# EDGAR Filing Document

**Accession Number:** 0001938649
**File Stem:** 0001398344-25-019393
**Filing Date:** 2025-10
**Character Count:** 2141592
**Document Hash:** 734cab15e1cd36120d952211b64bdd78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-019393.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001398344-25-019393

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

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Partners Group Lending Fund, LLC
- **CENTRAL INDEX KEY:** 0001938649

**ORGANIZATION NAME:**
- **EIN:** 883153051
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56792
- **FILM NUMBER:** 251405069

**BUSINESS ADDRESS:**
- **STREET 1:** C/O PARTNERS GROUP (USA) INC.
- **STREET 2:** 1114 AVENUE OF THE AMERICAS, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 3036063732

**MAIL ADDRESS:**
- **STREET 1:** C/O PARTNERS GROUP (USA) INC.
- **STREET 2:** 1114 AVENUE OF THE AMERICAS, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Partners Group Lending Fund, Inc.
- **DATE OF NAME CHANGE:** 20220719

**As filed with the Securities and Exchange Commission on October 20, 2025**

**File No. 000-**

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

**Washington, D.C. 20549**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES**

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

**THE SECURITIES EXCHANGE ACT OF 1934**

**PARTNERS GROUP LENDING FUND, LLC**

(Exact name of registrant as specified in charter)

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| | |
|:---|:---|
| **Delaware** | **88-3153051** |
| (State or other jurisdiction of incorporation or registration) | (I.R.S. Employer Identification No.) |

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| | |
|:---|:---|
| **1114 Avenue of the Americas, 37<sup>th</sup> Floor, New York, NY** | **10036** |
| (Address of principal executive offices) | (Zip Code) |

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**(877) 748-7209**

(Registrant's telephone number, including area code)

***with copies to:***

**Harry S. Pangas, Esq.**

**Darius I. Ravangard, Esq.<br> Dechert LLP<br> 1900 K Street, NW**

**Washington, DC 20006**

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

<u>Title of each class to be so registered</u> <u>Name of exchange on which each class is to be registered</u> <br> <u>None</u> <u>N/A</u>

**Securities to be registered pursuant to Section 12(g) of the Exchange Act:**<br> **Common Units**

(Title of class)

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

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | [ ] | Accelerated filer | [ ] |
| Non-accelerated filer | x | Smaller reporting company | [ ] |
|  |  | Emerging growth company | x |

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

****TABLE OF CONTENTS**<br>** 

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| | |
|:---|:---|
|  | **Page** |
| Explanatory Note | 1 |
| Forward-Looking Statements | 2 |
| Item 1. Business | 3 |
| Item 1A. Risk Factors | 34 |
| Item 2. Financial Information | 55 |
| Item 3. Properties | 71 |
| Item 4. Security Ownership of Certain Beneficial Owners and Management | 71 |
| Item 5. Directors and Executive Officers | 72 |
| Item 6. Executive Compensation | 77 |
| Item 7. Certain Relationships and Related Transactions, and Director Independence | 78 |
| Item 8. Legal Proceedings | 84 |
| Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters | 84 |
| Item 10. Recent sales of Unregistered Securities | 85 |
| Item 11. Description of Registrant's Securities to Be Registered | 85 |
| Item 12. Indemnification of Directors and Officers | 88 |
| Item 13. Financial Statements and Supplementary Data | 89 |
| Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 90 |
| Item 15. Financial Statements and Exhibits | 91 |

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i

**Explanatory Note**

Partners Group Lending Fund, LLC is filing this registration statement on Form 10 (the "Registration Statement"), under the Securities Exchange Act of 1934, as amended, or the Exchange Act, on a voluntary basis in connection with its election to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, or the "1940 Act," and in order to provide current public information to the investment community. Once this Registration Statement is effective, we will be subject to the requirements of Section 13(a) of the Exchange 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 Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. The Fund is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. As a result, the Fund is 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. *See* "*Item 1. Business — Emerging Growth Company.*"

In this Registration Statement, unless otherwise specified, the terms:

● *"1940 Act" refers to the Investment Company Act of 1940, as amended;* 

 

● *The "Fund," "we," "us," and "our" refer to Partners Group Lending Fund, LLC, a Delaware limited liability company;* 

● *"Administrator" refers to State Street Bank and Trust Company;* 

● *"Master Administrative Services Agreement" refers to the Master Administrative Services Agreement between the Fund and the Administrator;* 

● *"Adviser" refers to Partners Group (USA) Inc., a Delaware corporation;* 

● *"Partners Group" refers to Partners Group AG, a corporation organized in Switzerland;* 

● *"Board" and "Directors" refers to the Fund's board of managers and the members thereof, appointed with effect from the date of the Fund's BDC election;* 

● *"Common Units" refers to the Fund's common units;* 

● *"LLC Agreement" refers to the Fund's amended and restated limited liability company agreement; and* 

● *"Investment Advisory Agreement" refers to the Amended and Restated Investment Advisory Agreement between the Fund and the Adviser.* 

**Forward-Looking Statements**

This Registration Statement contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "project," "estimate," "believe," "continue" or the negatives thereof or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, our future operating results; our business prospects and the prospects of our Portfolio Companies (as defined below); changes in the economy; risk associated with possible disruptions in our operations or the economy generally; the impact of global health epidemics on our and our Portfolio Companies' business and the global economy; the impact of treaties, tariffs and import/export policies on global trade; the effect of investments that we expect to make; our contractual arrangements and relationships with third parties; actual and potential conflicts of interest with our Adviser and its affiliates; the dependence of our future success on the general economy and its effect on the industries in which we invest, including as a result of inflation; the ability of our Portfolio Companies to achieve their objectives; the use of borrowed money to finance a portion of our investments, including the consequences of interest rate increases; the adequacy of our financing sources and working capital; the timing of cash flows, if any, from the operations of our Portfolio Companies; the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; the ability of our Adviser and its affiliates to attract and retain highly talented professionals; our ability to qualify and maintain our qualification as a BDC; and the effect of changes in laws or regulations affecting our operations or to tax legislation and its tax position, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

You should carefully review the "*Item 1A. Risk Factors*" section of this Registration Statement for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

We have based the forward-looking statements included in this Registration Statement on information available to us on the date of the filing of this Registration Statement. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we in the future file with the Securities and Exchange Commission, or SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. This Registration Statement contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

You should understand that, under Sections 27A(b)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E(b)(2)(B) of the Exchange Act, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to the forward-looking statements made in this Registration Statement or in periodic reports we will file under the Exchange Act upon effectiveness of this Registration Statement.

**Item 1. Business.**

**Partners Group Lending Fund, LLC**

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 initially incorporated as a Delaware corporation on June 16, 2022, and we filed a certificate of conversion with the Delaware Secretary of State to convert into a Delaware limited liability company on July 12, 2023. We have engaged the Adviser, Partners Group (USA) Inc., which is an affiliate of Partners Group. The Adviser oversees the management of our activities and is responsible for making investment decisions with respect to our portfolio. No later than one year after the date that we make our BDC election, we also intend to elect to be treated, and intend to qualify annually thereafter, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). We intend to be a private, perpetual-life BDC, which is a BDC whose common units are not listed – and are not expected in the future to be listed – on a stock exchange or other securities market. As such, we use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose common units are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's net asset value ("NAV") per Common Unit.

Our investment objectives are to generate attractive risk-adjusted returns and current income by primarily investing in an industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of base rates (including the Secured Overnight Financing Rate ("SOFR"), the Euro Interbank Offered Rate ("EURIBOR") and the Canadian Overnight Repo Rate Average ("CORRA"), plus a margin, to private middle market U.S. companies. As part of our strategy to achieve our investment objective, we will directly or indirectly originate senior secured loans to private middle market U.S. companies ("Senior Secured Direct Private Credit"). We also expect to invest in senior secured broadly syndicated loans by acquiring them from third parties either in the primary or the secondary market ("Senior Secured Broadly Syndicated Loans"). Senior secured loans represent the most senior tranche in the capital structure of the relevant borrowers and often have lien security over the assets of the borrowers.

In addition, to a lesser extent our assets may include second lien loans, mezzanine loans, subordinated loans, asset-backed loans, structured credit, structurally subordinated investments, high yield bonds, investments into existing limited partnerships investing in credit, preferred securities and equity participation instruments (collectively, "Opportunistic Credit"), which may appear attractive on a relative value basis. Our Opportunistic Credit investments may also include CLO Equity (as defined below) issued by a CLO (as defined below). As used herein, "CLO Equity" means the junior-most equity tranche or subordinate notes or other residual tranche of securities issued by an issuer of collateralized loan obligations (a "CLO") (i.e., the tranche whose rights to payment are not senior to any other tranche and which does not receive a credit rating).

We believe that the Partners Group investment platform offers strategic access to the wider private equity sponsor and borrower community and provides the Fund a significant advantage in sourcing, analyzing and executing attractive credit investments.

The Adviser expects to employ a range of techniques that seek to reduce the risk associated with our investment strategy. These techniques may include, without limitation: (i) selecting investments and commitments across a broad range of industries, sectors, and maturity dates; (ii) tracking operating performance of underlying companies and their compliance with financial covenants; and (iii) actively managing cash and liquid assets.

**Private Fund Stage**

We commenced investment operations in September 2023, operating as a private fund (such period before the BDC election, the "Private Fund Stage"). During the Private Fund Stage, we entered into the initial investment advisory agreement (the "Initial Investment Advisory Agreement") which was amended and restated pursuant to the Fund's Amended and Restated Investment Advisory Agreement, dated July 1, 2025, by and between the Fund and the Adviser. (the "Amended and Restated Investment Advisory Agreement"). The operating results contained herein, including the payment of the Base Management Fee (defined below) and Incentive Fee (defined below) to the Adviser, were realized by us under the Initial Investment Advisory Agreement. The Initial Investment Advisory Agreement calculated incentive fees in a manner consistent with the now-in-effect Amended and Restated Investment Advisory Agreement, but without the relevant provision of the latter capping incentive fees payable on capital gains consistent with Section 205(b)(3) on the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As a result, we limited investors in the Fund to qualified clients prior to our election to be regulated as a BDC. The descriptions of the Initial Investment Advisory Agreement and the Amended and Restated Investment Advisory Agreement are qualified in their entirety by reference to the copies of the Initial Investment Advisory Agreement and Amended and Restated Investment Advisory Agreement which are filed as Exhibit 10.1 and Exhibit 10.2 to this Registration Statement, respectively, and are incorporated by reference herein. We have acquired an initial portfolio, described in more detail in Item 2 to this Registration Statement (the "Initial Portfolio"). *See Item 2. Financial Information – Portfolio and Investment Activity*."

**Overview of Partners Group**

The Adviser is an affiliate of Partners Group, a global private markets investment manager. The parent company of the Adviser and Partners Group, Partners Group Holding AG, is listed on the SIX Swiss Exchange (ticker: PGHN) and has a public market capitalization of approximately 27.6 billion Swiss Francs (approximately USD 34.6 billion) as of June 30, 2025.

As of June 30, 2025, Partners Group and its affiliates manage over $174 billion (U.S. Dollars) in assets under management across direct, secondary and primary private market assets for a wide variety of more than 800 institutional investors worldwide. As of June 30, 2025, Partners Group and its affiliates employed a broad team of approximately 2,000 people (including more than 1,700 Partners Group employees and more than 200 Empira employees), representing approximately 50 nationalities and collectively speaking around 30 languages. The team is represented through offices in Denver, Houston, New York, Toronto, São Paulo, Guernsey, London, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo, Sydney, and Hong Kong, along with Partners Group's headquarters in Zug, Switzerland. Through various investment programs and customized separate account mandates, Partners Group and its affiliates have made commitments of $234 billion (U.S. Dollars), invested in more than 2,300 funds and companies across over 900 investment partners on a direct, primary and secondary basis and are represented on 350 partnership advisory boards across private markets, as of June 30, 2025. These activities have fostered relationships with leading private markets managers around the globe. The Adviser believes that the Fund will benefit from the experience and resources available through its affiliation with Partners Group.

Partners Group began investing in private debt in 1999, making its first direct mezzanine investment in 2003 and, as of June 30, 2025, manages over $38.4 billion (U.S. Dollars) in private debt globally.<sup>1</sup> The firm's investment professionals consider opportunities across the entire capital structure in first and second lien secured loans, unitranche loans, mezzanine debt, private high yield debt, preferred equity and common equity. This flexible approach enables the firm to assess relative value up and down the capital structure, across a variety of industries and geographies.

**Overview of the Adviser**

Partners Group (USA), Inc., a Delaware corporation, serves as the Adviser and is registered as an investment adviser with the Securities and Exchange Commission (the "SEC"). Subject to the supervision of the Board of the Fund, a majority of which shall be comprised of Directors that are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser, the Adviser manages the day-to-day operations of the Fund and provides the Fund with investment advisory and management services. In this capacity, the Adviser is responsible for sourcing and screening potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments, and monitoring the portfolio on an ongoing basis.

As a registered investment adviser under the Advisers Act, the Adviser is required to file a Form ADV with the SEC. Form ADV contains information about assets under management, types of fee arrangements, types of investments, potential conflicts of interest and other relevant information regarding the Adviser. A copy of Part 1 and Part 2A of the Adviser's Form ADV is available on the SEC's website (<u>www.adviserinfo.sec.gov</u>).

The Fund and the Adviser, and various affiliates thereof, have applied for an amended exemptive order from the SEC that would permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

**The Administrator, the Custodian and the Transfer Agent**

The Fund has retained the Administrator, International Fund Services (N.A.), LLC, to provide administrative services to us, and to assist with our operational needs. The Administrator provides such services to the Fund pursuant to the Master Administrative Services Agreement. The Administrator is responsible directly or through its agents for, among other things, providing the following services to the Fund, as applicable: (1) maintaining a list of unitholders and generally performing all actions related to the issuance and repurchase of Common Units, if any, including delivery of trade confirmations and capital statements; (2) providing certain administrative, clerical and bookkeeping services; (3) preparing materials and coordinating meetings of the Board; (4) providing services related to the payment of distributions, and accounting services; (5) computing the net asset value of the Fund in accordance with U.S. GAAP and procedures defined in consultation with the Adviser; (6) overseeing the preparation of financial statements of the Fund in accordance with U.S. GAAP, reports of the operations of the Fund and information required for U.S. federal and applicable state and local income tax returns; (7) supervising regulatory compliance matters and preparing certain regulatory filings; and (8) performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator may from time to time delegate its responsibilities under the Master Administrative Services Agreement to one or more parties selected by the Administrator, including its affiliates or affiliates of the Adviser.

<sup>1</sup> Assets under management ("AuM") figure is inclusive of all Partners Group affiliates for private debt as of June 30, 2025. AuM is calculated based on debt instrument allocations to Partners Group programs.

In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net asset value of the Fund, subject to a minimum monthly fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund. The Administration Fee and the other terms of the Master Administrative Services Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Master Administrative Services Agreement provides that the Administrator's cumulative liability to the Fund for a calendar year will be limited in relation to the fees and expenses charged by the Administrator in the relevant calendar year. In addition, the Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties unless solely caused by or resulting from the willful misconduct or gross negligence of the Administrator, its officers or employees. In addition, the Administrator will not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of the Master Administrative Services Agreement or for any such damages arising out of any act or failure to act thereunder.

The Master Administrative Services Agreement also provides that the Fund shall indemnify and hold the Administrator and its directors, officers, agents, and employees harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of the Master Administrative Services Agreement, any action or omission by the Administrator in the performance of its duties as administrator of the Fund, or as a result of acting upon instructions reasonably believed by it to have been duly authorized by the Fund or upon reasonable reliance on information or records given or made by the Fund or the Adviser. The indemnification will not apply to actions of the Administrator, its officers, or employees in cases of their own willful misconduct or gross negligence.

The Fund's assets, including assets of our wholly owned subsidiaries, are held by State Street Bank and Trust Company who acts as the Fund's custodian in accordance with the requirements of the Investment Company Act (in such capacity, the "Custodian"). State Street Bank and Trust Company also acts as the Fund's transfer agent and dividend distribution agent and receives a fee for transfer agency services (in such capacity, the "Transfer Agent."). The principal address of each of the Administrator and the Transfer Agent is One Congress Street, Suite 1, Boston, Massachusetts 02114.

**Perpetual Life Vehicle; Potential Spin-Off; Liquidity Event**

We intend to be a non-exchange traded, perpetual-life BDC, which is a BDC whose common units 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 units are intended to be sold by the BDC on a continuous basis at a price generally equal to the BDC's then-current NAV per unit. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Units on a quarterly basis at NAV, but we are not obligated to offer to repurchase any in any particular quarter. We believe that our perpetual nature enables us to execute a patient and opportunistic investment strategy across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a Liquidity Event (as defined below) at any time in the future, we do not currently intend to undertake a Liquidity Event and will not be obligated by our organizational documents or otherwise to effect a Liquidity Event at any time.

The Fund may, in its sole discretion, offer its unitholders the option to elect to either (i) retain their ownership of Common Units in the Fund (after which the Fund may, among other things, seek to complete the quotation or listing of the Common Units on a national securities exchange (the "Exchange Listing"), including in connection with an initial public offering thereof) or (ii) exchange their Common Units for shares of common stock in a newly formed entity (the "New Private Entity"). In order to effectuate this option, the Fund expects that it would need to, among other things, transfer to the New Private Entity in exchange for newly issued shares of the New Private Entity, a pro rata portion of the Fund's assets and liabilities attributable to the unitholders that have elected to invest in the New Private Entity, and thereafter exchange the New Private Entity shares received for the Common Units of the electing unitholders (such transfer of assets and liabilities and the mechanics relating thereto are referred to herein as the "Spin-Off"). Because the Adviser would be managing both the Fund and the New Private Entity, and the 1940 Act prohibits entities under common control from engaging in certain transactions, the Fund will likely be required to obtain exemptive and/or no-action relief from the SEC to permit it to transfer assets to the New Private Entity, as well as with respect to other aspects relating to the Spin-Off. There can be no assurance that the Fund will be able to obtain such exemptive and/or no-action relief from the SEC. If the Fund is unable to do so, then the Fund will continue its operations in the manner otherwise set forth herein. Alternatively, if the Fund does obtain such exemptive and/or no-action relief, the Board will then make the determination as to if, and when, it is appropriate for it to effectuate the Spin-Off. If the Spin-Off is effectuated, for those unitholders who elect to exchange their Common Units for shares of common stock of the New Private Entity, the New Private Entity will operate consistent with the description of the Fund herein.

The Board may also, in its sole discretion, determine to cause the Fund to conduct a Sale Transaction. A "Sale Transaction" means (a) the sale of all or substantially all of the Fund's assets to, or other liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer (together with an Exchange Listing, a "Liquidity Event"). A Sale Transaction also may include a sale, merger or other transaction with one or more affiliated investment companies managed by the Adviser or an affiliate thereof. The decision to cause the Fund to conduct a Liquidity Event will take into consideration factors such as prevailing market conditions at the time and the Fund's portfolio composition. The ability of the Fund to commence and consummate a Liquidity Event is not assured, and will depend on a variety of factors, including the size and composition of the Fund's portfolio and prevailing market conditions at the time.

**Investment Objective and Strategy**

We are organized to invest primarily in the credit of middle market U.S. companies with a focus on originated transactions sourced directly and indirectly through our Adviser.

Our investment objectives are to generate attractive risk-adjusted returns and current income. The principal elements of executing our investment strategy include: (i) allocating the assets of the Fund across various sectors of the private credit market; (ii) proprietary sourcing of investment opportunities; (iii) selecting investments that are believed to offer superior relative value; and (iv) seeking to manage risk through ongoing monitoring of the portfolio.

● *Portfolio construction.* Diligent portfolio construction across various asset types is a cornerstone of long-term portfolio risk management and performance. The Fund will seek to benefit from the broad exposure to different issuers, industries, geographic markets, security and loan types, vintage years and maturity dates throughout the portfolio.

● *Access*. In many segments of the private credit market, it is not enough to identify promising investments – access is also required. The Fund will seek to provide unitholders with access to investments that may be unavailable to the investing public due to resource requirements, regulatory restrictions and high investment minimums.

● *Relative value analysis*. Relative value analysis is central to the Adviser's investment philosophy. This strategy explicitly recognizes the dynamic nature of the private credit markets and is designed to systematically identify and capitalize on the investment opportunities assessed to offer attractive return potential in each market segment at any given time. Changing market conditions can dramatically affect the attractiveness of different segments within the overall private credit market. Typical credit opportunities value drivers analyzed include, for example: (i) regional, political, and economic conditions including interest rates and credit spreads; (ii) industry trends, such as growth and profitability; and (iii) availability of different types of credit . Based on its ongoing review of market developments, the Adviser will attempt to identify and overweight the segments that it believes offer the most attractive investment opportunities.

● *Risk management and portfolio monitoring.* The Adviser seeks to monitor the concentration of risks across the portfolio as well as the performance of individual investments by tracking operating performance of underlying companies and compliance with financial covenants.

As part of our strategy to achieve our investment objective, we will directly or indirectly originate Senior Secured Direct Private Credit. We also expect to invest in Senior Secured Broadly Syndicated Loans by acquiring them from third parties either in the primary or the secondary market. Senior secured loans represent the most senior tranche in the capital structure of the relevant borrowers and often have lien security over the assets of the borrowers.

In addition, to a lesser extent, our assets may include Opportunistic Credit, which may appear attractive on a relative value basis. Our Opportunistic Credit investments may also include CLO Equity.

In addition, we believe that the Partners Group investment platform offers strategic access to the wider sponsor and borrower community and provides the Fund a significant advantage in sourcing, analyzing and executing attractive credit investments. The Adviser will manage our portfolio with a view towards managing liquidity and maintaining a high investment level. Accordingly, the Adviser may make investments and commitments based, in part, on anticipated future proceeds from investments. The Adviser may also take other anticipated cash flows into account, such as those relating to new subscriptions in us and the tender of Common Units by unitholders (pursuant to repurchase offers by us (as described herein under "Unit Repurchase Program")), and any distributions made to our unitholders. To forecast portfolio cash flows, the Adviser utilizes quantitative and qualitative factors, including historical private credit data, actual portfolio observations and qualitative forecasts by the Adviser's and its affiliates' investment professionals.

The Adviser expects to employ a range of techniques that seek to reduce the risk associated with our investment strategy. These techniques may include, without limitation: (i) selecting investments and commitments across geographies, industries, sectors, capital structures, and maturity dates; (ii) tracking operating performance of underlying companies and their compliance with financial covenants; and (iii) actively managing cash and liquid assets. To enhance our liquidity, particularly in times of possible net outflows through the tender of Common Units by Unitholders (pursuant to repurchase offers by the Fund (as described herein under "Unit Repurchase Program")), the Adviser may sell certain of our assets on our behalf.

Once we have invested a substantial amount of proceeds from this offering, under normal circumstances and after we ramp up our portfolio, we expect that the Fund's investments ("Fund Investments") to be issued by obligors and issuers domiciled or located in, or who have headquarters or substantial operations in, regions in accordance with the following ranges and targets:

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| | |
|:---|:---|
| **Geography** | **Target**<sup>2</sup> |
| United States | 70%+ |
| North America | 70-100% |
| Europe and Rest of World | 0-30% |

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Fund Investments are intended to be spread across Senior Secured Direct Private Credit, Senior Secured Broadly Syndicated Loans, and Opportunistic Credit (each an "Asset Class") based on the following target asset allocations:

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| | |
|:---|:---|
| **Asset Class** | **Target**<sup>3</sup> |
| Senior Secured Direct Private Credit | 70-100% |
| Senior Secured Broadly Syndicated Loans | 0-30% |
| Junior Loans, Equity and Opportunistic Credit | 0-30% |

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The Fund does not expect to invest more than 30% of our target fund size in Opportunistic Credit cumulative of (A) CLO liabilities and equity; (B) second lien loans, mezzanine loans, subordinated loans; and (C) asset-backed loans, structured credit, structurally subordinated investments, high yield bonds, preferred securities and equity participation instruments as well as credit funds. The investment and other limited targets described above will be measured as of the trade date of each asset acquired by us. If such limitations are exceeded as a result of subsequent fluctuations in the value of our assets, subsequent conversion or exchange transactions, a change in characterization of an asset such that it is properly characterized differently from its characterization on its acquisition date, or other subsequent events or circumstances or any other reason beyond the control of the Adviser or us, we will not be required to dispose of or otherwise reduce exposure to the related Asset Class (or geography); provided that, during such period the Fund may not purchase assets that would cause the exposure to such Asset Class to increase further but may continue to invest and reinvest if compliance of the Fund's total portfolio with such limitations would be maintained or improved).

<sup>2</sup> The allocation to each above noted geography may differ from the stated targets. Such deviation is likely during the first 18 months immediately following the BDC election, as well as for a period following the acceptance of new subscriptions.

<sup>3</sup> The allocation to each Asset Class may differ from the stated targets. Such deviation is likely during the first 18 months immediately following the BDC election, as well as for a period following the acceptance of new subscriptions.

There can be no assurance that the investment objectives of the Fund will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful.

Most of our investments will be in private U.S. operating companies, but (subject to compliance with BDCs' requirement to invest at least 70% of our assets in private U.S. operating companies and certain other assets), we also expect to invest to some extent in European and other non-U.S. companies. We may invest in companies of any size or capitalization. We will generally only be permitted to co-invest with investment funds, accounts and vehicles managed by the Adviser where the only term that is negotiated is price and generally in accordance with SEC guidance. However, we and our Adviser have filed an exemptive application with the SEC to permit greater flexibility to negotiate the terms of co-investments with investment funds, accounts and vehicles managed by the Adviser in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. There can be no assurance that we will receive exemptive relief from the SEC to permit us to co-invest with investment funds, accounts and investment vehicles managed by the Adviser where terms other than price are negotiated.

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

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we will not enter into any such derivative agreements for speculative purposes. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. With certain limited exceptions, as a BDC, we are only allowed to borrow amounts such that our asset coverage, as calculated in accordance with the 1940 Act, equals at least 200% (or 150% if certain requirements under the 1940 Act are met) after such borrowing. Our initial investors and Board have approved a proposal that, upon our election to be regulated as a BDC, allows us to reduce our asset coverage ratio to 150%.

We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt and preferred equity. We may also use leverage by using reverse repurchase agreements or similar transactions and derivatives, including credit default swaps. In determining whether to borrow money or issue debt, we will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments.

As a BDC, at least 70% of our assets must be the type of "qualifying" assets listed in Section 55(a) of the 1940 Act, as described herein, which are generally privately offered securities and loans issued by U.S. private or thinly traded operating companies. We may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

**Investment Process Overview**

*Portfolio planning* 

 

The investment process begins with portfolio planning, which is designed to provide a framework for the Fund's long-term diversification across various dimensions of the private credit market, such as issuers, industries, geographic markets, security types, maturity dates and seniority. It is expected that through such diversification, the Fund may be able to achieve more consistent returns and lower volatility than would generally be expected if its portfolio were more concentrated.

*Relative value analysis*

 

The second step of the Fund's investment process is to analyze changing market conditions and their effect on the relative attractiveness of different segments within the overall private credit market. This relative value analysis is based on general economic developments, such as business cycles, credit spreads, interest rates, IPO opportunities, deregulation, and changes in tax or securities law. In addition, variables specific to particular industry sectors and the overall private credit market are typically evaluated. Based on the outcome of this review, the Adviser will attempt to identify the market segments that it believes offer the most attractive investment opportunities at the relevant time.

The Adviser's relative value analysis is intended to serve as a guide for tactical capital allocation decisions within the framework of the portfolio plan. Due to the long-term nature and illiquidity of private credit investments, it is generally not practical to dramatically re-allocate a portfolio over a short period of time. Accordingly, the actual allocation of Fund Investments may deviate significantly from the general relative value views of the Adviser at a particular point in time.

*Investment selection* 

 

In the final step of the investment process, the Adviser seeks to focus on investing in senior secured assets and other high quality credit instruments. Opportunities are typically sourced through a network of existing relationships with private equity sponsors, private lenders, intermediaries, and other investors, and then individually evaluated by the Adviser's and its affiliates' investment professionals using a structured selection process. As investment opportunities are analyzed, investment professionals seek to evaluate them in relation to historical benchmarks, current information from the Adviser's and its affiliates' existing private credit portfolios, and against each other. This comparative analysis can provide insight into the specific investments that offer the greatest value at different points in time in the various segments of the private credit market.

The Adviser's dedicated private credit investment team has extensive experience providing borrowers with financing solutions across different segments of the credit market through its direct and liquid credit strategies. Private direct credit programs managed by the Adviser include direct credit investments up and down the capital structure, namely, first lien, second lien, unitranche, subordinated and mezzanine, investments made across all strategies (corporate credit, high yield and opportunistic/distressed) and across all major geographic regions and sectors. Liquid credit programs managed by the firm include predominantly senior syndicated secured first lien loans and, to a smaller extent, second lien syndicated loans.

**Due Diligence and Selection of Investments**

The Adviser follows a structured five-step process to source, evaluate, select and monitor investments for the Fund. The Adviser's investment professionals are involved throughout the process, and draw on the significant investment resources and insight available through the Adviser's affiliates, who employ approximately 2,000 people across a worldwide network of offices. The Adviser's investment committee (the "Investment Committee") is responsible for the portfolio plan and final investment decisions.

● *Investment generation.* The Adviser typically identifies prospective investments from multiple sources, the most important of which is a network of relationships across the private equity and private credit industries. Built through the investment activities of its affiliated companies, this network has historically proven to be a rich source of investment flow.

● *Pre-selection.* The initial screening process for investment opportunities is typically based on a confidential information memorandum, lender presentation and/or an introductory meeting. For opportunities that pass the Adviser and its affiliates' minimum requirements, a due diligence investment team is assigned to evaluate the opportunity in detail.

● *Due diligence.* The due diligence process involves a detailed analysis of various aspects of each opportunity, including both qualitative and quantitative assessments. Various proprietary tools and databases are used to better understand market trends, potential return scenarios and/or the historical or anticipated sources of value creation for an investment. Evaluations are generally based on information such as industry dynamics, competitive positioning, financial analysis, comparable analysis, sensitivity analysis, interviews with key personnel, on-site visits, reference calls, third-party consultant reports and/or track record analysis. The Investment Committee reviews the conclusions of the due diligence analysis and may decline the opportunity, request additional information, or approve subject to tax and legal due diligence.

● *Tax and legal assessment.* In conjunction with the commercial due diligence process, the tax treatment and legal terms of the investment are considered. Based on this analysis and the findings of external professional advisers, the Adviser's and/or its affiliates' internal legal and investment teams seek to negotiate the terms and conditions of the investment. After resolving all open issues and negotiating terms, a final "investment recommendation" is prepared and presented to the Investment Committee, which finally approves or declines the investment.

● *Portfolio monitoring.* Post-investment, the Adviser and its affiliates seek to monitor the Fund's portfolio through regular interaction with the companies and managers represented in the portfolio. This interaction facilitates on-going portfolio analysis and a proactive approach to addressing any new opportunities or issues that may arise.

**Investment Policies**

*Portfolio and liquidity management*

 

The Adviser intends to use a range of techniques to reduce the risk associated with the Fund's investment strategy. These techniques may include, without limitation: (i) selecting investments across geographies, industries, sectors, vintage years and maturity dates; and (ii) tracking operating performance of underlying companies and their compliance with financial covenants.

The Adviser intends to manage the Fund's portfolio with a view towards maintaining a high investment level.

Accordingly, the Adviser may make investments based, in part, on anticipated future proceeds from Fund Investments. The Adviser also takes other anticipated cash flows into account, such as: (i) those relating to new subscriptions of the Fund; (ii) the Unit Repurchase Program; and (iii) any distributions made to stockholders. To forecast portfolio cash flows, the Adviser utilizes quantitative and qualitative factors, including historical private equity and private credit data, actual portfolio observations and qualitative forecasts by the Adviser's and its affiliates' investment professionals.

There can be no assurance that the objectives of the Fund with respect to liquidity management will be achieved or that the Fund's portfolio design and risk management strategies will be successful. Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund found under "*Risk Factors*."

*Hedging techniques*

 

From time to time in its sole and absolute discretion, the Adviser and/or its affiliates may employ various hedging techniques in an attempt to reduce certain potential risks to which the Fund's portfolio may be exposed. These hedging techniques may involve the use of derivative instruments, including swaps and other arrangements such as exchange-listed and over-the-counter put and call options, rate caps, floors and collars, and futures and forward contracts. The Fund may also purchase and write (sell) options contracts on swaps, commonly referred to as "swaptions."

There are certain risks associated with the use of such hedging techniques.

 

*Temporary and defensive strategies*

 

The Fund may, from time to time in its sole and absolute discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the Fund from achieving its investment objective. In addition, subject to applicable law, the Fund may, in the Adviser's sole and absolute discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment, in order to fund anticipated repurchases, expenses of the Fund or other operational needs, or otherwise in the sole and absolute discretion of the Adviser.

**Investment Types**

Fund Investments are expected to consist primarily of senior secured debt of various companies (each a "Portfolio Company" and collectively the "Portfolio Companies"). The Fund Investments may also comprise of (i) subordinated debt, asset-back debt and structured debt, (ii) equity participation in such Portfolio Companies through various instruments such as warrants, options, common or preferred stock and other forms of equity participation and limited partnership interests of another private funds/joint venture and CLO Equity and (iii) other Opportunistic Credit, which may include public debt such as high yield bonds, consistent with the investment objectives stated in this Registration Statement.

As discussed in greater detail below, first and second lien senior secured loans together are situated at the top of the capital structure and typically have the first claim on the assets and cash flows of a company. Unsecured debt, including mezzanine or private high yield, structurally subordinated instruments and some forms of public debt, generally rank junior to secured debt on the capital structure. Due to this priority of cash flows, an investment's risk increases as it moves further down the capital structure. The following summarizes some of the major characteristics of these various investment types:

● *First lien senior secured loans*. First lien senior secured loans are situated at the top of the capital structure and rely on cash-flow generated by the borrower's operations to pay interest and service debt amortization. Within the classes of secured debt, first lien senior secured loans benefit from first priority security rights over the issuer's tangible and intangible assets and operating cash flow, with returns derived from contractual interest over a fixed term to maturity. These loans are the most secure part of a company's capital structure and offer attractive cash-pay interest returns. Moreover, senior secured loans are generally less vulnerable than more junior forms of capital to unfavorable market conditions because any loss in enterprise value is first incurred by the equity investors and then by unsecured debt investors. In addition, the receipt of regular income from senior secured loan investments contributes to the reduction of investment risk over time.

● *Unitranche debt*. First lien senior secured loans when the obligor does not incur any other secured financing are referred to as unitranche debt instruments. Sometimes referred to as "stretch senior" loans, unitranche debt typically offers higher yields for higher levels of leverage, which consequently elevates the level of risk associated with the investment. The primary advantages to the borrower are the ability to negotiate the entire debt financing with one lender or a single group of lenders and the elimination of inter-creditor issues.

● *Second lien senior secured loans*. Second lien senior secured loans are immediately junior to first lien senior secured loans and generally have substantially the same maturities, collateral and covenant structures as first lien senior secured loans. However, second lien senior secured loans are granted a second priority security interest in the assets of the borrower. In return for this junior ranking relative to first lien senior secured loans, second lien senior secured loans offer higher returns. This greater yield comes in the form of higher interest rates and, in some cases, the potential for equity participation (albeit to a lesser extent than unsecured debt, as discussed in greater detail below). Generally, second lien senior secured loans are expected to carry a fixed or floating current yield over a standard benchmark, such as the prime rate or SOFR/EURIBOR/CORRA/other base rates.

● *Unsecured debt (including mezzanine debt and private high yield)*. Unsecured debt investments, including private high yield and mezzanine debt, usually rank junior in priority of payment to secured loans. Accordingly, unsecured debt may include a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. Typically, unsecured debt investments have maturities of five to ten years. To compensate for their junior ranking (as compared to first and second lien senior secured loans), unsecured debt investments typically offer higher returns through both higher interest rates and possible equity ownership, thus enabling the lender to participate in the capital appreciation of the borrower. Unsecured debt interest payments sometimes consist of both cash and accrued interest ("Payment-In-Kind" or "PIK") and may also contain equity upside. Such securities are typically expected to carry a fixed or a floating current yield over a standard benchmark, such as the prime rate or SOFR, and potentially include sources of return from warrants or other equity-related interests that may be received or acquired in connection with such investments.

● *Structured credit*. Structured credit investments refer to a broad class of debt instruments created through a securitization process where cash flows of similar underlying assets (e.g., broadly syndicated loans) are pooled and then reallocated to newly created securities with varying risk / return profiles. These securities are typically rated (except for the most junior tranche) and may be investment or non-investment grade. Potential investments include, but are not limited to, CLO Equity and other similar "equity" (i.e., most junior) tranches of other securitizations, as well as more-senior debt tranches of such CLOs and securitizations. Investors in structured credit products benefit from additional return premium due to structural complexities and risk allocation.

● *Structurally subordinated instruments (including HoldCo notes and preferred equity)*. Structurally subordinated instruments are a form of unsecured notes that are at the holding company ("HoldCo") level of a company, as opposed to at the operating company ("OpCo") level. Because a company's assets and cash flows are usually contained at the OpCo level, any borrowings at HoldCo will not have access to the assets of the company's subsidiaries until after all of the OpCo creditors have been paid, allowing for the remaining assets to be distributed up to the HoldCo level. As a result, structurally subordinated instruments are typically non-cash pay and accrue interest at a higher rate than debt at the OpCo level due to the increased risk associated with this type of subordination. Structurally subordinated instruments will typically not have any financial covenants, and will have limited creditor rights. Preferred equity generally has a preference as to dividends and, in the event of liquidation, to an issuer's assets, over the issuer's other common equity (as described below), but it ranks junior to debt securities in an issuer's capital structure.

● *Common equity*. The Fund may hold or come into possession of equity-related securities consisting of warrants or other equity interests obtained in connection with its unsecured debt or other investments (or possible workouts of other investments). While the Fund intends to maintain its focus on credit investments, from time to time, when an investment presents an opportunity for substantial gains or in connection with securing particularly favorable terms in a credit investment, the Fund may make investments in the form of preferred or common equity, typically in conjunction with a private equity sponsor. Moreover, the Fund may also receive the right to make an equity investment in a Portfolio Company whose debt securities it already holds in connection with the next equity financing round for that company. This right may provide the Fund with an opportunity to further enhance returns over time through equity investments in its Portfolio Companies. In the future, the Fund may achieve liquidity through a merger or acquisition of a Portfolio Company, a public offering of a Portfolio Company's stock or by exercising the Fund's right, if any, to require a Portfolio Company to repurchase the equity-related securities it holds.

● *Opportunistic Credit*. The Fund may apply a relative value approach and also capitalize on potential mispricing in moments of market dislocations when considering opportunistic investment.

● *Public debt*. The Fund may hold publicly registered debt securities, which may be secured or unsecured. Such debt will primarily consist of high yield bonds, which are non-investment grade bonds that typically offer higher yields but come with limited protective covenant packages.

● *Cash and cash equivalents*. The Fund expects to maintain a certain level of cash or cash equivalent instruments for liquidity management purposes.

**Senior secured debt market**

*Senior secured debt characteristics*

 

Senior secured debt is typically employed in leveraged buyouts, growth financing, corporate re-financings and other private market transactions. Senior secured debt offers various benefits to investors, including current income and attractive floating rate returns. Senior secured debt is issued by borrowers in the primary market, which is typically supported by an active secondary market.

Senior secured debt relies on cash-flow generated by the borrower's operations to pay interest and service debt amortization. Such debt benefits from first priority security rights over the issuer's tangible and intangible assets and operating cash flow, with returns derived from contractual interest over a fixed term to maturity. Senior secured debt represents the most secure part of a company's capital structure and offers attractive cash-pay interest returns. Senior secured debt securities and loans may benefit from an original issue discount and an interest rate floor.

Senior secured debt ranks first in order of payment, is secured by assets and cash flows of the borrower, and typically benefits from covenants. Moreover, senior secured debt is generally less vulnerable than equity to unfavorable market conditions – any losses in enterprise value are first incurred by the equity investors and then by subordinated debt investors. In addition, the receipt of regular income from senior secured debt contributes to the reduction of investment risk over time.

*Principal protection through financial covenants*

 

Senior secured debt can benefit from financial covenants, which are agreements between the company and its debt holders to operate within certain financial and operational limits. Covenants are typically implemented in the following forms:

● **Financial maintenance covenants** are requirements placed on the borrower to maintain certain levels of financial performance, typically on a quarterly basis. Examples of financial covenants include maximum leverage ratios, minimum interest coverage and fixed charge/debt service coverage ratios, with levels set according to the borrower's business plan metrics. The remainder are considered cov-lite, that is, no maintenance covenants exist.

 

● **Negative covenants** are prohibitions or restrictions imposed on the borrower that prevent the borrower from taking certain actions and often restrict the ability for cash and/or assets to escape the borrower. Examples of negative covenants include restrictions on the borrower's ability to incur additional debt, liens, payments (including dividends), asset sales, the issuance of securities, intercompany loans, investments, mergers and acquisitions and amendments to constituent agreements.

● **Affirmative covenants** require increased levels and frequency of disclosure of information. Examples of affirmative covenants include reporting requirements, delivery of other financial information and compliance certificates. Other affirmative covenants include the maintenance of insurance and hedging arrangements, maintenance of business lines and properties and use of the proceeds of the debt securities.

Covenants serve as early warning triggers and control mechanisms for debt holders in situations where a borrower may be under-performing, thereby enabling debt holders to monitor and engage the borrower and private equity sponsor.

*Attractive yield including regular floating rate current income*

 

Senior secured debt is structured as an obligation of the borrower to pay interest, at a fixed or floating rate, on a regular basis. Floating rate debt instruments provide potential upside if interest rates rise in the future. Returns are also generated by up-front fees and expressed as a percentage of par on the debt. Total returns can also be enhanced when the debt is purchased in the secondary market from another investor at a discount to the par value.

*Floating rate / inflation protection*

 

Senior secured debt typically offers investors a certain degree of protection against inflation. Due to interest payments often being linked to SOFR or EURIBOR rates, returns of senior secured debt may benefit when increases in inflation expectations result in higher SOFR or EURIBOR rates.

*Strong contractual provisions*

 

Compared to private debt, high yield bonds tend to have weaker contractual arrangements which typically do not include financial maintenance covenants. Comparatively, private debt frequently requires the borrower to maintain certain levels of financial performance, such as maximum leverage ratios and minimum interest coverage and fixed charge/debt service coverage ratios.

*Access to information and management*

 

The syndicate backing a high yield bond is often fragmented and generally receives only public information for monitoring purposes. In contrast, investors in private debt often receive detailed monthly or quarterly financial performance updates from borrowers and forward-looking projections. This information is distributed in a more timely manner and, accordingly, enables the investor to more quickly identify potential issues and take remedial action where and if warranted. Furthermore, the intensive due diligence process associated with private debt investments often provides investors with significant access to the issuer's management, whereas public bondholders generally must rely on underwriters, debt rating agencies and publicly available information for due diligence reviews and monitoring of issuers.

*Market dependability* 

 

Additionally, the high yield markets can be unreliable for issuers. Past experience suggests that during volatile periods, the U.S. high yield markets can be closed to new issuance for extended periods of time. In the U.S., first time bond issuers or companies below a certain size threshold may be ineligible for the high yield market.

*Yield on private debt*

 

Private debt typically generates a higher yield than public bonds or syndicated loans for the following reasons: (i) private investors can offer certainty of commitment; (ii) details of a private debt offering are often not required to be disclosed outside the investor group; (iii) some debt offerings are too small to have access to the public and syndicated markets; (iv) private investors can offer more flexible capital solutions including access to currencies which are not widely available on the bond markets; and (v) private debt commands an illiquidity premium.

