guarantee that e- mail will be delivered within a reasonable time or at all; that e-mail comes from the purported sender; that e-mail is not intercepted by unauthorized or unintended third parties; that the content of the e-mail is unaltered from the time of transmission and therefore we cannot guarantee the accuracy or completeness of the information; or that the e-mail sent by us will be free from viruses.

You are responsible for having any necessary hardware, software or other technology to access electronic communication. By acknowledging your consent below you acknowledge and agree that you are aware of and accept the risks associated with internet e-mail and that the Company's agents, TCW, their respective Affiliates and each of their respective partners, employees and agents will have no liability, contingent or otherwise, to you or any third party arising from or in any way related to the use of electronic communication.

Please note that we cannot accept instructions of any kind, including notices of capital contributions, sent through email.

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Annex III-1 -

**<u>ANNEX III TO SUBSCRIPTION AGREEMENT</u>**

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The documents and other information delivered electronically may be formatted in Adobe Acrobat's portable document format ("***PDF***"), or other file formats we deem appropriate.

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Annex III-2 -

**<u>ANNEX III TO SUBSCRIPTION AGREEMENT</u>**

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**<u>ANNEX IV</u>**

**<u>DEFINITIONS<sup>15</sup></u>**

The term "Investments" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Included Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Securities,<sup>16</sup> except securities of an issuer that controls,<sup>17</sup> is controlled by or is under common control with the proposed Accredited Investor, that owns such securities, unless the issuer of such securities is (a) an investment company registered under the Investment Company Act, a company that would be an investment company but for the exclusions provided by sections 3(c)(1) through 3(c)(9) of the Investment Company Act (including a broker-dealer, bank or finance company) or exempt under Rule 3a-6 (foreign banks/insurance companies) or 3a- 7 (certain structured finance vehicles) of the Investment Company Act; (b) a commodity pool; (c) a public company that files reports pursuant to Section 13 or 15(d) of the Exchange Act or is listed on a designated offshore securities market<sup>18</sup>; or (d) a private company that has shareholders equity in excess of $50,000,000 as reflected in its most recent financial statement (which shall be as of a date within sixteen (16) months from the date of the proposed Accredited Investor's investment in the Company), determined using generally accepted accounting procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Real estate held for investment purposes;

<sup>15</sup> **NTD**: Subject to review by D&P Reg team. [**Note to Vadim**: Please let us know if you know of a precedent set of definitions for an AI-only fund. If not, we thought we should run these definitions by the reg team to make sure we capture any necessary edits.

<sup>16</sup> "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein based on the value thereof) or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. 

<sup>17</sup> "Control" is defined in Section 2(a)(9) of the Investment Company Act as "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." Direct or indirect ownership of 25% of a company is presumed control. 

<sup>18</sup> "Designated offshore securities market" means the Eurobond market, as regulated by the Association of International Bond Dealers; the Amsterdam Stock Exchange; the Australian Stock Exchange Limited; the Bermuda Stock Exchange; the Bourse de Bruxelles; the Copenhagen Stock Exchange; the European Association of Securities Dealers Automated Quotation; the Frankfurt Stock Exchange; the Helsinki Stock Exchange; The Stock Exchange of Hong Kong Limited; the Irish Stock Exchange; the Istanbul Stock Exchange; the Johnannesburg Stock Exchange; the London Stock Exchange; the Bourse de Luxembourg; the Mexico Stock Exchange; the Borsa Valori di Milan; the Montreal Stock Exchange; the Oslo Stock Exchange; the Bourse de Paris; the Stock Exchange of Singapore; the Stockholm Stock Exchange; the Tokyo Stock Exchange; the Toronto Stock Exchange; the Vancouver Stock Exchange; the Warsaw Stock Exchange and the Zurich Stock Exchange, and any other foreign stock exchange designated by the Securities and Exchange Commission under Regulation S of the Securities Act. 