*Less liquidity* 

 

Private direct debt investments are typically held by a smaller number of investors and trade less frequently if at all due to a lack of market activity and public information about the issuer. While this can limit the ability to sell direct debt investments to secondary purchasers, the investments are potentially less sensitive to market fluctuations and changes in sentiment. Further, private debt investments provide greater flexibility with respect to restructuring decisions because there are fewer parties involved and each party has a greater influence.

We expect to invest in co-investment transactions with other Partners Group funds. *See "Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

Our investments are subject to a number of risks. *See* "*Item 1A. Risk Factors.*"

**The Board**

Overall responsibility for the Fund's oversight rests with the Board. With effect from the date of the Fund's BDC election, the Board shall be composed of a majority of independent Directors. We have entered into an Amended and Restated Investment Advisory Agreement with the Adviser, pursuant to which the Adviser manages the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in our operations in accordance with the provisions of the 1940 Act, the Fund's LLC Agreement and applicable provisions of state and other laws. The Adviser will keep the Board well informed as to the Adviser's activities on our behalf and our investment operations and provide the Board with additional information as the Board may, from time to time, request. A majority of Directors of the Board will be persons who are not "interested persons" of either the Fund or the Adviser, as that term is defined in Section 2(a)(19) of the 1940 Act (such persons, "Independent Directors").

**Allocation of Investment Opportunities**

**General**

The Adviser provides investment management services to investment funds, client accounts and proprietary accounts that Partners Group or the Adviser may establish.

The Adviser will share any investment and sale opportunities with its other clients and the Fund in accordance with the Advisers Act and firm-wide allocation policies.

In addition, as a BDC regulated under the 1940 Act, the Fund will be subject to certain limitations relating to co-investments and joint transactions with affiliates, which, in certain circumstances, limit the Fund's ability to make investments or enter into other transactions alongside other clients.

**Co-Investment Relief**

The Fund and the Adviser have applied for, but not yet obtained, an exemptive order from the SEC that would permit us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. The co-investment would generally be allocated to us and the other Partners Group funds that target similar assets in the asset class being allocated. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us. There is no assurance that the co-investment exemptive order will be granted by the SEC.

**The Private Offering**

We will offer our Common Units on a continuous basis via a private placement (the "Offering"). Closings are expected to occur on a monthly basis. The Common Units will be offered and sold (i) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the United States in accordance with Regulation S of the Securities Act (the "Private Offering"). Within the United States, the Common Units will be offered solely to investors that are "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

We will endeavor to take all reasonable actions to avoid interruptions in the continuous Private Offering. Although the Common Units in the Private Offering will be sold under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act, there can be no assurance that we will not need to suspend our Private Offering for various reasons, including but not limited to regulatory review from the SEC and various state regulators, to the extent applicable.

We intend to issue Common Units in the Private Offering on a continuous basis at a price as determined by the Board in accordance with the limitations of Section 23 under the 1940 Act; provided that we retain the right, if determined by us in our sole discretion, to accept subscriptions and issue Common Units, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons as we may determine to be appropriate.

Following our BDC election, we intend to be a private, perpetual-life BDC, which is a BDC whose Common Units 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 Units are intended to be sold by us monthly on a continuous basis at a price generally equal to our NAV per Common Unit.

Investors may sell, assign, transfer or otherwise dispose of (in each case, a "Transfer") their Common Units provided that the transferee satisfies applicable eligibility and/or suitability requirements, and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws and compliance with our LLC Agreement. Each transferee must agree to be bound by the restrictions set forth in the subscription agreement relating to our Common Units (the "Subscription Agreement") and the LLC Agreement and all other obligations as an investor in the Fund.

In connection with the Offering, we have agreed to provide certain information regarding the Fund's operations and investments to an anchor investor. In the event that the anchor investor receives notice that pursuant to the Offering they would cease to own 60.00% of the Fund's outstanding Common Units, the anchor investor shall have the right, but not the obligation, to increase its ownership in the Fund by up to $250 million. The Fund has agreed to not reject any subscriptions from the anchor investor that would maintain their ownership at or above 50.01%, subject to the investor's election to increase its ownership. As a result, this anchor investor may never be diluted below ownership of a majority of the Fund's Common Units.

***Purchase Price and Fees***

 ****

We intend to sell our Common Units at an offering price that we believe reflects the NAV per unit as determined in accordance with the Fund's share pricing policy. There is no guarantee that this NAV will be equal to the offering price of our Common Units at any closing.

The Adviser may pay additional compensation, out of its own funds and not as an additional charge to the Fund or investors, to selected brokers, dealers or other financial intermediaries, including affiliated broker dealers, for the purpose of introducing a selling agent to the Fund and/or promoting the recommendation of an investment in the Common Units. Such payments made by the Adviser may be based on the aggregate purchase price of investors in the Fund as determined by the Adviser. The amount of these payments is determined from time to time by the Adviser and may be substantial.

The Fund and the Adviser have applied for exemptive relief from the SEC that, if granted, will permit the Fund to issue multiple classes of units of beneficial interest with different sales loads and ongoing unitholder servicing and/or distribution fees, among other items ("Multi-Class Relief"). There is no guarantee that the SEC will grant the Fund such Multi-Class Relief.

**Potential Conflicts of Interest; Co-Investment Opportunities**

The Adviser and its affiliates will be subject to certain conflicts of interest with respect to the services the Adviser provides for us. These conflicts will arise primarily from the involvement of the Adviser and its affiliates in other activities that may conflict with our activities. You should be aware that individual conflicts will not necessarily be resolved in favor of our interest.

The Partners Group platform operates in its own economic interests and neither it nor any affiliate of Partners Group (other than the Adviser, a "Partners Group Party") is generally obligated, or should be expected, to take into account the Fund's interests in making any decision, including with respect to the origination, terms and availability to the Fund of loans and decisions with respect to an Partners Group Party or Other Account's (as defined below) interest in a loan, except as otherwise required by the terms and conditions of any co-investment exemptive relief obtained by the Fund. Moreover, when personnel of the Adviser are shared with other Partners Group Parties or otherwise act on behalf of the Partners Group platform, an Partners Group Party or other client accounts, including funds, vehicles, joint ventures, loan programs, special purpose entities, warehouses, collateralized loan obligations ("CLOs"), co-investment vehicles, and other entities and accounts sponsored, managed, serviced or advised by the Adviser and its affiliates (collectively "Other Accounts"), such personnel have an obligation to pursue the best interests of the party on whose behalf they are acting at the time, whose interests could diverge from the best interest of the Fund. As a result, a decision made by or on behalf of a Partners Group Party or the Partners Group platform (including by shared personnel) could adversely impact the amount, price, availability, terms and subsequent decisions with respect to the Portfolio Companies in which the Fund ultimately invests.

The Fund has applied for, but has not yet obtained, an exemptive order from the SEC that would permit it to co-invest with certain other persons, including certain affiliated accounts managed and controlled by the Adviser and/or its affiliates. Subject to the 1940 Act and the conditions of any such co-investment order issued by the SEC, the Fund may, under certain circumstances, co-invest with certain affiliated accounts in investments that are suitable for the Fund and one or more of such affiliated accounts. Even though the Fund and any such affiliated account co-invest in the same securities, conflicts of interest may still arise. If the Adviser is presented with co-investment opportunities that generally fall within the Fund's investment objective and strategies and those of one or more affiliated accounts advised by the Adviser, whether focused on a debt strategy or otherwise, the Adviser and its affiliates will allocate such opportunities among the Fund and such affiliated accounts in a manner consistent with the exemptive order and the Adviser's allocation policies and procedures. There is no assurance that the co-investment exemptive order will be granted by the SEC.

For a description of the potential conflicts of interest of the Fund as well as the allocation of investments among entities advised by the Adviser and its affiliates, *see "Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

**Summary Risk Factors** 

*The risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we face. You should carefully consider these risk factors, together with the risk factors set forth in Item 1A. of this Registration Statement on Form 10 and the other reports and documents filed by us with the SEC.*

 

**Risks Related to Market Developments and General Business Environment** 

● Economic recessions or downturns could have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our Portfolio Companies to repay loans.

● Global economic, political and market conditions, including increased volatility, geopolitical instability or potential downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.

**Risks Related to Our Business and Structure**

● We are a relatively new company and have a limited operating history.

● Our Board of Directors may change our operating policies and strategies without prior notice or unitholder approval, the effects of which may be adverse to our results of operations and financial condition.

● Our ability to achieve our investment objectives depends on the Adviser's ability to manage and support our investment process and if the Amended and Restated Investment Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.

● We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

● A significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

● The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our continuous offering of Common Units. Therefore, portions of the distributions that we make may represent a return of capital to you that will reduce your tax basis in your Common Units and reduce the amount of funds we have for investment in targeted assets.

● Although we expect to adopt a unit repurchase program, we have discretion to not repurchase your Common Units or to suspend the program and the timing of repurchases may be disadvantageous to unitholders.

● Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

● If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.

**Risks Related to Our Investments**

● Our investments in prospective Portfolio Companies may be risky, and we could lose all or part of our investment.

● International investments create additional risks.

● Our Portfolio Companies may incur debt that ranks equally with, or senior to, our investments in such companies.

● There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

● We generally will not control our Portfolio Companies.

● Changes to U.S. tariff and import/export regulations may affect our Portfolio Companies, and may negatively impact our business, results of operations or financial conditions.

● Investing in middle market companies and privately held companies involves a number of significant risks and challenges, any one of which could have a material adverse effect on our operating results.

● We may not realize gains from our equity investments.

● A lack of liquidity in certain of our investments may adversely affect our business.

● Prepayments of our debt investments by our Portfolio Companies could adversely impact our results of operations and reduce our return on equity.

● We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.

**Risks Related to the Adviser and Its Affiliates; Conflicts of Interest**

● The Adviser and its affiliates, including our officers and some of our Directors, face conflicts of interest as a result of compensation arrangements with us and the Adviser, which could result in actions that are not in the best interests of our unitholders.

● We may be obligated to pay the Adviser incentive compensation on income that we have not received.

● There may be conflicts of interest related to obligations the Adviser's senior management and investment teams have to our affiliates and to other clients.

● The Adviser's liability is limited under the Amended and Restated Investment Advisory Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.

**Risks Related to Business Development Companies**

● The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy.

● Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.

● Our ability to enter into transactions with our affiliates is restricted.

● 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.

● We will be obligated to maintain proper and effective internal controls over financial reporting and failure to do so could have a material adverse effect on our business and the value of our Common Units.

**Risks Related to Debt Financing**

● When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our unitholders and result in losses.

● Provisions in a credit facility may limit our investment discretion.

● We may form one or more CLOs, which may subject us to certain structured financing risks.

**Risks related to Federal Income Tax**

● We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.

● We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

● Our portfolio investments may present special tax issues.

● If we are not treated as a "publicly offered regulated investment company," as defined in the Code, U.S. unitholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.

**Risks Related to an Investment in the Common Units**

● If we are unable to raise substantial funds, then we will be more limited in the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.

● We may have difficulty sourcing investment opportunities.

● An investment in our Common Units will have limited liquidity and a high degree of risk.

● Because our largest unitholder owns and may continue to own a meaningful percentage of our outstanding Common Units, our other holders of our Common Units will be limited in their ability to influence our corporate matters.

**Investment Advisory Agreement**

The Adviser is located at 1114 Avenue of the Americas, 37<sup>th</sup> Floor, New York, NY 10036. The Adviser is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our Board and in accordance with the 1940 Act, the Adviser manages our day-to-day operations and provides investment advisory services to us. Subject to the supervision of the Board, the Administrator and its affiliates will provide the administrative services necessary for the Fund to operate.

Subject to the overall supervision of our Board, our Adviser manages the day-to-day operations of, and provides investment advisory services to us. Under the terms of our Amended and Restated Investment Advisory Agreement, our Adviser, among other things:

● Determines the composition and allocation of our investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes;

● Identifies, evaluates and negotiates the structure of the investments we make;

● Performs due diligence on prospective Portfolio Companies;

● Arranges financings and borrowing facilities for us;

● Executes, closes, monitors and services our investments;

● Determines the securities and other assets that we will purchase, retain, or sell; and

● Provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Making, in consultation with the Board, investment strategy decisions for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Serving as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act and reasonably
assisting the Fund's other service providers with the valuation of the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Directing investment professionals of the Adviser to provide managerial assistance to Portfolio Companies
of the Fund as requested by the Fund, from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exercising voting rights in respect of the Fund's portfolio assets and other investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Submit, upon request by an official or agency administering the securities laws of a state (a "State
Administrator"), to such State Administrator the reports and statements required to be distributed to the Fund's unitholders
pursuant to the Amended and Restated Investment Advisory Agreement, any registration statement filed with the SEC and applicable federal
and state law;

● Certain other obligations in the event the Common Units are publicly offered pursuant to a registration statement; and

● Consistent with its fiduciary responsibility and duty to the Fund for the safekeeping and use of all the funds and assets of the Fund, ensure that the Adviser does not or permit any other party to employ such funds or assets except for the exclusive benefit of the Fund. The Adviser shall not contract away any fiduciary obligation owed by the Adviser to the Fund's unitholders under common law.

We rely, in part, on our Adviser to manage our day-to-day activities and to implement our investment strategy. Our Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to us. As a result of these activities, our Adviser and certain of its affiliates and their respective employees will have conflicts of interest in allocating their time between us and other activities in which they are or may become involved. Therefore, our Adviser and its affiliates and their respective personnel may experience conflicts of interest in allocating management time, services, and functions among us and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other affiliated entities than to us. However, our Adviser believes that it and its affiliates have sufficient personnel to discharge fully their responsibilities to all activities in which they are involved. They are free to furnish similar services to other entities so long as their services to us are not impaired.

**Compensation of Adviser**

Pursuant to the Amended and Restated Investment Advisory Agreement and for the investment advisory and management services provided thereunder, we pay our Adviser the Base Management Fee and the Incentive Fee (both, as defined herein).

**Base Management Fee**

The base management fee ("Base Management Fee") payable under both the Initial Investment Advisory Agreement and the currently in-effect Amended and Restated Investment Advisory Agreement) was and is, respectively, calculated and payable quarterly in an amount equal to an annual rate of 1.00% of the Fund's Adjusted Net Assets (as defined below). The Base Management Fee for any partial quarter will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters, as the case may be. For purposes of calculating the Base Management Fee, "Adjusted Net Assets," as of any calendar quarter end, means the sum of (i) the Fund's total net assets and (ii) any Base Management Fee and Incentive Fee expenses incurred by the Fund with respect to such calendar quarter end.

**Incentive Fee**

Under the Initial Investment Advisory Agreement, the Fund paid the Adviser an incentive fee (the "Incentive Fee"), at the close of each fiscal year in which the Hurdle Rate (as defined below) was exceeded, of ten percent (10%) of (i) Pre-Incentive Fee Net Gains (as defined below) of the Fund over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Common Units (each expressed as a percentage of the Fund's fiscal year-end NAV) before deduction of the Incentive Fee. No Incentive Fee was payable to the Adviser if, at the close of such fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Fund, attributable to Common Units (based on the NAV of the Fund's assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Common Units (expressed as a percentage of the Fund's NAV) did not exceed 6.00% of the monthly average of the Fund's NAV attributable to the Common Units (based on the NAV of the Fund's assets) before deduction of the Incentive Fee for that fiscal year (the "Hurdle Rate"), subject to a "catch-up" provision.

"Pre-Incentive Fee Net Gains" meant the amount by which any interest income, dividend income, realized and unrealized gains, and any other income accrued on investments of the Fund during the fiscal year ("Gains") exceeds all operating expenses for the Fund and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) ("Losses"). For this purpose, net losses meant the amount by which Gains failed to exceed Losses ("Net Losses").

"Loss Recovery Account" meant a memorandum account for the Common Units, which had an initial balance of zero and was (i) increased upon the close of each fiscal year of the Fund by the amount of the Net Losses of the Fund for the fiscal year (based on of the NAV of the Fund's assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Fund by the amount of the Pre-Incentive Fee Net Gains of the Fund for the fiscal year.

On July 1, 2025, the Fund entered into the Amended and Restated Investment Advisory Agreement. As compared to the Initial Investment Advisory Agreement, the Amended and Restated Investment Advisory Agreement limits the portion of the Incentive Fee sourced from capital gains such that it will not exceed 20.0% of the Fund's realized capital gains on a cumulative basis from inception, calculated as of the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees sourced from capital gains previously paid. The Amended and Restated Investment Advisory Agreement also removed unrealized gains from the definition of Pre-Incentive Fee Net Gains.

**Certain Terms of the Amended and Restated Investment Advisory Agreement**

Unless earlier terminated as described below, the Amended and Restated Investment Advisory Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, a majority of the Independent Directors. We may terminate the Amended and Restated Investment Advisory Agreement upon 60 days' written notice without payment of any penalty. The decision to terminate may be made by a majority of the Board or the unitholders holding a majority of our outstanding voting securities, which means the lesser of (1) 67% or more of the voting securities present at a meeting if more than 50% of the outstanding voting securities are present or represented by proxy, or (2) more than 50% of the outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Amended and Restated Investment Advisory Agreement upon 60 days' written notice. The Amended and Restated Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Amended and Restated Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of their duties and obligations, the Adviser and its respective officers, managers, partners, members (and its members, including the owners of their members), agents, employees, Controlling Persons and any other person or entity affiliated with them are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Amended and Restated Investment Advisory Agreement.

**Payment of Our Expenses**

***Organization and Offering Expenses***

The Fund will bear the organization and offering expenses incurred in connection with the formation of the Fund and the offering of Common Units, including the out-of-pocket expenses of the Adviser and its agents and affiliates. In addition, the Fund will reimburse the Adviser for the organizational and offering costs it incurs on the Fund's behalf.

<u>Expense Support and Conditional Reimbursement Agreement</u>

The Fund has entered into an expense support and conditional reimbursement with the Adviser (the "Expense Limitation Agreement"). The Adviser (i) shall waive the Base Management Fee, pay and/or absorb a portion of our Other Operating Expenses (defined below) in order that such expenses do not exceed 1.00% (on an annualized basis) of our Aggregate Capital Commitments (as defined below) (the "Expense Limitation") and (ii) may elect to pay an additional portion of our expenses from time to time (collectively, a "Waiver"). For the purposes of the Expense Limitation Agreement, "Other Operating Expenses" will be our organization and offering expenses, professional fees, directors' fees, administration fees, and other general and administrative expenses (excluding the Base Management Fee, taxes, interest expense, brokerage commissions, transaction-related expenses arising out of investments made by us, extraordinary expenses, credit facility arrangement fees, servicing fees and the Incentive Fees). Further, for the purposes of the Expense Limitation Agreement, "Aggregate Capital Commitments" means the sum of all amounts made pursuant to Subscription Agreements between investors and us.

The Fund agrees to carry forward, for a period not to exceed (3) three years from the date on which a Waiver is made by the Adviser, all fees and expenses in excess of the Expense Limitation that have been waived, paid or absorbed by the Adviser, and to repay the Adviser such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Base Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

Either the Fund or the Adviser may terminate the Expense Limitation Agreement at any time, with or without notice, without the payment of any penalty, provided that any expense payments that have not been reimbursed by the Fund to the Adviser will remain the obligation of the Fund following any such termination, subject to the terms of the Expense Limitation Agreement.

***Other Expenses***

 ****

The Fund will also bear all other out-of-pocket costs and expenses of the Fund's operations and transactions, including, but not limited to:

● Base Management Fee and Incentive Fee;

● all direct and indirect costs and expenses incurred by the Adviser for non-compensation related overhead allocable to performance of investment advisory services under the Amended and Restated Investment Advisory Agreement by the Adviser, including the costs and expenses of due diligence of potential investments, monitoring performance of the Fund's investments, serving as directors and officers of Portfolio Companies, providing managerial assistance to Portfolio Companies, enforcing the Fund's rights in respect of its investments and disposing of investments;

● organizational and offering expenses, subject to the terms of the Expense Limitation Agreement;

● expenses incurred in valuing the Fund's assets and computing its NAV per unit (including the cost and expenses of any independent valuation firm);

● expenses incurred by the Administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and in monitoring the Fund's investments and performing due diligence on the Fund's prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

● interest payable on debt, if any, incurred to finance the Fund's investments and other fees and expenses related to the Fund's borrowings;

● fees and expenses related to the Fund's borrowings and other securities (including underwriting, placement agent, technology platforms, investor diligence and similar fees and commissions);

● distributions on the Fund's units;

● administration fees;

● the allocated costs incurred by the Adviser in providing managerial assistance to those Portfolio Companies, as requested;

● amounts payable to third parties relating to, or associated with, making investments;

● federal and state registration fees;

● all costs of registration and listing the Fund's units on any securities exchange;

● federal, state and local taxes;

● Independent Directors' fees and expenses;

● costs of preparing and filing reports or other documents required by the SEC or other regulators;

● costs of any reports, proxy statements or other notices to unitholders, including printing costs;

● the Fund's allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

● all indemnification payments payable pursuant to agreements with third-parties or pursuant to the LLC Agreement;

● expenses relating to the development and maintenance of the Fund's website and use of third-party technology platforms (investor hosting and similar platforms and service providers);

● license fees for software tools and information technology used in connection with the administration of the Fund's business, direct costs and expenses of administration, including audit and legal costs; and

● all other expenses incurred by the Fund, the Adviser, or the Administrator in connection with administering the Fund's business.

**Indemnification**

The Amended and Restated Investment Advisory Agreement provides that, in the absence of Disabling Conduct (defined below) in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, Controlling Persons and any other person or entity affiliated with it (each and "Indemnified Party" and, collectively, the "Indemnified Parties") are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Amended and Restated Investment Advisory Agreement or otherwise as our investment adviser. However, the Fund would not provide indemnification for any liability or loss unless the Indemnified Party has determined in good faith that the course of conduct of such Indemnified Party giving rise to the loss or liability was in the best interests of the Fund, that the Indemnified Party was acting on behalf of or performing services for the Fund, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is a member of the Board (other than an Independent Director), officer, employee, sponsor, Controlling Person (as defined in the Fund's LLC Agreement) or agent of the Fund or the Adviser and its Controlling Person, in each case, as determined by a court of competent jurisdiction in a final, non-appealable order, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is an Independent Director, and such indemnification or agreement to hold harmless is recoverable only out of the Fund's net assets and not from the Fund's unitholders.

Further, the Fund will not provide indemnification for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless there has been a successful adjudication on the merits of each count involving alleged material securities law violations, such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which Common Units were offered or sold as to indemnification for violations of securities laws. The Fund may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, the Indemnified Party provides written affirmation in good faith that the Indemnified Party has met the standard of receiving indemnification, the legal proceeding is initiated by a third party who is not a Fund unitholder or, if by a Fund unitholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and the Indemnified Party provides written agreement to repay the amount paid or reimbursed by the Fund if it is ultimately determined that the Indemnified Party is not entitled to indemnification.

**Board Approval of the Amended and Restated Investment Advisory Agreement**

Our initial managers and unitholders have approved the Amended and Restated Investment Advisory Agreement and our Board, including our Independent Directors, has approved and ratified the same. In reaching a decision to approve the Amended and Restated Investment Advisory Agreement, the Board reviewed a significant amount of information and considered, among other things:

● the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser;

● the proposed investment advisory fee rates to be paid by the Fund to the Adviser;

● the fee structures of comparable externally managed BDCs that engage in similar investing activities;

● our projected operating expenses and expense ratio compared to BDCs with similar investment objectives;

● information about the services to be performed and the personnel who would be performing such services under the Amended and Restated Investment Advisory Agreement; and

● the organizational capability and financial condition of the Adviser and its affiliates.

**Defaulting Unitholders**

In the event that a subscriber fails to pay all or any portion of the drawdown purchase price due from such subscriber to be paid by the investor to purchase Common Units on any drawdown date and such default remains uncured for a period of 10 days, then the Fund may declare the subscriber to be in default on its obligations under the Subscription Agreement (in such capacity, a "Defaulting Unitholder" and, collectively with any other subscribers declared to be in default, the "Defaulting Unitholder") and will be permitted to pursue one or any combination of the following remedies:

● The Fund may prohibit the Defaulting Unitholder from purchasing any additional Common Units on any future drawdown date.

● 50% of the Common Units then held by the Defaulting Unitholder may be automatically forfeited and transferred on the books of the Fund to the other unitholders (other than any Defaulting Unitholder), which transfer will be on a pro rata basis, provided that the Fund retains the right to make non-pro rata transfers for any reason in the Fund's sole discretion, including, without limitation, if the Fund determines that it is necessary or advisable in light of applicable legal, tax, regulatory and other considerations.

● To the maximum extent permitted by applicable law, the Defaulting Unitholder will appoint the Fund as its proxy to exercise all voting and other rights of such Defaulting Unitholder with respect to all Common Units held by such Defaulting Unitholder.

● The Fund may pursue any other remedies available to the Fund at law or in equity.

**Unit Repurchase Program**

Following our BDC election, we will be a non-exchange traded, perpetual-life BDC, which is a BDC whose common units are not listed – and are not expected in the future to be listed – on a stock exchange or other securities market. In addition, our strategy does not contemplate the future winding up or liquidation of the Fund. As such, we use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose common units are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's NAV per unit. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Units on a quarterly basis at NAV, but we are not obligated to offer to repurchase any Common Units in any particular quarter in our discretion. 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 the Fund being a forced seller of assets in market downturns compared to non-perpetual funds.

As noted above, we do not intend to pursue a Liquidity Event. In the event the Board does elect to pursue a Liquidity Event, each investor will be required to agree to cooperate with the Fund and take all actions, execute all documents and provide all consents as may be reasonably necessary or appropriate to consummate an initial public offering ("IPO") or exchange listing, it being understood that the Fund may, without obtaining the consent of any investors, make modifications to the Fund's constitutive documents, capital structure and governance arrangements so long as, in the reasonable opinion of the Board, (x) the economic interests of the investors are not materially diminished or materially impaired, (y) such modifications are consistent with the requirements applicable to BDCs under the 1940 Act and (z) such modifications are not inconsistent with the provisions set forth in this Registration Statement.

Beginning no later than the first anniversary of our election to be regulated as a BDC, and at the discretion of the Board, we intend to commence a Common Unit repurchase program (the "Unit Repurchase Program") in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Units outstanding (either by number of units or aggregate NAV, as determined by the Board) as of the close of the previous calendar quarter. The Board may amend or suspend the Unit Repurchase Program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our unitholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. As a result, Common Unit repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All units purchased by us pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued units.

Under the Unit Repurchase Program, to the extent we offer to repurchase units in any particular quarter, we expect to repurchase units pursuant to quarterly Common Unit repurchases using a purchase price equal to the NAV per unit as of the last calendar day of the immediately prior quarter (the "Valuation Date"). Unitholders should keep in mind that if they tender Common Units in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Units, the Fund may repurchase such Common Units subject to an early repurchase deduction of 2% of the aggregate NAV of the Common Units repurchased (an "Early Repurchase Fee"). The Early Repurchase Fee will be retained by the Fund for the benefit of remaining holders of Common Units. This Early Repurchase Fee will also generally apply to minimum account repurchases.

In the event the amount of Common Units tendered for repurchase exceeds the repurchase offer amount, Common Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the Unit Repurchase Program, as applicable.

The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for Common Unit repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans, which will generally be liquid. We may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Fund as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Common Units is in the best interests of the Fund as a whole, then we may choose to offer to repurchase fewer Common Units than described above, or none at all.

If the Fund undergoes a listing or merges into a listed company, in accordance with the terms of the Subscription Agreement pertaining to the private placement, investors will be required to agree to certain lock-up and manner-of-sale restrictions with respect to their Common Units. In particular, unitholders would be restricted from transferring any Common Units for 180 days. The lock-up would apply to all Common Units acquired prior to such listing or merger but would not apply to any units acquired after and pursuant to the DRIP (as defined below).

**Dividend Reinvestment Plan**

Our Board intends to declare and pay distributions on a quarterly basis. We have adopted an "opt out" Dividend Reinvestment Plan ("DRIP") pursuant to which unitholders can elect to "opt out" in their Subscription Agreements (subject to limitations that may apply in certain U.S. states and other jurisdictions which either do not permit automatic enrollment in DRIPs absent affirmative enrollment and other U.S. states and jurisdictions in which investors must receive their distributions in cash). We will reinvest all distributions declared by our Board on behalf of unitholders who do not elect to receive their distributions in cash (the "Participants"). As a result, if our Board declares a distribution, then unitholders who have not elected to "opt out" of the DRIP will have their distributions automatically reinvested in additional Common Units, as described below. The timing and amount of any future distributions to unitholders are subject to applicable legal restrictions and the sole discretion of the Board.

No action will be required on the part of a unitholder to have its distributions reinvested in Common Units. A registered unitholder will be able to elect to receive an entire distribution in cash by notifying the Administrator in writing (i) via overnight mail, Attn: Partners Group Shareholder Services, c/o State Street Corporation, 1 Heritage Drive, North Quincy, MA 02171, (ii) via USPS mail, Attn: Partners Group Shareholder Services, c/o State Street Corporation, P.O. Box 5493, Boston, MA 02206 or (iii) via fax to (617) 937-3051. Such written notice must be received by the Administrator at least 60 days prior to the record date of the distribution, or the shareholder will receive such distribution in Shares through the DRIP. If Shares are held by a broker or other financial intermediary, in some circumstances a shareholder may "opt out" of the DRIP by notifying its broker or other financial intermediary of such election. Please check with your broker or other financial intermediary for more details.

We intend to use newly issued units to implement the DRIP. The number of units we will issue to Participants is determined by dividing the total dollar amount of the distribution payable to the Participant by the NAV per Common Unit determined by our Board, subject to any adjustment as required by the 1940 Act.

There will be no selling commissions, dealer manager fees or other sales charges to the Participant if they elect to participate in the DRIP. The Fund will pay the Administrator's fees under the DRIP. No commission or other remuneration will be paid, directly or indirectly, in connection with the distributions of units under the DRIP.

Participants who receive distributions in the form of Common Units will generally be subject to the same federal, state and local tax consequences as they would be had they elected to receive their distributions in cash. A unitholder's basis for determining gain or loss upon the sale of units received in a distribution will be equal to the amount treated as a distribution for U.S. federal income tax purposes, which will generally be equal to the cash that the unitholder would have received in the applicable distribution. Any units received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the units are credited to the Participant's account.

The Fund reserves the right to amend, suspend or terminate the DRIP. We may terminate the DRIP upon notice in writing either mailed to unitholders or disclosed in reports or other filings the Fund makes with the SEC at least 30 days prior to any record date for the payment of any distribution. Participants may terminate their account under the DRIP by notifying the Administrator.

**Emerging Growth Company**

We are an "emerging growth company," as defined by the Jumpstart Our Business Startups Act of 2012, or the "JOBS Act." As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to:

● have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

● submit certain executive compensation matters to unitholder advisory votes pursuant to the "say on frequency" and "say on pay" provisions (requiring a non-binding unitholder vote to approve compensation of certain executive officers) and the "say on golden parachute" provisions (requiring a non-binding unitholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or

● disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

We will remain an emerging growth company for up to five years, or until the earliest of: (1) the last date of the fiscal year during which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act.

We do not believe that being an emerging growth company will have a significant impact on our business or the Offering. As stated above, we have elected to opt in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Common Units are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company.

**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates pursuant to the terms of the Amended and Restated Investment Advisory Agreement. Each of our executive officers described under "Directors and Executive Officers" is employed by the Adviser or its affiliates, except that our Chief Compliance Officer is compensated directly by the Fund as further described in under "Directors and Executive Officers." Our day-to-day investment operations will be managed by the Adviser. The services necessary for the sourcing and administration of our investment portfolio will be provided by investment professionals employed by the Adviser or its affiliates. The Investment Committee will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments.

**Regulation as a BDC**

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

***Qualifying Assets***. Following our BDC election, we will be required to comply with certain regulatory requirements. For instance, we will have to invest at least 70% of our total assets in Qualifying Assets (as defined below), including securities of U.S. operating companies whose securities are not listed on a national securities exchange, U.S. operating companies with listed securities that have equity market capitalizations of less than $250 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act ("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 any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), 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;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the United States;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is controlled by a BDC or a group of companies, including a BDC and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities of any Eligible Portfolio Company that we control.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the Eligible Portfolio Company.

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

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

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

***Significant Managerial Assistance to Portfolio Companies****.* A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. BDCs generally must offer to make available to the issuer of the securities significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes 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 so 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 we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Warrants***. Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase units that it may have outstanding at any time. In particular, the amount of units that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase units cannot exceed 25% of the BDC's total outstanding units.

***Asset Coverage, Indebtedness, and Senior Securities***. We are permitted, under specified conditions, to borrow money and issue multiple classes of debt and one class of equity securities senior to our Common Units if our asset coverage, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, is at least equal to 150% immediately after each such issuance. The application of the 150% asset coverage requirement will permit us to double the maximum amount of leverage that we are permitted to incur compared to BDCs who have not obtained the requisite approvals and made the required disclosures. In addition, while any senior securities remain outstanding, we must make provision to prohibit any distribution to our unitholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also, following our BDC election, borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see "Item 1A. Risk Factors — Risks Related to Business Development Companies — Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth."

***Code of Ethics***. We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that, among other matters, establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. You may read and copy this code of ethics at the SEC's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling the SEC at (202) 551-8090. You may also obtain copies of the codes of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549.

***Affiliated Transactions***. We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Directors who are not interested persons and, in some cases, the prior approval of the SEC. We have applied for, but not yet obtained, an exemptive order from the SEC that would permit us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. There is no assurance that the co-investment exemptive order will be granted by the SEC.

***Other***. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates, principal underwriters and the affiliates of those affiliates or underwriters. The 1940 Act also requires that a majority of the Directors be persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by holders of a majority of our outstanding voting securities. The 1940 Act defines "a majority of the outstanding voting securities" as the lesser of (i) 67% or more of the voting securities present at a meeting if the holders of more than 50% of our outstanding voting securities are present or represented by proxy or (ii) 50% of our voting securities.

Following our BDC Election, we will generally not be able to issue and sell our Common Units at a price below NAV per unit. See "*Item 1A. Risk Factors — Risks Related to Business Development Companies — Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth*." We may, however, sell our Common Units, or warrants, options or rights to acquire our Common Units, at a price below the then current NAV of our Common Units if the Board determines that such sale is in our best interests and the best interests of our unitholders, and our unitholders approve such sale. In addition, we may generally issue new Common Units at a price below NAV in rights offerings to existing unitholders, in payment of dividends and in certain other limited circumstances.

As a BDC, we may be examined periodically by the SEC for compliance with the 1940 Act. Our Adviser is a registered investment adviser and is also subject to examination by the SEC.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, following our BDC election, we will be prohibited from protecting any Director or officer against any liability to us or our unitholders arising from willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

***Compliance Policies and Procedures.*** We and our Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws, and our Board is required to review these compliance policies and procedures annually to assess their adequacy and the effectiveness of their implementation. We have designated George Talarico as our chief compliance officer.

***Proxy Voting Policies and Procedures.*** We delegate our proxy voting responsibility to our Adviser. The proxy voting policies and procedures that our Adviser follows are set forth below and are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act. The guidelines will be reviewed periodically by our Adviser and our non-interested Directors, and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of clients and not subrogate client interests to its own interests. Rule 206(4)-6 under the Advisers Act places specific requirements on registered investment advisers with proxy voting authority.

***Proxy Policies.*** The Adviser's policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interest of the Fund. The Adviser's general policy is to vote on behalf of a client in a manner that serves the client's best economic interest, as determined by the Adviser in its discretion, taking into account relevant factors, such as the impact on the value of the returns of the client and industry and business practices. The Adviser's proxy voting policies and procedures are designed to identify conflicts that arise or could arise between the Adviser's interests and those of each client, including the Fund. If it is determined that any such conflict is not material, the Adviser could vote notwithstanding the existence of the conflict. Alternatively, if the conflict of interest is determined to be material, one or more methods will be used to resolve the conflict, including (i) disclosing the conflict to the client and obtaining its consent, in accordance with the applicable client agreement, before voting; (ii) engaging a third party to recommend a vote with respect to the proxy; or (iii) such other method as is deemed reasonable under the circumstances. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the Adviser. The Investment Committee and the members of the Investment Committee covering the applicable security often have the most intimate knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general policies described in the proxy policy. In addition, the Adviser may determine not to vote a proxy after consideration of the vote's expected benefit to clients and the cost of voting the proxy.

***Proxy Voting Records.*** You may obtain information, without charge, regarding how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, Partners Group Lending Fund, LLC, c/o Partners Group (USA), Inc., 1114 Avenue of the Americas, 37th Floor, New York, NY 10036.

***Privacy Notice.*** Financial companies choose how they share investors' personal information. Federal law gives our clients the right to limit some but not all sharing. Federal law also requires us to tell investors how we collect, share, and protect their personal information. We are sensitive to investors' privacy concerns and have a policy of protecting the confidentiality and security of information we collect about investors. We do not disclose non-public personal information about our investors or former investors to third parties other than as described below.

We collect personal information about investors in connection with our providing advisory services to them. This information includes investors' social security number and may include other information such as investors':

● assets;

● investment experience;

● transaction history;

● income; and

● information captured on our website, including any information captured via "cookies".

We collect this information from investors through various means, including from information received from investors in conversations over the telephone, in voicemails, through written correspondence, via email, or on subscription agreements, investor questionnaires, partnership agreements, applications, or other forms. We also may collect investors' personal information from other sources, such as our affiliates or other non-affiliated companies.

All financial companies need to share customers' personal information to run their everyday business, and we use the personal information we collect from investors for our everyday business purposes or as permitted by law. These purposes may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In connection with the administration and operations of the fund to which the investor is subscribed, including disclosure to attorneys, accountants, auditors, administrators, and companies that assist us with mailing statements or processing your transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In connection with investment activities, including disclosure to Portfolio Companies, co-investors in Portfolio Companies and their respective advisors and financial service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To respond to a subpoena or court order, judicial process or regulatory inquiry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● At the investor's direction or with the investor's consent, including the authorization to disclosure such information to persons acting in a fiduciary or representative capacity on the investor's behalf.

If an investor is a citizen or resident of the EU or the European Economic Area ("EEA") we will ensure appropriate safeguards are in place as required by applicable law to adequately protect investor's personal information if it is processed by third parties outside the EU and EEA, including the execution of standard contractual clauses if the recipients are not located in a country with adequate data protection laws (as determined by the European Commission). Investors who are residents of California will also have certain specific rights provided under the California Consumer Protection Right.

We may provide investors' personal information to our affiliates and to firms that assist us in servicing such investors' accounts and have a need for such information, such as a broker or fund administrator. We may also disclose such information to service providers and financial institutions with whom we have joint marketing arrangements (i.e., a formal agreement between nonaffiliated financial companies that together market financial products or services to investors, such as placement agents). We require third-party service providers and financial institutions with which we have joint marketing arrangements to protect the confidentiality of investors' information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with federal privacy and related laws, and in general, investors may not limit our use of their personal information for these purposes under such laws. We note that the federal privacy laws only give investors the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to investors' transaction history or creditworthiness for their use in marketing to such investors, or sharing any personal information with nonaffiliates for them to market to such investors).

To protect investors' personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

**Reporting Obligations**

Subsequent to the effectiveness of this Registration Statement, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated under the Exchange Act. Under the Exchange Act, we will be required to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC and to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Upon the effectiveness of this Registration Statement, we will also be subject to the proxy rules in Section 14 of the Exchange Act, and we and our Directors, officers and principal members will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act. This information will be available on the SEC's website at <u>www.sec.gov</u>.

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

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and the purchase, ownership and disposition of our units. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to unitholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. unitholders that hold our units as capital assets. A U.S. unitholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S. unitholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold our units as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to our units as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of our units, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

**Taxation as a Regulated Investment Company**

No later than one year after the date the Fund makes its BDC election, the Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

To qualify for the favorable tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have an election in effect to be treated as a BDC under the 1940 Act at all times during each taxable year; (2) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (3) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly Traded Partnership"); and (4) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships (described in 3(b) above).

As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its unitholders, provided that it distributes at least 90% of the sum of its investment company taxable income and its net tax-exempt income (if any) for such taxable year. Generally, the Fund intends to distribute to its unitholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending December 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

A distribution will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to unitholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

If the Fund failed to qualify as a RIC or failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, even if such income were distributed to its unitholders, and all distributions out of earnings and profits (including distributions of net capital gain) would be taxed to unitholders as ordinary dividend income. Such distributions generally would be eligible (i) to be treated as "qualified dividend income" in the case of individual and other non-corporate unitholders and (ii) for the dividends received deduction in the case of corporate unitholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

While the Fund generally intends to qualify as a RIC for each taxable year, it is possible that as we ramp up our portfolio we may not satisfy the diversification requirements described above, and thus may not qualify as a RIC, for the short taxable year from the date on which we break escrow for this offering. In such case, however, we anticipate that the associated tax liability would not be material, and that such non-compliance would not have a material adverse effect on our business, financial condition and results of operations, although there can be no assurance in this regard. The remainder of this discussion assumes that the Fund qualifies as a RIC for each taxable year.

**Distributions**

Distributions to unitholders by the Fund of ordinary income (including "market discount" realized by the Fund on the sale of debt securities), and of net short-term capital gains, if any, realized by the Fund will generally be taxable to U.S. unitholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the unitholders has owned our units. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a unitholders as a return of capital which will be applied against and reduce the unitholder's basis in his or her units. To the extent that the amount of any such distribution exceeds the unitholder's basis in his or her units, the excess will be treated by the unitholder as gain from a sale or exchange of the units. Distributions paid by the Fund generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate unitholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional units pursuant to the distribution reinvestment plan. Unitholders receiving distributions in the form of additional units will generally be treated as receiving a distribution in the amount of the fair market value of the distributed units. The additional units received by a unitholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the units were credited to the unitholder's account.

The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for its units by an amount equal to the deemed distribution less the tax credit.

The Internal Revenue Service currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if the Fund issues preferred units, the Fund intends to allocate capital gain dividends, if any, between its Common Units and preferred units in proportion to the total dividends paid to each class with respect to such tax year. Unitholders will be notified annually as to the U.S. federal tax status of distributions, and unitholders receiving distributions in the form of additional units will receive a report as to the NAV of those units.

**Sale or Exchange of Common Units**

Upon the sale or other disposition of our units (except pursuant to a repurchase by the Fund, as described below), a unitholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the unitholder's adjusted tax basis in the units sold. Such gain or loss will be long-term or short-term, depending upon the unitholder's holding period for the units. Generally, a unitholder's gain or loss will be a long-term gain or loss if the units have been held for more than one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates of taxation.

No loss will be allowed on the sale or other disposition of units if the owner acquires (including pursuant to the distribution reinvestment plan) or enters into a contract or option to acquire securities that are substantially identical to such units within 30 days before or after the disposition. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Losses realized by a unitholder on the sale or exchange of units held for six months or less are treated as long-term capital losses to the extent of any distribution of long-term capital gain received (or amounts designated as undistributed capital gains) with respect to such units.

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

Under U.S. Treasury regulations, if a unitholder recognizes a loss with respect to units of $2 million or more for an individual unitholder or $10 million or more for a corporate unitholder, the unitholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service Form 8886. Direct unitholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, unitholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to unitholders 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. Unitholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Nature of the Fund's Investments**

Certain of the Fund's hedging and derivatives transactions are 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 the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above.

These rules could therefore affect the character, amount and timing of distributions to unitholders and the Fund's status as a RIC. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

**Below Investment Grade Instruments**

The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income tax.

**Original Issue Discount**

For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original 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 will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our unitholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax.