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Annex IV-1

**<u>ANNEX IV TO SUBSCRIPTION AGREEMENT</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Commodity interests or physical commodities held for investment purposes, including commodity futures contracts, options on such futures contracts and options on physical commodities traded on or subject to the rules of any contract market designated for trading such transactions under the Commodity Exchange Act and the rules thereunder, or board of trade or exchange outside the U.S., as contemplated in Part 30 of the rules under the Commodity Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Financial Contracts as defined in Section 3(c)(ii)(B)(2) of the Investment Company Act entered into for investment purposes, to the extent such contracts are not securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Cash and cash equivalents held for investment purposes such as bank CDs and demand deposits, money market investments, and net cash surrender value of insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 With respect to investments in the Company to be made by companies exempt from registration pursuant to Section 3(c)(1) or 3(c)(7) of the Investment Company Act and commodity pools, binding capital commitments to acquire an interest in, or make capital contributions to, the Subscriber, may be included as Investments owned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 With respect to natural persons, the value of investments held in IRA, 401K and similar retirement plans for the benefit of, and for which investments are directed by, such persons may be included as Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Companies can count Investments held by majority-owned subsidiaries (corporate or otherwise), a parent company of which the subscribing company is a majority-owned subsidiary and other majority-owned subsidiaries of such parent company, regardless of whether the parent or such a subsidiary company is the proposed Accredited Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Excluded Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Real estate used for "personal use,"<sup>19</sup> as a place of business or in connection with a trade or business by the Subscriber or a "Related Person."<sup>20</sup> Property that has been used by the Subscriber or a Related Person as a place of business or in connection with the conduct of a trade or business is also not an "investment," unless the Subscriber is primarily engaged in the real estate investment and development business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Controlled companies other than as described in 1.1(a)-(d) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Cash that is not held for investment;

<sup>19</sup>. Residential real estate will not be deemed to be used for personal purposes if deductions with respect to such real estate are not disallowed by Section 280A of the Code.

---

| | |
|:---|:---|
| <sup>20</sup> A | "Related Person" is any person who is a sibling, spouse or former spouse or any direct lineal descendant or ancestor by birth or adoption of the Subscriber or a spouse of such descendant or ancestor; provided that, with respect to a Family Company (as defined in paragraph (A)(ii) of Section 2(a)(51) of the Investment Company Act), a Related Person includes any owner of the Family Company and any person who is a Related Person of such owner.  |

---

Confidential & Trade Secret

Annex IV-2

**<u>ANNEX IV TO SUBSCRIPTION AGREEMENT</u>**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Commodities held and financial contracts entered into as part of a trade or business, unless the Subscriber is primarily engaged in the business of investing in or trading commodity interests, physical commodities or financial contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Jewelry, art work, antiques and other collectibles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Valuation of "Investments":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Investments are valued at cost or fair market value on the most recent practicable date, less outstanding indebtedness incurred to acquire or for the purpose of acquiring the Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Family Companies must deduct indebtedness incurred by the Company or any of its owners to acquire Investments held by the Family Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 For commodities, valuation is based on the initial margin or option premium deposited with the futures commission merchant. Swap agreements and similar financial contracts are valued at fair market value or cost (not notional amount).

Confidential & Trade Secret

Annex IV-3

**<u>ANNEX IV TO SUBSCRIPTION AGREEMENT</u>**

------

**<u>ANNEX V</u>**

**<u>ADDITIONAL COMMITMENT FORM</u>**

TCW Steel City Senior Lending BDC

c/o TCW PT Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Dear Sir/Madam:

The undersigned hereby wishes to increase its capital commitment (the "***Additional Commitment***") to TCW Steel City Senior Lending BDC (the "***Company***").

The amount of the Additional Commitment applied for is $<u> </u>.

The undersigned acknowledges and agrees: (i) that the undersigned is making the Additional Commitment on the terms and conditions contained in the subscription agreement, dated<u> </u> , 20 , previously executed by the undersigned and accepted by the Advisor and the Company, as the same may be updated or modified from time to time (the "***Subscription Agreement***"); (ii) that the representations, warranties and covenants of the undersigned contained in the Subscription Agreement, including all schedules and annexes thereto, are true and correct in all material respects as of the date set forth below; (iii) that the information provided on the Subscriber Questionnaire is correct as of the date set forth below; and (iv) that the background information provided to the Company pursuant to Part A of the Subscriber Questionnaire is true and correct in all material respects as of the date set forth below.