**Market Discount**

In general, the Fund will be treated as having acquired a security with market discount if its stated redemption price at maturity (or, in the case of a security issued with original issue discount, its revised issue price) exceeds the Fund's initial tax basis in the security by more than a statutory de minimis amount. The Fund will be required to treat any principal payments on, or any gain derived from the disposition of, any securities acquired with market discount as ordinary income to the extent of the accrued market discount, unless the Fund makes an election to accrue market discount on a current basis. If this election is not made, all or a portion of any deduction for interest expense incurred to purchase or carry a market discount security may be deferred until the Fund sells or otherwise disposes of such security.

**Currency Fluctuations**

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

**Preferred Units or Borrowings**

If the Fund utilizes leverage through the issuance of preferred units or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, distributions on units in certain circumstances. Limits on the Fund's payments of distributions on units may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make distribution payments.

**Backup Withholding**

The Fund may be required to withhold from all distributions and redemption proceeds payable to U.S. unitholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Certain unitholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the unitholder's U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.

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

A U.S. unitholder 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. unitholder of the activities that the Fund proposes to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its unitholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. unitholder should not be subject to U.S. federal income taxation solely as a result of such unitholder's direct or indirect ownership of the Fund's equity and receipt of distributions with respect to such equity (regardless of whether we incur indebtedness). Moreover, under current law, if the Fund incurs indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. unitholder. Therefore, a tax-exempt U.S. unitholder should not be treated as earning income from "debt-financed property" and distributions the Fund pays should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that the Fund incurs. Certain tax-exempt private universities are subject to an additional 1.4% excise tax on their "net investment income," including income from interest, dividends, and capital gains. 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 RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if the Fund were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which the Fund does not currently plan to do, that could result in a tax-exempt U.S. unitholder recognizing income that would be treated as UBTI.

**Foreign Unitholders**

U.S. taxation of a unitholder who is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "foreign unitholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the unitholder.

As a RIC is a corporation for U.S. federal income tax purposes, its business activities generally will not be attributed to its unitholders for purposes of determining their treatment under current law. Therefore, a foreign unitholder should not be considered to earn income "effectively connected" with a U.S. trade or business solely as a result of activities conducted by the Fund.

If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the foreign unitholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions. The portion of distributions considered to be a return of capital for U.S. federal income tax purposes generally will not be subject to tax. However, dividends paid by the Fund that are "interest-related dividends" or "short-term capital gain dividends" will generally be exempt from such withholding, in each case to the extent the Fund properly reports such dividends to unitholders. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of certain interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign unitholder, and that satisfy certain other requirements. Interest-related dividends do not include distributions paid in respect of a RIC's non-U.S. source interest income or its dividend income (or any other type of income other than generally non-contingent U.S.-source interest income received from unrelated obligors). In the case of units of the Fund held through an intermediary, the intermediary may withhold U.S. federal income tax even if the Fund reports the payment as interest-related dividends or short-term capital gain dividends. There can be no assurance as to whether any of the Fund's distributions will be eligible for an exemption from withholding of U.S. federal income tax or, as to whether any of the Fund's distributions that are eligible, will be reported as such by us.

A foreign unitholder whose income from the Fund is not "effectively connected" with a U.S. trade or business would generally be exempt from U.S. federal income tax on capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of units. However, a foreign unitholder who is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements will nevertheless be subject to a U.S. tax of 30% on such capital gain dividends, undistributed capital gains and sale or exchange gains.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a foreign unitholder, then distributions of investment company taxable income, any capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of units will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents or domestic corporations, as applicable. Foreign corporate unitholders may also be subject to the 30% branch profits tax imposed by the Code.

The Fund may be required to withhold from distributions that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty rate) unless the foreign unitholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a foreign unitholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Foreign unitholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**Additional Withholding Requirements**

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% United States federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its United States "account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such nonfinancial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial United States owners or provides the name, address and taxpayer identification number of each such substantial United States owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. You should consult your own tax advisor regarding FATCA and whether it may be relevant to your ownership and disposition of our units.

**Foreign and Other Taxation**

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

In addition, unitholders may be subject to state, local and foreign taxes on their distributions from the Fund. Unitholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**Item 1A. Risk Factors.**

*Investing in our Common Units involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Units specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure or trading markets similar to ours. In addition to the other information contained in this prospectus, you should consider carefully the following information before making an investment in our Common Units. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Units could decline, and you may lose all or part of your investment*.

**Risks Related to Market Developments and General Business Environment** 

***Economic recessions or downturns could have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our Portfolio Companies to repay loans.***

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Economic recessions or downturns could result in a prolonged period of market illiquidity which 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 the event of economic recessions and downturns, the financial results of middle-market 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 would likely experience negative financial trends. The 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 our receipt of a reduced level of interest income from our Portfolio Companies and/or losses or charge offs related to our investments, and, in turn, may adversely affect distributable income. Further, adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments. As a result, we may need to modify the payment terms of our investments, including changes in payment-in-kind interest provisions and/or cash interest rates. These factors may result in our receipt of a reduced level of interest income from our Portfolio Companies and/or losses or charge offs related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations.

***Capital markets may experience periods of disruption and instability and we cannot predict when these conditions will occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business, financial condition and results of operations.***

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The United States and global capital markets may, from time to time, experience periods of disruption characterized by the freezing of available credit, a lack of liquidity in the debt capital markets, significant losses in the principal value of investments, the re-pricing of credit risk in the broadly syndicated credit market, the failure of major financial institutions or general volatility in the financial markets. For example, over the past few years, general economic conditions deteriorated with material and adverse consequences for the broader financial and credit markets, and the availability of debt and equity capital for the market as a whole, and financial services firms in particular, was reduced significantly. In addition, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate, and we cannot assure you that these market conditions will not continue or worsen in the future.

We may in the future have difficulty accessing debt and equity capital markets, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic and political conditions, including future recessions, political instability, geopolitical turmoil and foreign hostilities, and disease, pandemics and other serious health events, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Global economic, political and market conditions, including increased volatility, geopolitical instability or potential downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.***

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The current global financial market situation, as well as various social and political tensions in the United States and around the world (including the deterioration in the bilateral relationship between the United States and China, the conflict between Russia and Ukraine, and the conflict between Hamas and Israel), may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the United States and worldwide. The impact of downgrades by rating agencies to the U.S. government's sovereign credit rating or its perceived creditworthiness as well as potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the United States and global financial markets and economic conditions. In addition, there will likely continue to be considerable uncertainty as to the United Kingdom's post-transition and post-withdrawal framework following its withdrawal from the European Union ("Brexit"), in particular as to the arrangements which will apply to its relationships with the European Union and with other countries. The new Trade and Cooperation Agreement reached between the European Union and the United Kingdom in late 2020 may lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European and global markets for some time.

Additionally, the U.S. political environment and uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current presidential administration, could lead to disruption, instability and volatility in the global markets. Trade wars and volatility in the U.S. repo market, the U.S. high yield bond markets, the Chinese stock markets and global markets for commodities may affect other financial markets worldwide. We monitor developments in economic, political and market conditions and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

**Risks Related to Our Business and Structure**

**We are a relatively new company and have a limited operating history.**

The Fund is a non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC and has a limited operating history. As a result, prospective investors have no significant track record or history on which to base their investment decision. We are subject to the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objectives, and the value of a unitholder's investment could decline substantially or become worthless. While we believe that the past professional experiences of the Adviser's investment team, including investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage the Fund successfully, there can be no assurance that this will be the case.

**Our Board of Directors may change our operating policies and strategies without prior notice or unitholder approval, the effects of which may be adverse to our results of operations and financial condition.**

Our Board of Directors has the authority to modify or waive our current operating policies, investment criteria and strategies without prior notice and without unitholder approval. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, NAV, operating results and value of our Common Units. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we have significant flexibility in investing the net proceeds from our continuous offering and may use the net proceeds from our continuous offering in ways with which investors may not agree or for purposes other than those contemplated in this Registration Statement.

***Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.***

Conditions in the medium- and large-sized U.S. corporate debt market may deteriorate, as seen during the 2008 financial crisis, which may cause pricing levels to similarly decline or be volatile. During the financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the medium- and large-sized U.S. corporate debt market, our NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of our investments, which could have a material adverse impact on our business, financial condition and results of operations.

**Our ability to achieve our investment objectives depends on the Adviser's ability to manage and support our investment process and if the** **Amended and Restated Investment Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.**

Because we have no employees, we depend on the investment expertise, skill and network of business contacts of the Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services our investments. Our future success depends to a significant extent on the continued service of the Adviser, as well as its senior management team. The departure of any members of the Adviser's senior management team could have a material adverse effect on our ability to achieve our investment objectives.

Our ability to achieve our investment objectives depends on the Adviser's ability to identify, analyze, invest in, finance and monitor companies that meet our investment criteria. The Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to us, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve our investment objectives, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support our investment process could have a material adverse effect on our business, financial condition and results of operations.

In addition, the Amended and Restated Investment Advisory Agreement with the Adviser has termination provisions that allow the parties to terminate the agreements without penalty. The Amended and Restated Investment Advisory Agreement may each be terminated at any time, without penalty, by the Adviser, upon 60 days' notice to us. If the Investment Advisory Agreement is terminated, it may adversely affect the quality of our investment opportunities. In addition, in the event such agreement is terminated, it may be difficult for us to replace the Adviser, and the termination of such agreement may adversely impact the terms of any existing or future financing arrangement, which could have a material adverse effect on our business and financial condition.

***The Adviser has no track record of acting as an investment adviser to a BDC, and any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.***

The Adviser has no prior experience acting as an investment adviser to a BDC. The 1940 Act and the Code impose numerous constraints on the operations of BDCs that do not apply to other investment vehicles. The Adviser's limited experience in managing a portfolio of assets under the constraints of the 1940 Act and the Code may hinder the Adviser's ability to take advantage of attractive investment opportunities and, as a result, may adversely affect our ability to achieve our investment objectives. Partners Group's track record and achievements are not necessarily indicative of the future results the Adviser will achieve as the investment adviser. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies with which Partners Group has been affiliated, and we caution that our investment returns could be lower than the returns achieved by such other companies.

**Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.**

The Adviser depends on its broader organization's relationships with private equity sponsors, investment banks and commercial banks, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or its broader organization fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser or its broader organizations have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

**We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.**

A number of entities compete with us to make the types of investments that we plan to make, and we believe that recent market trends have increased the number of competitors seeking to invest in loans to private, middle market companies in the United States. We compete with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors have access to funding sources that are not available to us. In addition, some of our competitors could have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on BDCs or the source of income, asset diversification and distribution requirements we must satisfy to qualify and maintain our qualification as a RIC. The competitive pressures we face could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we can provide no assurance that we will be able to take advantage of attractive investment opportunities that arise from time to time, and we can provide no assurance that we will be able to identify and make investments that are consistent with our investment objective.

Identifying, structuring and consummating investments involves competition among capital providers and market and transaction uncertainty. The Adviser can provide no assurance that it will be able to identify a sufficient number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy our investment objectives, including as necessary to effectively structure credit facilities or other forms of leverage. The loan origination market is very competitive, which can result in loan terms that are more favorable to borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Increased competition could cause us to make more loans that are "cov-lite" in nature, and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans with a full package of covenants. As a result of these conditions, the market for leveraged loans could become less advantageous than expected for us, and this could increase default rates, decrease recovery rates or otherwise harm our returns. The risk of prepayment is also higher in the current competitive environment if borrowers are offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in prices and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could have substantial negative effects on general economic conditions, the availability of required capital for companies and the operating performance of such companies. These conditions also could result in increased default rates and credit downgrades, and affect the liquidity and pricing of the investments made by us. Conversely, periods of economic stability and increased competition among capital providers could increase the difficulty of locating investments that are desirable for us.

With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors could make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we compete generally on the basis of pricing terms. With respect to all investments, we could lose some investment opportunities if we do not match our competitors' pricing, terms and structure. However, if we match our competitors' pricing, terms and structure, we could experience decreased net interest income, lower yields and increased risk of credit loss. We could also compete for investment opportunities with accounts managed or sponsored by Adviser or its affiliates. Although the Adviser allocates opportunities in accordance with its allocation policy, allocations to such Other Accounts will reduce the amount and frequency of opportunities available to us and thus not necessarily be in the best interests of us and our securityholders. Moreover, the performance of investments will not be known at the time of allocation.

**A significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.**

We are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined pursuant to policies adopted by, and subject to the oversight of, our Board of Directors. There is not a public market for the securities of the privately held companies in which we invest. Most of our investments will not be publicly traded or actively traded on a secondary market. As a result, we value these securities at least quarterly at fair value as determined in good faith.

Certain factors that may be considered in determining the fair value of our investments include dealer quotes for securities traded on the secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the Portfolio Company does business, comparison to comparable publicly traded companies, discounted cash flows and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our Adviser's determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, our Adviser's fair value determinations may cause our NAV on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments. As a result, investors purchasing our securities based on an overstated NAV would pay a higher price than the value of our investments might warrant. Conversely, investors selling Common Units during a period in which the NAV understates the value of our investments will receive a lower price for their Common Units than the value of our investments might warrant.

**The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our continuous offering of Common Units. Therefore, portions of the distributions that we make may represent a return of capital to you that will reduce your tax basis in your Common Units and reduce the amount of funds we have for investment in targeted assets.**

We may fund our cash distributions to unitholders from any sources of funds available to us, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in Portfolio Companies and fee and expense reimbursement waivers from the Adviser, if any. Our ability to pay distributions might be limited by our investment results or adversely affected by, among other things, the impact of one or more of the risk factors described in this Registration Statement. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. All distributions are and will be paid at the discretion of our Board of Directors and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board of Directors may deem relevant from time to time. We cannot assure you that we will continue to pay distributions to our unitholders in the future. In the event that we encounter delays in locating suitable investment opportunities, we may pay all or a substantial portion of our distributions from the proceeds of our continuous offering of Common Units or from borrowings or sources other than cash flow from operations in anticipation of future cash flow, which may constitute a return of your capital. A return of capital is a return of your investment, rather than a return of earnings or gains derived from our investment activities, which would reduce your tax basis in our Common Units, which may result in increased tax liability to unitholders when they sell such Common Units.

**We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from this offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).**

Any distributions made from sources other than cash flow from operations or relying on fee or expense reimbursement waivers, if any, from the Adviser are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to make such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Unitholders should also understand that our future repayments to the Adviser under the Expense Limitation Agreement will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve such performance in order to sustain these distributions or be able to pay distributions at all. The Adviser has no obligation to waive fees or receipt of expense reimbursements, if any.

**Although we expect to adopt a unit repurchase program, we have discretion to not repurchase your Common Units or to suspend the program.**

If our Board of Directors adopts a unit repurchase program, it may amend or suspend the unit repurchase program at any time in its discretion. You may not be able to sell your Common Units on a timely basis in the event our Board of Directors amends or suspends the unit repurchase program, absent a Liquidity Event, and we currently do not intend to undertake a Liquidity Event, and we are not obligated by our organizational documents or otherwise to effect a Liquidity Event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Units requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Units being repurchased without regard to class. The unit repurchase program has many limitations and should not be considered a guaranteed method to sell Common Units promptly or at a desired price.

**The timing of our repurchase offers pursuant to our unit repurchase program may be at a time that is disadvantageous to our unitholders.**

In the event a unitholder chooses to participate in our unit repurchase program, the unitholder will be required to provide us with notice of intent to participate prior to knowing what the NAV per unit of each class of Common Units being repurchased will be on the repurchase date. Although a unitholder will have the ability to withdraw a repurchase request prior to the repurchase date, to the extent a unitholder seeks to sell Common Units to us as part of our periodic unit repurchase program, the unitholder will be required to do so without knowledge of what the repurchase price of our Common Units will be on the repurchase date.

***Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.***

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We, our Portfolio Companies and other counterparties are subject to regulation at the local, state and federal level. New legislation may be enacted, amended or repealed or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our unitholders, potentially with retroactive effect.

Uncertainty regarding legislation and regulations affecting the financial services industry or taxation could also adversely impact our business or the business of our Portfolio Companies. New or repealed legislation, interpretations, rulings or regulations could require changes to certain business practices of us or our Portfolio Companies, negatively impact the operations, cash flows or financial condition of us or our Portfolio Companies, impose additional costs on us or our Portfolio Companies or otherwise adversely affect our business or the business of our Portfolio Companies.

Additionally, any changes to or repeal of the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy to avail ourselves of new or different opportunities. Such changes could result in material differences to our strategies and plans as set forth in this Registration Statement and may result in our investment focus shifting from the areas of expertise of the Adviser to other types of investments in which the Adviser may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our financial condition and results of operations and the value of a unitholder's investment.

***If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.***

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, our affiliates and our and their respective third-party service providers are subject to cybersecurity risks. Cybersecurity risks have significantly increased in recent years and, while we have not experienced any material losses relating to cyberattacks or other information security breaches, we could suffer such losses in the future. Our, our affiliates and our and their respective third-party service providers' computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our affiliates and our and their respective third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks.

**It may be difficult to bring suit or foreclosure in non-U.S. countries.**

Because the effectiveness of the judicial systems in the countries in which the Fund may invest varies, the Fund (or any portfolio company) may have difficulty in foreclosing or successfully pursuing claims in the courts of such countries, as compared to the United States or other countries. Further, to the extent the Fund or a Portfolio Company may obtain a judgment but is required to seek its enforcement in the courts of one of these countries in which the Fund invests, there can be no assurance that such courts will enforce such judgment. The laws of other countries often lack the sophistication and consistency found in the United States with respect to foreclosure, bankruptcy, corporate reorganization or creditors' rights.

**Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.**

We are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined pursuant to policies adopted by, and subject to the oversight of, our Board of Directors. Decreases in the market value or fair value of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our NAV.

**Force Majeure events may adversely affect our operations.**

The Fund may be affected by force majeure events (e.g., acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, nationalization of industry and labor strikes). Force majeure events could adversely affect the ability of the Fund or a counterparty to perform its obligations. The liability and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be borne by the Fund. Certain force majeure events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting the Fund. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control, could result in a loss to the Fund if an investment is affected, and any compensation provided by the relevant government may not be adequate.

**Risks Related to Our Investments**

**Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.**

Our investments in senior secured loans, senior secured bonds and, to a lesser extent, subordinated debt and equity of private U.S. companies, including middle market companies, may be risky and there is no limit on the amount of any such investments in which we may invest.

*Senior Secured Loans and Senior Secured Bonds*. There is a risk that any collateral pledged by Portfolio Companies in which we have taken a security interest may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the Portfolio Company to raise additional capital. To the extent our debt investment is collateralized by the securities of a portfolio company's subsidiaries, such securities may lose some or all of their value in the event of the bankruptcy or insolvency of the portfolio company. Also, in some circumstances, our security interest may be contractually or structurally subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt's terms, or at all, or that we will be able to collect on the debt should we be forced to enforce our remedies.

*Subordinated Debt*. Any subordinated debt investments we make will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our unitholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

*Equity and Equity-Related Securities*. We may make select equity investments. In addition, in connection with our debt investments, we on occasion may receive equity interests such as warrants or options as additional consideration. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

*Convertible Securities.* We may invest in convertible securities, such as bonds, debentures, notes, preferred stocks or other securities that may be converted into, or exchanged for, a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by us is called for redemption, it will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.

*Preferred Securities.* Investments in preferred securities involve certain risks. Certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions. If the Fund owns a preferred security that is deferring its distribution, the Fund may be required to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. In order to receive the special treatment accorded to RICs and their unitholders under the Code and to avoid U.S. federal income and/or excise taxes at the Fund level, the Fund may be required to distribute this income to unitholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Fund may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Fund actually received, and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. Preferred securities often are subject to legal provisions that allow for redemption in the event of certain tax or legal changes or at the issuer's call. In the event of redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return. Preferred securities are subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. government securities.

*Non-U.S. Securities*. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to unitholders located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations. In addition, investing in securities of companies in emerging markets involves many risks, including potential inflationary economic environments, regulation by foreign governments, different accounting standards, political uncertainties and economic, social, political, financial, tax and security conditions in the applicable emerging market, any of which could negatively affect the value of companies in emerging markets or investments in their securities.

*Structured Products.* We may invest in structured products, which may include collateralized debt obligations, collateralized bond obligations, collateralized loan obligations, structured notes and credit-linked notes. When investing in structured products, we may invest in any level of the subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). Structured products may be highly levered and therefore, the junior debt and equity tranches that we may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, we will generally have the right to receive payments only from the issuer or counterparty, and will generally not have direct rights against the underlying borrowers or entities. Furthermore, the investments we make in structured products are at times thinly traded or have only a limited trading market. As a result, investments in such structured products may be characterized as illiquid securities.

*Derivatives.* We may invest from time to time in derivatives, including interest rate swaps, credit default swaps and foreign currency forward contracts. Derivative investments have risks, including: the imperfect correlation between the value of such instruments and our underlying assets, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in our portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, we may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If we are owed this fair market value in the termination of the derivative contract and our claim is unsecured, we will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which we may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by us as premiums and cash or other assets held in margin accounts with respect to our derivative investments would not be available to it for other investment purposes, which may result in lost opportunities for gain.

*Below Investment Grade Risk*. In addition, we intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and illiquid. The major risks of below investment grade securities include:

● Below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities.

● Prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer's industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities.

● Issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.

● Below investment grade securities will frequently have redemption features that permit an issuer to repurchase the security from us before it matures. If the issuer redeems below investment grade securities, we may have to invest the proceeds in securities with lower yields and may lose income.

● Below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and we may be unable to sell these securities at an advantageous time or price.

● We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

The credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

*"Covenant-lite" Obligations*. We may invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

***International investments create additional risks.***

We expect to make investments in Portfolio Companies that are domiciled outside of the United States. We anticipate that up to 30% of our investments may be in these types of assets. Our investments in foreign Portfolio Companies are deemed "non-qualifying assets," which means, as required by the 1940 Act, they, along with other non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign Portfolio Companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:

● foreign governmental laws, rules and policies, including those restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States;

● foreign currency devaluations that reduce the value of and returns on our foreign investments;

● adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest;

● adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest;

● the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;

● adverse changes in foreign-country laws, including those relating to taxation, bankruptcy and ownership of assets;

● changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest;

● high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries;

● deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and

● legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments.

In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our Portfolio Companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.

**Our Portfolio Companies may incur debt that ranks equally with, or senior to, our investments in such companies.**

Our Portfolio Companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that Portfolio Company would typically be entitled to receive payment in full before we receive any proceeds. After repaying such senior creditors, such Portfolio Company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

**There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.**

If one of our Portfolio Companies were to file for bankruptcy, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. We may also be subject to lender liability claims for actions taken by us with respect to a borrower's business or instances where we exercise control over the borrower.

**We generally will not control our Portfolio Companies**.

We do not expect to control most of our Portfolio Companies, even though we may have board representation or board observation rights, and our debt agreements with such Portfolio Companies may contain certain restrictive covenants. As a result, we are subject to the risk that a Portfolio Company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of the Fund's common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity for our investments in non-traded companies, we may not be able to dispose of our interests in our Portfolio Companies as readily as we would like or at an appropriate valuation. As a result, a Portfolio Company may make decisions that could decrease the value of our portfolio holdings.

**Any second priority liens on collateral securing debt investments that we make to our Portfolio Companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us**.

Certain debt investments that we make to Portfolio Companies may be secured on a second priority basis by the same collateral securing first priority debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company remaining assets, if any.

We may also make unsecured debt investments in Portfolio Companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on such Portfolio Companies' collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the Portfolio Company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before we are so entitled. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy its unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then its unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the debt investments we make to our Portfolio Companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***Inflation may adversely affect the business, results of operations and financial condition of our Portfolio Companies****.*

Certain of our Portfolio Companies are in industries that may be impacted by inflation. If such Portfolio Companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our Portfolio Companies'' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

***Changes to U.S. tariff and import/export regulations may affect our portfolio companies, and may negatively impact our business, results of operations or financial conditions.***

The current U.S. administration has signified potential significant changes to U.S. trade policies, treaties and tariffs, creating uncertainty about the future relationship between the United States and other countries. These additional tax policy developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade. Any of these factors could dampen economic activity and limit our Portfolio Companies'' access to suppliers or customers, resulting in a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

**A covenant breach or other default by our Portfolio Companies may adversely affect 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, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower's business or exercise control over a borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken if we render significant managerial assistance to the borrower. Furthermore, if one of our Portfolio Companies were to file for bankruptcy protection, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt. The likelihood of such a re-characterization would depend on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company.

**Our Portfolio Companies may be highly leveraged.**

Some of our Portfolio Companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

***Investing in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.***

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Investments in middle market companies involve some of the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that middle market companies:

● may have limited financial resources and may be unable to meet the obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral pledged under such securities and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

● frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns;

● are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our Portfolio Company and, in turn, on us;

● generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, Director s and members of the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the Portfolio Companies ; and

● may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

**We may not realize gains from our equity investments.**

Certain investments that we may make could include warrants or other equity securities. In addition, we may make direct equity investments in Portfolio Companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a Portfolio Company does not have a Liquidity Event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We intend to seek puts or similar rights to give us the right to sell our equity securities back to the Portfolio Company issuer. We may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress.

**An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.**

We intend to invest primarily in privately held companies. Investments in private companies pose significantly greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on us. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target Portfolio Companies may affect our investment returns. Fourth, limited public information generally exists about private companies. Fifth, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser would typically assess an investment in a Portfolio Company based on the Adviser's estimate of the portfolio company's earnings and enterprise value, among other things, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser to make different investment decisions than it may have made with more complete information. These private companies and their financial information will not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

**A lack of liquidity in certain of our investments may adversely affect our business.**

We intend to invest in certain companies whose securities are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors and whose securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. The illiquidity of certain of our investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.

***We may not have the funds or ability to make additional investments in our Portfolio Companies****.*

We may not have the funds or ability to make additional investments in our Portfolio Companies. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a Portfolio Company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected return on the investment.

**Our investments may include original issue discount and payment-in-kind instruments.**

To the extent that we invest in original issue discount or PIK instruments and the accretion of original issue discount or PIK interest income constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

● the higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

● original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

● an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our net assets and, as such, increases the Adviser's future base management fees which, thus, increases the Adviser's future income incentive fees at a compounding rate;

● market prices of PIK instruments and other zero-coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

● the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

● even if the conditions for income accrual under U.S. generally accepted accounting principles ("GAAP") are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

● the required recognition of original issue discount or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to unitholders in order to maintain our ability to be subject to tax as a RIC; and

● original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

**We may acquire various financial instruments for purposes of "hedging" or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our unitholders.**

We may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. These financial instruments may be purchased on exchanges or may be individually negotiated and traded in over-the-counter markets. Use of such financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase our losses. Further, hedging transactions may reduce cash available to pay distributions to our unitholders.

**Prepayments of our debt investments by our Portfolio Companies could adversely impact our results of operations and reduce our return on equity.**

We are subject to the risk that the investments we make in our Portfolio Companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new Portfolio Companies. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment in a new Portfolio Company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our Portfolio Companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity.

***We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.***

We may co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring jointly controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment. We may have interests or objectives that are inconsistent with those of the third-party partners or co-venturers. Although we may not have full control over these investments and therefore, may have a limited ability to protect its position therein, we expect that we will negotiate appropriate rights to protect our interests. Nevertheless, such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third-party partner or co-venturer may have financial difficulties, resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with ours, or may be in a position to take (or block) action in a manner contrary to the our investment objectives or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. Third-party partners or co-venturers may opt to liquidate an investment at a time during which such liquidation is not optimal for us. In addition, we may in certain circumstances be liable for the actions of its third-party partners or co-venturers. In those circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to such investments, including incentive compensation arrangements

**Risks Related to the Adviser and Its Affiliates; Conflicts of Interest**

**The Adviser and its affiliates, including our officers and some of our Directors, face conflicts of interest as a result of compensation arrangements with us and the Adviser, which could result in actions that are not in the best interests of our unitholders.**

The Adviser and its affiliates receive fees from us in return for their services, and these fees could influence the advice provided to us. We pay to the Adviser an Incentive Fee that is based on the performance of our portfolio and an annual Base Management Fee that is based on the average monthly value of our net assets. Because the Incentive Fee is based on the performance of our portfolio, the Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee is determined may also encourage the Adviser to use leverage to increase the return on our investments. In addition, because the Base Management Fee is based upon our net assets, the Adviser may be incentivized to recommend the issuance of additional equity to make additional investments and increase our net assets. Under certain circumstances, the use of leverage may increase the likelihood of default, which could disfavor holders of the Common Units. Our compensation arrangements could therefore result in our making riskier or more speculative investments, or relying more on leverage to make investments, than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

***We may be obligated to pay the Adviser incentive compensation on income that we have not received.***

Any Incentive Fee payable by us that relates, in part, to our net investment income may be computed and paid on income that may include interest that has been accrued but not yet received. If a Portfolio Company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the Incentive Fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in our paying an Incentive Fee on income we never received. For U.S. federal income tax purposes, we are required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which we do not receive a corresponding payment in cash. Under such circumstances, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay an Incentive Fee with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional credit or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

***There may be conflicts of interest related to obligations the Adviser's senior management and investment teams have to our affiliates and to other clients.***

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do, or of investment vehicles managed by the same personnel. In serving in these multiple and other 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 our unitholders. Our investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For example, we rely on the Adviser to manage our day-to-day activities and to implement our investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to us. As a result of these activities, the Adviser, its employees and certain of its affiliates will have conflicts of interest in allocating their time between us and other activities in which they are or may become involved, including the management of other entities affiliated with Partners Group. The Adviser and its employees will devote only as much of its or their time to our business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time.

We rely, in part, on the Adviser to assist with identifying investment opportunities and making investment recommendations to the Fund. The Adviser and its affiliates are not restricted from forming additional investment funds, entering into other investment advisory relationships or engaging in other business activities. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser, its affiliates and their officers and employees will not be devoted exclusively to our business, but will be allocated between us and such other business activities of the Adviser and its affiliates in a manner that the Adviser deems necessary and appropriate.

***The Adviser's liability is limited under the Amended and Restated Investment Advisory Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.***

Pursuant to each of the Amended and Restated Investment Advisory Agreement, the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser will not be liable to us for their acts under the Amended and Restated Investment Advisory Agreement, absent Disabling Conduct. We have agreed to indemnify, defend and protect the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of Disabling Conduct in the performance of their duties under the Amended and Restated Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

**Risks Related to Business Development Companies**

**The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy.**

Following our BDC election, we may not acquire any assets other than "qualifying assets," as listed in Section 55(a) of the 1940 Act, unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent us from making additional investments in existing Portfolio Companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

**Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.**

As a result of the annual distribution requirement to qualify as a RIC, we may need to periodically access the capital markets to raise cash to fund new investments. We may issue "senior securities," as defined under the 1940 Act, including issuing preferred stock, borrowing money from banks or other financial institutions or issuing debt securities only in amounts such that our asset coverage meets the threshold set forth in the 1940 Act immediately after each such issuance. The 1940 Act currently requires us to maintain an asset coverage of at least 150% (i.e., the amount of debt may not exceed two-thirds of the value of our assets). Our ability to issue different types of securities is also limited. Compliance with these requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. As a BDC, therefore, we intend to continuously issue equity at a rate more frequent than our privately- owned competitors, which may lead to greater unitholder dilution.

We expect to borrow for investment purposes. If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying or maintaining our qualification as a RIC. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.

Under the 1940 Act, we generally are prohibited from issuing or selling our Common Units at a price per unit, after deducting selling commissions, which is below our NAV per unit, which may be a disadvantage as compared with other public companies. We may, however, sell our Common Units, or warrants, options or rights to acquire our Common Units, at a price below the current NAV of our Common Units if our Board of Directors, including our Independent Directors, determine that such sale is in our best interests and the best interests of our unitholders, and our unitholders, as well as those unitholders that are not affiliated with us, approve such sale. 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 Directors, closely approximates the fair value of such securities.

**Our ability to enter into transactions with our affiliates is restricted.**

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of the independent members of our Board of Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of our Board of Directors. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same Portfolio Company (whether at the same or different times), without prior approval of our Board of Directors and, in some cases, the SEC. The co-investment exemptive relief we are seeking would permit us (if and when we receive such relief), subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or Partners Group, with our co-investment affiliates.If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons to the extent not covered by the exemptive relief, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their respective affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any Portfolio Company of a fund managed by the Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.

**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.**

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a "diversified" investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, 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 or to a general downturn in the economy. However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code.

**We will be obligated to maintain proper and effective internal controls over financial reporting and failure to achieve and maintain effective internal controls over financial reporting could have a material adverse effect on our business and the value of our Common Units.**

We will be obligated to maintain proper and effective internal controls over financial reporting, including the internal control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act and related rules and regulations of the SEC. However, we will not be required to comply with all of the requirements under Section 404 of the Sarbanes-Oxley Act until the later of the date we are no longer a non-accelerated filer or the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting may not meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act that we will eventually be required to meet. Specifically, we will be required to conduct annual management assessments of the effectiveness of our internal controls over financial reporting, however our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the date we are no longer a non-accelerated filer or the date we are no longer an emerging growth company under the JOBS Act.

If we are not able to comply with the requirements of Section 404 of the Sarbanes-Oxley Act or maintain adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting.

**Risks Related to Debt Financing**

***When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our unitholders and result in losses.***

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The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for loss on invested equity capital. The use of leverage involves increased risk, including increased variability of the Fund's net income, distributions and NAV in relation to market changes. 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 use leverage. Such a decline could negatively affect our ability to make distributions to our unitholders. In addition, our unitholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the management or incentive fees payable to the Adviser. The Fund's leverage strategy may not work as planned or achieve its goal.

We expect to use leverage to finance our investments. The amount of leverage that we employ will depend on the Adviser's and our Board of Directors' assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that leveraged financing will be available to us on favorable terms or at all. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to unitholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred shares that we may issue in the future, of at least 150%. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions whatsoever. The amount of leverage that we will employ will be subject to oversight by our Board of Directors, a majority of whom are Independent Directors upon and with no material interests in such transactions.

We may also enter into reverse repurchase agreements. Transactions under such agreements constitute leverage. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund's assets. As a result, the use of such leverage transactions may increase fluctuations in the market value of the Fund's assets compared to what would occur without the use of such transactions. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, transacting under such agreement will lower the Fund's yield.

Although use of leverage by the Fund has the potential to enhance overall returns that exceed the Fund's cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund's cost of funds. In addition, borrowings and reverse repurchase agreements or similar arrangements in which the Fund may engage may be secured by the unitholders' investments as well as by the Fund's assets and the documentation relating to such transactions may provide that during the continuance of a default under such arrangement, the interests of the investors may be subordinated to the interests of the Fund's lenders or debtholders.

Any future credit facilities and unsecured notes 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. A failure to renew our facilities or to add new or replacement debt facilities or issue additional debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition or results of operations.

**We may default under our credit facilities.**

In the event we default under a credit facility or other borrowings, our business could be adversely affected as 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 under such borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

**Provisions in a credit facility may limit our investment discretion.**

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In connection with one or more credit facilities entered into by the Fund, distributions to unitholders may be subordinated to payments required in connection with any indebtedness contemplated thereby.

In addition, any security interests and/or negative covenants required by a credit facility 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. In addition, if our borrowing base under a credit facility 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 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.

In addition, we may 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. This could reduce our liquidity and cash flow and impair our ability to grow our business.

**Changes in interest rates may affect our cost of capital and net investment income.**

Since we intend to use debt to finance a portion of our investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to purchase or develop such expertise.

A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the Incentive Fee Hurdle Rate and may result in a substantial increase in the amount of incentive fees payable to the Adviser with respect to pre-incentive fee net gains.

***We may form one or more CLOs, which may subject us to certain structured financing risks.***

To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. It is possible that an interest in any such CLO held by us may be considered a "non-qualifying" portfolio investment for purposes of the 1940 Act.

If we create a CLO, we will depend in part on distributions from the CLO's assets out of its earnings and cash flows to enable us to make distributions to unitholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO's debt, which could impact our ability to receive distributions from the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the Common Units.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to unitholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the CLO.

The manager for a CLO that we create may be the Fund, the Adviser or an affiliate, and such manager may be entitled to receive compensation for structuring and/or management services. To the extent the Adviser or an affiliate other than the Fund serves as manager and the Fund is obligated to compensate the Adviser or the affiliate for such services, we, the Adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our unitholders, pay no additional management fees to the Adviser or the affiliate in connection therewith. To the extent we serve as manager, we will waive any right to receive fees for such services from the Fund (and indirectly its unitholders) or any affiliate.

**Federal Income Tax Risk**

***We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.***

To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

We must satisfy these tests on an ongoing basis in order to maintain RIC tax treatment, and may be required to make distributions to unitholders at times when it would be more advantageous to invest cash in our existing or other investments, or when we do not have funds readily available for distribution. Compliance with the RIC tax requirements may hinder our ability to operate solely on the basis of maximizing profits and the value of our unitholders' investments. Also, the rules applicable to our qualification as a RIC are complex, with many areas of uncertainty. If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure may have a material adverse effect on us and on any investment in us. The Code provides certain forms of relief from RIC disqualification due to failures of income source and asset diversification requirements, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail either the income source or asset diversification requirements.

**We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.**

For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original 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. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our unitholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus we may become subject to corporate-level income tax. Furthermore, we may invest in the equity securities of non-U.S. corporations (or other non-U.S. entities classified as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" and/or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances, these rules also could require us to recognize taxable income or gains where we do not receive a corresponding payment in cash and, unless the income and gains are related to our business of investing in stocks and securities, all or a portion of such taxable income and gains may not be considered qualifying income for purposes of the RIC income source requirements.

***Some of our investments may be subject to corporate-level income tax.***

We may 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. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

**Our portfolio investments may present special tax issues.**

The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments and certain equity securities may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless debt in equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. Such matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our unitholders to maintain our RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our unitholders. These and other issues will be considered by us, to the extent determined necessary, in order that we minimize the level of any U.S. federal income or excise tax that we would otherwise incur.

**If we are not treated as a "publicly offered regulated investment company," as defined in the Code, U.S. stockholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.**

We do not expect to be treated as a "publicly offered regulated investment company" until such time that we have more than 500 investors at all times during a taxable year. Unless and until we are treated as a "publicly offered regulated investment company" as a result of either (1) our Common Units being held by at least 500 persons at all times during a taxable year, (2) our Common Units are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) our Common Units being treated as regularly traded on an established securities market, each U.S. unitholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. unitholder's allocable share of the management and incentive fees paid to our investment adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. unitholder. Miscellaneous itemized deductions generally are deductible by a U.S. unitholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. unitholder's miscellaneous itemized deductions exceeds 2% of such U.S. unitholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

**Legislative or regulatory tax changes could adversely affect investors.**

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our unitholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Units or the value or the resale potential of our investments.

**Risks Related to an Investment in the Common Units**

***If we are unable to raise substantial funds, then we will be more limited in the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.***

Amounts that we raise may not be sufficient for us to purchase a broad portfolio of investments. To the extent that less than the maximum number of Common Units is subscribed for, the opportunity for us to purchase a broad portfolio of investments may be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base. If we are unable to raise substantial funds, we may not achieve certain economies of scale, and our expenses may represent a larger proportion of our total assets.

*Placement agents*

 

One or more third parties may act as placement agents for Common Units in us and, in that capacity, act for the Adviser and in such capacity would not act as investment advisers to members in connection with the offering of such Common Units. Investors must independently evaluate the offering and make their own investment decisions. The Adviser may pay each placement agent a placement fee based upon the amount committed to us by each investor that each such placement agent introduces to the Adviser.

**We face risks associated with the deployment of our capital.**

In light of the nature of our continuous offering in relation to our investment strategy and the need to be able to deploy potentially large amounts of capital quickly to capitalize on potential investment opportunities, if we have difficulty identifying investments on attractive terms, there could be a delay between the time we receive net proceeds from the sale of our Common Units in this offering and the time we invest the net proceeds. Our proportion of privately negotiated investments may be lower than expected. We may also from time to time hold cash pending deployment into investments or have less than our targeted leverage, which cash or shortfall in target leverage may at times be significant, particularly at times when we are receiving high amounts of offering proceeds and/or times when there are few attractive investment opportunities. Such cash may be held in an account for the benefit of our unitholders that may be invested in money market accounts or other similar temporary investments, each of which are subject to the management fees.

In the event we are unable to find suitable investments such cash may be maintained for longer periods which would be dilutive to overall investment returns. This could cause a substantial delay in the time it takes for your investment to realize its full potential return and could adversely affect our ability to pay regular distributions of cash flow from operations to you. It is not anticipated that the temporary investment of such cash into money market accounts or other similar temporary investments pending deployment into investments will generate significant interest, and investors should understand that such low interest payments on the temporarily invested cash may adversely affect overall returns. In the event we fail to timely invest the net proceeds of sales of our Common Units or do not deploy sufficient capital to meet our targeted leverage, our results of operations and financial condition may be adversely affected.

**We may have difficulty sourcing investment opportunities.**

Other than the Initial Portfolio, we have not identified the potential investments for our portfolio that we will acquire. We cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all investments successfully. In addition, privately negotiated investments in loans and illiquid securities of private companies require substantial due diligence and structuring, and we cannot assure investors that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future Portfolio Company investments prior to purchasing our Common Units. Additionally, our Adviser will select our investments subsequent to this offering, and our unitholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our Common Units. To the extent we are unable to deploy all investments, our investment income and, in turn, our results of operations, will likely be materially adversely affected.

**An investment in our Common Units will have limited liquidity.**

Our Common Units constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our Common Units on a national securities exchange. There can be no guarantee that we will conduct a public offering and list our Common Units on a national securities exchange, and we do not currently intend to do so. Investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Unitholders are not entitled to redeem their Common Units. Unitholders must be prepared to bear the economic risk of an investment in our Common Units for an extended period of time.

**Investing in our Common Units involves a high degree of risk.**

The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in Portfolio Companies may be highly speculative and aggressive and, therefore, an investment in our Common Units may not be suitable for someone with lower risk tolerance.

**The NAV of our Common Units may fluctuate significantly.**

The NAV and liquidity, if any, of the market for our Common Units may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

● changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

● loss of RIC or BDC status;

● changes in earnings or variations in operating results;

● changes in the value of our portfolio of investments;

● changes in accounting guidelines governing valuation of our investments;

● any shortfall in revenue or net income or any increase in losses from levels expected by investors;

● departure of either of our Adviser or certain of its respective key personnel;

● general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loss of a major funding source .

***Because our largest unitholder(Australian Retirement Trust Pty Ltd.) owns and may continue to own a meaningful percentage of our outstanding Common Units, our other holders of our Common Units will be limited in their ability to influence our corporate matters.***

 ****

As of June 30, 2025, the largest holder of our Common Units beneficially owned approximately 91% of the total voting power held by holders of our outstanding Common Units. This holder may acquire additional Common Units in connection with our continuous Private Offering. As a result, this holder may be able to exert and may continue to be able to exert influence over our management, business plans and policies, as well as matters submitted to the holders of our Common Units for approval. This concentrated ownership could limit the ability of the remaining holders of our Common Units to influence corporate matters, and the interests of this holder may not coincide with our interests or the interests of the remaining unitholders.

**Item 2. Financial Information.**

**Management's Discussion and Analysis of Financial Conditions and Results of Operations**

*The information in this section contains forward-looking statements that involve risks and uncertainties. Please see "Item 1A. Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the financial statements and related notes and other financial information appearing elsewhere in this prospectus.*

 

**Overview**

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 initially incorporated as a Delaware corporation on June 16, 2022, and we filed a certificate of conversion with the Delaware Secretary of State to convert into a Delaware limited liability company on July 12, 2023. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of the Amended and Restated Investment Advisory Agreement. The Adviser is registered as investment adviser with the SEC. No later than one year after the date we make our BDC election, we intend to elect to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code.

The Adviser oversees (subject to the oversight of the Board, a majority of whom are independent) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Amended and Restated Investment Advisory Agreement. Under the Amended and Restated Investment Advisory Agreement, we have agreed to pay the Adviser the Base Management Fee as well as the Incentive Fee based on our investment performance.

Our investment objectives are to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR/EURIBOR/CORRA/other base rates, plus a margin, to private middle market U.S. companies. As part of our strategy to achieve our investment objective, we will directly or indirectly originate Senior Secured Direct Private Credit investments. We also expect to invest in Senior Secured Broadly Syndicated Loans. Senior secured loans represent the most senior tranche in the capital structure of the relevant borrowers and often have lien security over the assets of the borrowers.

In addition, to a lesser extent, our assets may include Opportunistic Credit, which may appear attractive on a relative value basis. Our Opportunistic Credit investments may also include CLO Equity issued by a CLO.

We believe that the Partners Group investment platform offers strategic access to the wider private equity sponsor and borrower community and provides the Fund a significant advantage in sourcing, analyzing and executing attractive credit investments.

The Adviser expects to employ a range of techniques that seek to reduce the risk associated with our investment strategy. These techniques may include, without limitation: (i) selecting investments and commitments across a broad range of geographies, industries, sectors, and maturity dates; (ii) tracking operating performance of underlying companies and their compliance with financial covenants; and (iii) actively managing cash and liquid assets.

See "Investment Objective and Strategy" for more information about our investment strategies. Our investments are subject to a number of risks. *See* "*Item 1A. Risk Factors.*"

**Revenues**

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our Portfolio Companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

**Expenses**

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations are managed by the Adviser, pursuant to the terms of the Amended and Restated Investment Advisory Agreement. The services necessary for our business, including the origination and administration of our investment portfolio, will be provided by individuals who are employees of Partners Group, pursuant to the terms of the Amended and Restated Investment Advisory Agreement, and our Administrator, pursuant to the terms of the Master Administrative Services Agreement. See "*Item 1. Business–Master Administrative Services Agreement.*" All investment professionals of the Adviser, when and to the extent engaged in providing investment advisory and management services under the Amended and Restated Investment Advisory Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund. See "*Item 1. Business – Investment Advisory Agreement.*" We will bear all other costs and expenses of the Fund's operations and transactions, including those listed in the Registration Statement.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We will reimburse the Adviser or such affiliates thereof for any such amounts paid on our behalf. All of the foregoing expenses will ultimately be borne by our unitholders.

**Portfolio And Investment Activity**

As of June 30, 2025 we had investments in 47 Portfolio Companies across 20 industries. As of December 31, 2024, we had investments in 38 Portfolio Companies across 19 industries. As of December 31, 2023, we had investments in 10 Portfolio Companies across 8 industries. Based on fair value as of each of June 30, 2025, December 31, 2024, and December 31, 2023, approximately 100% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. As of June 30, 2025, our weighted average total yield of debt securities at amortized cost was 9.42%. As of December 31, 2024, our weighted average total yield of debt securities at amortized cost was 9.47%. As of December 31, 2023, our weighted average total yield of debt securities at amortized cost was 10.44%. Weighted average yields includes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2025, December 31, 2024 and December 31, 2023, respectively.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended June 30, 2025** | **Year ended December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to December 31, 2023** |
| Total investments, at fair value, beginning of period | $328465 | $78850 | $- |
| Purchases of investments, including capitalized PIK | 91764 | 255288 | 78948 |
| Proceeds from principal repayments and sales of investments | (17648) | (7806) | (387) |
| Net accretion of discount on investments | 687 | 647 | 40 |
| Net realized gain (loss) on investments | 55 | 7 |  |
| Net change in unrealized appreciation (depreciation) | (576) | 1479 | 249 |
| **Total investments, at fair value, end of period** | $402747 | $328465 | $78850 |

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The following table presents certain selected information regarding our investment portfolio:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** |  | **December 31, 2024** |  | **December 31, 2023** |  |
| Weighted average yield on debt and income producing investments, at amortized cost <sup>(1)</sup> | 9.42 | % | 9.47 | % | 10.44 | % |
| Weighted average yield on debt and income producing investments, at fair value <sup>(1)</sup> | 9.42 | % | 9.48 | % | 10.43 | % |
| Number of Portfolio Companies | 47 |  | 38 |  | 10 |  |
| Median LTM EBITDA <sup>(2)(3)</sup> | $81.70M |  | $112.51M |  | $59.73M |  |
| Weighted average net senior leverage <sup>(2)(4)</sup> | 5.83 | x | 5.72 | x | 6.01 | x |
| Weighted average loan-to-value ("LTV") <sup>(2)(5)</sup> | 36 | % | 38 | % | 43 | % |
| Percentage of debt investments bearing a floating rate, at fair value | 100 | % | 100 | % | 100 | % |
| Percentage of debt investments bearing a fixed rate, at fair value | 0 | % | 0 | % | 0 | % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Computed based on the stated interest rate or yield as of June
30, 2025, December 31, 2024 and December 31, 2023, respectively, and weighted based on the total debt investments (at fair value or amortized
cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.
Weighted average yield includes the effect of accretion of discounts and amortization of premiums.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes all private loan investments for which fair value is
determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight
by the Board). Figures are derived from the financial statements most recently obtained by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(3) LTM EBITDA is a non-GAAP measure that refers to adjusted earnings
before interest, taxes, depreciation and amortization ("EBITDA") in accordance with the underlying governing documents, over
the last twelve months as reported by respective borrowers or portfolio companies. Excludes investments with no reported EBITDA or where
EBITDA, in the Adviser's judgment, was not a material component of the investment thesis, such as annual recurring revenue loans,
or investments with negative EBITDA. Currency fluctuations may have an adverse effect on the value, price or income and costs of our
Portfolio Companies and investments which may increase or decrease as a result of changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net senior leverage is the ratio of total debt minus unrestricted
cash divided by LTM EBITDA and taking into account leverage through the tranche in which the Fund holds an investment, excluding recurring
revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.

&nbsp;&nbsp;&nbsp;&nbsp;(5) LTV is calculated as net debt through each respective investment
tranche in which the Fund holds an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio
company. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

The composition of our investment portfolio at cost and fair value was as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| Secured Debt | $400096 | $401233 | 99.62% |
| Unsecured Debt |  |  |  |
| Equity Investments | 1499 | 1514 | 0.38 |
| Total Investments | $401595 | $402747 | 100.00% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| Secured Debt | $325382 | $327122 | 99.59% |
| Unsecured Debt |  |  |  |
| Equity Investments | 1355 | 1343 | 0.41 |
| Total Investments | $326737 | $328465 | 100.00% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| Secured Debt | $78601 | $78850 | 100.00% |
| Unsecured Debt |  |  |  |
| Equity Investments | - | - | - |
| Total Investments | $78601 | $78850 | 100.00% |

---

The table below describes investments by industry composition based on fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** | **December 31, 2023** |
| Aerospace & Defense | 2.56% | 3.18% | -% |
| Automobile Components | 1.05 | 1.29 | 4.68 |
| Capital Markets | 2.76 | 3.44 |  |
| Commercial Services & Supplies | 0.80 | 0.73 |  |
| Containers & Packaging | 0.61 | 0.71 |  |
| Diversified Consumer Services | 5.41 | 0.38 |  |
| Electrical Equipment | 3.54 | 4.35 | 8.40 |
| Electronic Equipment, Instruments & Components | 4.08 | 1.52 | 5.71 |
| Energy Equipment & Services | 1.35 | 1.66 |  |
| Financial Services | 1.64 | 1.97 |  |
| Health Care Equipment & Supplies | 2.12 | 2.60 | 11.15 |
| Health Care Providers & Services | 12.41 | 12.32 | 32.33 |
| Health Care Technology | 7.19 | 8.80 |  |
| Hotels, Restaurants & Leisure | 1.45 |  |  |
| Insurance | 5.24 | 7.52 | 27.23 |
| IT Services | 6.19 | 8.93 | 10.62 |
| Machinery | 3.55 | 4.41 |  |
| Professional Services | 2.24 | 2.34 |  |
| Software | 30.72 | 27.65 | (0.12) |
| Trading Companies & Distributors | 5.09 | 6.20 |  |
|  | 100.00% | 100.00% | 100.00% |

---

As of June 30, 2025, December 31, 2024 and December 31, 2023, the Fund had no Portfolio Companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of June 30, 2025, December 31, 2024 and December 31, 2023 (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Performing debt and income producing investments | $402747 | 100.00% | $328465 | 100.00% | $78850 | 100.00% |
| Non-accrual<sup>(1)</sup> | - | - | - | - | - | - |
| **Total** | $402747 | 100.00% | $328465 | 100.00% | $78850 | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments on non-accrual represented 0%, 0% and 0% of amortized
cost of total debt and income producing investments as of June 30, 2025, December 31, 2024, and December 31, 2023 , respectively.

**Results of Operations**

The following table represents our operating results (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br> **June 30, 2025** | **Year Ended** <br> **December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to**<br> **December 31, 2023** |
| Total investment income | 19018 | 26216 | 1129 |
| Total expenses | 10673 | 19549 | 1045 |
| Net investment income | 8345 | 6667 | 84 |
| Net realized gain (loss) | 56 | 29 | 1 |
| Net change in unrealized appreciation (depreciation) | (775) | 1284 | 202 |
| Net increase (decrease) in net assets resulting from operations | 7626 | 7980 | 287 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

***Investment Income***

Investment income was as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to**<br> **December 31, 2023** |
| Interest income | $18222 | $25465 | $1128 |
| Payment-in-kind interest income | 211 | 275 |  |
| Dividend Income |  |  |  |
| Other income | 585 | 476 | 1 |
| **Total investment income** | $19018 | $26216 | $1129 |

---

For the six months ended June 30, 2025, total investment income was approximately $19 million.

Total investment income increased to $26.2 million for the year ended December 31, 2024 from $1.1 million for the period from September 1, 2023 (commencement of operations) to December 31, 2023 primarily driven by increased portfolio size of the private credit investment portfolio. Note that 2023 period covers four months of operations as the Fund commenced operations on September 1, 2023. Meanwhile, 2024 period includes operation of twelve months.

For the six months ended June 30, 2025, PIK income represented 1% of total investment income. For the year ended December 31, 2024, and for the period from September 1, 2023 (commencement of operations) to December 31, 2023, PIK income represented 1% and 0% of total investment income, respectively.

Expenses were as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br> **June 30, 2025** | **Year Ended** <br> **December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to**<br> **December 31, 2023** |
| &nbsp;&nbsp;&nbsp;Interest and borrowing expenses | $6968 | $14126 | $854 |
| &nbsp;&nbsp;&nbsp;Management fees | 981 | 1063 | 3 |
| &nbsp;&nbsp;&nbsp;Incentive fee | 336 | 880 | 32 |
| &nbsp;&nbsp;&nbsp;Organization expenses |  | 505 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 292 | 435 | 82 |
| &nbsp;&nbsp;&nbsp;Board of Directors' fees |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration, custodian and transfer agent fees | 10 | 21 | 5 |
| &nbsp;&nbsp;&nbsp;Other general & administrative |  |  |  |
| &nbsp;&nbsp;&nbsp;Current Tax Expense | 1997 | 1919 | 29 |
| &nbsp;&nbsp;&nbsp;Other expenses | 89 | 600 | 40 |
| **Total expenses (including current tax expense)** | 10673 | 19549 | 1045 |
| &nbsp;&nbsp;&nbsp;Expense support |  |  |  |
| &nbsp;&nbsp;&nbsp;Recoupment of expense support |  |  |  |
| &nbsp;&nbsp;&nbsp;Reimbursable expenses previously borne by Adviser |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees waived |  |  |  |
| &nbsp;&nbsp;&nbsp;Incentive fees waived | - | - | - |
| **Net expenses (including current tax expense)** | $10673 | $19549 | $1045 |

---

 

*Interest Expense*

For the six months ended June 30, 2025, total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) was approximately $7 million.

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) increased to $14.1 million for the year ended December 31, 2024 from $854 thousand for the period from September 1, 2023 (commencement of operations) to December 31, 2023 primarily driven by an increase in the amount of borrowing, and the increase of the weighted average interest rate on our borrowings relative to the period from September 1, 2023 (commencement of operations) to December 31, 2023. Note that the 2023 period covers four months of operations as the Fund commenced operations on September 1, 2023. Meanwhile, 2024 period includes operation of twelve months.

As of June 30, 2025, there was $206.0 million of debt outstanding under the NatWest Credit Facility (as defined below under "Borrowings"). For the six months ended June 30, 2025, the Fund had total average debt of $189.6 million at a weighted average interest rate of 6.86%.

As of December 31, 2024, there was $172.0 million of debt outstanding under the NatWest Credit Facility. For the year ended December 31, 2024, the Fund had total average debt of $131.0 million at a weighted average interest rate of 8.06%.

As of December 31, 2023, there was $58.4 million of debt outstanding under our prior credit facility agreement with MUFG Bank Ltd. (the "MUFG Credit Facility"). For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund had total average debt of $37.0 million at a weighted average interest rate of 7.48%. In September 2024, the MUFG Credit Facility was repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

As of December 31, 2023, there was $24.6 million of debt outstanding under our prior bridge loan agreements (the "Bridge Loans") with a related party of the Fund, Partners Group Finance CHF IC Limited. As of December 31, 2023, there was $24.6 million of debt outstanding under the Bridge Loans. For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund had total average debt of $21.1 million at a weighted average interest rate of 7.22%. In January 2024, all Bridge Loans were repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

*Base Management Fees*

For the six months ended June 30, 2025, management fees totaled $981 thousand.

Management fees increased to $1.1 million for the year ended December 31, 2024, from $3 thousand for the period from September 1, 2023 (commencement of operations) to December 31, 2023 primarily due to an increase in net assets. Management fees are payable quarterly in arrears at an annual rate of 1.00% of the value of our Adjusted Net Assets (as defined below) as of the beginning of the first calendar day of the applicable quarter. For purposes of the Amended and Restated Investment Advisory Agreement, "Adjusted Net Assets," as of any calendar quarter end, means the sum of (i) the Fund's total net assets and (ii) any Base Management Fee and Incentive Fee expenses incurred by the Fund with respect to such calendar quarter end.

*Incentive Fee*

For the six months ended June 30, 2025, incentive fees totaled $336 thousand.

Incentive fees increased to $880 thousand for the year ended December 31, 2024 from $32 thousand for the period from September 1, 2023 (commencement of operations) to December 31, 2023 primarily due to increase in pre-incentive fee net income.

The Adviser agreed to waive any incentive fee due from the Fund to the Adviser until the earlier of (1) the Fund electing to be regulated as a BDC under the 1940 Act and (2) October 1, 2023. For the year ended December 31, 2024, the Fund incurred incentive fees of $880 thousand, of which $0 was waived and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund incurred incentive fees of $32 thousand, of which $0 was waived.

*Other Expenses*

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Fund. Administrative service expenses represent fees paid to the Administrator in accordance with the Master Administrative Services Agreement. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

For the six months ended June 30, 2025, other expenses totaled $2.4 million.

Total other expenses increased to $3.5 million for the year ended December 31, 2024, from $156 thousand for the period September 1, 2023 (commencement of operations) through December 31, 2023 primarily driven by an increase of administrative service expenses and other general & administrative expenses due to servicing a growing portfolio and the comparison of a full year in 2024 against approximately four months in 2023.

For the six months ended June 30, 2025, the year ended December 31, 2024 and for the period beginning September 1, 2023 (commencement of operations) and ending December 31, 2023, our Administrator charged $10 thousand, $21 thousand and $5 thousand, respectively, for certain costs and expenses allocable to the Fund under the terms of the Master Administrative Services Agreement.

We entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information see *"Note 3. Fees, Expenses, Agreements and Related Party Transactions"* to the consolidated financial statements.

*Income Taxes, Including Excise Taxes*

The Fund is currently classified as an association taxable as a corporation for U.S. federal tax purposes. Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC are treated as disregarded entities and, as such, all activities at these entities shall be reported and taxed on the Fund's U.S. federal tax return. In accordance with U.S. federal tax laws, the Fund's taxable income is subject to federal taxes at a 21% rate and state taxes at a 0% rate. The Fund has recorded $0 unrecognized tax benefits as of December 31, 2024 and December 31, 2023, and has not accrued any interest or penalties related to unrecognized tax benefits in income tax expense. For the year ended December 31, 2023, the Fund incurred $1.9 million in current tax expense and $177 thousand in deferred tax expense. For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund incurred $29 thousand in current tax expense and $47 thousand in deferred tax expense. The increase in tax expense over the prior period is primarily attributable to the increases in income before income taxes and net unrealized investment appreciation and the comparison of a full year in 2024 against approximately four months in 2023.

No later than one year after the date that we make our BDC election, we intend to elect to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to qualify each taxable year for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our unitholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our unitholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

***Net Realized Gain (Loss)***

Net realized gains and losses were comprised of the following (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br> **June 30, 2025** | **Year Ended** <br> **December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to**<br> **December 31, 2023** |
| Non-controlled/non-affiliated investments | 55 | 7 |  |
| Non-controlled/affiliated investments |  |  |  |
| Foreign currency forward contracts |  |  |  |
| Foreign currency transactions | 1 | 22 | 1 |
| **Net realized gain (loss)** | 56 | 29 | 1 |

---

For the six months ended June 30, 2025, we generated net realized gains of $56 thousand, which was comprised of $1 thousand from foreign currency transactions and $55 thousand from the sale or early paydowns on non-controlled/non-affiliated investments.

For the year ended December 31, 2024, we generated net realized gains of $29 thousand, which was comprised of $22 thousand from foreign currency transactions and $7 thousand from the sale or early paydowns on non-controlled/non-affiliated investments. For the period September 1, 2023 (commencement of operations) through December 31, 2023, we generated net realized gains of $1 thousand attributable to foreign currency transactions. The increase from the prior period is attributable to sales or early paydowns on non-controlled/non-affiliated investments for the year ended December 31, 2024.

***Net Change in Unrealized Appreciation (Depreciation)***

Net change in unrealized appreciation (depreciation) was comprised of the following (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br> **June 30, 2025** | **Year Ended** <br> **December 31, 2024** | **Period from September 1, 2023 (commencement of operations) to**<br> **December 31, 2023** |
| Non-controlled/non-affiliated investments | $(576) | $1479 | $249 |
| Non-controlled/affiliated investments |  |  |  |
| Controlled/affiliated investments |  |  |  |
| Foreign currency forward contracts |  |  |  |
| Deferred tax expense |  | (177) | (47) |
| Translation of assets and liabilities in foreign currencies | (199) | (18) | - |
| **Net change in unrealized appreciation (depreciation)** | $(775) | $1284 | $202 |

---

For the six months ended June 30, 2025 unrealized appreciation (depreciation) on investments decreased $576 thousand due to decreased market value of the positions.

For the year ended December 31, 2024, the unrealized appreciation (depreciation) on investments increased $1.5 million due to increased market value of the positions.

For the period September 1, 2023 (commencement of operations) through December 31, 2023, the fair value of our debt investments increased $249 thousand due to market value appreciation.

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from (i) the net proceeds of the Offering, (ii) cash flows from our operations, (iii) any financing arrangements we have entered into or may enter into in the future and (iv) any future offerings of our equity or debt securities. Our primary uses of cash are for (i) purchases of investments in accordance with the Fund's investment objective and strategy; (ii) general corporate purposes; and (iii) payment of operating expenses, including management and administrative services fees and other expenses such as due diligence expenses relating to potential new investments.

As of December 31, 2024, we had one asset-based leverage facility, the NatWest Facility. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facility and/or issue debt securities, including unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2025, December 31, 2024 and December 31, 2023, we had an aggregate amount of $206.0 million, $172.0 million and $83 million, respectively, of principal debt outstanding and our asset coverage ratio was 205%, 198% and 102%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash and cash equivalents as of December 31, 2024, taken together with our $103 million of available capacity under our credit facility (subject to borrowing base availability) and the continuous offering of our Common Units is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Units and the use of existing and future financing arrangements.

Although we were able to close on a credit facility and certain amendment during the year ended December 31, 2024, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of December 31, 2024, we had $14.4 million in cash and cash equivalents. During the year ended December 31, 2024, cash used in operating activities was $238.4 million, primarily as a result of funding portfolio investments of $255.0 million and partially offset by proceeds from sales of investments and principal repayments of $7.8 million. Cash provided by financing activities was $248.1 million during the period, primarily as a result of new unit issuances related to $160 million of subscriptions and net borrowings (repayments) of $89 million.

***Equity***

The following table summarizes transactions in common units during the six months ended June 30, 2025 (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Units** | **Amount** |
| **Common Units** |  |  |
| Subscriptions | 5051244 | $40000 |
| Distributions reinvested |  |  |
| Unit repurchases |  |  |
| **Net increase (decrease)** | 5051244 | $40000 |

---

The following table summarizes transactions in common units during the year ended December 31, 2024 (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Units** | **Amount** |
| **Common Units** |  |  |
| Subscriptions | 21829851 | $160000 |
| Distributions reinvested |  |  |
| Unit repurchases |  |  |
| **Net increase (decrease)** | 21829851 | $160000 |

---

The following table summarizes transactions in common units during the period ended December 31, 2023 (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Units** | **Amount** |
| **Common Units** |  |  |
| Subscriptions | 200000 | $1000 |
| Distributions reinvested |  |  |
| Unit repurchases |  |  |
| **Net increase (decrease)** | 200000 | $1000 |

---

***Distributions and Distribution Reinvestment***

From the Fund's inception through June 30, 2025, the Fund has not distributed or declared any distributions.

***Unit Repurchase Program***

 ****

At the discretion of the Board, we intend to commence a unit repurchase program, no later than one year after we make our BDC election, in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Units outstanding (by number of units) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the unit repurchase program if it deems such action to be in the best interest of unitholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, unit repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All units purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued units.

Under the unit repurchase program, to the extent we offer to repurchase units in any particular quarter, it is expected to repurchase units pursuant to tender offers using a purchase price equal to the NAV per unit as of the last calendar day of the applicable quarter, except that units that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Fee"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Fee may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Fee will be retained by us for the benefit of remaining unitholders.

***Borrowings***

Our outstanding debt obligations were as follows (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal Amount<br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| NatWest Credit Facility | $275000 | $206000 | $206000 | $206000 |
| **Total Debt** | $275000 | $206000 | $206000 | $206000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal Amount<br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| NatWest Credit Facility | $275000 | $172000 | $172000 | $172000 |
| **Total Debt** | $275000 | $172000 | $172000 | $172000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal Amount<br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| MUFG Credit Facility | $80000 | $58438 | $58438 | $58438 |
| Bridge Loans | 24600 | 24600 | 24600 | 24600 |
| **Total Debt** | $104600 | $83038 | $83038 | $83038 |

---

<sup>(1)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

<sup>(2)</sup> The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

A summary of our contractual payment obligations under our credit facility, is as follows (dollar amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| NatWest Facility | $206000 | $206000 | $- | $- | $- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| NatWest Facility | $172000 | $172000 | $- | $- | $- |

---

 

*The NatWest Facility*

 

On February 14, 2024, each of Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC, as borrowers (the "SPVs"), and the Fund, as parent, entered into a secured financing agreement with State Street Bank and Trust Company, as facility agent, collateral agent, account bank, custodian and collateral administrator, NatWest Markets PLC, as arranger and lead bank, and the financial institutions listed therein (the "NatWest Facility").

Proceeds from the NatWest Facility will be used to finance the origination and acquisition of eligible assets by the SPVs and other permitted uses under the NatWest Facility. The maximum principal amount of the NatWest Facility is $275 million. The availability of this amount is subject to a borrowing base test (which is based on the value and type of the assets held by the SPVs from time to time, an advance rate and other factors, as more fully described in the NatWest Facility documents) and satisfaction of certain conditions, including portfolio profile tests.

The SPVs may borrow amounts in U.S. dollars or certain other permitted currencies under the NatWest Facility. The NatWest Facility provides for the ability to draw and redraw on a revolving basis for a period of up to three years after the closing date (the "Investment Period") unless the Investment Period is terminated sooner as provided in the NatWest Facility. The facility will be a term facility during the period beginning from the end of the Investment Period to the Facility Maturity Date (as defined below). On and after the date which is seven years from the closing date, any lender can request prepayment of any of the advances. Unless otherwise terminated or prepaid, the NatWest Facility will mature 11 years after the closing date (the "Facility Maturity Date"). Prior to the Facility Maturity Date, proceeds received by SPVs from principal, interest or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Fund, subject to certain conditions. On the Facility Maturity Date, the SPVs must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Fund. The credit facility may be permanently reduced, in whole or in part, at the option of the SPVs, subject to a prepayment fee.

Amounts drawn on term rate advances bear interest at (i) an applicable margin (1) for EUR borrowings at 2.30% per annum, (2) for GBP borrowings at 2.30% per annum, (3) for USD borrowings at 2.40% per annum, (4) for CAD borrowings at 2.70 % per annum, and (5) AUD borrowings at 2.70% per annum, plus (ii) the term reference rate (as determined under the terms of the NatWest Facility). Term rate advances may be switched to compounded rate advances under the terms of the NatWest Facility; amounts drawn on compounded rate advances will be determined under the terms of the NatWest Facility and any supplements entered into in connection with compounded rate advances. The NatWest Facility contains customary covenants, including certain maintenance covenants and customary events of default. The NatWest Facility is secured by a perfected security interest in the assets of each of the SPVs and on any payments received by each of the SPVs in respect of such assets. Assets pledged under the NatWest Facility will not be available to pay the debts of the Fund.

On January 14, 2025, we amended the NatWest Facility, to, among other things, amend the applicable margins of (1) EUR borrowings from 2.55% to 2.30% per annum, (2) GBP borrowings from 2.65% to 2.30% per annum, (3) USD borrowings from 2.85% to 2.40% per annum, (4) CAD borrowings from 3.15% to 2.70% per annum, and (5) AUD borrowings from 3.00% to 2.70% per annum.

**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including the Amended and Restated Investment Advisory Agreement and the Expense Limitation Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser's affiliates have submitted to the SEC an amended co-investment application. If granted, the exemptive relief from the SEC will permit the Fund to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

**Critical Accounting Policies**

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

**Investments and Fair Value Measurements**

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value.

The Fund's investments are measured at fair value in accordance with ASC 820, *Fair Value Measurement* ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as "valuation designee" to perform fair value determinations and approved amended valuation procedures (the "Valuation Procedures").

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as "valuation designee" under Rule 2a-5 of the 1940 Act, determines the fair value of the Fund's investments in conformity with U.S. GAAP, Rule 2a-5 of the 1940 Act, and the Fund's Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund's non-traded direct debt investments in consultation with persons who are employees of the Adviser's parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund's non-traded direct debt investments are valued.

In assessing the fair value of the Fund's non-traded direct debt investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for debt investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund's Administrator. Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a non-traded direct debt investment held by the Fund and to the same non-traded direct debt investment held by another client, one of the Adviser's affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, to such other client or the Adviser's affiliate.

ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

● Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

● Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

● Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

**Revenue Recognition**

**Interest Income**

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

Certain investments may have contractual PIK interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

**Dividend Income**

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the Portfolio Company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private Portfolio Companies or on the ex-dividend date for publicly-traded Portfolio Companies.

**Fee Income**

In the general course of its business, the Fund receives certain fees from Portfolio Companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

**Non-Accrual Income**

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

**Distributions**

To the extent that the Fund has taxable income available, the Fund intends to make quarterly distributions to its unitholders. Distributions to unitholders are recorded on the record date. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

**Income Taxes**

The Fund intends to elect to be treated as a BDC under the 1940 Act. No later than one year after the date that the Fund makes its BDC election, the Fund intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under the Code. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's investors and would not be reflected in the financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its unitholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending December 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

**Contractual Obligations**

We have entered into the Amended and Restated Investment Advisory Agreement with Partners Group (USA), Inc. to provide us with investment advisory services and the Master Administrative Services Agreement with State Street Bank and Trust Company to provide us with administrative services. Payments for investment advisory services under the Amended and Restated Investment Advisory Agreement and fees under the Master Administrative Services Agreement are described in "*Item 1. Business —Investment Advisory Agreement and Master Administrative Services Agreement.*"

We have established and may in the future establish one or more credit facilities or enter into other financing arrangements from time to time to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure unitholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

**Off-Balance Sheet Arrangements**

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management is not aware of any material pending or threatened litigation.

**Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including valuation risk and interest rate risk, as described below.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as the Fund's valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent third-party valuation firms retained by the Fund, and in accordance with our valuation policy. There is no single standard for determining fair value. 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. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure unitholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $12137 | $(6180) | $5957 |
| Up 200 basis points | $8091 | $(4120) | $3971 |
| Up 100 basis points | $4046 | $(2060) | $1986 |
| Down 100 basis points | $(3681) | $2060 | $(1621) |
| Down 200 basis points | $(7363) | $4120 | $(3243) |
| Down 300 basis points | $(11044) | $6180 | $(4864) |

---

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

**Item 3. Properties.**

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 1114 Avenue of the Americas, 37th Floor, New York, NY 10036 and are provided by the Adviser in accordance with the terms of our Amended and Restated Investment Advisory Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

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

The following table sets forth, as of June 30, 2025, information with respect to the beneficial ownership of our Common Units by:

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

● each of our Directors and each executive officer; and

● all of our Directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. There are no Common Units subject to options that are currently exercisable or exercisable within 60 days of the offering.

---

| | | |
|:---|:---|:---|
| | **Common Units <br> Beneficially Owned** | **Common Units <br> Beneficially Owned** |
| <br>**Name and Address** | **Number** | **Percentage** |
| **Interested Directors** |  |  |
| Robert Collins |  |  |
| Lori Pomerantz |  |  |
| **Independent Directors**<sup>(1)</sup>** |  |  |
| James F. Munsell |  |  |
| L. Randolph Hood |  |  |
| Stephen G. Ryan |  |  |
| Thomas M. Fortin |  |  |
| **Executive Officers who are not Directors**<sup>(1)</sup>** |  |  |
| Brian J. Igoe |  |  |
| Daniel Whitcomb |  |  |
| Vilma DeVooght |  |  |
| Helen Yankilevich |  |  |
| All officers and Directors as a group (9 persons) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Common Units <br> Beneficially Owned** | **Common Units <br> Beneficially Owned** |
| <br>**Name and Address** | **Number** | **Percentage** |
| **5% Owners** |  |  |
| Australian Retirement Trust Pty Ltd. as trustee for Australian Retirement Trust<sup>(2)</sup> | 24624941 | 90.91% |
| Partners Group Finance USD IC Limited<sup>(3)</sup> | 2462494 | 9.09% |

---

\* Less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for all of the Fund's officers and Directors
is c/o Partners Group (USA) Inc., 1114 Avenue of the Americas, 37th Floor, New York, NY 10036.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The address for Australian Retirement Trust Pty Ltd is Australian
Retirement Trust, GPO Box 2924, Brisbane QLD 4001.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The address for Partners Group Finance USD IC Limited is c/o Partners
Group (USA) Inc., 1114 Avenue of the Americas, 37th Floor, New York, NY 10036.

The following table sets forth the dollar range of our equity securities as of June 30, 2025.

---

| | |
|:---|:---|
| **Name and Address** | **Dollar Range of Equity Securities in Fund<sup>(1)(2)</sup>** |
| **Interested Directors** |  |
| Robert Collins |  |
| Lori Pomerantz |  |
| **Independent Directors**<sup>(1)</sup> |  |
| James F. Munsell |  |
| L. Randolph Hood |  |
| Stephen G. Ryan |  |
| Thomas M. Fortin |  |
| **Executive Officers who are not Directors**<sup>(1)</sup> |  |
| Brian J. Igoe |  |
| Daniel Whitcomb |  |
| Vilma DeVooght |  |
| Helen Yankilevich |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Beneficial ownership has been determined in accordance with Rule
16a-1(a)(2) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The dollar ranges of equity securities beneficially owned are:
none, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000 or over $100,000.

**Item 5. DIRECTORs and Executive Officers.**

**The Board and its Leadership Structure**

Our business and affairs are managed under the direction of our Board. The responsibilities of the Board include, among other things, the oversight of our investment activities, oversight of our investment valuation process, oversight of our financing arrangements and corporate governance activities. With effect from the date of the Fund's BDC election, the Board will have six members, four of whom are not "interested persons" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by our Board. We refer to these individuals as our Independent Directors. Our Board elects our executive officers, who serve at the discretion of the Board.

**Directors**

Information regarding the Board is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Length of Time Served** | **Principal Occupation During Past 5 Years** | **Other Directorships Held by Directors** |
| *Interested Directors* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Robert Collins | 49 | Director and President | Since 2025 | Partner, Partners Group (2021-Present); Managing Director, Partners Group (2012-2021); Partners Group (2005-Present). | Manager, Partners Group Private Equity (Master Fund), LLC; Manager, Partners Group Growth, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Lori Pomerantz | 44 | Director | Since 2025 | Managing Director, Partners Group (2023-Present); Goldman Sachs Asset Management (2015-2023). |  |
| *Independent Directors* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;James F. Munsell | 84 | Director | Since 2025 | Senior Counsel, Cleary Gottlieb Steen & Hamilton LLP (2001-Present); Senior Managing Director, Brock Capital Group LLC (2008-2023). | Manager, Partners Group Private Equity (Master Fund), LLC; Manager, Partners Group Growth, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;L. Randolph Hood | 69 | Director | Since 2025 | Retired; Managing Director and Chief Investment Officer (CIO Emeritus from 2014-2015), ERISA Plans, Prudential Insurance Company of America (2002-2015). | Manager, Partners Group Private Equity (Master Fund), LLC; Manager, Partners Group Growth, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Stephen G. Ryan | 65 | Director | Since 2025 | Vincent C. Ross Professor of Accounting, Stern School of Business, New York University (1990-Present). | Manager, Partners Group Private Equity (Master Fund), LLC; Manager, Partners Group Growth, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomas M. Fortin | 62 | Director | Since 2025 | Retired; Managing Partner and Chief Information Officer (2021-2024) and Managing Partner and Chief Operating Officer (2017-2021) of iCapital, Inc. | Manager, Partners Group Private Equity (Master Fund), LLC; Manager, Partners Group Growth, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |

---

The address for each Director is Partners Group Lending Fund, LLC c/o Partners Group (USA) Inc., 1114 Avenue of the Americas, 37th Floor, New York, NY 10036.

**Executive Officers Who are Not Directors**

Information regarding our executive officers who are not Directors is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Length of Time Served** | **Principal Occupation During Past 5 Years** |
| Brian Igoe | 38 | Chief Financial Officer | Since 2025 | Vice President, Partners Group (2015-Present). |
| Daniel Whitcomb | 52 | Chief Compliance Officer | Since 2025 | Manager, DJ Whitcomb LLC (2024-Present); Chief Compliance Officer, ACA Group (2023-2024); Director, Alpha Financial Markets Consulting Group Limited (2023-2021) |
| Vilma DeVooght | 48 | Secretary | Since 2025 | Senior Compliance Officer, Partners Group (USA) Inc. (2021 - Present); Senior Counsel, ALPS Fund Services, Inc. (2014-2021). |
| Helen (Yankilevich) Flood | 42 | Chief Operating Officer | Since 2025 | Partners Group (2014-Present). |

---

The address for each executive officer is Partners Group Lending Fund, LLC c/o Partners Group (USA) Inc., 1114 Avenue of the Americas, 37th Floor, New York, NY 10036.

**Biographical Information**

The following is information concerning the business experience of our Board and executive officers. Our Directors have been divided into two groups—Interested Directors and Independent Directors. Interested Directors are "interested persons" as defined in the 1940 Act.

**Interested Directors**

**Robert Collins**

Robert Collins is Head of Private Wealth US, and a member of the Global Executive Board. He leads Partners Group's US private wealth and defined contribution practice and is President, Portfolio Manager and a Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group's Investment Committee. Robert joined the firm in 2005 as a member of the Private Equity investment team and has 25 years of industry experience. Prior to joining Partners Group, he worked at UBS Warburg and Salomon Smith Barney. Robert holds an MBA from the Johnson School at Cornell University, where he was a Roy H. Park Leadership Fellow, and a BA from Tulane University, where he majored in economics and history. He is a CFA charterholder.

**Lori Pomerantz**

Lori Pomerantz is a Managing Director and the Global Head of Business Development and Asset Class Experts for the Private Credit business unit, based in New York. She has been with Partners Group since 2023 and has 22 years of industry experience. Before joining Partners Group, Lori spent eight years at Goldman Sachs Asset Management, most recently as a Managing Director leading the Corporate Credit Lead Portfolio Management team and the commercial efforts for the broadly syndicated loan, high yield and opportunistic credit strategies. Prior to this role, she spearheaded long-only fixed income manager selection within Goldman's Alternative Investments and Manager Selection (AIMS) business and spent 12 years as a high yield and broadly syndicated loan credit analyst at BNP Paribas, Macquarie Capital, Citigroup and Lehman Brothers. Lori earned a BBA, with a dual concentration in Finance and Accounting, from the Ross School of Business at the University of Michigan.

**Independent Directors**

**James F. Munsell**

James F. Munsell is a Senior Counsel at Clearly Gotlieb since 2001 and was also Senior Managing Director, Brock Capital Group LLC from 2008 to 2023. Mr. Munsell's practice focused on domestic and international financial and corporate matters, including mergers and acquisitions, joint ventures, workouts and restructurings and bank and other financings. He also has extensive experience in public and private capital markets transactions, including mortgage and other asset securitizations, representing issuers as well as underwriters. Mr. Munsell joined Cleary Gottlieb Steen & Hamilton in 1969 and became a partner in 1976. From 1973 to 1977 he was resident in the London office, and from 1980 to 1983 in the Hong Kong office. Mr. Munsell has a masters of International Affairs from Columbia University, an LL.B. degree, cum laude, from Harvard Law School and an undergraduate degree in Engineering Physics, with distinction, from Cornell University.

**L. Randolph Hood**

L. Randolph Hood is a retired executive and was the Managing Director and Chief Investment Officer of ERISA Plans at Prudential Insurance Company of America from 2002 to 2015. Mr. Hood has more than 40 years of business experience.

**Stephen G. Ryan**

Stephen G. Ryan is the Vincent C. Ross Professor of Accounting at New York University Stern School of Business. Professor Ryan has been at Stern since 1990. Before joining Stern, Professor Ryan worked at Yale School of Organization and Management and Bain and Company. Professor Ryan served on the Financial Accounting Standards Advisory Council, the advisory body for the Financial Accounting Standards Board, from 2000-2003. He has also served on the Financial Accounting Standards Board's Liabilities and Equity Resource and Financial Institutions Advisory groups and chaired the American Accounting Association's Financial Accounting Standards and Financial Reporting Issues Conference committees. Professor Ryan served on the Federal Reserve Bank of New York's Financial Advisory Roundtable from 2012-2018. Professor Ryan's served as an editor of the Review of Accounting Studies from 2006-2011 and as a guest editor for the Journal of Accounting Research from 2015-2018. He currently serves on the editorial boards of the Journal of Accounting and Economics and Review of Accounting Studies. Professor Ryan received his Bachelor of Arts from Dartmouth College and his Doctor of Philosophy in business from Stanford University.

**Thomas M. Fortin**

Thomas M. Fortin is a retired executive, most recently the Managing Partner and Chief Information Officer of iCapital, Inc., a financial technology platform company, from 2021 to 2024. Prior to that, he was Chief Operating Officer of iCapital from 2017 to 2021. Mr. Fortin also spent over fifteen years with BlackRock, Inc. in positions of increasing responsibility, including as Head of Retail Technology in the BlackRock Solutions group, where he was responsible for the strategy, design, and development of retail sales enablement and digital distribution solutions. Mr. Fortin has an MBA in Finance from New York University and a Bachelor of Science in Electrical Engineering from Columbia.

***Executive Officers Who Are Not Directors***

 ****

**Brian Igoe**

Brian Igoe has been our Chief Financial Officer since 2025. Mr. Igoe has also served as Chief Financial Officer of Partners Group Private Equity (Master Fund) since July 2022 and as Vice President, Private Wealth Structuring for Partners Group since January 2023. Prior to these positions, Mr. Igoe held positions of increasing responsibility with Partners Group since 2015.

**Daniel Whitcomb** 

Daniel Whitcomb has been our Chief Compliance Officer since 2025. Mr. Whitcomb is the founder and operator of DJ Whitcomb, LLC, a compliance and consulting advisory business for investment management services, since 2024.

**Vilma DeVooght**

Vilma DeVooght has served as our Secretary since 2025. Ms. DeVooght has also served as the Senior Compliance Officer for Partners Group (USA) Inc. since 2021. Prior to this, she served as Senior Counsel for ALPS Fund Services, Inc., an investment management firm, from 2014 to 2021.

**Helen (Yankilevich) Flood**

Helen Flood has been our Chief Operating Officer since 2025. Ms. Flood has also served as the Head of Fund Operations for Partners Group since 2014. Prior to this, she served as Investor Services Supervisor for BNY Mellon, an investment banking firm, from 2007 to 2014.

**Communications with Directors**

Unitholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Director or any group or committee of Directors, correspondence should be addressed to the Board or any such individual Director or group or committee of Directors by either name or title. All such correspondence should be sent to Partners Group Lending Fund, LLC, 1114 Avenue of the Americas, 37th Floor, New York, NY 10036, Attention: Chief Compliance Officer.

**Committees of the Board**

The Board has established an Audit Committee and a Nominating Committee. We do not have a compensation committee because, except for the compensation payable to our Chief Compliance Officer, our executive officers do not receive any direct compensation from us. We require each Director to make a diligent effort to attend all Board and committee meetings as well as any meeting of our unitholders.

***Audit Committee.***

The audit committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the audit committee. The primary function of the audit committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging our independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with our independent registered public accounting firm, approving professional services provided by our independent registered public accounting firm (including compensation therefore), reviewing the independence of our independent registered public accounting firm and reviewing the adequacy of our internal controls over financial reporting. The audit committee will also have principal oversight of the valuation process used to establish the Fund's NAV and for the determination of the fair value of each of our investments. The audit committee is presently composed of three persons, including James F. Munsell, L. Randolph Hood and Stephen G. Ryan, all of whom are considered independent for purposes of the 1940 Act. Stephen G. Ryan serves as the chair of the audit committee. Our Board has determined that Stephen G. Ryan qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the audit committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act.

A copy of the charter of the audit committee is available in print to any unitholder who requests it.

***Nominating Committee.***

The nominating committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the nominating committee. The primary function of the nominating committee is to nominate candidates to be appointed by the Board to fill vacancies and for nominated candidates to be presented to unitholders for election. The nominating committee is presently composed of three persons, including James F. Munsell, L. Randolph Hood and Stephen G. Ryan, all of whom are considered independent for purposes of the 1940 Act. L. Randolph Hood serves as the chair of the audit committee.

A copy of the charter of the nominating committee is available in print to any unitholder who requests it.

**Portfolio Management**

Partners Group (USA), Inc. will serve as our investment adviser. The Adviser is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our Board of Directors, the Adviser will manage the day-to-day operations of, and provide investment advisory services to, the Fund.

**Investment Personnel**

The management of our investment portfolio is the responsibility of the Adviser's Investment Committee. Biographical information relating to the Investment Committee members can be found further below.