**THE UNDERSIGNED AGREES TO NOTIFY THE COMPANY PROMPTLY IN WRITING SHOULD THERE BE ANY CHANGE IN ANY OF THE FOREGOING INFORMATION.** 

Dated<u> </u>, 20<u> </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name of Entity (*Please type or print*)

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature

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

Name of Authorized Signatory (*Please type or print*)

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

Title of Authorized Signatory (*Please type or print*)

***Please return all executed forms to your TCW Marketing or Client Service representative.***

Confidential & Trade Secret

Annex V-1

**<u>ANNEX V TO SUBSCRIPTION AGREEMENT</u>**

------

**FOR INTERNAL USE ONLY** 

**To be completed by TCW PT MANAGEMENT COMPANY LLC** 

ADDITIONAL COMMITMENT ACCEPTED AS TO

$<u> </u>

---

| | |
|:---|:---|
| **TCW PT Management Company LLC** | **TCW Steel City Senior Lending BDC** |
|  | By: TCW PT Management Company LLC, its advisor |
| By:<u> </u> | By:  |
| Name:<br>Title: | Name:<br>Title: |

---

Dated<u> </u>, 20<u> </u>

Confidential & Trade Secret

Annex V-2

**<u>ANNEX V TO SUBSCRIPTION AGREEMENT</u>**

------

**<u>ANNEX VI</u>**

**<u>TRANSFER RESTRICTIONS</u>**

This Annex VI is attached to and made a part of the Subscription Agreement with the Subscriber, and by signing this Subscription Agreement the Subscriber expressly agrees to be bound by the transfer restrictions contained in this Annex VI. Capitalized terms not defined herein shall have the meanings assigned to them in the Subscription Agreement.

The Subscriber may not Transfer its Capital Commitment without the prior written consent of the Advisor, which the Advisor may grant or withhold in its sole discretion.

Transfers if Class I Shares may be made (i) only in transactions exempt from, or not subject to, the registration requirements of the Securities Act and (ii) upon receipt of approval of such Transfer by the Advisor, which may be granted or withheld in the sole discretion of the Advisor. Specifically, the Advisor may deny a Transfer (x) if the creditworthiness of the proposed transferee, as determined by the Advisor in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel satisfactory in form and substance to the Advisor:

such Transfer has been registered under the Securities Act in a transaction exempt from or not subject to the registration requirements thereunder, an exemption from registration is available or such sale or disposition is made in accordance with the provisions of Regulation S under the Securities Act and such Transfer does not violate any state (or other jurisdiction) securities or "blue sky" laws applicable to the Company or the Class I Shares to be Transferred;

in the case of a Transfer to a "benefit plan investor" (as defined in Section 3(42) of ERISA), such Transfer would not be a non-exempt "prohibited transaction" under ERISA or Section 4975 of the Code; and

such transfer would not cause all or any portion of the assets of the Company to constitute "plan assets" for purposes of ERISA or Section 4975 of the Code.

Any person that acquires all or any portion of the Class I Shares of the Subscriber in a Transfer permitted under this Annex VI shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Class I Shares, as between it and the Company, it shall remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee of such Class I Shares, or fraction thereof, becomes a holder of such Class I Shares.

The Company shall not recognize for any purpose any purported Transfer of all or any portion of the Class I Shares and shall be entitled to treat the transferor of Class I Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to such transferor, unless the Advisor shall have given its prior written

Confidential & Trade Secret

Annex VI-1

**<u>ANNEX VI TO SUBSCRIPTION AGREEMENT</u>**

------

consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Advisor, 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 Company Documents and all applicable laws and regulations applicable to the transferee and the transferor.