**Investment Committee**

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Investment opportunities and follow-on investments in existing Portfolio Companies will generally require approval of the Investment Committee. The Investment Committee will meet regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Investment Committee reviews and determines whether to make prospective investments identified by the Adviser and monitors the performance of our investment portfolio. The day-to-day management of investments approved by the Investment Committee will be overseen by the Adviser's investment personnel.

**Members of the Investment Committee**

**Robert Collins**

Robert is Head Private Wealth US and a member of the Global Executive Board. He leads Partners Group's US private wealth and defined contribution practice and is President, Portfolio Manager and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group's Investment Committee. Robert joined the firm in 2005 as a member of the Private Equity investment team and has 25 years of industry experience. Prior to joining Partners Group, he worked at UBS Warburg and Salomon Smith Barney. Robert holds an MBA from the Johnson School at Cornell University, where he was a Roy H. Park Leadership Fellow, and a BA from Tulane University, where he majored in economics and history. He is a CFA charterholder.

**Adam Howarth**

Adam Howarth is Regional Head of Portfolio Management for the Americas, based in Denver. He was previously the Co-Head Private Equity Integrated Investments Americas. He is also a member of Partners Group's private equity integrated investment committee. He has been with Partners Group since 2007 and has over 20 years of industry experience. Prior to joining Partners Group, he worked at HarbourVest Partners, LLC. He holds a BA from Trinity College and an MBA from the New York University Stern School of Business.

**Sujit John**

Sujit John is part of the Private Equity Health and Life business unit, based in New York. He is a member of the Adviser's Investment Committee and the Health and Life Vertical Investment Committee. He is also a member of the Board of Directors of the firm's portfolio companies Axia Women's Health, LLC, Blue River PetCare and PCI Pharma Services. He has been with Partners Group since 2012 and has 20 years of industry experience. Prior to joining Partners Group, he worked at WestView Capital Partners, Arlington Capital Partners and Citigroup Global Markets. He holds a bachelor's degree in management from Boston College, Massachusetts, USA.

**Robin Shelley**

Robin Shelley is a Managing Director on the Private Equity Partnership Investments team of Partners Group in New York. He is a member of the PG USA, Private Equity secondaries, and Private Equity co-investments investment committees and serves on the Board of Directors of the firm's impact foundation. He has been with Partners Group since 2012 and has 16 years of industry experience. Prior to joining the firm, he worked in private equity at a family office in Geneva and in M&A at Hawkpoint Partners in London. He holds a BSc in Economics from the University of Bristol.

**Anthony Shontz**

Anthony Shontz is Global Head of Private Equity Partnership Investments. He is a member of Partners Group's private equity partnership investment committee as well as the global investment committee. He has been with Partners Group since 2007 and has over 20 years of industry experience. Prior to joining Partners Group, he worked at Pacific Private Capital and Prudential Capital Group. He holds an MBA from the Kellogg School of Management at Northwestern University and an undergraduate degree from Brigham Young University.

**Thomas Stein**

Tom Stein is Head of Private Credit in the Americas, based in New York. He is Chairman of the Private Credit US Investment Committee, Co-Chairman of the Global Direct Credit Investment Committee and a member of the Private Credit Europe and PG USA Investment Committee. He has been with Partners Group since 2018 and has over 30 years of industry experience. Prior to joining Partners Group, he worked at Guggenheim, Goldman Sachs, Wells Fargo, and Bank of America. He holds an MBA from the University of Chicago Booth School of Business and a bachelor's degree in economics from the University of Santa Clara.

**Item 6. Executive Compensation.**

**Compensation of Executive Officers**

None of our executive officers receive any direct compensation from the Fund within the scope of Item 402 of Regulation S-K.

**Compensation of Directors**

Our Directors who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in the Board and committee meetings and annual fees for serving as a committee chairperson. With effect from the date of the Fund's BDC election, these Directors are James F. Munsell, L. Randolph Hood, Stephen G. Ryan and Thomas M. Fortin. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Annual Committee<br> Chair Cash Fee** | **Annual Committee<br> Chair Cash Fee** |
|<br>**Annual Cash Fee** |<br>**Board <br> Meeting Fee** |<br>**Committee<br> Meeting Fee** | **Audit** | **Nominating and <br> Governance** |
| $40000 | $0 | $0 | $10000 | $10000 |

---

We also reimburse each of the Directors for all reasonable and authorized business expenses in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.

We will not pay compensation to our Directors who also serve in an executive officer capacity for us or the Adviser or its affiliates.

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

**Certain Relationships and Related Transactions**

The Fund entered into a number of business relationships with affiliated or related parties, including the Amended and Restated Investment Advisory Agreement and the Master Administrative Services Agreement. Various potential and actual conflicts of interest may arise from the overall investment activities of the Adviser and the Fund for their own accounts and for the accounts of others. The conflicts of interest that may be encountered by the Fund include those discussed below and elsewhere throughout this Registration Statement, although such discussions do not describe all of the conflicts that may be faced by the Fund. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts may subsequently arise.

In serving in these multiple capacities, the Adviser and its personnel have obligations to other clients or investors in those entities, the fulfillment of which could conflict with the best interests of the Fund or our unitholders. The allocation of time and focus by personnel of the Adviser and its affiliates to these existing Portfolio Company investments held by other funds and accounts could reduce the time that such individuals have to spend on our investing activities.

Subject to certain 1940 Act restrictions on co-investments with affiliates, the Adviser will offer us the right to participate in all investment opportunities that it determines are appropriate for us in view of our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other relevant factors. Such offers are subject to the exception that, in accordance with the Adviser's code of ethics and firm-wide allocation policies, we might not participate in each individual opportunity but will, on an overall basis, be entitled to participate equitably with other entities sponsored or managed by the Adviser and its affiliates over time.

The Adviser and its affiliates have both subjective and objective policies and procedures in place that are designed to manage the potential conflicts of interest between the Adviser's fiduciary obligations to us and its similar fiduciary obligations to other clients. To the extent that we compete with entities sponsored or managed by the Adviser or its affiliates for a particular investment opportunity, the Adviser will allocate investment opportunities across the entities for which such opportunities are appropriate, consistent with (1) internal firm-wide conflict of interest and allocation policies, (2) the requirements of the Advisers Act and (3) certain restrictions under the 1940 Act regarding co-investments with affiliates. Firm-wide allocation policies are intended to ensure that, over time, we generally share equitably with Other Accounts sponsored or managed by the Adviser or its affiliates in investment opportunities, particularly those involving a security with limited supply or involving differing classes of securities of the same issuer that are suitable for us and such Other Accounts. There can be no assurance that the Adviser or its affiliates' efforts to allocate any particular investment opportunity fairly among all clients for whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to us. Not all conflicts of interest can be expected to be resolved in our favor.

**Potential Conflicts of Interest**

***Introduction***

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The following inherent or potential conflicts of interest should be considered by prospective investors before subscribing for the Common Units.

***Relationship among the Fund, the Adviser and the Investment Committee***. The Adviser has a conflict of interest between its responsibility to act in the best interests of the Fund, on the one hand, and any benefit, monetary or otherwise, that results to it or its affiliates from the operation of the Fund, on the other hand. For example, the Adviser may be incentivized not to permanently write down or write off or dispose of an investment that has poor prospects for improvement in order to receive ongoing management fees in respect of such investment.

The functions performed by the Adviser are not exclusive. The officers and employees of the Adviser and its affiliates will devote such time as the Adviser deems necessary to carry out the operations of the Fund effectively. The Adviser and its affiliates have rendered in the past and will continue to render in the future various services to others (including investment vehicles and accounts which have the ability to participate in similar types of investments as those of the Fund) and perform a variety of other functions that are unrelated to the management of the Fund and the selection and acquisition of the Fund's investments.

Without limiting the generality of the foregoing, the members of the Partners Group platform will invest for their own accounts and manage accounts for other individuals or entities, including entities in which the members of the Partners Group platform or their directors or employees may hold an interest, either directly in managed accounts or indirectly through investments in private investment entities. Any of such accounts will pay different fees, invest with leverage or utilize different investment strategies than the Fund. In addition, the Fund may enter into transactions with such accounts, and the members of the Partners Group platform may invest in the same securities and instruments on behalf of such accounts that the Fund invests in. The members of the Partners Group platform or their personnel will have income or other incentives to favor such accounts. The records of any such investments by members of the Partners Group platform will not be open to inspection by unitholders. The Adviser and Partners Group, however, will not knowingly or deliberately favor any such accounts over the Fund in its dealings on behalf of such accounts.

In addition, members of the Partners Group platform, including employees of Partners Group or its affiliates, may make personal investments in third-party entities (directly or through investment funds managed by third-party managers). Such entities may enter into transactions with the Fund, presenting a conflict of interest for the Adviser and Partners Group between acting in the best interests of the Fund and enhancing the returns of such personal investments.

Partners Group and the Fund may work with sourcing, operating and/or joint venture partners. Sourcing, operating and joint venture partners are independent contractors engaged for particular purposes in connection with the Fund and/or certain of its projects, and are not part of the Partners Group platform.

***Co-Investment Transactions***. The Fund and the Adviser have applied for an amended exemptive order from the SEC. If granted, the exemptive order would permit the Fund to co-invest with certain other persons, including certain affiliated accounts managed and controlled by the Adviser or its affiliates. Subject to the 1940 Act and the conditions of the co-investment order issued by the SEC, if issued, the Fund will be permitted, under certain circumstances, to co-invest with certain affiliated accounts in investments that are suitable for the Fund and one or more of such affiliated accounts. Even if the Fund and any such affiliated account co-invest in the same securities, conflicts of interest may still arise. If the Adviser is presented with co-investment opportunities that generally fall within the Fund's investment objective and strategies and those of one or more affiliated accounts advised by the Adviser or its affiliates, whether focused on a debt strategy or otherwise, the Adviser will allocate such opportunities among the Fund and such affiliated accounts in a manner consistent with the exemptive order, if issued, and firm-wide allocation policies and procedures.

To the extent consistent with applicable law and/or the potential exemptive relief issued to the Fund, in addition to such co-investments, the Fund and Partners Group or an affiliated account may, as part of unrelated transactions, invest in either the same or different tiers of a portfolio company's capital structure or in an affiliate of such portfolio company. To the extent the Fund holds investments in the same Portfolio Company or in an affiliate thereof that are different (including with respect to their relative seniority) than those held by Partners Group or an affiliated account, the Adviser may be presented with decisions when the interests of the two co-investors are in conflict. If the Portfolio Company in which the Fund has an equity or debt investment and in which an affiliated account has an equity or debt investment elsewhere in the portfolio company's capital structure, becomes distressed or defaults on its obligations under the private credit investment, the Adviser may have conflicting loyalties between its duties to the affiliated account, the Fund, certain of its other affiliates and the portfolio company. In that regard, actions may be taken for such affiliated account that are adverse to the Fund, or actions may or may not be taken by the Fund due to such affiliated account's investment, which action or failure to act may be adverse to the Fund. In addition, it is possible that in a bankruptcy proceeding, the Fund's interest may be adversely affected by virtue of such affiliated account's involvement and actions relating to its investment. Decisions about what action should be taken in a troubled situation, including whether to enforce claims, whether to advocate or initiate restructuring or liquidation inside or outside of bankruptcy and the terms of any work-out or restructuring, raise conflicts of interest. In those circumstances where the Fund and such affiliated accounts hold investments in different classes of a company's debt or equity, the Adviser and Partners Group may also, to the fullest extent permitted by applicable law, take steps to reduce the potential for adversity between the Fund and such affiliated accounts, including causing the Fund to take certain actions that, in the absence of such conflict, it would not take, such as (A) remaining passive in a restructuring or similar situations (including electing not to vote or voting pro rata with other security-holders), (B) divesting investments or (C) otherwise taking action designed to reduce adversity.

***Declining an Investment***. The Adviser may decline an investment opportunity on behalf of the Fund to the extent the Adviser determines, in its discretion, that such investment may (a) have reputational considerations for the unitholders, the Adviser or the Fund, (b) implicate considerations under the Adviser's or a unitholder's environmental, social and corporate governance policy, (c) to the Adviser's knowledge, have been the subject of concern or controversy among financial institutions, institutional investors or the public or (d) give rise to other similar considerations. In certain cases, such an investment may be allocated to other Partners Group platform members' accounts that have consented to the investment or do not, in the Adviser's discretion, have such considerations, in lieu of the investment being allocated to the Fund. See also "– Competition among the Accounts Managed by the Adviser and Its Affiliates." below.

***Conflicts of Interest Generally***. If any matter arises that the Adviser determines in its good faith judgment constitutes an actual conflict of interest, the Adviser will take such actions as it determines in good faith may be necessary or appropriate to ameliorate the conflict (and upon taking such actions, the Adviser will be relieved of any liability for such conflict to the fullest extent permitted by law and shall be deemed to have satisfied applicable fiduciary duties related thereto to the fullest extent permitted by law). These actions include, by way of example and without limitation, (i) disposing of the investment or refraining from making the investment giving rise to the conflict of interest; (ii) appointing an independent fiduciary to act with respect to the matter giving rise to the conflict of interest; (iii) in connection with a matter giving rise to a conflict of interest with respect to an investment, consulting with the Board regarding the conflict of interest and/or obtaining a waiver or consent from the Board of the conflict of interest or acting in a manner, or pursuant to standards or procedures, approved by or disclosed to the Board with respect to such conflict of interest; (iv) disclosing the conflict to the unitholders; (v) implementing certain policies and procedures designed to ameliorate such conflict of interest or (vi) remaining passive and/or electing not to be the lead investor of a tranche of securities (even though the Fund may hold the largest stake in the applicable tranche of securities). There can be no assurance that the Adviser will identify or resolve all conflicts of interest in a manner that is favorable to the Fund. By acquiring Common Units in the Fund, each unitholder will be deemed to have acknowledged and consented to the existence or resolution of any such actual, apparent or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest. For the avoidance of doubt, in some cases after evaluating such conflict or potential conflict, the Adviser may determine that no action is required, or that taking action may be adverse to the interests of the Fund or the Partners Group platform.

***Competition among the Accounts Managed by the Adviser and Its Affiliates***. Partners Group is actively engaged in advisory and management services for members of the Partners Group platform. Those activities also include managing assets of employee benefit plans that are subject to ERISA and related regulations. Partners Group expects to sponsor or manage additional collective investment vehicles and managed accounts in the future. Partners Group may employ the same or different investment strategies for the various member of the Partners Group platform it manages or otherwise advises. Investment opportunities that may potentially be appropriate for the Fund are generally expected to also be appropriate for other members of the Partners Group platform, and such members of the Partners Group platform will compete with the Fund for positions and may compensate the other members of the Partners Group platform better than the Fund. Investments which are within the investment objective of the Fund may be allocated to other members of the Partners Group platform, and there is no assurance that the Fund will be allocated those investments it wishes to pursue. In addition, unitholders should note that certain other members of the Partners Group platform are expected to use ranging degrees of leverage, often on different terms with different counterparties, be subject to different fee structures and/or liquidity terms and focus on different investments than the Fund. Investments of such other members of the Partners Group platform and the Fund may not be parallel for such and various other reasons, including different inflows and outflows of capital, variations in strategy, liquidity terms, governmental limitations on investment and other differences. The results of the investment activities of the Fund may differ significantly from the results achieved by the other members of the Partners Group platform that implement the same or a similar investment strategy as the Fund.

Under certain circumstances, the Fund may invest in connection with a transaction in which other members of the Partners Group platform have already invested or are expected to invest. Under other circumstances, the other members of the Partners Group platform may invest in a Portfolio Company in which the Fund has already invested or is expected to invest as well as investing in the Fund itself. Where an investment is allocated among the Fund as well as one or more of the other members of the Partners Group platform, such investment opportunity is expected to be allocated based on one or more factors which may include each entity's capital available for investment, available leverage, structure of the investment (including whether a delayed-draw investment, revolver or line of credit is part of, and/or cannot be separated from such investment), applicable concentration limits and investment guidelines and restrictions, investment objectives, investment strategies, whether the investment represents a follow-on investment for one or more of the entities, the nature and size of existing portfolio holdings, expected investment pipeline, size of the investment opportunity, portfolio cash positions, risk/return objectives (and availability or expected availability of leverage for certain investments to meet such investment objectives), liquidity constraints (including the applicable wind-down and ramp-up periods, remaining investment period and termination or redemption terms), round-lot position size, availability of credit facilities or counterparty relationships needed to effect the transaction, legal, tax, regulatory or other considerations and/or management of potential or actual conflicts of interest by the Adviser. To the extent permitted by applicable law and the terms of the co-investment exemptive relief, if issued, the Fund may also partner with other entities in which the Partners Group platform hold an investment or with which the Partners Group platform has a significant business relationship.

To the extent permitted by applicable law and the terms of the co-investment exemptive relief, if issued, where the Fund invests in the same issuer as another Partners Group platform member, the terms of the Fund's investment, including the type of instrument purchased, may be different from the terms of the other members of the Partners Group platform's investments or the type of instrument the other members of the Partners Group platform purchases. The members of the Partners Group platform may be given certain governance or other rights or may be subject to terms and conditions that are more favorable than those applicable to the Fund. Conflicts could arise after the other members of the Partners Group platform, on the one hand, and the Fund, on the other hand, make investments in the same issuer with respect to the issuer's strategy, growth and financing alternatives and with respect to the manner and timing of the Fund's exit from the investment compared to the other Partners Group platform's members' exit. The other members of the Partners Group platform may make decisions that are more beneficial to themselves than to the Fund. Further, investments may benefit one or more of the other members of the Partners Group platform disproportionately to their benefit to the Fund. Conversely, the interests of one or more of the other members of the Partners Group platform in one or more investments may, in the future, be adverse to that of the Fund, and the Adviser may be incentivized not to undertake certain actions on behalf of the Fund in connection with such investments, including the exercise of certain rights the Fund may have, in view of the investment by the other members of the Partners Group platform in such investments.

In addition, to the extent permitted by applicable law and the terms of the co-investment exemptive relief, if issued, a member of the Partners Group platform and one or more other members of the Partners Group platform (including the Fund), expect to invest, from time to time, in different instruments or classes of securities of the same issuer, including where the Fund and/or any other members of the Partners Group platform controls the majority of such instrument or class of securities. For example, the Fund expects to invest in the senior debt of an issuer where the strategic investment partners family of funds holds, or subsequently invests in, subordinated debt of such issuer. As a result, one or more member of the Partners Group platform may have different investment objectives or pursue or enforce rights with respect to a particular issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. For example, if the Fund holds debt of an issuer and a member of the Partners Group platform holds equity instruments of the same issuer, then if the issuer experiences financial or operational challenges, the Fund, which holds the debt, may seek a liquidation of the issuer, whereas the member of the Partners Group platform, which holds the equity instruments, may prefer a reorganization of the issuer. In these circumstances, actions taken on behalf of the Fund may be adverse to the strategic investment partners family of funds investors, and vice versa, creating a conflict of interest for the Adviser and its affiliates. In addition, if a Partners Group platform member holds voting securities (for example, equity) of an issuer in which the Fund holds non-voting securities (for example, secured debt) of such issuer, Partners Group or the Adviser, acting on behalf of such Partners Group platform member may vote on certain matters in a manner that has an adverse effect on the positions held by the Fund (e.g., regarding whether a Partners Group platform member agrees to waive certain covenants or make certain amendments). Conversely, if the Fund holds voting securities of an issuer, the Adviser's vote on behalf of the Fund on a matter may end up benefiting other members of the Partners Group platform and harming the Fund, especially with the benefit of hindsight (e.g., if the Fund agrees to certain covenants, waivers or amendments, but the issuer and the Fund's investment in such issuer end up getting further impaired).

Courses of action that the Adviser and Partners Group may pursue to reduce the potential for adversity between the Fund and another member of the Partners Group platform including causing one or both clients to take certain actions that, in the absence of such conflict, it would not take, such as (i) remaining passive in a restructuring or similar situations (including electing not to vote or voting pro rata with other security holders), (ii) investing in the same or similar classes of securities as the other client in order to align their interests, (iii) divesting investments in whole or in part or (iv) appointing an unaffiliated third-party agent to act on behalf of either the Fund or such other Partners Group platform member. Any such step could have the effect of benefiting another Partners Group platform member or Partners Group or its affiliates and might not be in the best interests of or may be adverse to the Fund.

In enforcing its rights with respect to an investment, the Fund, along with other Partners Group platform members, may pursue or enforce rights with respect to a particular issuer, or the Adviser and/or Partners Group may pursue or enforce rights with respect to a particular issuer jointly on behalf of the Fund and other Partners Group platform members, even where the interests of such Partners Group platform member may diverge in one or more respects from those of the Fund.

The Fund may be negatively impacted by the activities by or on behalf of such other Partners Group platform member, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had a particular course of action with respect to the issuer of the securities not been pursued with respect to such other Partners Group platform member. In certain instances, personnel of Partners Group or its affiliates may obtain information about the issuer thereby limiting the Adviser's ability to buy or sell securities of the issuer on behalf of the Fund. These conflicts are magnified with respect to issuers that undergo restructuring or become insolvent. It is possible that in connection with a restructuring, insolvency, bankruptcy or similar proceeding the Fund may be limited (by applicable law, courts or otherwise) in the positions or actions it may be permitted to take due to other interests held or actions or positions taken by other Partners Group platform members.

Positions taken by members of the Partners Group platform may also dilute or otherwise negatively affect the values, prices or investment strategies associated with investments held by the Fund. For example, this may occur when investment decisions regarding the Fund are based on research or other information that is also used to support portfolio decisions for other Partners Group platform members. When another Partners Group platform members implements a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies for the Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or the Fund could otherwise be disadvantaged. In addition, other Partners Group platform members may have short positions in the same security or instrument or a different security or instrument in the same issuer as a security or instrument purchased by the Fund, which may present additional conflicts, particularly if the issuer experiences financial difficulties.

To the extent permitted by applicable law and the terms of the co-investment exemptive relief, if granted, the Fund may participate in a follow-on investment of other Partners Group platform members, where the Fund has not previously invested in the applicable portfolio company, and vice versa. Any such follow-on investment would present conflicts of interest, including in the Adviser or its affiliate's negotiation of the terms of such follow-on investment, and raises the risk that the Fund's capital may be used to support another Partners Group platform member's existing investment.

In addition, an investment that Partners Group or the Adviser determined was appropriate for other Partners Group clients (including funds and accounts on Partners Group's direct lending platform) when originally consummated may be refinanced, extended or otherwise modified in such a way that the investment is no longer consistent with the investment objectives of the other Partners Group clients, but is consistent with the investment objective of the Fund. In this situation, to the extent permitted by applicable law and the terms of the co-investment exemptive relief, if granted, the Fund may make an investment in the issuer and the proceeds of the Fund's investment will be used by the issuer to repay the existing investment in such issuer of other Partners Group clients and vice versa. For example, the Fund may seek to participate in recapitalizations or refinancings of Portfolio Companies in which the other Partners Group clients have invested. In this situation, the new loan in which the Fund invests may have a lower interest rate, for example, due to changes in market conditions, improvements in the business of the issuer or other factors. In these circumstances, the other Partners Group clients may exit the investment at the time the loan is refinanced, extended or otherwise modified, and the Fund may participate in the investment going forward and vice versa. In these circumstances, the consent of the unitholders will not be required. As a result, conflicts of interest are generally expected to arise between the other Partners Group clients exiting the investment and the Fund entering into the investment, including determinations of whether other Partners Group platform member's investments are being redeemed from an investment with a negative outlook (and whether the Fund is supporting such exit with their investment), and whether the Fund is paying a higher or lower price than market value or transacting on terms that are more or less favorable than in other comparable transactions. Conversely, the Fund's investment may be refinanced by another Partners Group platform member which may have the effect of shortening the duration of an attractive investment.

In addition, the Fund may agree to an amendment, extension, refinancing or similar transaction involving an existing investment, and such transaction may create an investment opportunity for other Partners Group platform members.

The Fund may be allocated a small part of an investment opportunity within the investment objective of the Fund when other Partners Group platform members are allocated a larger portion. The Fund may be prohibited (due to, for example, regulatory limitations) from pursuing certain investment opportunities and may find that its ability to participate in any particular opportunity may be substantially limited.

For the foregoing reasons, among others, the Partners Group platform members and their portfolio managers, including the Investment Committee, are generally expected to have a conflict of interest between acting in the best interests of the Fund and such other Partners Group platform members. The Adviser and Partners Group have developed policies and procedures that provide that they will allocate investment opportunities and make purchase and sale decisions among the Fund, Partners Group's clients and the Adviser's other clients in a manner that they consider, in their discretion and consistent with its fiduciary obligation to their clients, to be reasonable. In many cases, these policies may result in the pro rata allocation of limited opportunities across accounts, but in many other cases, the allocations may reflect numerous other factors based upon the Adviser's and Partners Group's good faith assessment of the best use of such limited opportunities relative to the objectives, limitations and requirements of each of its clients and applying a variety of factors, including those described herein. The Adviser and Partners Group seek to treat all clients reasonably in light of all factors relevant to managing an investment fund or account, and in some cases, it is possible that the application of the factors described herein may result in allocations in which certain investment funds or accounts may receive an allocation when other investment funds (including the Fund) or accounts do not. Similarly, the Adviser and Partners Group may cause the liquidation of certain positions for the Fund and their other clients in its discretion in accordance with the foregoing principles. Such allocations or liquidations may benefit another client instead of the Fund or may be detrimental to the Fund.

Moreover, the results of the investment activities of the Fund may differ significantly from the results achieved by the other members of the Partners Group platform. The Adviser will manage the Fund, and Partners Group and the Adviser will manage the other Partners Group platform member's accounts in accordance with their respective investment objectives and guidelines; however, the other Partners Group platform members may give advice and take action, with respect to any current or future Partners Group platform member's accounts that may compete or conflict with the advice the Adviser may give to the Fund, including with respect to the timing or nature of actions relating to certain investments.

Future investment activities by the Adviser on behalf of other clients and Partners Group on behalf of its clients may give rise to additional conflicts of interest and demands on the Adviser's and Partners Group's time and resources.

***Diverse Membership; Relationships with Unitholders***. The unitholders may include various types of persons or entities organized in various jurisdictions, and different unitholders may have conflicting investment, tax and other interests in respect of their investment in the Fund. The conflicting interests of the Fund and of individual unitholders may relate to or arise from, among other things, the nature of investments made by the Fund, the structuring of the acquisition of the Fund's investments, and the timing of disposition of investments, which may be more beneficial for the Fund or unitholders than for one or more of the other unitholders. Such structuring of the Fund's investments and other factors may result in different returns being realized by different unitholders. As a consequence, conflicts of interest may arise in connection with decisions made by the Adviser, including in respect of the nature or structuring of investments and the use of leverage that may be more beneficial for one unitholder than for another unitholder. In addition, one or more of the Fund, the Adviser, and/or their affiliates may face certain tax risks based on positions taken by the Fund, its subsidiaries and/or a withholding agent, and the Adviser reserves the right on behalf of itself and its affiliates to take positions adverse to the Fund and the unitholders, including with respect to withholding of amounts to cover actual or potential tax liabilities.

***Valuation of Assets***. Certain securities and other assets in which the Fund will directly or indirectly invest, including secured loan investments, are not expected to have a readily ascertainable market value and will be valued by the Adviser in accordance with its established valuation policies. Such securities and other assets will constitute a substantial portion of the Fund's investments. In addition, when the Adviser determines that the market price does not fairly represent the value of an investment, the Adviser will determine a fair value for such investment as the Fund's valuation designee. The Adviser has a conflict of interest in determining such valuations, as avoiding writing down the value of assets or writing off assets that are not readily marketable or difficult to value may cause it to receive higher management fees.

The Partners Group platform members are engaged in advisory and management services for multiple collective investment vehicles and managed accounts, including other investment funds managed by the Partners Group platform members. In connection with these activities, the Partners Group platform member is required to value assets, including in connection with managing or advising their proprietary and client accounts. In this regard, certain units within the Partners Group platform may share information regarding valuation techniques and models or other information relevant to the valuation of a specific asset or category of assets, although they are under no obligation to engage in such information sharing. The Adviser will value the Fund's investments according to its established valuation policies, and may value an identical asset differently than other units within the Partners Group platform (e.g., when an asset does not have a readily ascertainable market price).

***Conflicts with Portfolio Companies***. In certain instances, members of the Investment Committee and officers and employees of the Adviser and/or Partners Group may serve as board members of certain Portfolio Companies and, in that capacity, will be required to make decisions that they consider to be in the best interests of the portfolio company. In certain circumstances, such as in situations involving bankruptcy or near insolvency of the portfolio company, actions that may be in the best interests of the Portfolio Company may not be in the best interests of the Fund, and vice versa. Accordingly, in these situations, there may be conflicts of interest between an individual's duties as a member of the Investment Committee or officer or employee of the Adviser and/or Partners Group and such individual's duties as a board member of the portfolio company. Additionally, the Adviser or affiliates of the Adviser may enter into transactions with a Portfolio Company (for example, a property lease), which may create a conflict of interest. While it is generally expected that any such transaction would be on arm's-length terms, it is possible that the Portfolio Company may pay higher fees or receive fewer benefits in the transaction than it would if the counterparty to the transaction were a third party.

***Selection of Service Providers***. The Fund's advisors and other service providers or their affiliates are expected to provide goods or services to, or have business, personal, financial or other relations with Partners Group, their affiliates, advisory clients and Portfolio Companies. Such advisors and service providers may be investors in the Fund, sources of investment opportunities or co-investors or commercial counterparties or entities in which a Partners Group platform member has an investment. Additionally, certain employees of Partners Group or its affiliates may have family members or relatives employed by such advisors and service providers. These relationships may influence the Adviser in deciding whether to select or recommend such service providers to perform services for the Fund or Portfolio Companies (the cost of which generally will be borne directly or indirectly by the Fund or such entities, as applicable).

***Allocation of Revolver, Delayed-Draw Investment or Line of Credit Obligations***. The Fund generally expects to participate in one or more investments that are structured as "revolvers," "delayed-draws" or "lines of credit" with funding obligations that extend past the initial date of investment. Later funding obligations related to such investments may not be allocated pro rata among all the investors who participated in the initial funding of an investment. In particular, the Fund may participate in the initial funding of an investment, but may not participate in later-arising funding obligations (i.e., the revolver, delayed-draw or line of credit portions) related to such investment, including because of capacity limitations that an investment vehicle may have for making new revolver, delayed-draw investments or lines of credit or because Partners Group or any of its affiliates forms a new investment fund focused on investing in revolvers, delayed-draw investments and/or lines of credit. As a result, the Fund may be allocated a smaller or larger portion of revolver, delayed-draw investments or lines of credit than other investors participating in the loan (or may not be allocated any portion). Unitholders that participate in the initial funding of an investment may receive certain economic benefits in connection with such initial funding, such as original issue discount, closing payments, or commitment fees and these benefits are expected to be allocated based on participation in the initial funding, regardless of participation in future funding obligations. In addition, where the Fund and any other participating investors have not participated in each funding of an investment on a pro rata basis, conflicts of interest may arise between the Fund and the other investors as the interests of the Fund and the other investors may not be completely aligned with respect to such investment. In that regard, the revolver, delayed draw or line of credit portion of an investment may be senior to the investment in the Portfolio Company made by the Fund, and as a result, the interests of the Fund may not be aligned with other participating investors.

***The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. Prospective investors should read this Registration Statement and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.***

**Board Independence**

The 1940 Act requires that at least a majority of our Directors not be "interested persons" (as defined in the 1940 Act) of the Fund. On an annual basis, each member of our Board is required to complete an independence questionnaire designed to provide information to assist our Board in determining whether the member is independent under the 1940 Act and our corporate governance guidelines. Our Board has determined that each of its members, other than Robert Collins and Lori Pomerantz, is independent under the Exchange Act and the 1940 Act. Our governance guidelines require any Director who has previously been determined to be independent to inform the chairman of the Board, the chairman of the nominating and corporate governance committee and our corporate secretary of any change in circumstance that could cause his or her status as an Independent Director to change. Our Board limits membership on the audit committee and the nominating and corporate governance committee to Independent Directors.

**Item 8. Legal Proceedings**

From time to time, in the normal course of business, we and our Adviser may be party to certain lawsuits. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our Portfolio Companies. We, the Adviser, and our wholly owned subsidiaries are not currently subject to any material litigation.

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

**Market Information**

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

Because our Common Units have been acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and can be required to be held indefinitely. Such Common Units cannot be sold, transferred, assigned, pledged or otherwise disposed of unless (1) our consent is granted and (2) the Common Units are registered under applicable securities laws or specifically exempted from registration (in which case the unitholder could, at our option, be required to provide us with a legal opinion, in form and 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 Units until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Common Units can 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 Units and to execute such other instruments or certifications as are reasonably required by us.

**Holders**

Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management*" for disclosure regarding the holders of our Common Units.

**Distributions**

Any distributions we make will be at the discretion of our Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. We currently intend on making quarterly distributions.

Our Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our unitholders of at least 90% of our investment company taxable income.

There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings or return of capital, and we have no limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including how quickly we invest the proceeds from this and any future offering and the performance of our investments. Funding distributions from the sales of assets, borrowings, return of capital or proceeds of any current or future offering will result in us having less funds available to acquire investments. As a result, the return you realize on your investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute your interest in us on a percentage basis and may impact the value of your investment especially if we sell these securities at prices less than the price you paid for your Common Units.

From time to time, we may also pay special distributions in the form of cash or Common Units at the discretion of our Board.

We have not established limits on the amount of funds we may use from any available sources to make distributions. There can be no assurance that we will achieve the performance necessary to sustain our distributions or that we will be able to pay distributions at a specific rate or at all. The Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods. *See* "*Item 1. Business—Investment Advisory Agreement and Master Administrative Services Agreement.*"

Consistent with the Code, unitholders will be notified of the source of our distributions. Our distributions may exceed our earnings and profits. As a result, a portion of the distributions we make may represent a return of capital for tax purposes. The tax basis of units must be reduced by the amount of any return of capital distributions, which will result in an increase in the amount of any taxable gain (or a reduction in any deductible loss) on the sale of units.

No later than one year after we make our BDC election, we intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code. To obtain and maintain RIC tax treatment, we must distribute at least 90% of our investment company taxable income (net ordinary taxable income and net short-term capital gains in excess of net long-term capital losses), if any, to our unitholders. A RIC may satisfy the 90% distribution requirement by actually distributing dividends (other than capital gain dividends) during the taxable year. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M of the Code. If a RIC makes a spillback dividend, the amounts will be included in a unitholder's gross income for the year in which the spillback dividend is paid.

We currently intend to distribute net capital gains (*i.e.*, net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment and elect to treat such gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit (or, in certain circumstances, a tax refund) equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions. See "*Item 1. Business—Material U.S. Federal Income Tax Considerations*."

If we issue senior securities, we may be prohibited from making distributions if doing so causes us to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

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

As of June 30, 2025 the Fund had sold $201.0 million of Common Units. All units were issued and sold in reliance upon the available exemptions from the registration requirements of Section 4(a)(2) of the Securities Act.

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

*The following description is based on relevant portions of the Delaware Limited Liability Company Act (6 Del. C. §18-214, et seq.) (as amended from time to time, the "Delaware Act") and of our LLC Agreement. This summary is not necessarily complete, and we refer you to the Delaware Act and our LLC Agreement, forms of which are incorporated by reference to the exhibits to the registration statement of which this prospectus is a part, for a more detailed description of the provisions summarized below.*

**General**

Under the terms of our LLC Agreement, we are authorized to issue an unlimited number of common units and preferred units. The Fund and the Adviser intend to apply for exemptive relief from the SEC that, if granted, will permit the Fund to issue multiple classes of units. There is currently no market for our units, and we can offer no assurances that a market for our units will develop in the future. We do not intend for our units to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our units. No units have been authorized for issuance under any equity compensation plans.

**Description of our Units**

***Common Units***

Under the terms of the LLC Agreement, we retain the right to accept subscriptions for our Common Units. In addition, holders of Common Units are entitled to one vote for each unit held on all matters submitted to a vote of unitholders and do not have cumulative voting rights. Unitholders are entitled to receive proportionately any distributions declared by the Board of Directors, subject to any preferential dividend rights of outstanding preferred units. Upon our liquidation, dissolution or winding up, the unitholders will be entitled to receive ratably our net assets available after the payment of (or establishment of reserves for) all debts and other liabilities and will be subject to the prior rights of any outstanding preferred units. Unitholders have no redemption or preemptive rights. The rights, preferences and privileges of unitholders are subject to the rights of the holders of any preferred units that we may designate and issue in the future.

Under the LLC Agreement, the Board of Directors may authorize additional classes of common units. Each class of common units shall represent an investment in the same pool of assets and shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as each other class of common units except for such differences as will be clearly and expressly set forth in our organizational documents.

Following receipt of the Multi-Class Relief, if any, each class of Common Units 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 Units except for such differences may be clearly and expressly set forth by the Board in setting the terms of such class of shares. Dividends and distributions may be paid upon shares of different classes of Common Units (which shall be done pro rata among the unitholders of shares of a specific class) at the same time and in different per share amounts on such class of Common Units, if, as and when authorized by the Board 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 Units, shares of different classes of our Common Units may experience different returns.

Due to the different distribution fees, unitholder services fees and any other class expenses that may be attributable to the different classes of our Common Units, following receipt of the Multi-Class Relief, if any, the net income attributable to, and any distributions payable on, each class of shares may differ from each other from time to time. As a result, the net asset value per share of the classes may differ over time. The Fund's expenses, respectively allocated to a particular class of shares, will be borne on a pro rata basis by each outstanding share of that class.

***Preferred Units***

Our Private Offering does not include an offering of preferred units. However, under the terms of the LLC Agreement, our Board of Directors is authorized to issue one class of preferred units with the approval of the common unitholders. Prior to the issuance of a series of preferred units, the Board of Directors is required by the LLC Agreement to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption. The 1940 Act limits our flexibility as certain rights and preferences of the preferred units require, among other things: (i) immediately after issuance and before any distribution is made with respect to the units, we must meet an asset coverage ratio of total assets to total senior securities, which include all of our borrowings and any preferred units; and (ii) at any time when there are outstanding preferred units, the holders of preferred units, if any are issued, must be entitled as a class to elect two directors at all times, which directors may be additional directors or existing directors designated by the Board of Directors to be elected by the preferred unitholders, and to elect a majority of the directors if and for so long as distributions on the preferred units are unpaid in an amount equal to two full years of distributions on the preferred units.

***Transfer and Resale Restrictions***

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Investors in our units may sell, assign, transfer or otherwise dispose of (in each case, a "Transfer") their units provided that the transferee satisfies applicable eligibility and/or suitability requirements, and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws and compliance with our LLC Agreement. No Transfer will be effectuated except by registration of the Transfer on the Fund's books. Each transferee must agree to be bound by the restrictions set forth in the LLC Agreement and all other obligations as an investor in the Fund.

We intend to sell our Common Units in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Common Units in such private offerings are required to complete, execute and deliver a Subscription Agreement, a joinder to our LLC Agreement and related documentation, which includes customary representations and warranties, certain covenants and restrictions and indemnification provisions. Additionally, such investors may be required to provide due diligence information to us for compliance with certain legal requirements. We may, from time to time, engage offering or distribution agents and incur offering or distribution fees or sales commissions in connection with the private offering of our Common Units in certain jurisdictions outside the United States. The cost of any such offering or distribution fees may be borne by an affiliate of the Adviser. We will not incur any such fees or commissions if our net proceeds received upon a sale of our Common Units after such costs would be less than the net asset value per unit.

***Limited Liability of the Members***

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No common unitholder or former common unitholder, in its capacity as such, will be liable for any of our debts, liabilities or obligations except as provided hereunder and to the extent otherwise required by law. Each common unitholder will be required to pay to us any unpaid balance of any payments that he, she or it is expressly required to make to us pursuant to the LLC Agreement or pursuant to such common unitholder's Subscription Agreement, as the case may be.

**Delaware Law and Certain Limited Liability Company Agreement Provisions**

***Organization and Duration***

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We were incorporated on June 16, 2022 as a Delaware corporation named Partners Group Lending Fund, Inc. and converted to a Delaware limited liability company on July 12, 2023 with the name "Partners Group Lending Fund, LLC". We will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law.

***Purpose***

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Under the LLC Agreement, we are permitted to engage in any business activity that lawfully may be conducted by a limited liability company organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon it pursuant to the agreements relating to such business activity.

***Agreement to be Bound by the LLC Agreement; Power of Attorney***

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By executing the Subscription Agreement (which signature page constitutes a counterpart signature page to the LLC Agreement), each investor accepted by the Fund is agreeing to be admitted as a member of the Fund and bound by the terms of the LLC Agreement. Pursuant to the LLC Agreement, each common unitholder and each person who acquires Common Units from a common unitholder grants to certain of our officers (and, if appointed, a liquidator) a power of attorney to, among other things, execute and file documents required for our qualification, continuance or dissolution. The power of attorney also grants the Board of Directors the authority to make certain amendments to, and to make consents and waivers under and in accordance with, the LLC Agreement.

***Resignation and Removal of Directors; Procedures for Vacancies***

Any director may resign at any time by submitting his or her written resignation to the Board of Directors or secretary of the Fund. Such resignation will take effect at the time of its receipt by the Fund unless another time be fixed in the resignation, in which case it will become effective at the time so fixed. The acceptance of a resignation is not required to make it effective. Any or all of the directors may be removed by the affirmative vote of a majority of the full Board of Directors or by the affirmative vote of a majority in voting power of all our then-outstanding units.

Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board of Directors that results from an increase in the number of directors, and any vacancy occurring in the Board of Directors that results from the death, resignation, retirement, disqualification or removal of a director or other cause, will be filled by the appointment and affirmative vote of a majority of the remaining directors in office, although less than a quorum (with a quorum being a majority of the total number of directors), or by a sole remaining director. Any director elected to fill a vacancy or newly created directorship will hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal.

***Action by Unitholders***

Under the LLC Agreement, unitholder action can be taken only at a meeting of unitholders or by written consent in lieu of a meeting by unitholders representing at least the number of units required to approve the matter in question.

Only our Board of Directors, the Chair of the Board of Directors, our Chief Executive Officer or holders of a majority of the units may call a meeting of unitholders. Only business specified in our notice of meeting (or supplement thereto) may be conducted at a meeting of unitholders.

***Amendment of the LLC Agreement; No Approval by Unitholders***

Except as otherwise provided in the LLC Agreement, the terms and provisions of the LLC Agreement may be amended with the consent of the Board of Directors (which term includes any waiver, modification, or deletion of the LLC Agreement) during or after the term of the Fund, together with the prior written consent of:

● If no preferred units have been issued and are outstanding, the holders of a majority of the units; and

● If preferred units have been issued and are outstanding, (i) in the case of an amendment not affecting the rights of preferred unitholders, the holders of a majority of the units, (ii) in the case of an amendment not affecting the rights of the common unitholders (including rights or protections with respect to tax consequences of common unitholders), the holders of a majority of the preferred units, and (iii) in case of an amendment affecting the rights (including rights or protections with respect to tax consequences of common unitholders) of both the common unitholders and preferred unitholders, the holders of a majority of the units and the holders of a majority of the preferred units.

Notwithstanding clauses (a) or (b) above, certain limited amendments, as set forth in the LLC Agreement, may be made with the consent of the Board of Directors and without the need to seek the consent of any common unitholder or preferred unitholder.

***Merger, Sale or Other Disposition of Assets***

Subject to any restrictions of the 1940 Act and applicable law, the Board of Directors may, with the approval of our unitholders, cause us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or series of transactions, or approve on our behalf, the sale, exchange or disposition of all or substantially all of our assets. Unitholders are not entitled to dissenters' rights of appraisal under the LLC Agreement or applicable Delaware law in the event of a merger or consolidation, a sale of all or substantially all of our assets or any other similar transaction or event.

***Submission to Jurisdiction; Waiver of Jury Trial***

Pursuant to the LLC Agreement, each holder of units accepts the non-exclusive jurisdiction of courts of the State of Delaware located in New Castle County or the U.S. District Court for the District of Delaware. However, this provision does not apply to claims arising under the federal securities laws, including, without limitation, the 1940 Act. Submission to such jurisdiction may result in litigation in a venue that a unitholder could view as inconvenient or less favorable in the absence of such provision. Furthermore, each holder of units, by becoming a member of the Fund and agreeing to be bound by the terms of the LLC Agreement waives its right to a trial by jury to the fullest extent permitted by law in any claim or cause of action directly or indirectly based upon or arising out of the LLC Agreement.

***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 U.S. GAAP. For financial reporting purposes, our fiscal year is a calendar year ending December 31.

***Conflict with the 1940 Act***

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Our LLC Agreement provides that, if and to the extent that any provision of Delaware law, or any provision of our LLC Agreement conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

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

The LLC Agreement provides that, to the fullest extent permitted by applicable law, none of our officers, directors or employees will be liable to us or to any unitholder for any act or omission performed or omitted by any such person (including any acts or omissions of or by another officer, director or employee), in the absence of Disabling Conduct (defined below). For purposes of the LLC Agreement, "Disabling Conduct" means any act or omission (i) with respect to which a court of competent jurisdiction has issued a final non-appealable decision, judgment or order that such act or omission constituted a material breach of the LLC Agreement, fraud, gross negligence, or willful misconduct, which has not been promptly cured after receipt of notice; or (ii) that is acknowledged in writing by the Board of Directors to constitute a material breach of the LLC Agreement, fraud, gross negligence, or willful misconduct in relation to itself or one of its affiliates, which has not been promptly cured after receipt of notice.

The LLC Agreement provides that we will indemnify any person who was a Covered Person (as defined below) from and against any and all claims, demands, liabilities, costs, expenses, damages, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated, including any of the foregoing incurred under or required to be indemnified against or reimbursed under, or requiring contribution under, the LLC Agreement (collectively, "Claims") suffered or sustained by reason of being or having been a Covered Person, or arising out of or in connection with any action or failure to act relating to the Fund on the part of each Covered Person including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees and disbursements, incurred in connection with the defense or disposition of any action, suit, arbitration, investigation or other proceeding, whether civil or criminal, before any judicial, arbitral, administrative or legislative body (a "Proceeding"), (all such Claims and amounts covered by the LLC Agreement and all expenses referred to in the LLC Agreement are referred to as "Damages"), except to the extent such Damages arise from Disabling Conduct on the part of such Covered Person. For purposes of the LLC Agreement, "Covered Person" shall mean the Board of Directors and its Affiliates, the Fund, any officers, directors, unitholders, partners, members, managers, employees, agents or representatives of the Board of Directors, any officers, directors, shareholders, partners, members, managers, employees, agents or representatives of the Adviser, or any person who was at the time of the act or omission in question, such a person.

Under the indemnification provision of the LLC Agreement, expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or Proceeding may be paid by the Fund in advance of the final disposition of such action, suit or Proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it is ultimately determined that he or she is not entitled to be indemnified by the Fund pursuant to the provisions of the LLC Agreement, unless the expenses are incurred in a dispute between Covered Persons.

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 director 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 obligations and 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 directors who are disinterested, non-party directors 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 directors.

We have also obtained directors and officers/errors and omissions liability insurance for our Directors and officers.

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

Set forth below is a list of our audited financial statements included in this Registration Statement.

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| | |
|:---|:---|
|  | **Page** |
| Index to Financial Statements | F-1 |
| Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024 | F-2 |
| Consolidated Statements of Operations for the six months ended June 30, 2025 and June 30, 2024 (Unaudited) | F-3 |
| Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2025 and June 30, 2024 (Unaudited) | F-4 |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024 (Unaudited) | F-5 |
| Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) and December 31, 2024 | F-6 |
| Notes to the Consolidated Financial Statements | F-17 |
| Report of Independent Registered Public Accounting Firm | F-31 |
| Consolidated Statements of Assets and Liabilities as of December 31, 2024 and December 31, 2023 | F-32 |
| Consolidated Statements of Operations for the year ended December 31, 2024 and the period from September 1, 2023 (commencement of operations) to December 31, 2023 | F-33 |
| Consolidated Statements of Changes in Net Assets for the year ended December 31, 2024 and the period from September 1, 2023 (commencement of operations) to December 31, 2023 | F-34 |
| Consolidated Statements of Cash Flows for the year ended December 31, 2024 and the period from September 1, 2023 (commencement of operations) to December 31, 2023 | F-35 |
| Consolidated Schedule of Investments as of December 31, 2024 and December 31, 2023 | F-36 |
| Notes to the Consolidated Financial Statements | F-43 |

---

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Assets and Liabilities**

***(in thousands, except per unit amounts)***

---

| | | |
|:---|:---|:---|
|  | **As of<br> June 30, 2025 <br>(Unaudited)** | **As of<br> December 31,<br> 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $401,595 and $326,737 at June 30, 2025 and December 31, 2024, respectively) | $402747 | $328465 |
| Total investments, at fair value (cost of $401,595 and $326,737 at June 30, 2025 and December 31, 2024, respectively) | 402747 | 328465 |
| Cash | 4382 | 2999 |
| Cash equivalents | 13671 | 11331 |
| Cash denominated in foreign currencies (cost of $119 and $116 at June 30, 2025 and December 31, 2024, respectively) | 125 | 114 |
| Deposit for investments | 7650 |  |
| Receivable for investments sold | 33 | 452 |
| Interest receivable | 3953 | 3686 |
| Deferred financing costs | 733 | 399 |
| **Total assets** | $433294 | $347446 |
| **LIABILITIES** |  |  |
| Debt | $206000 | $172000 |
| Payable for investments purchased | 4368 |  |
| Interest and borrowing expenses payable | 2485 | 2411 |
| Incentive fee payable | 121 | 880 |
| Management fees payable | 538 | 425 |
| Administrator and custodian fees payable | 35 | 25 |
| Professional fees payable | 379 | 210 |
| Current income tax liability | 1902 | 1930 |
| Deferred income tax liability | 224 | 224 |
| Accrued expenses and other liabilities | 349 | 74 |
| **Total liabilities** | $216401 | $178179 |
| **Commitments and Contingencies (Note 7)** |  |  |
| Paid-in capital | 201000 | 161000 |
| Distributable earnings | 15893 | 8267 |
| **Net assets** | $216893 | $169267 |
| **Total liabilities and net assets** | $433294 | $347446 |
| **Net asset value per Unit** | $8.01 | $7.68 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Operations**

***(in thousands, except per unit amounts)***

***(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **For the Six Months <br> Ended June 30, 2025** | **For the Six Months <br> Ended June 30, 2024** |
| **Investment Income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $18433 | $9743 |
| &nbsp;&nbsp;&nbsp;Other income | 585 | 97 |
| **Total investment income** | 19018 | 9840 |
| **Expenses:** |  |  |
| Interest and borrowing expenses | 6968 | 6379 |
| Interest and borrowing expenses on related party debt |  | 316 |
| Management fees | 981 | 268 |
| Incentive fee | 336 | 332 |
| Organization expenses |  | 505 |
| Professional fees | 292 | 210 |
| Administration and custodian fees | 10 | 10 |
| Amortization of deferred offering costs |  | 147 |
| Current tax expense | 1997 |  |
| Other expenses | 89 | 57 |
| **Total expenses** | 10673 | 8224 |
| **Net investment income** | 8345 | 1616 |
| **Net realized and change in unrealized gains (losses) on investment transactions:** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 55 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 1 | (8) |
| Net change in unrealized appreciation (depreciation) from: |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (576) | 1344 |
| &nbsp;&nbsp;&nbsp;Foreign currency | (199) | (1) |
| &nbsp;&nbsp;&nbsp;Deferred tax expense |  | 47 |
| Net realized and change in unrealized gains (losses) on investment transactions | (719) | 1382 |
| Net increase (decrease) in net assets resulting from operations | $7626 | $2998 |
| Net investment income per unit | $0.35 | $0.51 |
| Increase in net assets resulting from operations per unit | $0.33 | $0.94 |
| Weighted average units outstanding | 23906494 | 3184325 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Changes in Net Assets**

***(in thousands)***

***(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **For the Six Months <br> Ended June 30, 2025** | **For the Six Months <br> Ended June 30, 2024** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |
| Net investment income | $8345 | $1616 |
| Net realized gain (loss) | 56 | (8) |
| Net change in unrealized appreciation (depreciation) | (775) | 1390 |
| **Net increase (decrease) in net assets resulting from operations** | $7626 | $2998 |
| **Net increase (decrease) in net assets resulting from Unit transactions:** |  |  |
| Proceeds from Units sold | $40000 | $90000 |
| **Net increase (decrease) in net assets from Unit transactions** | $40000 | $90000 |
| **Total increase (decrease) in net assets** | $47626 | $92998 |
| **Net Assets, beginning of period** | 169267 | 1287 |
| **Net Assets, end of period** | $**216893** | $**94285** |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Cash Flows**

***(in thousands)***

***(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **For the Six Months <br> Ended June 30, 2025** | **For the Six Months <br> Ended June 30, 2024** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $7626 | $2998 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (91553) | (162365) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (211) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 17648 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency | (1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 576 | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency | 199 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (687) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 177 | 322 |
| Change in operating assets and liabilities: |  |  |
| Deposit for investments | (7650) |  |
| Receivable for investments sold | 419 | (48) |
| Interest receivable | (267) | (2193) |
| Interest and borrowing expenses payable | 74 | 3368 |
| Interest and borrowing expenses payable for related party debt |  | (71) |
| Incentive fee payable | (759) | 300 |
| Management fees payable | 113 | 234 |
| Payable for investments purchased | 4368 |  |
| Administrator and custodian fees payable | 10 | 10 |
| Professional fees payable | 169 | 72 |
| Current income tax liability | (28) | (22) |
| Deferred income tax liability |  | (47) |
| Accrued expenses and other liabilities | 275 | 63 |
| Net cash provided by (used in) operating activities | (69557) | (158089) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 40000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (511) | (1803) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of debt | 34000 | 168500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt |  | (27938) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of related party debt |  | (24600) |
| Net cash provided by (used in) financing activities | 73489 | 204159 |
| **Net increase (decrease) in cash and cash equivalents** | 3932 | 46070 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (198) | (9) |
| Cash and cash equivalents and cash denominated in foreign currencies at beginning of period | 14444 | 4730 |
| **Cash and cash equivalents and cash denominated in foreign currencies, end of period<sup>(1)</sup>** | $18178 | $50791 |
| **Supplemental and non-cash activities** |  |  |
| Cash paid during the period for interest | $6717 | $3076 |
| Non-cash investment restructures | 1772 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of June 30, 2025, the balance includes $4,382 in cash, $13,671 in cash equivalents, and $125 in
 cash denominated in foreign currencies. As of June 30, 2024, the balance included $1,944 in cash, $48,783 in cash equivalents, and $64
 in cash denominated in foreign currencies.

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments** 

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/ <br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** |
| **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** |
| **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Govcio Buyer Company <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 7/9/2024 | 7/9/2031 | $10412 | $10272 | $10301 | 4.75% |
|  |  |  |  |  |  | 10272 | 10301 | 4.75 |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.55% | 12/19/2023 | 11/30/2029 | 649 | 55 | 55 | 0.03 |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.55% | 12/19/2023 | 12/19/2029 | 1295 | 522 | 521 | 0.24 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.55% | 12/19/2023 | 12/19/2029 | 3070 | 3023 | 3021 | 1.39 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.55% | 12/19/2023 | 12/19/2029 | 640 | 630 | 629 | 0.29 |
|  |  |  |  |  |  | 4230 | 4226 | 1.95 |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC <sup>(5) (6)</sup> | S + 5.50% | 9.80% | 10/15/2024 | 1/31/2031 | 4943 | 4876 | 4936 | 2.28 |
| PMA Parent Holdings, LLC <sup>(4) (5) (6)</sup> | S + 5.50% |  | 10/15/2024 | 1/31/2031 | 1478 |  |  |  |
| Rialto Management Group, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 12/5/2024 | 12/5/2030 | 6186 | 6129 | 6186 | 2.85 |
| Rialto Management Group, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 12/5/2024 | 12/5/2030 | 224 | (2) | (2) |  |
|  |  |  |  |  |  | 11003 | 11120 | 5.13 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.05% | 10/11/2024 | 10/13/2031 | 3879 | 1057 | 1065 | 0.49 |
| Cobalt Service Partners, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 10/11/2024 | 10/13/2031 | 2244 | 2224 | 2251 | 1.04 |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 10/11/2024 | 10/13/2031 | 465 | (4) | (4) |  |
| Propio LS, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 5/12/2025 | 5/10/2030 | 284 | (3) | (3) |  |
| Thompson Safety LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 6/25/2025 | 6/25/2032 | 675 | (7) | (7) | (0.01) |
| Thompson Safety LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 6/25/2025 | 6/25/2032 | 6746 | (68) | (68) | (0.03) |
|  |  |  |  |  |  | 3199 | 3234 | 1.49 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% |  | 3/26/2024 | 3/26/2031 | 785 | (10) | (10) | (0.01) |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% | 9.83% | 3/26/2024 | 3/26/2031 | 879 | 508 | 498 | 0.23 |
| Nelipak Holding Company <sup>(5) (6)</sup> | S + 5.50% | 9.80% | 3/26/2024 | 3/26/2031 | 2013 | 1986 | 1950 | 0.90 |
|  |  |  |  |  |  | 2484 | 2438 | 1.12 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Club Car Wash Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.50% | 9.95% | 7/31/2024 | 6/16/2027 | 3348 | 3073 | 3094 | 1.43 |
| Owl Acquisition, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.03% | 4/17/2025 | 4/19/2032 | 6570 | 6489 | 6490 | 2.99 |
| Owl Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 4/17/2025 | 4/19/2032 | 598 | (7) | (7) |  |
| Owl Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.03% | 4/17/2025 | 4/19/2032 | 1296 | 26 | 26 | 0.01 |
|  |  |  |  |  |  | 9581 | 9603 | 4.43 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 12/22/2023 | 7/20/2029 | 6617 | 6514 | 6557 | 3.03 |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 12/22/2023 | 7/20/2029 | 7753 | 7637 | 7682 | 3.54 |
|  |  |  |  |  |  | 14151 | 14239 | 6.57 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% | 9.30% | 10/19/2023 | 10/16/2029 | 1482 | 1062 | 1058 | 0.49 |
| Mobile Communications America, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.28% | 10/19/2023 | 10/16/2029 | 4540 | 4490 | 4500 | 2.07 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/ <br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% | 9.31% | 10/19/2023 | 10/16/2029 | $743 | $58 | $58 | 0.03% |
| S101 Acquisition, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% | 9.31% | 4/11/2025 | 4/11/2028 | 859 | 278 | 278 | 0.13 |
| S101 Acquisition, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.30% | 4/11/2025 | 4/11/2028 | 10649 | 10549 | 10542 | 4.86 |
|  |  |  |  |  |  | 16437 | 16436 | 7.58 |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |
| Kene Acquisition, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 2/8/2024 | 2/7/2031 | 710 | (12) | (12) | (0.01) |
| KENE Acquisition, Inc. (aka Entrust) <sup>(5) (6)</sup> | S + 5.25% | 9.53% | 2/8/2024 | 2/7/2031 | 5292 | 5202 | 5232 | 2.41 |
| KENE Acquisition, Inc. (aka Entrust) <sup>(4) (5) (6)</sup> | S + 5.25% | 9.53% | 2/8/2024 | 2/7/2031 | 2364 | 226 | 225 | 0.11 |
|  |  |  |  |  |  | 5416 | 5445 | 2.51 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(4) (5) (6)</sup> | S + 4.75% |  | 9/5/2024 | 9/8/2031 | 879 | (8) | (8) |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.06% | 9/5/2024 | 9/8/2031 | 5187 | 5140 | 5114 | 2.36 |
|  |  |  |  |  |  | 5132 | 5106 | 2.36 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| YI, LLC <sup>(5) (6)</sup> | S + 5.75% | 10.06% | 12/1/2023 | 12/3/2029 | 8878 | 8737 | 8575 | 3.95 |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/3/2029 | 1408 | (21) | (21) | (0.01) |
|  |  |  |  |  |  | 8716 | 8554 | 3.94 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| AAH Topco, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 3/31/2025 | 12/22/2027 | 2400 | (22) | (22) | (0.01) |
| AAH Topco., LLC <sup>(5) (6)</sup> | S + 5.25% | 9.68% | 11/1/2023 | 12/22/2027 | 8242 | 8139 | 8187 | 3.77 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/30/2024 | 5/30/2030 | 895 | (11) | (11) | (0.01) |
| Maple Acquisition, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.22% | 5/30/2024 | 5/30/2031 | 5946 | 5867 | 5893 | 2.72 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/30/2024 | 5/30/2031 | 1193 | (15) | (15) | (0.01) |
| Phynet Dermatology LLC <sup>(5) (6)</sup> | S + 6.50% | 10.77% | 10/20/2023 | 10/20/2029 | 11525 | 11354 | 11525 | 5.31 |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% | 10.78% | 10/20/2023 | 10/20/2029 | 670 | 637 | 647 | 0.30 |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 10/20/2023 | 10/20/2029 | 5375 | (78) | (78) | (0.04) |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 5/29/2024 | 8/5/2027 | 1150 | 61 | 62 | 0.03 |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 5/31/2024 | 8/7/2028 | 5744 | 4309 | 4333 | 2.00 |
| RCP Nats Purchaser, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.32% | 3/19/2025 | 3/19/2032 | 5057 | 5009 | 5027 | 2.32 |
| RCP Nats Purchaser, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 3/19/2025 | 3/19/2032 | 1011 | (10) | (10) |  |
| RCP Nats Purchaser, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 3/19/2025 | 3/19/2032 | 708 | (7) | (7) |  |
| Ruby Buyer, LLC <sup>(4) (5) (6)</sup> | S + 6.25% |  | 12/21/2023 | 12/21/2029 | 1544 | (29) | (29) | (0.01) |
| Ruby Buyer, LLC <sup>(5) (6)</sup> | S + 6.25% | 10.49% | 12/21/2023 | 12/21/2029 | 14487 | 14195 | 14487 | 6.68 |
|  |  |  |  |  |  | 49399 | 49989 | 23.05 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Datix Bidco Limited <sup>(5) (6)</sup> | S + 5.25% | 9.54% | 4/19/2024 | 4/30/2031 | 9839 | 9667 | 9724 | 4.48 |
| Fort B.V. <sup>(5) (6)</sup> | S + 6.00% | 10.25% | 1/12/2024 | 9/8/2027 | 19261 | 19138 | 19261 | 8.88 |
| RLDatix Holdings (USA), Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 4/19/2024 | 4/30/2031 | 2067 | (35) | (35) | (0.01) |
|  |  |  |  |  |  | 28770 | 28950 | 13.35 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>** | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/ <br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC <sup>(5) (6)</sup> | S + 5.75% | 10.05% | 4/3/2025 | 4/21/2031 | $5924 | $5837 | $5839 | 2.69% |
| CorePower Yoga, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 4/3/2025 | 4/21/2031 | 370 | (5) | (5) |  |
| CorePower Yoga, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 4/3/2025 | 4/21/2031 | 370 | (5) | (5) |  |
|  |  |  |  |  |  | 5827 | 5829 | 2.69 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. <sup>(4) (5) (6)</sup> | S + 4.75% |  | 12/5/2023 | 10/30/2029 | 472 | (1) | (1) |  |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.03% | 12/5/2023 | 10/30/2029 | 2089 | 2083 | 2087 | 0.96 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 12/5/2023 | 10/30/2029 | 2335 | 2328 | 2332 | 1.07 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.03% | 12/5/2023 | 10/30/2029 | 16717 | 16668 | 16696 | 7.70 |
|  |  |  |  |  |  | 21078 | 21114 | 9.73 |
| **IT Services** |  |  |  |  |  |  |  |  |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/23/2024 | 8/2/2030 | 2623 | (16) | (16) | (0.01) |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% | 9.33% | 4/23/2024 | 8/2/2030 | 1748 | 120 | 118 | 0.06 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 4/23/2024 | 8/2/2030 | 15298 | 15200 | 15298 | 7.05 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 4/23/2024 | 8/2/2030 | 2623 | 2606 | 2585 | 1.19 |
| Omega Systems Intermediate Holdings, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.30% | 1/15/2025 | 1/15/2031 | 2712 | 2680 | 2690 | 1.24 |
| Omega Systems Intermediate Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 1/15/2025 | 1/15/2031 | 1595 | (18) | (18) | (0.01) |
| Omega Systems Intermediate Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 1/15/2025 | 1/15/2031 | 479 | (5) | (5) |  |
| Redwood Services Group, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.56% | 1/3/2025 | 6/15/2029 | 3857 | 1271 | 1279 | 0.59 |
| Redwood Services Group, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.55% | 1/3/2025 | 6/15/2029 | 3019 | 2991 | 3010 | 1.39 |
|  |  |  |  |  |  | 24829 | 24941 | 11.50 |
| **Machinery** |  |  |  |  |  |  |  |  |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.03% | 11/22/2024 | 3/8/2030 | 815 | 815 | 807 | 0.37 |
| CSAFE Acquisition Company, Inc. <sup>(4) (5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 3/8/2029 | 1995 | 1392 | 1383 | 0.64 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 3/8/2030 | 948 | 940 | 939 | 0.43 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 3/8/2030 | 11252 | 11229 | 11150 | 5.14 |
|  |  |  |  |  |  | 14376 | 14279 | 6.58 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| People Corporation <sup>(4) (5) (6)</sup> | C + 5.00% | 8.04% | 12/18/2024 | 2/18/2028 | 5644 | 311 | 506 | 0.23 |
| Riverside Assessments, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.47% | 3/19/2024 | 3/19/2031 | 7868 | 7732 | 7736 | 3.57 |
| Riverside Assessments, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.47% | 3/19/2024 | 3/19/2031 | 1149 | 786 | 785 | 0.36 |
|  |  |  |  |  |  | 8829 | 9027 | 4.16 |
| **Software** |  |  |  |  |  |  |  |  |
| Aptean Acquiror Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 1/30/2024 | 1/30/2031 | 12348 | 12287 | 12317 | 5.68 |
| Aptean Acquiror Inc. <sup>(4) (5) (6)</sup> | S + 4.75% |  | 1/30/2024 | 1/30/2031 | 978 | (5) | (5) |  |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% | 8.75% | 8/9/2024 | 8/11/2031 | 3375 | 2390 | 2400 | 1.11 |
| Ascend Partner Services LLC <sup>(5) (6)</sup> | S + 4.50% | 8.75% | 8/9/2024 | 8/11/2031 | 1955 | 1937 | 1955 | 0.90 |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% |  | 8/9/2024 | 8/11/2031 | 675 | (6) | (6) |  |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 517 | (2) | (2) |  |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Software (continued)** |  |  |  |  |  |  |  |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 5/10/2024 | 10/1/2029 | $3207 | $3200 | $3182 | 1.47% |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 1604 | (3) | (3) |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 7/9/2024 | 10/1/2029 | 7711 | 7711 | 7691 | 3.55 |
| GS AcquisitionCo, Inc. <sup>(5) (6)</sup> | S + 5.25% | 9.55% | 5/23/2024 | 5/25/2028 | 5917 | 5917 | 5917 | 2.73 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.55% | 3/26/2024 | 5/25/2028 | 676 | 251 | 251 | 0.11 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.55% | 3/26/2024 | 5/25/2028 | 513 | 36 | 35 | 0.02 |
| IQN Holding Corp. <sup>(5) (6)</sup> | S + 2.63% | 6.92% | 5/19/2025 | 5/2/2029 | 2202 | 2180 | 2166 | 1.00 |
| IQN Holding Corp. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 5/19/2025 | 5/2/2029 | 705 | (7) | (7) |  |
| IQN Holding Corp. <sup>(5) (6)</sup> | S + 2.63% | 6.96% | 10/30/2024 | 5/2/2029 | 3544 | 3548 | 3486 | 1.61 |
| IQN Holding Corp. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 10/30/2024 | 5/2/2028 | 285 | 209 | 206 | 0.09 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 5/23/2024 | 2/10/2027 | 10946 | 10946 | 10905 | 5.03 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.05% | 12/21/2023 | 2/10/2027 | 1332 | 70 | 68 | 0.03 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 5/23/2024 | 2/10/2027 | 1379 | 1379 | 1374 | 0.63 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.05% | 9/4/2024 | 2/10/2027 | 1558 | 1265 | 1260 | 0.58 |
| Nexus BidCo Inc. <sup>(4) (5) (6)</sup> | S + 5.00% | 9.30% | 2/11/2025 | 2/11/2031 | 1343 | 20 | 20 | 0.01 |
| Nexus BidCo Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 2/11/2025 | 2/11/2031 | 788 | (9) | (9) | (0.01) |
| Nexus BidCo Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.30% | 2/11/2025 | 2/11/2031 | 4224 | 4174 | 4173 | 1.92 |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 12/30/2024 | 4/22/2031 | 1587 | (15) | (15) | (0.01) |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 4/22/2024 | 4/22/2031 | 1985 | (17) | (17) | (0.01) |
| OEConnection LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 4/22/2024 | 4/22/2031 | 18107 | 17949 | 18130 | 8.36 |
| OEConnection LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 4/22/2024 | 4/22/2031 | 3159 | 3133 | 3163 | 1.46 |
| Optimizely North America Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 10/30/2024 | 10/30/2031 | 2745 | (25) | (25) | (0.01) |
| Optimizely North America Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 10/30/2024 | 10/30/2031 | 15573 | 15429 | 15534 | 7.16 |
| PDI TA Holdings, Inc. <sup>(5) (6)</sup> | S + 5.50% | 9.78% | 2/6/2024 | 2/3/2031 | 908 | 907 | 902 | 0.41 |
| PDI TA Holdings, Inc. <sup>(5) (6)</sup> | S + 5.50% | 9.78% | 2/6/2024 | 2/3/2031 | 10382 | 10361 | 10319 | 4.76 |
| PDI TA Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% | 9.78% | 2/6/2024 | 2/3/2031 | 909 | 361 | 360 | 0.17 |
| Propio LS, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 5/12/2025 | 5/10/2030 | 7698 | 7623 | 7620 | 3.51 |
| Propio LS, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.05% | 5/12/2025 | 5/12/2030 | 2825 | 2797 | 2798 | 1.29 |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.00% | 9.33% | 10/1/2024 | 10/1/2031 | 616 | 76 | 72 | 0.03 |
| Severin Acquisition, LLC <sup>(5) (6)</sup> | S + 2.75% | 7.08% | 10/1/2024 | 10/1/2031 | 2964 | 2937 | 2806 | 1.29 |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 10/1/2024 | 10/1/2031 | 370 | 157 | 150 | 0.07 |
| Sonatype, Inc. <sup>(5) (6)</sup> | S + 5.50% | 9.81% | 12/19/2024 | 12/19/2025 | 4609 | 4603 | 4570 | 2.11 |
|  |  |  |  |  |  | 123764 | 123741 | 57.05 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| PT Intermediate Holdings III, LLC <sup>(4) (5) (6)</sup> | S + 3.25% |  | 4/3/2024 | 4/9/2030 | 1366 | (3) | (3) |  |
| PT Intermediate Holdings III, LLC <sup>(5) (6)</sup> | S + 3.25% | 7.55% | 4/3/2024 | 4/9/2030 | 20545 | 20502 | 20494 | 9.45 |
|  |  |  |  |  |  | 20499 | 20491 | 9.45 |
| **Total North America** |  |  |  |  |  | $387992 | $389063 | 179.39 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>** | **Reference <br> Rate and <br> Spread<sup>(2)</sup>** | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par<br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** | **Asia - Pacific** |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| XCL Education Holdings Pte Ltd <sup>(5) (6)</sup> | S + 6.50% | 10.60% | 4/29/2025 | 5/2/2030 | 12285 | $12104 | $12170 | 5.61% |
|  |  |  |  |  |  | 12104 | 12170 | 5.61 |
| **Total Senior Secured Debt** |  |  |  |  |  | $400096 | $401233 | 185.00 |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> |  | 12.50% | 9/5/2024 | 12/16/2054 | 1527 | 1499 | 1514 | 0.70 |
|  |  |  |  |  |  | 1499 | 1514 | 0.70 |
| **Total Preferred Equity** |  |  |  |  |  | $1499 | $1514 | 0.70% |
| **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** |  |  |  | $401595 | $402747 | 185.70% |
| **Total Portfolio Investments** |  |  |  |  |  | $401595 | $402747 | 185.70% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| BlackRock Liquidity Funds - Treasury Trust Fund |  | 4.16% |  |  | 13671 | 13671 | 13671 | 6.29 |
| **Total Cash Equivalents** |  |  |  |  |  | $13671 | $13671 | 6.29% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $415266 | $416418 | 191.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, issuers of debt investments held by the Fund (which such term "Fund" shall include the Fund's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or SOFR including SOFR adjustment, if any, ("S"), which generally resets periodically. C and S loans are typically indexed to 12 month, 6 month, 3 month, or 1 month C or S rates. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2025.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments & Contingencies".

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br> Expiration Date** | **Unfunded** | **Total Commitment<br> Fair Value** |
| AAH Topco, LLC | Delayed Draw Term Loan | 12/22/2027 | $2400 | $(22) |
| Accession Risk Management Group, Inc. | Revolver | 10/30/2029 | 472 | (1) |
| Aptean Acquiror Inc. | Revolver | 1/30/2031 | 978 | (5) |
| Ascend Partner Services LLC | Delayed Draw Term Loan | 8/11/2031 | 971 | (1) |
| Ascend Partner Services LLC | Revolver | 8/11/2031 | 675 | (6) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 10/1/2029 | 1604 | (3) |
| Bullhorn, Inc. | Revolver | 10/1/2029 | 517 | (2) |
| Club Car Wash Operating, LLC | Delayed Draw Term Loan | 6/16/2027 | 252 |  |
| Cobalt Service Partners, LLC | Delayed Draw Term Loan | 10/13/2031 | 2805 | (7) |
| Cobalt Service Partners, LLC | Revolver | 10/13/2031 | 466 | (4) |
| CorePower Yoga, LLC | Delayed Draw Term Loan | 4/21/2031 | 370 | (5) |
| CorePower Yoga, LLC | Revolver | 4/21/2031 | 370 | (5) |
| CSAFE Acquisition Company, Inc. | Revolver | 3/8/2029 | 598 | (4) |
| Diligent Corporation | Delayed Draw Term Loan | 8/2/2030 | 2623 | (16) |
| Diligent Corporation | Revolver | 8/2/2030 | 1617 | (12) |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/8/2031 | 879 | (8) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 5/25/2028 | 424 |  |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 475 | (2) |
| High Bar Brands Operating, LLC | Delayed Draw Term Loan | 12/19/2029 | 753 | (12) |
| High Bar Brands Operating, LLC | Revolver | 11/30/2029 | 584 | (9) |
| IQN Holding Corp. | Delayed Draw Term Loan | 5/2/2029 | 705 | (7) |
| IQN Holding Corp. | Revolver | 5/2/2028 | 76 | (1) |
| Kene Acquisition, Inc. | Revolver | 2/7/2031 | 710 | (11) |
| KENE Acquisition, Inc. (aka Entrust) | Delayed Draw Term Loan | 2/7/2031 | 2119 | (18) |
| Maple Acquisition, LLC | Delayed Draw Term Loan | 5/30/2031 | 1193 | (15) |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br> Expiration Date** | **Unfunded** | **Total Commitment<br> Fair Value** |
| Maple Acquisition, LLC | Revolver | 5/30/2030 | $895 | $(11) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2029 | 412 | (3) |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 678 | (7) |
| MRI Software LLC | Delayed Draw Term Loan | 2/10/2027 | 294 | (1) |
| MRI Software LLC | Revolver | 2/10/2027 | 1258 | (6) |
| Nelipak Holding Company | Delayed Draw Term Loan | 3/26/2031 | 785 | (10) |
| Nelipak Holding Company | Revolver | 3/26/2031 | 360 | (8) |
| Nexus BidCo Inc. | Delayed Draw Term Loan | 2/11/2031 | 1307 | (15) |
| Nexus BidCo Inc. | Revolver | 2/11/2031 | 788 | (9) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 1587 | (15) |
| OEConnection LLC | Revolver | 4/22/2031 | 1985 | (17) |
| Omega Systems Intermediate Holdings, Inc. | Delayed Draw Term Loan | 1/15/2031 | 1595 | (18) |
| Omega Systems Intermediate Holdings, Inc. | Revolver | 1/15/2031 | 479 | (6) |
| Optimizely North America Inc. | Revolver | 10/30/2031 | 2745 | (25) |
| Owl Acquisition, LLC | Delayed Draw Term Loan | 4/19/2032 | 598 | (7) |
| Owl Acquisition, LLC | Revolver | 4/19/2032 | 1254 | (15) |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 546 | (2) |
| People Corporation | Delayed Draw Term Loan | 2/18/2028 | 3596 | (983) |
| Phynet Dermatology LLC | Delayed Draw Term Loan | 10/20/2029 | 5375 | (78) |
| Phynet Dermatology LLC | Revolver | 10/20/2029 | 22 |  |
| PMA Parent Holdings, LLC | Revolver | 1/31/2031 | 1478 |  |
| Premier Care Dental Management, LLC | Delayed Draw Term Loan | 8/7/2028 | 1392 | (5) |
| Premier Care Dental Management, LLC | Revolver | 8/5/2027 | 1081 | (7) |
| Propio LS, LLC | Revolver | 5/10/2030 | 284 | (3) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2030 | 1366 | (3) |
| RCP Nats Purchaser, LLC | Delayed Draw Term Loan | 3/19/2032 | 1011 | (10) |
| RCP Nats Purchaser, LLC | Revolver | 3/19/2032 | 708 | (7) |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 6/15/2029 | 2551 | (18) |
| Rialto Management Group, LLC | Revolver | 12/5/2030 | 224 | (2) |
| Riverside Assessments, LLC | Revolver | 3/19/2031 | 345 | (6) |
| RLDatix Holdings (USA), Inc. | Term Loan | 4/30/2031 | 2067 | (35) |
| Ruby Buyer, LLC | Revolver | 12/21/2029 | 1544 | (29) |
| S101 Acquisition, Inc. | Revolver | 4/11/2028 | 573 | (5) |
| Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2031 | 535 | (8) |
| Severin Acquisition, LLC | Revolver | 10/1/2031 | 210 | (6) |
| Thompson Safety LLC | Delayed Draw Term Loan | 6/25/2032 | 6746 | (67) |
| Thompson Safety LLC | Revolver | 6/25/2032 | 675 | (7) |
| YI, LLC | Revolver | 12/3/2029 | 1408 | (21) |
|  |  |  | $75393 | $(1651) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities". As of June 30, 2025, the aggregate fair value of these securities is $402,747 or 185.70% of the Fund's net assets. See Note 2 "Significant Accounting Policies."