Confidential & Trade Secret

Annex VI-2

**<u>ANNEX VI TO SUBSCRIPTION AGREEMENT</u>** 

------

**<u>SUBSCRIBER'S SIGNATURE PAGE</u>**

<u>By signing below the Subscriber certifies that the Subscriber has received the Subscription</u> <u>Agreement and fully consents to its terms. The Subscriber further certifies that to the best of</u> <u>Subscriber's knowledge, and belief, the information in the Subscriber Questionnaire is correct and</u> <u>complete. The Subscriber will promptly notify the Advisor of any change in the</u> <u>information set forth in Subscriber Questionnaire after Subscriber becomes aware of any such</u> <u>change</u>

SUBSCRIBER:

Name of Subscriber

Signature:<u> </u>

Print Name:

Date:<u> </u>

[The rest of this page has been intentionally left blank.]

**<u>SUBSCRIBER'S SIGNATURE PAGE</u>**

------

**ADVISOR SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT OF TCW STEEL** 

**CITY SENIOR LENDING BDC** 

**<u>[INVESTORS DO NOT SIGN THIS PAGE]</u>** 

---

| |
|:---|
| ACCEPTED AND AGREED |
| this<u> </u> day of ,  |
| $<u> </u>\* |
| Amount Accepted |
| (\**only completed if less than amount stated on Subscriber's signature page*) |
| **TCW STEEL CITY SENIOR LENDING BDC** |
| By: TCW PT Management Company LLC, its advisor |
| By:<u> </u> |
| Name: |
| Title: Authorized Signatory |
| By:<u> </u> |
| Name: |
| Title: Authorized Signatory |

---

**<u>ADVISOR SIGNATURE PAGE</u>**

## Ex-99.(10)(8)

*Debevoise Draft* 

**<u>LICENSE AGREEMENT</u>**

This LICENSE AGREEMENT (this "<u>Agreement</u>") is made and effective as of [•], 2025 (the "<u>Effective Date</u>") by and between The TCW Group, Inc. (the "<u>Licensor</u>") and TCW Steel City Senior Lending BDC (the "<u>Licensee</u>") (each a "<u>Party</u>," and collectively, the "<u>Parties</u>").

**<u>RECITALS</u>**

WHEREAS, Licensor has certain registered service marks set forth on Schedule 1 (the "<u>Trademarks</u>");

WHEREAS, the Licensee is a closed-end investment company that intends to elect to be treated as a business development company under the Investment Company Act of 1940, as amended;

WHEREAS, pursuant to the Investment Advisory and Management Agreement, dated as of [•], 2025, by and between an affiliate of the Licensor and the Licensee, the Licensee has engaged an affiliate of the Licensor to act as the investment adviser to the Licensee; and

WHEREAS, the Licensee desires to use the Trademarks in connection with the operation of its business, and the Licensor is willing to permit the Licensee to use the Trademarks, 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 I.

<u>LICENSE GRANT</u> 

&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 the Licensee, and the Licensee hereby accepts from Licensor, a personal, non- exclusive, non-sublicensable, world-wide, royalty- free right and license to reproduce and use the Trademarks, together with associated goodwill to the extent necessary to effectuate this grant, solely and exclusively as an element of the Licensee's own company name and in connection with the conduct of its business. Except as provided above, neither the Licensee nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise use the Trademarks or any derivative thereof without the prior express written consent of the Licensor in its sole and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Licensor's Use</u>. Nothing in this Agreement shall preclude Licensor, its affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Trademarks whether or not such entity directly or indirectly competes or conflicts with the Licensee's business in any manner.

------

ARTICLE II.

<u>OWNERSHIP</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Ownershi</u>p. The Licensee acknowledges and agrees that Licensor is the owner of all right, title, and interest in and to the Trademarks, and all such right, title, and interest shall remain with the Licensor. The Licensee shall not otherwise contest, dispute, or challenge Licensor's right, title, and interest in and to the Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Goodwill</u>. All goodwill and reputation generated by Licensee's use of the Trademarks shall inure to the benefit of Licensor. The Licensee shall not by any act or omission use the Trademarks in any manner that disparages or reflects adversely on Licensor or its business or reputation. Except as expressly provided herein, neither Party may use any other trademark or service mark of the other Party without that Party's prior written consent, which consent shall be given in that Party's sole discretion.

ARTICLE III.