(6) The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference Rate and Spread<sup>(2)</sup>**  | **Interest Rate<sup>(2)</sup>** | **Acquisition Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Govcio Buyer Company <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 7/9/2024 | 7/9/2031 | $10565 | $10414 | $10447 | 6.17% |
|  |  |  |  |  |  | 10414 | 10447 | 6.17 |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 12/19/2023 | 12/19/2029 | 649 | (11) | (11) | (0.01) |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 1297 | 522 | 531 | 0.31 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 3086 | 3032 | 3086 | 1.82 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 643 | 632 | 643 | 0.38 |
|  |  |  |  |  |  | 4175 | 4249 | 2.50 |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 10/15/2024 | 1/31/2031 | 4956 | 4883 | 4888 | 2.89 |
| PMA Parent Holdings, LLC <sup>(4) (5) (6)</sup> | S + 6.00% |  | 10/15/2024 | 1/31/2031 | 1478 |  |  |  |
| Rialto Management Group, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 12/5/2024 | 12/5/2030 | 224 | (2) | (2) |  |
| Rialto Management Group, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.53% | 12/5/2024 | 12/5/2030 | 6482 | 6417 | 6417 | 3.79 |
|  |  |  |  |  |  | 11298 | 11303 | 6.68 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 10/11/2024 | 10/13/2031 | 3879 | 168 | 167 | 0.10 |
| Cobalt Service Partners, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 10/11/2024 | 10/13/2031 | 2250 | 2228 | 2227 | 1.32 |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 10/11/2024 | 10/13/2031 | 465 | (5) | (5) |  |
|  |  |  |  |  |  | 2391 | 2389 | 1.42 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% |  | 3/26/2024 | 3/26/2031 | 785 | (11) | (11) | (0.01) |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% | 9.86% | 3/26/2024 | 3/26/2031 | 879 | 358 | 357 | 0.21 |
| Nelipak Holding Company <sup>(5) (6)</sup> | S + 5.50% | 9.86% | 3/26/2024 | 3/26/2031 | 2023 | 1995 | 1992 | 1.18 |
|  |  |  |  |  |  | 2342 | 2338 | 1.38 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Club Car Wash Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.50% | 10.35% | 7/31/2024 | 6/16/2027 | 3356 | 1229 | 1254 | 0.73 |
|  |  |  |  |  |  | 1229 | 1254 | 0.73 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.27% | 12/22/2023 | 7/20/2029 | 7792 | 7663 | 7717 | 4.56 |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 12/22/2023 | 7/20/2029 | 6651 | 6537 | 6587 | 3.89 |
|  |  |  |  |  |  | 14200 | 14304 | 8.45 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.76% | 10/19/2023 | 10/16/2029 | 1486 | 275 | 276 | 0.16 |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.78% | 10/19/2023 | 10/16/2029 | 743 | 147 | 149 | 0.09 |
| Mobile Communications America, Inc. <sup>(5) (6)</sup> | S + 5.25% | 9.78% | 10/19/2023 | 10/16/2029 | 4564 | 4506 | 4564 | 2.70 |
|  |  |  |  |  |  | 4928 | 4989 | 2.95 |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |
| Kene Acquisition, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 2/8/2024 | 2/7/2031 | 710 | (13) | (13) | (0.01) |
| KENE Acquisition, Inc. (aka Entrust) <sup>(5) (6)</sup> | S + 5.25% | 9.84% | 2/8/2024 | 2/7/2031 | 5319 | 5222 | 5249 | 3.10 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/ <br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Energy Equipment & Services (continued)** |  |  |  |  |  |  |  |  |
| KENE Acquisition, Inc. (aka Entrust) <sup>(4) (5) (6)</sup> | S + 5.25% | 9.84% | 2/8/2024 | 2/7/2031 | $2365 | $226 | $224 | 0.13% |
|  |  |  |  |  |  | 5435 | 5460 | 3.22 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(4) (5) (6)</sup> | S + 4.75% |  | 9/5/2024 | 9/8/2031 | 879 | (8) | (8) |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.26% | 9/5/2024 | 9/8/2031 | 5187 | 5136 | 5144 | 3.04 |
|  |  |  |  |  |  | 5128 | 5136 | 3.04 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1878 | (16) | (16) | (0.01) |
| YI, LLC <sup>(5) (6)</sup> | S + 5.75% | 10.39% | 12/1/2023 | 12/1/2029 | 8923 | 8769 | 8566 | 5.06 |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1408 | (23) | (23) | (0.01) |
|  |  |  |  |  |  | 8730 | 8527 | 5.04 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| AAH Topco., LLC <sup>(4) (5) (6)</sup> | S + 6.00% | 9.71% | 11/1/2023 | 12/22/2027 | 8274 | 5457 | 5503 | 3.25 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 5/30/2024 | 5/30/2030 | 895 | (12) | (12) | (0.01) |
| Maple Acquisition, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.53% | 5/30/2024 | 5/30/2031 | 6264 | 6175 | 6169 | 3.64 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 5/30/2024 | 5/30/2031 | 1193 | (16) | (16) | (0.01) |
| Phynet Dermatology LLC <sup>(5) (6)</sup> | S + 6.50% | 11.12% | 10/20/2023 | 10/20/2029 | 11583 | 11379 | 11583 | 6.84 |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 10/20/2023 | 10/20/2029 | 5375 | (87) | (87) | (0.05) |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% | 11.09% | 10/20/2023 | 10/20/2029 | 670 | 537 | 546 | 0.32 |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.61% | 5/29/2024 | 5/5/2028 | 1150 | 106 | 106 | 0.06 |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.61% | 5/31/2024 | 8/5/2028 | 5752 | 2096 | 2116 | 1.25 |
| Ruby Buyer, LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 12/21/2023 | 12/21/2029 | 1544 | (32) | (32) | (0.02) |
| Ruby Buyer, LLC <sup>(5) (6)</sup> | S + 6.50% | 10.84% | 12/21/2023 | 12/21/2029 | 14560 | 14242 | 14560 | 8.60 |
|  |  |  |  |  |  | 39845 | 40436 | 23.87 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Datix Bidco Limited <sup>(5) (6)</sup> | S + 5.50% | 9.93% | 4/19/2024 | 4/30/2031 | 9839 | 9656 | 9696 | 5.73 |
| Fort B.V. <sup>(5) (6)</sup> | S + 6.00% | 11.21% | 1/12/2024 | 1/12/2034 | 19261 | 19113 | 19261 | 11.37 |
| RLDatix Holdings (USA), Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 4/19/2024 | 4/25/2031 | 2067 | (38) | (38) | (0.02) |
|  |  |  |  |  |  | 28731 | 28919 | 17.08 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 12/5/2023 | 11/1/2029 | 472 | (1) | (1) |  |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.34% | 12/5/2023 | 11/1/2029 | 2100 | 2093 | 2103 | 1.24 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 12/5/2023 | 11/1/2029 | 2347 | 2340 | 2350 | 1.39 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.34% | 12/5/2023 | 11/1/2029 | 16805 | 16751 | 16826 | 9.93 |
|  |  |  |  |  |  | 21183 | 21278 | 12.56 |
| **IT Services** |  |  |  |  |  |  |  |  |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 5.00% | 9.33% | 6/3/2024 | 10/4/2030 | 3839 | 109 | 112 | 0.07 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 6/3/2024 | 10/4/2030 | 955 | 946 | 964 | 0.57 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 5.50% | 9.83% | 10/6/2023 | 10/4/2030 | 5613 | 5491 | 5670 | 3.35 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 6.00% | 9.83% | 10/6/2023 | 10/4/2030 | 4538 | 4440 | 4584 | 2.71 |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 6.00% | 9.83% | 10/6/2023 | 10/4/2030 | 1103 | 125 | 128 | 0.08 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest<br> Rate<sup>(2)</sup>** | **Acquisition<br> Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** |  |  |  |  |  |  |  |  |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/23/2024 | 8/2/2030 | $2623 | $(18) | $(18) | (0.01)% |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/23/2024 | 8/4/2030 | 1748 | (12) | (12) | (0.01) |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 10.09% | 4/23/2024 | 8/2/2030 | 15298 | 15192 | 15298 | 9.04 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 10.09% | 4/23/2024 | 8/2/2030 | 2623 | 2604 | 2616 | 1.55 |
|  |  |  |  |  |  | 28877 | 29342 | 17.35 |
| **Machinery** |  |  |  |  |  |  |  |  |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.17% | 11/22/2024 | 12/14/2028 | 819 | 819 | 815 | 0.48 |
| CSAFE Acquisition Company, Inc. <sup>(4) (5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 3/8/2029 | 1995 | 1452 | 1450 | 0.86 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 12/14/2028 | 953 | 944 | 949 | 0.56 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 12/14/2028 | 11309 | 11284 | 11263 | 6.65 |
|  |  |  |  |  |  | 14499 | 14477 | 8.55 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| People Corporation <sup>(4) (5) (6)</sup> | C + 5.00% |  | 12/18/2024 | 2/18/2028 | 3957 | (54) | (69) | (0.04) |
| Riverside Assessments, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 3/19/2024 | 3/19/2031 | 7907 | 7762 | 7764 | 4.59 |
| Riverside Assessments, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 3/19/2024 | 3/19/2031 | 1149 | (21) | (21) | (0.01) |
|  |  |  |  |  |  | 7687 | 7674 | 4.54 |
| **Software** |  |  |  |  |  |  |  |  |
| Aptean Acquiror Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.59% | 1/30/2024 | 1/30/2031 | 498 | 127 | 129 | 0.07 |
| Aptean Acquiror Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.59% | 1/30/2024 | 1/30/2031 | 8029 | 7964 | 8060 | 4.76 |
| Aptean Acquiror Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 1/30/2024 | 1/30/2031 | 673 | (6) | (6) |  |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% |  | 8/9/2024 | 8/11/2031 | 3375 | (16) | (16) | (0.01) |
| Ascend Partner Services LLC <sup>(5) (6)</sup> | S + 4.50% | 8.86% | 8/9/2024 | 8/11/2031 | 1964 | 1946 | 1948 | 1.15 |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% | 8.84% | 8/9/2024 | 8/11/2031 | 675 | 399 | 399 | 0.24 |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 517 | (2) | (2) |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 5/10/2024 | 10/1/2029 | 3207 | 3200 | 3198 | 1.89 |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 1604 | (4) | (4) |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 7/9/2024 | 10/1/2029 | 7711 | 7711 | 7711 | 4.56 |
| GS AcquisitionCo, Inc. <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 5/23/2024 | 5/25/2028 | 5948 | 5948 | 5940 | 3.51 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 3/26/2024 | 5/25/2028 | 677 | 149 | 149 | 0.09 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 3/26/2024 | 5/25/2028 | 513 | (2) | (2) |  |
| IQN Holding Corp. <sup>(5) (6)</sup> | S + 5.25% | 9.76% | 10/30/2024 | 5/2/2029 | 3562 | 3567 | 3550 | 2.10 |
| IQN Holding Corp. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.76% | 10/30/2024 | 5/2/2028 | 285 | 112 | 112 | 0.07 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 5/23/2024 | 2/10/2027 | 11003 | 11003 | 11031 | 6.52 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 12/21/2023 | 2/10/2027 | 1332 | 68 | 66 | 0.04 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 5/23/2024 | 2/10/2027 | 1386 | 1386 | 1390 | 0.82 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 9/4/2024 | 2/10/2027 | 1560 | 149 | 149 | 0.09 |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/22/2024 | 4/22/2031 | 1985 | (18) | (18) | (0.01) |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 12/30/2024 | 4/22/2031 | 1587 |  |  |  |
| OEConnection LLC <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 4/22/2024 | 4/22/2031 | 18199 | 18030 | 18165 | 10.73 |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/22/2024 | 4/22/2031 | 3175 | (29) | (29) | (0.02) |
| Optimizely North America Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 10/30/2024 | 10/30/2031 | 2745 | (27) | (27) | (0.02) |
| Optimizely North America Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 10/30/2024 | 10/30/2031 | 15612 | 15459 | 15468 | 9.14 |
| PDI TA Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% | 10.00% | 2/6/2024 | 2/3/2031 | 1234 | 684 | 680 | 0.40 |
| PDI TA Holdings, Inc. <sup>(5) (6)</sup> | S + 5.50% | 10.09% | 2/6/2024 | 2/3/2031 | 5287 | 5244 | 5236 | 3.09 |
| PDI TA Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 2/6/2024 | 2/3/2031 | 547 | (5) | (5) |  |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Software (continued)** |  |  |  |  |  |  |  |  |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 10/1/2024 | 10/1/2031 | 617 | (6) | (6) | —% |
| Severin Acquisition, LLC <sup>(5) (6)</sup> | S + 2.75% | 7.11% | 10/1/2024 | 10/1/2031 | $2945 | $2917 | $2949 | 1.74 |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 10/1/2024 | 10/1/2031 | 370 | (4) | (4) |  |
| Sonatype, Inc. <sup>(5) (6)</sup> | S + 5.50% | 10.01% | 12/19/2024 | 1/19/2028 | 4609 | 4597 | 4597 | 2.72 |
|  |  |  |  |  |  | 90541 | 90808 | 53.67 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| PT Intermediate Holdings III, LLC <sup>(4) (5) (6)</sup> | S + 3.25% |  | 4/3/2024 | 4/9/2030 | 1366 | (3) | (3) |  |
| PT Intermediate Holdings III, LLC <sup>(5) (6)</sup> | S + 3.25% | 7.58% | 4/3/2024 | 4/9/2030 | 20365 | 20321 | 20365 | 12.03 |
|  |  |  |  |  |  | 20318 | 20362 | 12.03 |
| **Total North America** |  |  |  |  |  | $321951 | $323692 | 191.23% |
| **Europe** |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |
| **Insurance** |  |  |  |  |  |  |  |  |
| Ardonagh Midco 3 PLC <sup>(5) (6)</sup> | S + 4.75% | 9.90% | 2/29/2024 | 2/17/2031 | 3478 | 3431 | 3430 | 2.03 |
|  |  |  |  |  |  | 3431 | 3430 | 2.03 |
| **Total Europe** |  |  |  |  |  | $3431 | $3430 | 2.03% |
| **Total Senior Secured Debt** |  |  |  |  |  | $325382 | $327122 | 193.26% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> |  | 12.50% | 9/5/2024 | 12/16/2054 | 1383 | 1355 | 1343 | 0.79 |
|  |  |  |  |  |  | 1355 | 1343 | 0.79 |
| **Total Preferred Equity** |  |  |  |  |  | $1355 | $1343 | 0.79% |
| **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** |  |  |  |  | $326737 | $328465 | 194.05% |
| **Total Portfolio Investments** |  |  |  |  |  | $326737 | $328465 | 194.05% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| BlackRock Liquidity Funds - Treasury Trust Fund |  | 4.32% |  |  | 11331 | 11331 | 11331 | 6.69 |
| **Total Cash Equivalents** |  |  |  |  |  | $11331 | $11331 | 6.69% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $338068 | $339796 | 200.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, issuers of debt investments held by the Fund (which such term "Fund" shall include the Fund's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or SOFR including SOFR adjustment, if any, ("S"), which generally resets periodically. C and S loans are typically indexed to 12 month, 6 month, 3 month, or 1 month C or S rates. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments & Contingencies".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment**<br> **Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| AAH Topco., LLC | Delayed Draw Term Loan | 12/22/2027 | $2696 | $(40) |
| Accession Risk Management Group, Inc. | Revolver | 11/1/2029 | 472 | (1) |
| Aptean Acquiror Inc. | Delayed Draw Term Loan | 1/30/2031 | 367 | (2) |
| Aptean Acquiror Inc. | Revolver | 1/30/2031 | 673 | (6) |
| Ascend Partner Services LLC | Delayed Draw Term Loan | 8/11/2031 | 3375 | (16) |
| Ascend Partner Services LLC | Revolver | 8/11/2031 | 270 | (3) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 10/1/2029 | 1604 | (4) |
| Bullhorn, Inc. | Revolver | 10/1/2029 | 517 | (2) |
| Cedar Services Group, LLC | Delayed Draw Term Loan | 10/4/2030 | 3695 | (34) |
| Cedar Services Group, LLC | Revolver | 10/4/2030 | 954 | (20) |
| Club Car Wash Operating, LLC | Delayed Draw Term Loan | 6/16/2027 | 2098 | (18) |
| Cobalt Service Partners, LLC | Delayed Draw Term Loan | 10/13/2031 | 3692 | (18) |
| Cobalt Service Partners, LLC | Revolver | 10/13/2031 | 465 | (5) |
| CSAFE Acquisition Company, Inc. | Revolver | 3/8/2029 | 539 | (1) |
| Diligent Corporation | Delayed Draw Term Loan | 8/2/2030 | 2623 | (18) |
| Diligent Corporation | Revolver | 8/4/2030 | 1748 | (12) |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/8/2031 | 879 | (8) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 5/25/2028 | 527 | (1) |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 513 | (2) |
| High Bar Brands Operating, LLC | Revolver | 12/19/2029 | 649 | (11) |
| High Bar Brands Operating, LLC | Term Loan | 12/19/2029 | 753 | (13) |
| IQN Holding Corp. | Revolver | 5/2/2028 | 174 |  |
| Kene Acquisition, Inc. | Revolver | 2/7/2031 | 710 | (12) |
| KENE Acquisition, Inc. (aka Entrust) | Delayed Draw Term Loan | 2/7/2031 | 2119 | (19) |
| Maple Acquisition, LLC | Delayed Draw Term Loan | 5/30/2031 | 1193 | (16) |
| Maple Acquisition, LLC | Revolver | 5/30/2030 | 895 | (12) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2029 | 1202 | (7) |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 587 | (7) |
| MRI Software LLC | Delayed Draw Term Loan | 2/10/2027 | 1411 |  |
| MRI Software LLC | Revolver | 2/10/2027 | 1258 | (6) |
| Nelipak Holding Company | Delayed Draw Term Loan | 3/26/2031 | 785 | (11) |
| Nelipak Holding Company | Revolver | 3/26/2031 | 510 | (7) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 3175 | (29) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 1587 |  |
| OEConnection LLC | Revolver | 4/22/2031 | 1985 | (18) |
| Optimizely North America Inc. | Revolver | 10/30/2031 | 2745 | (27) |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 2/3/2031 | 545 | (2) |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 547 | (5) |
| People Corporation | Delayed Draw Term Loan | 2/18/2028 | 3957 | (69) |
| Phynet Dermatology LLC | Delayed Draw Term Loan | 10/20/2029 | 5375 | (87) |
| Phynet Dermatology LLC | Revolver | 10/20/2029 | 122 | (2) |
| PMA Parent Holdings, LLC | Revolver | 1/31/2031 | 1478 |  |
| Premier Care Dental Management, LLC | Delayed Draw Term Loan | 8/5/2028 | 3607 | (31) |
| Premier Care Dental Management, LLC | Revolver | 5/5/2028 | 1035 | (8) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2030 | 1366 | (3) |
| Rialto Management Group, LLC | Revolver | 12/5/2030 | 224 | (2) |
| Riverside Assessments, LLC | Revolver | 3/19/2031 | 1149 | (21) |
| RLDatix Holdings (USA), Inc. | Delayed Draw Term Loan | 4/25/2031 | 2067 | (37) |
| Ruby Buyer, LLC | Revolver | 12/21/2029 | 1544 | (32) |
| Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2031 | 617 | (6) |
| Severin Acquisition, LLC | Revolver | 10/1/2031 | 370 | (4) |
| YI, LLC | Delayed Draw Term Loan | 12/1/2029 | 1878 | (15) |
| YI, LLC | Revolver | 12/1/2029 | 1408 | (23) |
|  |  |  | $76734 | $(753) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities". As of December 31, 2024, the aggregate fair value of these securities is $328,465 or 194.05% of the Fund's net assets. See Note 2 "Significant Accounting Policies."

(6) The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Notes to Consolidated Financial Statements**

**June 30, 2025** 

**(in thousands, except share and per share amounts)**

**(Unaudited)**

**Note 1. Organization** 

Partners Group Lending Fund, LLC, was initially formed on June 16, 2022 as a Delaware corporation and subsequently converted into a Delaware limited liability company on July 12, 2023. Partners Group Lending Fund, LLC consists of Partners Group Lending Fund, LLC and its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC (collectively, the "Fund"). The Fund commenced operations on September 1, 2023 (commencement of operations) and its fiscal year ends on December 31.

Pursuant to an investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Fund is managed by Partners Group (USA) Inc. (the "Adviser"). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). The Board of Managers of the Fund (collectively, the "Board" and each member thereof a "Manager") has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, a committee of the Board, or the Adviser, as it did in causing the Fund to enter into the Investment Advisory Agreement.

The investment objective of the Fund is to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR, plus a margin, of private middle market U.S. companies.

**Note 2. Significant Accounting Policies** 

***Basis of Presentation***

 ****

The Fund's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly will follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – *Investment Companies* ("ASC 946")*.* The books and records of the Fund are maintained in U.S. Dollars.

***Consolidation***

As provided under ASC 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund.

The Fund consolidated the results of its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC. All intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of consolidated 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 the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results may ultimately differ from those estimates.

***Cash and Cash Equivalents***

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

***Investments Related Transactions, Revenue Recognition and Expenses***

The Fund invests primarily in private illiquid debt, loans and other assets for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on transfer and are difficult to sell in a secondary market. These securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." Investment transactions in restricted securities are recorded on a trade-date basis. Restricted securities are valued in accordance with the investment valuation policies discussed below.

Investment transactions are recorded on a trade-date basis. Realized gains (losses) on investments sold are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Fund receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

Expenses are recorded on an accrual basis.

***Non-Accrual Investments***

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Fund may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2025 and December 31, 2024, there were no loans placed on non-accrual status.

***Valuation of Investments***

 ****

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value.

 

The Fund's investments are measured at fair value in accordance with ASC 820, *Fair Value Measurement* ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"). Pursuant Rule 2a-5, the Board designated the Adviser as "valuation designee" to perform fair value determinations and approved amended Valuation Procedures.

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as "valuation designee" under Rule 2a-5 of the 1940 Act, determines the fair value of the Fund's investments in conformity with U.S. GAAP, Rule 2a-5 of the 1940 Act, and the Fund's Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund's non-traded direct debt investments in consultation with persons who are employees of the Adviser's parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund's non-traded direct debt investments are valued.

In assessing the fair value of the Fund's non-traded direct debt investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for debt investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund's administrator (the "Administrator"). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a non-traded direct debt investment held by the Fund and to the same non-traded direct debt investment held by another client, one of the Adviser's affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, to such other client or the Adviser's affiliate.

ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

● Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

● Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

● Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Fund for transactions that have not settled at the reporting date. As of June 30, 2025 and December 31, 2024, the Fund had $33 thousand and $452 thousand of receivables for investments sold respectively. As of June 30, 2025 and December 31, 2024, the Fund had $4,368 thousand and $0 of payables for investments purchased respectively.

***Foreign Currency Transactions***

 

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Fund includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in the Consolidated Statements of Operations, if any.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

 ****

***Organization Expenses***

 

Costs associated with the organization of the Fund are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Fund.

 

***Credit Facility Related Costs, Expenses and Deferred Financing Costs***

The Credit Facility (as defined in Note 6) is recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Credit Facility. Amortization of deferred financing costs is computed on the straight-line basis over the stated term of the line of credit. The amortization of such costs is included in interest and borrowing expenses in the Consolidated Statements of Operations, with any unamortized amounts included in Deferred financing costs on the Consolidated Statements of Assets and Liabilities.

 ****

***Income Taxes***

The Fund recognizes tax positions in its consolidated financial statements only when it is more likely than not that the relevant taxing authority will, upon examination, sustain the position based on its merits. A position that meets this standard is measured at the maximum benefit that will more likely than not be realized upon settlement. The Fund classifies any interest expense related to income taxes in income tax expense, and any income tax penalties under expenses in the Consolidated Statements of Operations. During the period ended June 30, 2025, and for the year ended December 31, 2024, the Fund did not incur any interest or penalties.

State and federal deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities, using the enacted statutory tax rate. Deferred income tax expenses or benefits are based on the changes in the assets and liabilities from period to period.

The Fund's tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that the Fund's net deferred tax liability at June 30, 2025 was $224 thousand and at December 31, 2024 was $224 thousand. This deferred tax liability represents the estimated future tax liability that would be due if the unrealized gains were realized as of the balance sheet date. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund's tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Fund will file tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of June 30, 2025, the tax years from the initial period forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

***Distributions and Distribution Reinvestment Plan***

Distributions to members will be recorded on the record date. The Fund has adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of members who do not elect to receive their distributions in cash. As a result, if a cash distribution or other distribution is authorized and declared, then members who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional units, rather than receiving the cash distribution or other distribution. Distributions on fractional units will be credited to each participating member's account to three decimal places.

***Recent Accounting Pronouncements***

The Fund considers the applicability and impact of all accounting standard updates ("ASU") issued by the FASB. ASUs not listed were assessed by the Fund and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended June 30, 2025. The Fund has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance impacted the notes to the consolidated financial statements only and did not affect the Fund's financial position or the results of its operations. See Note 8 for more information on the effects of the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

**Note 3. Fees, Expenses, Agreements and Related Party Transactions** 

***Investment Advisory Agreement***

On August 31, 2023, the Fund entered into the Investment Advisory Agreement, pursuant to which the Adviser managers the Fund on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Fund's investments and monitoring its investments and portfolio companies on an ongoing basis.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the independent trustees. The Fund may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Fund pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the members.

***Base Management Fee***

 ****

The base management fee will be payable quarterly in arrears at an annual rate of 1.00% of the value of the Fund's adjusted net assets as of the end of the most recently completed calendar quarter. For purposes of the Investment Advisory Agreement, adjusted net assets means the Fund's total net assets less any base management fees and incentive fees incurred by the Fund with respect to such calendar quarter end. The base management fee calculation will be prorated for any partial quarters.

The Adviser agreed to waive any base management fee due from the Fund to the Adviser until the earlier of (1) the Fund electing to be regulated as a BDC under the 1940 Act and (2) October 1, 2023.

For the six months ended June 30, 2025 and June 30, 2024, the Fund incurred base management fees of $981 thousand of which $0 was waived and $268 thousand of which $0 was waived, respectively.

 ****

***Incentive Fee***

The Fund will pay to the Adviser an income-based incentive fee at the close of each fiscal year in which the Hurdle Rate (defined below) is exceeded, of 10% of the excess, if any, of (i) the Pre-Incentive Fee Net Gains (as defined below) of the Fund over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Units (each expressed as a percentage of the Fund's fiscal year-end net asset value) before deduction of the Incentive Fee.

● No Incentive Fee will be payable to the Adviser if, at the close of a fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Fund, attributable to the Units (based on the net asset value of the Fund's assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Units (expressed as a percentage of the Fund's net asset value) does not exceed 6.00% of the monthly average of the Fund's net asset value attributable to the Units (based on the net asset value of the Fund's assets) before deduction of the Incentive Fee for that fiscal year (the "Hurdle Rate").

● The Incentive Fee will be subject to a catch-up intended to allocate all excess Pre-Incentive Fee Net Gains, attributable to the Units, to the Adviser once the Hurdle Rate has been achieved until the Adviser has been allocated its 10% Incentive Fee on all Pre-Incentive Fee Net Gains for the relevant period.

● "Pre-Incentive Fee Net Gains" means the amount by which any interest income, dividend income, realized and unrealized gains, and any other income accrued on investments of the Fund during the fiscal year ("Gains") exceeds all operating expenses for the Fund and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) ("Losses"). For this purpose, net losses shall mean the amount by which Gains fail to exceed Losses ("Net Losses")

● After the close of the fiscal year, the Adviser or an affiliate thereof may withdraw up to 100% of the Incentive Fee (computed on the basis of unaudited data) that was credited to the incentive fee account and debited from such Unit's account with respect to such fiscal year.

● The Fund will maintain a memorandum account for the Units (each a "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each fiscal year of the Fund by the amount of the Net Losses of the Fund for the fiscal year (based on of the net asset value of the Fund's assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Fund by the amount of the Pre-Incentive Fee Net Gains of the Fund for the fiscal year.

The Adviser agreed to waive any incentive fee due from the Fund to the Adviser until the earlier of (1) the Fund electing to be regulated as a BDC under the 1940 Act and (2) October 1, 2023.

For the six months ended June 30, 2025 and June 30, 2024, the Fund incurred incentive fees of $336 thousand of which $0 was waived and $332 thousand of which $0 was waived, respectively.

***Expense Support and Conditional Reimbursement Agreement***

On August 31, 2023, the Fund entered into an expense support and conditional reimbursement agreement with the Adviser (the "Expense Support Agreement"). Under the terms of the Expense Support Agreement, the Adviser (i) shall pay a portion of the Fund's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments, and (ii) may elect to pay an additional portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met. "Aggregate Capital Commitments" means the sum of all capital commitments made pursuant to subscription agreements between investors and the Fund, and all amounts paid to the Fund by upfront cash payments in connection with investors purchase of the Fund's units. "Other Operating Expenses" means the Fund's organization and offering expenses, professional fees, directors fees, administration fees, and other general and administrative expenses, but excluding the Base Management Fee, taxes, interest expense, brokerage commissions, transaction-related expenses arising out of investments made by the Fund, credit facility arrangement fees, servicing fees and the Incentive Fees.

In addition, the Adviser agrees to waive the Base Management Fee payable to it (excluding the Incentive Fee) by the Fund and/or to pay or absorb expenses of the Fund (collectively, a "Waiver") so that the Other Operating Expenses of the Fund will not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments (the "Expense Limitation").

The Fund agrees to carry forward, for a period not to exceed (3) three years from the date on which a Waiver is made by the Adviser, all fees and expenses in excess of the Expense Limitation that have been waived, paid or absorbed by the Adviser, and to repay the Adviser such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Base Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

For the six months ended June 30, 2025 and June 30, 2024, the Adviser made support payments on behalf of the Fund of $0 and $0, respectively.

For the six months ended June 30, 2025 and June 30, 2024, the Fund made no reimbursement payments to the Adviser.

As of June 30, 2025 and December 31, 2024, the Fund had a receivable from the Adviser for expense support payments of $0 and $0, respectively.

**Note 4. Investments**

The composition of the Fund's investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Investment Type** | **Cost** | **Fair Value** | **% of Total Investments <br> at Fair Value** |
| Senior Secured Debt | $400096 | $401233 | 99.62% |
| Preferred Equity | 1499 | 1514 | 0.38 |
| **Total investments** | $**401595** | $**402747** | **100.00%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **% of Total Investments <br> at Fair Value** |
| Senior Secured Debt | $325382 | $327122 | 99.59% |
| Preferred Equity | 1355 | 1343 | 0.41 |
| **Total investments** | $**326737** | $**328465** | **100.00%** |

---

The industry composition of investments based on fair value as of June 30, 2025 and December 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| Software | 30.72% |
| Health Care Providers & Services | 12.41 |
| Health Care Technology | 7.19 |
| IT Services | 6.19 |
| Diversified Consumer Services | 5.41 |
| Insurance | 5.24 |
| Trading Companies & Distributors | 5.09 |
| Electronic Equipment, Instruments & Components | 4.08 |
| Machinery | 3.55 |
| Electrical Equipment | 3.54 |
| Capital Markets | 2.76 |
| Aerospace & Defense | 2.56 |
| Professional Services | 2.24 |
| Health Care Equipment & Supplies | 2.12 |
| Financial Services | 1.64 |
| Hotels, Restaurants & Leisure | 1.45 |
| Energy Equipment & Services | 1.35 |
| Automobile Components | 1.05 |
| Commercial Services & Supplies | 0.80 |
| Containers & Packaging | 0.61 |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
|  | **December 31, 2024** |
| Software | 27.65% |
| Health Care Providers & Services | 12.32 |
| IT Services | 8.93 |
| Health Care Technology | 8.80 |
| Insurance | 7.52 |
| Trading Companies & Distributors | 6.20 |
| Machinery | 4.41 |
| Electrical Equipment | 4.35 |
| Capital Markets | 3.44 |
| Aerospace & Defense | 3.18 |
| Health Care Equipment & Supplies | 2.60 |
| Professional Services | 2.34 |
| Financial Services | 1.97 |
| Energy Equipment & Services | 1.66 |
| Electronic Equipment, Instruments & Components | 1.52 |
| Automobile Components | 1.29 |
| Commercial Services & Supplies | 0.73 |
| Containers & Packaging | 0.71 |
| Diversified Consumer Services | 0.38 |
| **Total** | **100.00%** |

---

The geographic composition of investments at cost and fair value as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Geographic** | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** | **Fair Value<br> as % of Net<br> Assets** |
| North America | $389491 | $390577 | 96.98% | 180.08% |
| Asia - Pacific | 12104 | 12170 | 3.02 | 5.62 |
| **Total** | $**401595** | $**402747** | **100.00%** | **185.70%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic** | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** | **Fair Value<br> as % of Net<br> Assets** |
| North America | $323306 | $325035 | 98.96% | 192.02% |
| Europe | 3431 | 3430 | 1.04 | 2.03 |
| **Total** | $**326737** | $**328465** | **100.00%** | **194.05%** |

---

**Note 5. Fair Value Measurement**

The following table present the fair value hierarchy of investments as of June 30, 2025 and December 31, 2024, categorized by the ASC 820 valuation hierarchy, as previously described:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured Debt | $— | $— | $401233 | $401233 |
| Preferred Equity |  |  | 1514 | 1514 |
| **Total** | $**—** | $**—** | $**402747** | $**402747** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured Debt | $— | $— | $327122 | $327122 |
| Preferred Equity |  |  | 1343 | 1343 |
| **Total** | $**—** | $**—** | $**328465** | $**328465** |

---

The following tables present the change in the fair value of financial instruments for the six months ended June 30, 2025 and June 30, 2024, for which Level 3 inputs were used to determine the fair value:

---

| | | | |
|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **Senior Secured<br> Debt** | **Preferred <br> Equity** | **Total <br> Investments** |
| Fair value, beginning of period | $327122 | $1343 | $328465 |
| Purchases, including capitalized PIK | 91620 | 144 | 91764 |
| Proceeds from sales of investments and principal repayments | (17648) |  | (17648) |
| Accretion of discount/amortization of premium | 687 |  | 687 |
| Net realized gain (loss) | 55 |  | 55 |
| Net change in unrealized appreciation (depreciation) | (603) | 27 | (576) |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |
| **Fair value, end of period** | $401233 | $1514 | $402747 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025 | $(603) | $27 | $(576) |

---

---

| | | | |
|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **Senior Secured<br> Debt** | **Preferred <br> Equity** | **Total <br> Investments** |
| Fair value, beginning of period | $78850 | $— | $78850 |
| Purchases, including capitalized PIK | 162440 |  | 162440 |
| Proceeds from sales of investments and principal repayments | (928) |  | (928) |
| Accretion of discount/amortization of premium | 228 |  | 228 |
| Net realized gain (loss) |  |  |  |
| Net change in unrealized appreciation (depreciation) | 1344 |  | 1344 |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |
| **Fair value, end of period** | $241934 | $— | $241934 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2024 | $1344 | $— | $1344 |

---

<sup>(1)</sup> For the period ended June 30, 2025 and 2024, there were no transfers into or out of Level 3.

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Fund's Level 3 investments as of June 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Fund's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range from** | **Range to** | **Weighted Average<sup>(1)</sup>** |
| Senior Secured Debt | $267945 | Discounted cash flow | Discount factor | 8.00% | 11.00% | 9.64% |
|  | 133496 | Broker Quotes | Indicative quotes for an inactive market | N/A | N/A | N/A |
|  | (208) | Recent financing/transaction | Recent transaction price | N/A | N/A | N/A |
|  |  | Exit Price | Recent transaction price | N/A | N/A | N/A |
| Preferred Equity | 1514 | Discounted cash flow | Discount factor | 14.00% | 14.00% | 14.00% |
| Total | $402747 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range from** | **Range to** | **Weighted Average<sup>(1)</sup>** |
| Senior Secured Debt | $185775 | Discounted cash flow | Discount factor | 9.00% | 11.00% | 10.28% |
|  | 120855 | Broker Quotes | Indicative quotes for an inactive market | N/A | N/A | N/A |
|  | 9034 | Recent financing/transaction | Recent transaction price | N/A | N/A | N/A |
|  | 11458 | Exit Price | Recent transaction price | N/A | N/A | N/A |
| Preferred Equity | 1343 | Discounted cash flow | Discount factor | 14.00% | 14.00% | 14.00% |
| Total | $328465 |  |  |  |  |  |

---

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

The Fund used the income approach to determine the fair value of certain Level 3 assets as of June 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach is the comparative yield and discount rate. The comparative yield and discount rate is used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

*Financial Instruments Disclosed, But Not Carried, At Fair Value* 

The carrying values of the debt obligations (Note 6) generally approximate their respective fair values due to their variable interest rates. The fair value of these debt obligations would be categorized as Level 2 under the ASC 820 hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

**Note 6. Debt** 

The following tables present the Fund's outstanding debt as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal Amount <br> Outstanding** | **Carrying** <br> **Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| NatWest Credit Facility | $275000 | $206000 | $206000 | $206000 |
| **Total Debt** | $275000 | $206000 | $206000 | $206000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal <br> Amount <br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| NatWest Credit Facility | $275000 | $172000 | $172000 | $172000 |
| **Total Debt** | $275000 | $172000 | $172000 | $172000 |

---

<sup>(1)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

<sup>(2)</sup> The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

A summary of contractual maturities of our debt obligations was as follows as of June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than <br> 5 years** |
| NatWest Credit Facility | $206000 | $206000 | $— | $— | $— |
| **Total Debt Obligations** | $**206000** | $**206000** | $**—** | $**—** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than <br> 5 years** |
| NatWest Credit Facility | $172000 | $172000 | $— | $— | $— |
| **Total Debt Obligations** | $**172000** | $**172000** | $**—** | $**—** | $**—** |

---

**NatWest Credit Facility**

The following wholly-owned subsidiaries of Partners Group Lending Fund, LLC have entered into secured financing facilities as of June 30, 2025: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC (each, an "SPV" and collectively, the "SPVs").

On February 14, 2024, the SPVs entered into a senior secured revolving credit agreement (as amended, the "NatWest Credit Agreement" or "NatWest Credit Facility") as Borrowers, with Partners Group Lending Fund, LLC, as Parent, State Street Bank and Trust Company ("State Street"), as Facility Agent and Collateral Agent, and NatWest Markets Plc ("NatWest") as Arranger and Lender. The original facility amount under the NatWest Credit Agreement was $175.0 million. On May 7, 2024, the Fund entered into Amendment No.1 to the NatWest Credit Agreement. Under Amendment No. 1 the total facility amount under the NatWest Credit Facility was increased to $275 million. On January 14, 2025, the Fund entered into Amendment No. 2 to the NatWest Credit Agreement, to, among other things, amend the applicable margins of (1) EUR borrowings from 2.55% to 2.30% per annum, (2) GBP borrowings from 2.65% to 2.30% per annum, (3) USD borrowings from 2.85% to 2.40% per annum, (4) CAD borrowings from 3.15% to 2.70% per annum, and (5) AUD borrowings from 3.00% to 2.70% per annum. The NatWest Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2025, the Fund was in compliance with all covenants and other requirements of the NatWest Credit Facility.

Advances under the NatWest Credit Facility bear interest at a per annum rate equal to, in the case of U.S. Dollar advances, SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for the currency plus an applicable margin 2.55% to 3.15% depending on the nature of the advances being requested. The Fund pays an unused commitment fee of 80 basis points (0.80%) per annum if the unused amount is greater than 50% of the facility amount, 70 basis points (0.70%) per annum if the unused amount is between 30% and 50% of the facility amount, and 65 basis points (0.65%) per annum if the unused amount is less than or equal to 30% of the facility amount. The stated maturity date is February 14, 2035.

As of June 30, 2025 and December 31, 2024, there were $206.0 million and $172.0 million of borrowings outstanding under the NatWest Credit Facility, respectively. The components of interest expense related to the NatWest Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months <br> ended June 30, 2025** | **For the six months <br> ended June 30, 2024** |
| Borrowing interest expense | $6446 | $3020 |
| Commitment and Facility fees | 345 | 395 |
| Amortization of deferred financing costs | 177 | 202 |
| **Total interest and debt financing expense** | $**6968** | $**3617** |

---

For the six months ended June 30, 2025 and June 30, 2024, the Fund had total average debt of $189.6 million at a weighted average interest rate of 6.86% and $117.4 million at a weighted average interest of 6.82%, respectively.

**MUFG Credit Facility**

On September 22, 2023, the Fund entered into credit facility agreement (the "MUFG Credit Facility") as Borrower, with Standard Chartered Bank, as Agent, Partners Group Access Finance Limited, as Obligors' Agent, and MUFG Bank Ltd., as Lender. The facility amount under the MUFG Credit Facility is $80.0 million. The MUFG Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of December 31, 2023, the Fund was in compliance with all covenants and other requirements of the MUFG Credit Facility.

Advances under the MUFG Credit Facility bear interest at a per annum rate equal to 2.05%. The Fund pays commitment fee of 30 basis points (0.30%) per annum. The stated maturity date is September 20, 2024. In September 2024, the MUFG Credit Facility was repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

As of June 30, 2025 and December 31, 2024, there were $0 million and $0 million of borrowings outstanding under the MUFG Credit Facility, respectively. The components of interest expense related to the MUFG Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br> June 30, 2025** | **For the six months ended<br> June 30, 2024** |
| Borrowing interest expense | $— | $2627 |
| Commitment and Facility fees |  | 15 |
| Amortization of deferred financing costs |  | 120 |
| **Total interest and debt financing expense** | $— | $**2762** |

---

For the six months ended June 30, 2025 and June 30, 2024, the Fund had total average debt of $0 million at a weighted average interest rate of 0% and $9.6 million at a weighted average interest of 55.18%, respectively.

**Bridge Loans**

In December 2023, the Fund entered into bridge loan agreements (the "Bridge Loans") with a related party of the Fund, Partners Group Finance CHF IC Limited (the "Lender").

Advances under the Bridge Loans bear interest at the "Interest Rate" plus the "Margin. The Interest Rate is the greater of i) the prevailing reference rate of applicable currencies or any replacement reference rate as reasonably determined by the Lender or ii) 0.00%. The Margin is composed of the following two elements: A) a fixed component of 180 basis points and B) a variable component which compensates the cost of hedging, except for CHF-denominated loans for which no hedging costs will be added to the Margin. In 2024, all Bridge Loans were repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

As of June 30, 2025 and December 31, 2024, there were $0 million and $0 million of borrowings outstanding under the Bridge Loans, respectively. The components of interest expense related to the Bridge Loans were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months <br> ended June 30, 2025** | **For the six months <br> ended June 30, 2024** |
| Borrowing interest expense | $— | $316 |
| **Total interest and debt financing expense** | $**—** | $**316** |

---

For the six months ended June 30, 2025 and June 30, 2024, the Fund had total average debt of $0 million at a weighted average interest rate of 0% and $30.1 million at a weighted average interest of 7.38%, respectively.

**Note 7. Commitments & Contingencies** 

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

The Fund's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded delayed draw term loans, revolvers and term loans:

---

| | |
|:---|:---|
|  | **Par Value as of <br> June 30, 2025** |
| Unfunded delayed draw commitments | $46248 |
| Unfunded revolving commitments | 27078 |
| Unfunded term loans | 2067 |
| **Total unfunded commitments** | $**75393** |

---

---

| | |
|:---|:---|
|  | **Par Value as of <br> December 31, 2024** |
| Unfunded delayed draw commitments | $52440 |
| Unfunded revolving commitments | 23541 |
| Unfunded term loans | 753 |
| **Total unfunded commitments** | $**76734** |

---

From time to time, the Fund may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025 and December 31, 2024, management is not aware of any pending or threatened material litigation.

**Note 8. Segment Reporting**

The Fund operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and preferred equity. The chief operating decision maker ("CODM") is comprised of the Fund's lead portfolio managers and the Fund's President and Chief Financial Officer. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund's portfolio composition, total returns, expense ratios and changes in net assets are used by the CODM to assess segment performance and make sure resource allocations are consistent with the information presented within the Fund's consolidated financial statements. The accompanying consolidated financial statements detail the Fund's segment assets, liabilities, revenues, and expenses.

**Note 9. Net Assets** 

***Equity Issuance***

During the six months ended June 30, 2025, the Fund received $40.0 million in proceeds relating to the issuance of common units for subscriptions. $3.6 million of the $40.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Advisor and the Fund.

During the year ended December 31, 2024, the Fund received $160.0 million in proceeds relating to the issuance of common units for subscriptions. $14.5 million of the $160.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Advisor and the Fund.

Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase units up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The Adviser, however, may waive the minimum Capital Commitment at its discretion. As of June 30, 2025, the Fund had total Capital Commitments of $275 million, of which 26.9% or $74 million is unfunded. As of December 31, 2024, the Fund had total Capital Commitments of $275 million, of which 41.5% or $114 million is unfunded.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund's expenses, including fees under the Investment Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total units issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the June 30, 2025 and June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** <br> **June 30, 2025** | **For the six months ended** <br> **June 30, 2025** |
| **<u>Period Ended</u>** | **Units** | **Amount** |
| June 30 | 5051244 | $40000 |
| **Total capital drawdowns** | **5051244** | $**40000** |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** <br> **June 30, 2024** | **For the six months ended** <br> **June 30, 2024** |
| **<u>Period Ended</u>** | **Units** | **Amount** |
| June 30 | 12576218 | $90000 |
| **Total capital drawdowns** | **12576218** | $**90000** |

---

***Distributions***

For the six months ended June 30, 2025 and for the six months ended June 30, 2024, the Fund did not make any distributions.

**Note 10. Tax Information**

Partners Group Lending Fund, LLC is classified as an association taxable as a Corporation for U.S. federal tax purposes. Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC are treated as disregarded entities and, as such, all activities at these entities shall be reported and taxed on Partners Group Lending Fund, LLC's U.S. federal tax return. In accordance with U.S. federal tax laws, Partners Group Lending Fund, LLC's taxable income is subject to federal taxes at a 21% rate and state taxes at a 0% rate. The Fund has recorded $0 unrecognized tax benefits as of June 30, 2025 and December 31, 2024, and has not accrued any interest or penalties related to unrecognized tax benefits in income tax expense.

As of June 30, 2025 and December 31, 2024, for U.S. federal income tax purposes, the Fund's aggregate unrealized appreciation and depreciation on its investments based on cost were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Tax Cost | $401595 | $326737 |
| Gross unrealized appreciation | 1929 | 2041 |
| Gross unrealized depreciation | (777) | (313) |
| **Net unrealized investment appreciation** | $**1152** | $**1728** |

---

The tax cost of the Fund's investments as of June 30, 2025, and December 31, 2024, approximates their amortized cost.

**Note 11. Consolidated Financial Highlights**

Below is the schedule of financial highlights of the Fund for the six months ended June 30, 2025, and June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the six months <br> ended** | **For the six months <br> ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Per Unit Data:**<sup>(1)(2)</sup>** | **Per Unit Data:**<sup>(1)(2)</sup>** | **Per Unit Data:**<sup>(1)(2)</sup>** |
| Net asset value, beginning of period <sup>(1)(2)</sup> | $7.68 | $6.44 |
| Issuance of units |  |  |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)(2)</sup> | 0.35 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(1)(2)</sup> | (0.02) | 0.43 |
| Net increase (decrease) in net assets resulting from operations<sup>(1)(2)</sup> | 0.33 | 0.94 |
| Distributions to members<sup>(3)</sup><sup>(1)(2)(3)</sup> |  |  |
| Net asset value, end of period<sup>(1)(2)</sup> | $8.01 | $7.38 |
| Units outstanding, end of period | 27087435 | 12776218 |
| Total return based on NAV <sup>(4)(5)</sup> | 3.64% | 3.28% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $216893 | $94285 |
| Ratio of total expenses before incentive fees to average net assets <sup>(6)</sup> | 11.09% | 54.89% |
| Ratio of total expenses after incentive fees to average net assets<sup>(6)</sup> | 11.27% | 56.04% |
| Ratio of net investment income (loss) before waivers to average net assets<sup>(6)</sup> | 9.13% | 12.40% |
| Ratio of net investment income (loss) after waivers to average net assets<sup>(6)</sup> | 9.13% | 12.40% |
| Ratio of incentive fees to average net assets<sup>(5)</sup> | 0.18% | 1.15% |
| Portfolio turnover rate<sup>(5)</sup> | 5.39% | 0.60% |
| Asset coverage ratio<sup>(7)</sup> | 205.29% | 147.38% |

---

(1) The per unit data was derived by using the weighted average units outstanding during the applicable period.

(2) Ratios calculated with Net Assets excluding the Non-Controlling Interest.

(3) The per unit data for distributions is the actual amount of distributions paid or payable per common unit outstanding during the entire
period.

(4) Total return based on NAV is calculated as the change in NAV per unit during the respective periods, assuming dividends and distributions,
if any, are reinvested in accordance with the Fund's dividend reinvestment plan.

(5) Not annualized.

(6) Annualized, except for incentive fees.

(7) Asset coverage ratio is equal to (i) total assets, less liabilities excluding indebtedness represented by senior securities, divided
by (ii) the aggregate amount of senior securities representing indebtedness at the end of the period.

**Note 12. Subsequent Events**

The Fund's management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these consolidated financial statements.

![](image_001.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Managers and Members of Partners Group Lending Fund, LLC

***Opinion on the Financial Statements***

 ****

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Partners Group Lending Fund, LLC and its subsidiaries (the "Fund") as of December 31, 2024 and 2023, and the related consolidated statements of operations, of changes in net assets and of cash flows, including the related notes for the year ended December 31, 2024 and the period from September 1, 2023 (commencement of operations) to December 31, 2023 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in its net assets and its cash flows for the year ended December 31, 2024 and the period from September 1, 2023 (commencement of operations) to December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

 ****

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 and December 31, 2023 by correspondence with the custodian, portfolio company investees, private equity funds or agent banks; when replies were not received from the custodian, portfolio company investees, private equity funds or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Dallas, Texas

April 30, 2025

We have served as the auditor of one or more investment companies in the Partners Group investment company group since 2010.