<u>COMPLIANCE</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Quality Control</u>. In order to preserve the inherent value of the Trademarks, the Licensee agrees to use reasonable efforts to ensure that it maintains the quality of the Licensee's business and the operation thereof equal to the standards prevailing in the operation of the Licensor's and the Licensee's business as of the date of this Agreement. The Licensee further agrees to use the Trademarks in accordance with such quality standards as may be reasonably established by Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by Licensor and the Licensee from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Compliance With Laws</u>. The Licensee agrees that the business operated by it in connection with the Trademarks shall comply in all material respects with all laws, rules, regulations and requirements of any governmental body in the United States of America (the "<u>Territor</u>y") or elsewhere as may be applicable to the operation, advertising and promotion of the business, and that it shall notify Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <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 (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with the Trademarks, and (ii) any infringements, imitations, or illegal use or misuse of the Trademarks in the Territory.

ARTICLE IV.

<u>REPRESENTATIONS AND WARRANTIES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <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;(a) <u>Due Authorization</u>. Such Party is duly formed and in good standing as of the Effective Date, 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;(b) <u>Due Execution</u>. This Agreement has been duly executed and delivered by such Party and, with due authorization, execution and delivery 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;(c) <u>No Conflict</u>. Such Party's execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision of the organizational documents of such Party; (ii) conflict with or violate any law or 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 V.

<u>TERM AND TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. This Agreement shall remain in effect only for so long as the Licensor or one of its affiliates remains the Licensee's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Trademarks shall cease, and the Licensee shall immediately discontinue use of the Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Equitable Relief and Monetary Damages</u>. The Licensee acknowledges that a breach of this Agreement by it would cause immediate and irreparable harm to the Licensor for which money damages could not adequately compensate the Licensor. Therefore, the Licensor shall have the right to enforce this Agreement, not only by an action or actions for damages, but also by an action or actions for specific performance or injunctive or other equitable relief in order to enforce or prevent any violations of the terms or conditions of the Agreement, without proof of actual damages and without the posting of bond or other security.

ARTICLE VI.

<u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Neither Party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other Party; <u>provided</u> that Licensor may assign this Agreement without such consent in connection with merger or consolidation of Licensor or any change in control of Licensor, or to any party that acquires all or substantially all of the assets of Licensor. No assignment by either Party permitted hereunder shall relieve the applicable Party of its obligations under this Agreement. Any assignment by Licensee in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning Party's rights and obligations hereunder. Notwithstanding anything to the contrary contained in this Agreement, the rights and obligations

------

of the Licensee under this Agreement shall be deemed to be assigned to a newly-formed entity in the event of the merger of the Licensee into, or conveyance of all of the assets of the Licensee to, such newly-formed entity; <u>provided</u>, <u>further</u>, <u>however</u>, that the sole purpose of that merger or conveyance is to effect a mere change in the Licensee's legal form into another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Independent Contractor</u>. This Agreement does not give any Party, or permit any Party to 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;6.3 <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 e-mail or by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the other Party at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts formed and to be performed entirely within the State of Delaware, without regarding the conflicts of law principles or rules thereof, to the extent such principles would require to permit the applicable of the laws of another jurisdiction. The Parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of Delaware 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;6.5 <u>Amendment</u>. This Agreement may not be amended or modified except by an instrument in writing signed by all Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <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;6.7 <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;6.8 <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;6.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Any Party may deliver an executed copy of this Agreement and of any documents contemplated hereby by facsimile or other electronic transmission to another Party and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <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, among the Parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <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.

[*Remainder of Page Intentionally 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**: |
| **The TCW Group, Inc.** | **The TCW Group, Inc.** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| **LICENSEE**: | **LICENSEE**: |
| **TCW Steel City Senior Lending BDC** | **TCW Steel City Senior Lending BDC** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature page for License Agreement*]

------

**<u>SCHEDULE 1</u>**

List of Trademarks

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Trademarks** | **Registration No.** |
| &nbsp;&nbsp; TCW | 1731608 |
| &nbsp;&nbsp; TCW & Design<br> ![LOGO](g40107dsp0195.jpg)  | 1747418 |

---