PricewaterhouseCoopers LLP, 2121 North Pearl Street, Suite 2000, Dallas, Texas 75201

T: (214) 999 1400, www.pwc.com/us

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Assets and Liabilities**

***(in thousands, except per unit amounts)***

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31, 2024** | **As of<br> December 31, 2023** |
| **ASSETS** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $326,737 and $78,601 at December 31, 2024 and December 31, 2023, respectively) | $328465 | $78850 |
| Total investments, at fair value (cost of $326,737 and $78,601 at December 31, 2024 and December 31, 2023, respectively) | 328465 | 78850 |
| Cash | 2999 | 362 |
| Cash equivalents | 11331 | 4357 |
| Cash denominated in foreign currencies (cost of $116 and $10 at December 31, 2024 and December 31, 2023, respectively) | 114 | 11 |
| Receivable for investments sold | 452 | 17 |
| Interest receivable | 3686 | 989 |
| Deferred financing costs | 399 | 180 |
| **Total assets** | $347446 | $84766 |
| **LIABILITIES** |  |  |
| Debt | $172000 | $58438 |
| Related party debt |  | 24600 |
| Interest and borrowing expenses payable | 2411 | 213 |
| Interest and other debt expenses payable for related party debt |  | 71 |
| Incentive fee payable | 880 | 32 |
| Management fees payable | 425 | 3 |
| Administrator and custodian fees payable | 25 | 5 |
| Professional fees payable | 210 | 26 |
| Current income tax liability | 1930 | 29 |
| Deferred income tax liability | 224 | 47 |
| Accrued expenses and other liabilities | 74 | 15 |
| **Total liabilities** | $178179 | $83479 |
| **Commitments and Contingencies (Note 7)** |  |  |
| Paid-in capital | 161000 | 1000 |
| Distributable earnings | 8267 | 287 |
| **Net assets** | $169267 | $1287 |
| **Total liabilities and net assets** | $347446 | $84766 |
| **Net asset value per Unit** | $7.68 | $6.44 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Operations**

***(in thousands, except per unit amounts)***

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2024** | **For the Period**<br> **from September 1, 2023**<br> **(commencement of**<br> **operations) to**<br> **December 31, 2023** |
| **Investment Income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $25740 | $1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 476 | 1 |
| **Total investment income** | 26216 | 1129 |
| **Expenses:** |  |  |
| Interest and borrowing expenses | 13810 | 783 |
| Interest and borrowing expenses on related party debt | 316 | 71 |
| Management fees | 1063 | 3 |
| Incentive fee | 880 | 32 |
| Organization expenses | 505 |  |
| Professional fees | 435 | 82 |
| Administration and custodian fees | 21 | 5 |
| Offering costs | 295 |  |
| Current tax expense | 1919 | 29 |
| Other expenses | 305 | 40 |
| **Total expenses** | 19549 | 1045 |
| **Net investment income** | 6667 | 84 |
| **Net realized and change in unrealized gains (losses) on investment transactions:** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 22 | 1 |
| Net change in unrealized appreciation (depreciation) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 1479 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | (177) | (47) |
| Net realized and change in unrealized gains (losses) on investment transactions | 1313 | 203 |
| Net increase (decrease) in net assets resulting from operations | $7980 | $287 |
| Net investment income per unit | $0.64 | $0.42 |
| Increase in net assets resulting from operations per unit | $0.77 | $1.44 |
| Weighted average units outstanding | 10412428 | 200000 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Changes in Net Assets**

***(in thousands)***

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2024** | **For the Period**<br> **from September 1, 2023**<br> **(commencement of**<br> **operations) to**<br> **December 31, 2023** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |
| Net investment income | $6667 | $84 |
| Net realized gain (loss) | 29 | 1 |
| Net change in unrealized appreciation (depreciation) | 1284 | 202 |
| **Net increase (decrease) in net assets resulting from operations** | $7980 | $287 |
| **Net increase (decrease) in net assets resulting from Unit transactions:** |  |  |
| Proceeds from Units sold | $160000 | $1000 |
| **Net increase (decrease) in net assets from Unit transactions** | $160000 | $1000 |
| **Total increase (decrease) in net assets** | $167980 | $1287 |
| **Net Assets, beginning of period** | 1287 |  |
| **Net Assets, end of period** | $**169267** | $**1287** |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Statements of Cash Flows**

***(in thousands)***

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2024** | **For the Period**<br> **from September 1, 2023**<br> **(commencement of**<br> **operations) to**<br> **December 31, 2023** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $7980 | $287 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (255013) | (78948) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (275) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 7806 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency | (22) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (1479) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (647) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 640 | 60 |
| Change in operating assets and liabilities: |  |  |
| Receivable for investments sold | (435) | (17) |
| Interest receivable | (2697) | (989) |
| Interest and borrowing expenses payable | 2198 | 213 |
| Interest and borrowing expenses payable for related party debt | (71) | 71 |
| Incentive fee payable | 848 | 32 |
| Management fees payable | 422 | 3 |
| Administrator and custodian fees payable | 20 | 5 |
| Professional fees payable | 184 | 26 |
| Current income tax liability | 1901 | 29 |
| Deferred income tax liability | 177 | 47 |
| Accrued expenses and other liabilities | 59 | 15 |
| Net cash provided by (used in) operating activities | (238393) | (79069) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Units | 160000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (859) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of debt | 213500 | 58438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (99938) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of related party debt | 15750 | 24600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of related party debt | (40350) |  |
| Net cash provided by (used in) financing activities | 248103 | 83798 |
| **Net increase (decrease) in cash and cash equivalents** | 9710 | 4729 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 4 | 1 |
| Cash and cash equivalents and cash denominated in foreign currencies at beginning of period | 4730 |  |
| **Cash and cash equivalents and cash denominated in foreign currencies, end of period<sup>(1)</sup>** | $14444 | $4730 |
| **Supplemental and non-cash activities** |  |  |
| Cash paid during the period for interest | $11359 | $510 |
| Tax paid during the period | 18 |  |
| Non-cash investment restructures | 19093 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of December 31, 2024, the balance includes $2,999 in cash, $11,331 in cash equivalents, and $114
 in cash denominated in foreign currencies. As of December 31, 2023, the balance included $362 in cash, $4,357 in cash equivalents, and $11
 in cash denominated in foreign currencies.

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference Rate and Spread<sup>(2)</sup>**  | **Interest Rate<sup>(2)</sup>** | **Acquisition Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated** | **Investments—non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Govcio Buyer Company <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 7/9/2024 | 7/9/2031 | $10565 | $10414 | $10447 | 6.17% |
|  |  |  |  |  |  | 10414 | 10447 | 6.17 |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 12/19/2023 | 12/19/2029 | 649 | (11) | (11) | (0.01) |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 1297 | 522 | 531 | 0.31 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 3086 | 3032 | 3086 | 1.82 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 12/19/2023 | 12/19/2029 | 643 | 632 | 643 | 0.38 |
|  |  |  |  |  |  | 4175 | 4249 | 2.50 |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 10/15/2024 | 1/31/2031 | 4956 | 4883 | 4888 | 2.89 |
| PMA Parent Holdings, LLC <sup>(4) (5) (6)</sup> | S + 6.00% |  | 10/15/2024 | 1/31/2031 | 1478 |  |  |  |
| Rialto Management Group, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 12/5/2024 | 12/5/2030 | 224 | (2) | (2) |  |
| Rialto Management Group, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.53% | 12/5/2024 | 12/5/2030 | 6482 | 6417 | 6417 | 3.79 |
|  |  |  |  |  |  | 11298 | 11303 | 6.68 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 10/11/2024 | 10/13/2031 | 3879 | 168 | 167 | 0.10 |
| Cobalt Service Partners, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 10/11/2024 | 10/13/2031 | 2250 | 2228 | 2227 | 1.32 |
| Cobalt Service Partners, LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 10/11/2024 | 10/13/2031 | 465 | (5) | (5) |  |
|  |  |  |  |  |  | 2391 | 2389 | 1.42 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% |  | 3/26/2024 | 3/26/2031 | 785 | (11) | (11) | (0.01) |
| Nelipak Holding Company <sup>(4) (5) (6)</sup> | S + 5.50% | 9.86% | 3/26/2024 | 3/26/2031 | 879 | 358 | 357 | 0.21 |
| Nelipak Holding Company <sup>(5) (6)</sup> | S + 5.50% | 9.86% | 3/26/2024 | 3/26/2031 | 2023 | 1995 | 1992 | 1.18 |
|  |  |  |  |  |  | 2342 | 2338 | 1.38 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Club Car Wash Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.50% | 10.35% | 7/31/2024 | 6/16/2027 | 3356 | 1229 | 1254 | 0.73 |
|  |  |  |  |  |  | 1229 | 1254 | 0.73 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.27% | 12/22/2023 | 7/20/2029 | 7792 | 7663 | 7717 | 4.56 |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 12/22/2023 | 7/20/2029 | 6651 | 6537 | 6587 | 3.89 |
|  |  |  |  |  |  | 14200 | 14304 | 8.45 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.76% | 10/19/2023 | 10/16/2029 | 1486 | 275 | 276 | 0.16 |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.78% | 10/19/2023 | 10/16/2029 | 743 | 147 | 149 | 0.09 |
| Mobile Communications America, Inc. <sup>(5) (6)</sup> | S + 5.25% | 9.78% | 10/19/2023 | 10/16/2029 | 4564 | 4506 | 4564 | 2.70 |
|  |  |  |  |  |  | 4928 | 4989 | 2.95 |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |
| Kene Acquisition, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 2/8/2024 | 2/7/2031 | 710 | (13) | (13) | (0.01) |
| KENE Acquisition, Inc. (aka Entrust) <sup>(5) (6)</sup> | S + 5.25% | 9.84% | 2/8/2024 | 2/7/2031 | 5319 | 5222 | 5249 | 3.10 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/ <br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Energy Equipment & Services (continued)** |  |  |  |  |  |  |  |  |
| KENE Acquisition, Inc. (aka Entrust) <sup>(4) (5) (6)</sup> | S + 5.25% | 9.84% | 2/8/2024 | 2/7/2031 | $2365 | $226 | $224 | 0.13% |
|  |  |  |  |  |  | 5435 | 5460 | 3.22 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(4) (5) (6)</sup> | S + 4.75% |  | 9/5/2024 | 9/8/2031 | 879 | (8) | (8) |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.26% | 9/5/2024 | 9/8/2031 | 5187 | 5136 | 5144 | 3.04 |
|  |  |  |  |  |  | 5128 | 5136 | 3.04 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1878 | (16) | (16) | (0.01) |
| YI, LLC <sup>(5) (6)</sup> | S + 5.75% | 10.39% | 12/1/2023 | 12/1/2029 | 8923 | 8769 | 8566 | 5.06 |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1408 | (23) | (23) | (0.01) |
|  |  |  |  |  |  | 8730 | 8527 | 5.04 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| AAH Topco., LLC <sup>(4) (5) (6)</sup> | S + 6.00% | 9.71% | 11/1/2023 | 12/22/2027 | 8274 | 5457 | 5503 | 3.25 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 5/30/2024 | 5/30/2030 | 895 | (12) | (12) | (0.01) |
| Maple Acquisition, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.53% | 5/30/2024 | 5/30/2031 | 6264 | 6175 | 6169 | 3.64 |
| Maple Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 5/30/2024 | 5/30/2031 | 1193 | (16) | (16) | (0.01) |
| Phynet Dermatology LLC <sup>(5) (6)</sup> | S + 6.50% | 11.12% | 10/20/2023 | 10/20/2029 | 11583 | 11379 | 11583 | 6.84 |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 10/20/2023 | 10/20/2029 | 5375 | (87) | (87) | (0.05) |
| Phynet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% | 11.09% | 10/20/2023 | 10/20/2029 | 670 | 537 | 546 | 0.32 |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.61% | 5/29/2024 | 5/5/2028 | 1150 | 106 | 106 | 0.06 |
| Premier Care Dental Management, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 9.61% | 5/31/2024 | 8/5/2028 | 5752 | 2096 | 2116 | 1.25 |
| Ruby Buyer, LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 12/21/2023 | 12/21/2029 | 1544 | (32) | (32) | (0.02) |
| Ruby Buyer, LLC <sup>(5) (6)</sup> | S + 6.50% | 10.84% | 12/21/2023 | 12/21/2029 | 14560 | 14242 | 14560 | 8.60 |
|  |  |  |  |  |  | 39845 | 40436 | 23.87 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Datix Bidco Limited <sup>(5) (6)</sup> | S + 5.50% | 9.93% | 4/19/2024 | 4/30/2031 | 9839 | 9656 | 9696 | 5.73 |
| Fort B.V. <sup>(5) (6)</sup> | S + 6.00% | 11.21% | 1/12/2024 | 1/12/2034 | 19261 | 19113 | 19261 | 11.37 |
| RLDatix Holdings (USA), Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 4/19/2024 | 4/25/2031 | 2067 | (38) | (38) | (0.02) |
|  |  |  |  |  |  | 28731 | 28919 | 17.08 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 12/5/2023 | 11/1/2029 | 472 | (1) | (1) |  |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.34% | 12/5/2023 | 11/1/2029 | 2100 | 2093 | 2103 | 1.24 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 12/5/2023 | 11/1/2029 | 2347 | 2340 | 2350 | 1.39 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 4.75% | 9.34% | 12/5/2023 | 11/1/2029 | 16805 | 16751 | 16826 | 9.93 |
|  |  |  |  |  |  | 21183 | 21278 | 12.56 |
| **IT Services** |  |  |  |  |  |  |  |  |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 5.00% | 9.33% | 6/3/2024 | 10/4/2030 | 3839 | 109 | 112 | 0.07 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 5.00% | 9.33% | 6/3/2024 | 10/4/2030 | 955 | 946 | 964 | 0.57 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 5.50% | 9.83% | 10/6/2023 | 10/4/2030 | 5613 | 5491 | 5670 | 3.35 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 6.00% | 9.83% | 10/6/2023 | 10/4/2030 | 4538 | 4440 | 4584 | 2.71 |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 6.00% | 9.83% | 10/6/2023 | 10/4/2030 | 1103 | 125 | 128 | 0.08 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest<br> Rate<sup>(2)</sup>** | **Acquisition<br> Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **IT Services (continued)** |  |  |  |  |  |  |  |  |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/23/2024 | 8/2/2030 | $2623 | $(18) | $(18) | (0.01)% |
| Diligent Corporation <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/23/2024 | 8/4/2030 | 1748 | (12) | (12) | (0.01) |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 10.09% | 4/23/2024 | 8/2/2030 | 15298 | 15192 | 15298 | 9.04 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) <sup>(5) (6)</sup> | S + 5.00% | 10.09% | 4/23/2024 | 8/2/2030 | 2623 | 2604 | 2616 | 1.55 |
|  |  |  |  |  |  | 28877 | 29342 | 17.35 |
| **Machinery** |  |  |  |  |  |  |  |  |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.17% | 11/22/2024 | 12/14/2028 | 819 | 819 | 815 | 0.48 |
| CSAFE Acquisition Company, Inc. <sup>(4) (5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 3/8/2029 | 1995 | 1452 | 1450 | 0.86 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 12/14/2028 | 953 | 944 | 949 | 0.56 |
| CSAFE Acquisition Company, Inc. <sup>(5) (6)</sup> | S + 5.75% | 10.50% | 3/8/2024 | 12/14/2028 | 11309 | 11284 | 11263 | 6.65 |
|  |  |  |  |  |  | 14499 | 14477 | 8.55 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| People Corporation <sup>(4) (5) (6)</sup> | C + 5.00% |  | 12/18/2024 | 2/18/2028 | 3957 | (54) | (69) | (0.04) |
| Riverside Assessments, LLC <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 3/19/2024 | 3/19/2031 | 7907 | 7762 | 7764 | 4.59 |
| Riverside Assessments, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 3/19/2024 | 3/19/2031 | 1149 | (21) | (21) | (0.01) |
|  |  |  |  |  |  | 7687 | 7674 | 4.54 |
| **Software** |  |  |  |  |  |  |  |  |
| Aptean Acquiror Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.59% | 1/30/2024 | 1/30/2031 | 498 | 127 | 129 | 0.07 |
| Aptean Acquiror Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.59% | 1/30/2024 | 1/30/2031 | 8029 | 7964 | 8060 | 4.76 |
| Aptean Acquiror Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 1/30/2024 | 1/30/2031 | 673 | (6) | (6) |  |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% |  | 8/9/2024 | 8/11/2031 | 3375 | (16) | (16) | (0.01) |
| Ascend Partner Services LLC <sup>(5) (6)</sup> | S + 4.50% | 8.86% | 8/9/2024 | 8/11/2031 | 1964 | 1946 | 1948 | 1.15 |
| Ascend Partner Services LLC <sup>(4) (5) (6)</sup> | S + 4.50% | 8.84% | 8/9/2024 | 8/11/2031 | 675 | 399 | 399 | 0.24 |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 517 | (2) | (2) |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 5/10/2024 | 10/1/2029 | 3207 | 3200 | 3198 | 1.89 |
| Bullhorn, Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 5/10/2024 | 10/1/2029 | 1604 | (4) | (4) |  |
| Bullhorn, Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 7/9/2024 | 10/1/2029 | 7711 | 7711 | 7711 | 4.56 |
| GS AcquisitionCo, Inc. <sup>(5) (6)</sup> | S + 5.25% | 9.58% | 5/23/2024 | 5/25/2028 | 5948 | 5948 | 5940 | 3.51 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.58% | 3/26/2024 | 5/25/2028 | 677 | 149 | 149 | 0.09 |
| GS AcquisitionCo, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 3/26/2024 | 5/25/2028 | 513 | (2) | (2) |  |
| IQN Holding Corp. <sup>(5) (6)</sup> | S + 5.25% | 9.76% | 10/30/2024 | 5/2/2029 | 3562 | 3567 | 3550 | 2.10 |
| IQN Holding Corp. <sup>(4) (5) (6)</sup> | S + 5.25% | 9.76% | 10/30/2024 | 5/2/2028 | 285 | 112 | 112 | 0.07 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 5/23/2024 | 2/10/2027 | 11003 | 11003 | 11031 | 6.52 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 12/21/2023 | 2/10/2027 | 1332 | 68 | 66 | 0.04 |
| MRI Software LLC <sup>(5) (6)</sup> | S + 4.75% | 9.08% | 5/23/2024 | 2/10/2027 | 1386 | 1386 | 1390 | 0.82 |
| MRI Software LLC <sup>(4) (5) (6)</sup> | S + 4.75% | 9.08% | 9/4/2024 | 2/10/2027 | 1560 | 149 | 149 | 0.09 |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/22/2024 | 4/22/2031 | 1985 | (18) | (18) | (0.01) |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 12/30/2024 | 4/22/2031 | 1587 |  |  |  |
| OEConnection LLC <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 4/22/2024 | 4/22/2031 | 18199 | 18030 | 18165 | 10.73 |
| OEConnection LLC <sup>(4) (5) (6)</sup> | S + 5.00% |  | 4/22/2024 | 4/22/2031 | 3175 | (29) | (29) | (0.02) |
| Optimizely North America Inc. <sup>(4) (5) (6)</sup> | S + 5.00% |  | 10/30/2024 | 10/30/2031 | 2745 | (27) | (27) | (0.02) |
| Optimizely North America Inc. <sup>(5) (6)</sup> | S + 5.00% | 9.36% | 10/30/2024 | 10/30/2031 | 15612 | 15459 | 15468 | 9.14 |
| PDI TA Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% | 10.00% | 2/6/2024 | 2/3/2031 | 1234 | 684 | 680 | 0.40 |
| PDI TA Holdings, Inc. <sup>(5) (6)</sup> | S + 5.50% | 10.09% | 2/6/2024 | 2/3/2031 | 5287 | 5244 | 5236 | 3.09 |
| PDI TA Holdings, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 2/6/2024 | 2/3/2031 | 547 | (5) | (5) |  |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount/<br> Units<sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** | **Investments—non-controlled/non-affiliated (continued)** |
| **Software (continued)** |  |  |  |  |  |  |  |  |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 10/1/2024 | 10/1/2031 | $617 | $(6) | $(6) | —% |
| Severin Acquisition, LLC <sup>(5) (6)</sup> | S + 2.75% | 7.11% | 10/1/2024 | 10/1/2031 | 2945 | 2917 | 2949 | 1.74 |
| Severin Acquisition, LLC <sup>(4) (5) (6)</sup> | S + 4.75% |  | 10/1/2024 | 10/1/2031 | 370 | (4) | (4) |  |
| Sonatype, Inc. <sup>(5) (6)</sup> | S + 5.50% | 10.01% | 12/19/2024 | 1/19/2028 | 4609 | 4597 | 4597 | 2.72 |
|  |  |  |  |  |  | 90541 | 90808 | 53.67 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| PT Intermediate Holdings III, LLC <sup>(4) (5) (6)</sup> | S + 3.25% |  | 4/3/2024 | 4/9/2030 | 1366 | (3) | (3) |  |
| PT Intermediate Holdings III, LLC <sup>(5) (6)</sup> | S + 3.25% | 7.58% | 4/3/2024 | 4/9/2030 | 20365 | 20321 | 20365 | 12.03 |
|  |  |  |  |  |  | 20318 | 20362 | 12.03 |
| **Total North America** |  |  |  |  |  | $321951 | $323692 | 191.23% |
| **Europe** |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |
| **Insurance** |  |  |  |  |  |  |  |  |
| Ardonagh Midco 3 PLC <sup>(5) (6)</sup> | S + 4.75% | 9.90% | 2/29/2024 | 2/17/2031 | 3478 | 3431 | 3430 | 2.03 |
|  |  |  |  |  |  | 3431 | 3430 | 2.03 |
| **Total Europe** |  |  |  |  |  | $3431 | $3430 | 2.03% |
| **Total Senior Secured Debt** |  |  |  |  |  | $325382 | $327122 | 193.26% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Eclipse Buyer, Inc. <sup>(5) (6)</sup> |  | 12.50% | 9/5/2024 | 12/16/2054 | 1383 | 1355 | 1343 | 0.79 |
|  |  |  |  |  |  | 1355 | 1343 | 0.79 |
| **Total Preferred Equity** |  |  |  |  |  | $1355 | $1343 | 0.79% |
| **Total Investments—non-controlled/non-affiliated** | **Total Investments—non-controlled/non-affiliated** |  |  |  |  | $326737 | $328465 | 194.05% |
| **Total Portfolio Investments** |  |  |  |  |  | $326737 | $328465 | 194.05% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| BlackRock Liquidity Funds - Treasury Trust Fund |  | 4.32% |  |  | 11331 | 11331 | 11331 | 6.69 |
| **Total Cash Equivalents** |  |  |  |  |  | $11331 | $11331 | 6.69% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $338068 | $339796 | 200.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, issuers of debt investments held by the Fund (which such term "Fund" shall include the Fund's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or SOFR including SOFR adjustment, if any, ("S"), which generally resets periodically. C and S loans are typically indexed to 12 month, 6 month, 3 month, or 1 month C or S rates. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments & Contingencies".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2024**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment**<br> **Expiration Date** | **Unfunded** | **Total Commitment <br> Fair Value** |
| AAH Topco., LLC | Delayed Draw Term Loan | 12/22/2027 | $2696 | $(40) |
| Accession Risk Management Group, Inc. | Revolver | 11/1/2029 | 472 | (1) |
| Aptean Acquiror Inc. | Delayed Draw Term Loan | 1/30/2031 | 367 | (2) |
| Aptean Acquiror Inc. | Revolver | 1/30/2031 | 673 | (6) |
| Ascend Partner Services LLC | Delayed Draw Term Loan | 8/11/2031 | 3375 | (16) |
| Ascend Partner Services LLC | Revolver | 8/11/2031 | 270 | (3) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 10/1/2029 | 1604 | (4) |
| Bullhorn, Inc. | Revolver | 10/1/2029 | 517 | (2) |
| Cedar Services Group, LLC | Delayed Draw Term Loan | 10/4/2030 | 3695 | (34) |
| Cedar Services Group, LLC | Revolver | 10/4/2030 | 954 | (20) |
| Club Car Wash Operating, LLC | Delayed Draw Term Loan | 6/16/2027 | 2098 | (18) |
| Cobalt Service Partners, LLC | Delayed Draw Term Loan | 10/13/2031 | 3692 | (18) |
| Cobalt Service Partners, LLC | Revolver | 10/13/2031 | 465 | (5) |
| CSAFE Acquisition Company, Inc. | Revolver | 3/8/2029 | 539 | (1) |
| Diligent Corporation | Delayed Draw Term Loan | 8/2/2030 | 2623 | (18) |
| Diligent Corporation | Revolver | 8/4/2030 | 1748 | (12) |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/8/2031 | 879 | (8) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 5/25/2028 | 527 | (1) |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 513 | (2) |
| High Bar Brands Operating, LLC | Revolver | 12/19/2029 | 649 | (11) |
| High Bar Brands Operating, LLC | Term Loan | 12/19/2029 | 753 | (13) |
| IQN Holding Corp. | Revolver | 5/2/2028 | 174 |  |
| Kene Acquisition, Inc. | Revolver | 2/7/2031 | 710 | (12) |
| KENE Acquisition, Inc. (aka Entrust) | Delayed Draw Term Loan | 2/7/2031 | 2119 | (19) |
| Maple Acquisition, LLC | Delayed Draw Term Loan | 5/30/2031 | 1193 | (16) |
| Maple Acquisition, LLC | Revolver | 5/30/2030 | 895 | (12) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2029 | 1202 | (7) |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 587 | (7) |
| MRI Software LLC | Delayed Draw Term Loan | 2/10/2027 | 1411 |  |
| MRI Software LLC | Revolver | 2/10/2027 | 1258 | (6) |
| Nelipak Holding Company | Delayed Draw Term Loan | 3/26/2031 | 785 | (11) |
| Nelipak Holding Company | Revolver | 3/26/2031 | 510 | (7) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 3175 | (29) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 1587 |  |
| OEConnection LLC | Revolver | 4/22/2031 | 1985 | (18) |
| Optimizely North America Inc. | Revolver | 10/30/2031 | 2745 | (27) |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 2/3/2031 | 545 | (2) |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 547 | (5) |
| People Corporation | Delayed Draw Term Loan | 2/18/2028 | 3957 | (69) |
| Phynet Dermatology LLC | Delayed Draw Term Loan | 10/20/2029 | 5375 | (87) |
| Phynet Dermatology LLC | Revolver | 10/20/2029 | 122 | (2) |
| PMA Parent Holdings, LLC | Revolver | 1/31/2031 | 1478 |  |
| Premier Care Dental Management, LLC | Delayed Draw Term Loan | 8/5/2028 | 3607 | (31) |
| Premier Care Dental Management, LLC | Revolver | 5/5/2028 | 1035 | (8) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/9/2030 | 1366 | (3) |
| Rialto Management Group, LLC | Revolver | 12/5/2030 | 224 | (2) |
| Riverside Assessments, LLC | Revolver | 3/19/2031 | 1149 | (21) |
| RLDatix Holdings (USA), Inc. | Delayed Draw Term Loan | 4/25/2031 | 2067 | (37) |
| Ruby Buyer, LLC | Revolver | 12/21/2029 | 1544 | (32) |
| Severin Acquisition, LLC | Delayed Draw Term Loan | 10/1/2031 | 617 | (6) |
| Severin Acquisition, LLC | Revolver | 10/1/2031 | 370 | (4) |
| YI, LLC | Delayed Draw Term Loan | 12/1/2029 | 1878 | (15) |
| YI, LLC | Revolver | 12/1/2029 | 1408 | (23) |
|  |  |  | $76734 | $(753) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities". As of December 31, 2024, the aggregate fair value of these securities is $328,465 or 194.05% of the Fund's net assets. See Note 2 "Significant Accounting Policies."

(6) The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments**

**December 31, 2023**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount <sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** | **Investments-non-controlled/non-affiliated** |
| **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** | **North America** |
| **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** | **Senior Secured Debt** |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% |  | 12/19/2023 | 12/19/2029 | $1299 | $(26) | $(26) | (2.02)% |
| High Bar Brands Operating, LLC <sup>(4) (5) (6)</sup> | S + 5.25% | 10.47% | 12/19/2023 | 12/19/2029 | 649 | 26 | 26 | 2.02 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 10.47% | 12/19/2023 | 12/19/2029 | 3117 | 3055 | 3055 | 237.37 |
| High Bar Brands Operating, LLC <sup>(5) (6)</sup> | S + 5.25% | 10.47% | 12/19/2023 | 12/19/2029 | 649 | 636 | 636 | 49.42 |
|  |  |  |  |  |  | 3691 | 3691 | 286.79 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/22/2023 | 7/21/2027 | 7792 | (155) | (37) | (2.87) |
| Dwyer Instruments, LLC <sup>(5) (6)</sup> | S + 5.75% | 11.09% | 12/22/2023 | 7/21/2027 | 6684 | 6551 | 6652 | 516.86 |
|  |  |  |  |  |  | 6396 | 6615 | 513.99 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 5.25% |  | 10/19/2023 | 10/16/2029 | 1487 | (11) | (23) | (1.79) |
| Mobile Communications America, Inc. <sup>(4) (5) (6)</sup> | S + 6.00% |  | 10/19/2023 | 10/16/2029 | 743 | (11) | (12) | (0.93) |
| Mobile Communications America, Inc. <sup>(5) (6)</sup> | S + 6.00% | 11.35% | 10/19/2023 | 10/16/2029 | 4610 | 4543 | 4539 | 352.68 |
|  |  |  |  |  |  | 4521 | 4504 | 349.96 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1878 | (19) | (19) | (1.48) |
| YI, LLC <sup>(4) (5) (6)</sup> | S + 5.75% |  | 12/1/2023 | 12/1/2029 | 1408 | (28) | (28) | (2.18) |
| YI, LLC <sup>(5) (6)</sup> | S + 5.75% | 11.09% | 12/1/2023 | 12/1/2029 | 9013 | 8835 | 8835 | 686.48 |
|  |  |  |  |  |  | 8788 | 8788 | 682.82 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| AAH TopCo, LLC <sup>(4) (5) (6)</sup> | S + 6.00% |  | 11/1/2023 | 12/22/2027 | 8296 | (159) | (159) | (12.35) |
| PhyNet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 10/20/2023 | 10/20/2029 | 5375 | (104) | (110) | (8.55) |
| PhyNet Dermatology LLC <sup>(4) (5) (6)</sup> | S + 6.50% | 11.88% | 10/20/2023 | 10/20/2029 | 670 | 37 | 36 | 2.80 |
| PhyNet Dermatology LLC <sup>(5) (6)</sup> | S + 6.50% | 11.99% | 10/20/2023 | 10/20/2029 | 11700 | 11473 | 11460 | 890.44 |
| Ruby Buyer, LLC <sup>(4) (5) (6)</sup> | S + 6.50% |  | 12/21/2023 | 12/21/2029 | 1544 | (38) | (38) | (2.95) |
| Ruby Buyer, LLC <sup>(5) (6)</sup> | S + 6.50% | 11.75% | 12/21/2023 | 12/21/2029 | 14670 | 14306 | 14305 | 1111.50 |
|  |  |  |  |  |  | 25515 | 25494 | 1980.89 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. <sup>(4) (5) (6)</sup> | S + 5.50% |  | 12/5/2023 | 11/1/2029 | 472 | (2) | (2) | (0.16) |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 5.50% | 11.03% | 12/5/2023 | 11/1/2029 | 2122 | 2114 | 2122 | 164.89 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 5.50% | 11.00% | 12/5/2023 | 11/1/2029 | 2371 | 2363 | 2371 | 184.23 |
| Accession Risk Management Group, Inc. <sup>(5) (6)</sup> | S + 5.50% | 11.03% | 12/5/2023 | 11/1/2029 | 16982 | 16919 | 16983 | 1319.58 |
|  |  |  |  |  |  | 21394 | 21474 | 1668.54 |
| **IT Services** |  |  |  |  |  |  |  |  |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 6.00% |  | 10/6/2023 | 10/4/2030 | 1103 | (27) | (28) | (2.18) |
| Cedar Services Group, LLC <sup>(4) (5) (6)</sup> | S + 6.00% | 11.38% | 10/6/2023 | 10/4/2030 | 4568 | 2882 | 2877 | 223.54 |
| Cedar Services Group, LLC <sup>(5) (6)</sup> | S + 6.00% | 11.35% | 10/6/2023 | 10/4/2030 | 5670 | 5533 | 5527 | 429.45 |
|  |  |  |  |  |  | 8388 | 8376 | 650.81 |

---

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Consolidated Schedule of Investments**

**December 31, 2023**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated <sup>(1)</sup>**  | **Reference <br> Rate and <br> Spread<sup>(2)</sup>**  | **Interest <br> Rate<sup>(2)</sup>** | **Acquisition <br> Date** | **Maturity<br> Date** | **Par <br> Amount <sup>(1)</sup>** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | **Software** | |
| MRI Software LLC <sup>(4) (5) (6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;S + 5.75% |  | &nbsp;&nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2/10/2027 | $8503 | $(84) | $(84) | (6.53)% |
| MRI Software LLC <sup>(4) (5) (6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;S + 5.50% |  | &nbsp;&nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2/10/2027 | 850 | (8) | (8) | (0.62) |
|  |  |  |  |  |  | (92) | (92) | (7.15) |
| **Total** **Investments—non-controlled/non-affiliated** | **Total** **Investments—non-controlled/non-affiliated** |  |  |  |  | $78601 | $78850 | 6126.65% |
| **Total** **Portfolio Investments** |  |  |  |  |  | $78601 | $78850 | 6126.65% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| BlackRock Liquidity Funds - Treasury Trust Fund |  | 5.24% |  |  | 4357 | 4357 | 4357 | 338.54% |
| **Total Cash Equivalents** |  |  |  |  |  | $4357 | $4357 | 338.54% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $82958 | $83207 | 6465.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, issuers of debt investments held by the Fund (which such term "Fund" shall include the Fund's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR including SOFR adjustment, if any, ("S"), which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month, or 1 month S rates. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments & Contingencies".

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment**<br> **Expiration Date** | **Unfunded** | **Total Commitment <br> Fair Value** |
| High Bar Brands Operating, LLC | Delayed Draw Term Loan | 12/19/2029 | $1299 | $(26) |
| High Bar Brands Operating, LLC | Revolver | 12/19/2029 | 610 | (12) |
| Dwyer Instruments, LLC | Delayed Draw Term Loan | 07/21/2027 | 7792 | (37) |
| PhyNet Dermatology LLC | Revolver | 10/20/2029 | 620 | (13) |
| PhyNet Dermatology LLC | Delayed Draw Term Loan | 10/20/2029 | 5375 | (110) |
| AAH TopCo, LLC | Delayed Draw Term Loan | 12/22/2027 | 8296 | (159) |
| Ruby Buyer, LLC | Revolver | 12/21/2029 | 1544 | (38) |
| YI, LLC | Delayed Draw Term Loan | 12/1/2029 | 1878 | (19) |
| YI, LLC | Revolver | 12/1/2029 | 1408 | (28) |
| Accession Risk Management Group, Inc. | Revolver | 10/30/2029 | 472 | (2) |
| Cedar Services Group, LLC | Delayed Draw Term Loan | 10/04/2030 | 1575 | (40) |
| Cedar Services Group, LLC | Revolver | 10/04/2030 | 1103 | (28) |
| MRI Software LLC | Revolver | 02/10/2027 | 850 | (8) |
| MRI Software LLC | Delayed Draw Term Loan | 02/10/2027 | 8503 | (84) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2029 | 1487 | (23) |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 743 | (12) |
|  |  |  | $43555 | $(639) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities". As of December 31, 2023, the aggregate fair value of these securities is $78,850 or 6,126.65% of the Fund's net assets. See Note 2 "Significant Accounting Policies."

(6) The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

See accompanying notes to consolidated financial statements.

**Partners Group Lending Fund, LLC**

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023**

***(in thousands, except share and per share amounts)***

**Note 1. Organization** 

Partners Group Lending Fund, LLC, was initially formed on June 16, 2022 as a Delaware corporation and subsequently converted into a Delaware limited liability company on July 12, 2023. Partners Group Lending Fund, LLC consists of Partners Group Lending Fund, LLC and its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC (collectively, the "Fund"). The Fund commenced operations on September 1, 2023 (commencement of operations) and its fiscal year ends on December 31.

Pursuant to an investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Fund is managed by Partners Group (USA) Inc. (the "Adviser"). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). The Board of Managers of the Fund (collectively, the "Board" and each member thereof a "Manager") has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, a committee of the Board, or the Adviser, as it did in causing the Fund to enter into the Investment Advisory Agreement.

The investment objective of the Fund is to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR, plus a margin, of private middle market U.S. companies.

**Note 2. Significant Accounting Policies** 

***Basis of Presentation***

 ****

The Fund's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly will follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – *Investment Companies* ("ASC 946")*.* The books and records of the Fund are maintained in U.S. Dollars.

***Consolidation***

As provided under ASC 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund.

The Fund consolidated the results of its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC. All intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of consolidated 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 the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results may ultimately differ from those estimates.

***Cash and Cash Equivalents***

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

***Investments Related Transactions, Revenue Recognition and Expenses***

The Fund invests primarily in private illiquid debt, loans and other assets for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on transfer and are difficult to sell in a secondary market. These securities are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." Investment transactions in restricted securities are recorded on a trade-date basis. Restricted securities are valued in accordance with the investment valuation policies discussed below.

Investment transactions are recorded on a trade-date basis. Realized gains (losses) on investments sold are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Fund receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

Expenses are recorded on an accrual basis.

***Non-Accrual Investments***

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Fund may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of December 31, 2024 and December 31, 2023, there were no loans placed on non-accrual status.

***Valuation of Investments***

 ****

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value.

 

The Fund's investments are measured at fair value in accordance with ASC 820, *Fair Value Measurement* ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"). Pursuant Rule 2a-5, the Board designated the Adviser as "valuation designee" to perform fair value determinations and approved amended Valuation Procedures.

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as "valuation designee" under Rule 2a-5 of the 1940 Act, determines the fair value of the Fund's investments in conformity with U.S. GAAP, Rule 2a-5 of the 1940 Act, and the Fund's Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund's non-traded direct debt investments in consultation with persons who are employees of the Adviser's parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund's non-traded direct debt investments are valued.

In assessing the fair value of the Fund's non-traded direct debt investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for debt investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund's administrator (the "Administrator"). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a non-traded direct debt investment held by the Fund and to the same non-traded direct debt investment held by another client, one of the Adviser's affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, to such other client or the Adviser's affiliate.

ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

● Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

● Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

● Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Fund for transactions that have not settled at the reporting date. As of December 31, 2024 and December 31, 2023, the Fund had $452 thousand and $17 thousand of receivables for investments sold respectively. As of December 31, 2024 and December 31, 2023, the Fund had $0 and $0 of payables for investments purchased respectively.

***Foreign Currency Transactions***

 

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Fund includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in the Consolidated Statements of Operations, if any.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

 ****

***Organization Expenses***

 

Costs associated with the organization of the Fund are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Fund.

 

***Credit Facility Related Costs, Expenses and Deferred Financing Costs***

The Credit Facility (as defined in Note 6) is recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Credit Facility. Amortization of deferred financing costs is computed on the straight-line basis over the stated term of the line of credit. The amortization of such costs is included in interest and borrowing expenses in the Consolidated Statements of Operations, with any unamortized amounts included in Deferred financing costs on the Consolidated Statements of Assets and Liabilities.

 ****

***Income Taxes***

The Fund recognizes tax positions in its consolidated financial statements only when it is more likely than not that the relevant taxing authority will, upon examination, sustain the position based on its merits. A position that meets this standard is measured at the maximum benefit that will more likely than not be realized upon settlement. The Fund classifies any interest expense related to income taxes in income tax expense, and any income tax penalties under expenses in the Consolidated Statements of Operations. During the year ended December 31, 2024, and for the period from September 1, 2023 (commencement of operations) through December 31, 2023, the Fund did not incur any interest or penalties.

State and federal deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities, using the enacted statutory tax rate. Deferred income tax expenses or benefits are based on the changes in the assets and liabilities from period to period.

The Fund's tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that the Fund's net deferred tax liability at December 31, 2024 was $224 thousand and at December 31, 2023 was $47 thousand. This deferred tax liability represents the estimated future tax liability that would be due if the unrealized gains were realized as of the balance sheet date. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund's tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Fund will file tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of December 31, 2024, the tax years from the initial period forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

***Distributions and Distribution Reinvestment Plan***

Distributions to members will be recorded on the record date. The Fund has adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of members who do not elect to receive their distributions in cash. As a result, if a cash distribution or other distribution is authorized and declared, then members who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional units, rather than receiving the cash distribution or other distribution. Distributions on fractional units will be credited to each participating member's account to three decimal places.

***Recent Accounting Pronouncements***

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the new standard impacted the notes to the Consolidated Financial Statements only and did not affect the Fund's financial position or the results of its operations. The Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund's portfolio composition, total returns, expense ratios and changes in net assets are used by the CODM to assess segment performance and make sure resource allocations are consistent with the information presented within the Fund's Consolidated Financial Statements. The accompanying Consolidated Financial Statements detail the Fund's segment assets, liabilities, revenues, and expenses.

**Note 3. Fees, Expenses, Agreements and Related Party Transactions** 

***Investment Advisory Agreement***

On August 31, 2023, the Fund entered into the Investment Advisory Agreement, pursuant to which the Adviser managers the Fund on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Fund's investments and monitoring its investments and portfolio companies on an ongoing basis.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the independent trustees. The Fund may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Fund pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the members.

***Base Management Fee***

 ****

The base management fee will be payable quarterly in arrears at an annual rate of 1.00% of the value of the Fund's adjusted net assets as of the end of the most recently completed calendar quarter. For purposes of the Investment Advisory Agreement, adjusted net assets means the Fund's total net assets less any base management fees and incentive fees incurred by the Fund with respect to such calendar quarter end. The base management fee calculation will be prorated for any partial quarters.

For the year ended December 31, 2024, and for the period from September 1, 2023 (commencement of operations) through December 31, 2023, the Adviser agreed to waive any base management fee due from the Fund to the Adviser until the earlier of (1) the Fund electing to be regulated as a BDC under the 1940 Act and (2) October 1, 2023. For the year ended December 31, 2024, the Fund incurred base management fees of $1,063 thousand, of which $0 was waived and for the period from September 1, 2023 (commencement of operations) through December 31, 2023, the Fund incurred base management fees of $3 thousand, of which $0 was waived.

 ****

***Incentive Fee***

The Fund will pay to the Adviser an income-based incentive fee at the close of each fiscal year in which the Hurdle Rate (defined below) is exceeded, of 10% of the excess, if any, of (i) the Pre-Incentive Fee Net Gains (as defined below) of the Fund over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Units (each expressed as a percentage of the Fund's fiscal year-end net asset value) before deduction of the Incentive Fee.

● No Incentive Fee will be payable to the Adviser if, at the close of a fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Fund, attributable to the Units (based on the net asset value of the Fund's assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Units (expressed as a percentage of the Fund's net asset value) does not exceed 6.00% of the monthly average of the Fund's net asset value attributable to the Units (based on the net asset value of the Fund's assets) before deduction of the Incentive Fee for that fiscal year (the "Hurdle Rate").

● The Incentive Fee will be subject to a catch-up intended to allocate all excess Pre-Incentive Fee Net Gains, attributable to the Units, to the Adviser once the Hurdle Rate has been achieved until the Adviser has been allocated its 10% Incentive Fee on all Pre-Incentive Fee Net Gains for the relevant period.

● "Pre-Incentive Fee Net Gains" means the amount by which any interest income, dividend income, realized and unrealized gains, and any other income accrued on investments of the Fund during the fiscal year ("Gains") exceeds all operating expenses for the Fund and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) ("Losses"). For this purpose, net losses shall mean the amount by which Gains fail to exceed Losses ("Net Losses")

● After the close of the fiscal year, the Adviser or an affiliate thereof may withdraw up to 100% of the Incentive Fee (computed on the basis of unaudited data) that was credited to the incentive fee account and debited from such Unit's account with respect to such fiscal year.

● The Fund will maintain a memorandum account for the Units (each a "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each fiscal year of the Fund by the amount of the Net Losses of the Fund for the fiscal year (based on of the net asset value of the Fund's assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Fund by the amount of the Pre-Incentive Fee Net Gains of the Fund for the fiscal year.

For the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the Adviser agreed to waive any incentive fee due from the Fund to the Adviser until the earlier of (1) the Fund electing to be regulated as a BDC under the 1940 Act and (2) October 1, 2023. For the year ended December 31, 2024, the Fund incurred incentive fees of $880 thousand, of which $0 was waived. For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund incurred incentive fees of $32 thousand, of which $0 was waived.

***Expense Support and Conditional Reimbursement Agreement***

On August 31, 2023, the Fund entered into an expense support and conditional reimbursement agreement with the Adviser (the "Expense Support Agreement"). Under the terms of the Expense Support Agreement, the Adviser (i) shall pay a portion of the Fund's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments, and (ii) may elect to pay an additional portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met. "Aggregate Capital Commitments" means the sum of all capital commitments made pursuant to subscription agreements between investors and the Fund, and all amounts paid to the Fund by upfront cash payments in connection with investors purchase of the Fund's units. "Other Operating Expenses" means the Fund's organization and offering expenses, professional fees, directors fees, administration fees, and other general and administrative expenses, but excluding the Base Management Fee, taxes, interest expense, brokerage commissions, transaction-related expenses arising out of investments made by the Fund, credit facility arrangement fees, servicing fees and the Incentive Fees.

In addition, the Adviser agrees to waive the Base Management Fee payable to it (excluding the Incentive Fee) by the Fund and/or to pay or absorb expenses of the Fund (collectively, a "Waiver") so that the Other Operating Expenses of the Fund will not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments (the "Expense Limitation").

The Fund agrees to carry forward, for a period not to exceed (3) three years from the date on which a Waiver is made by the Adviser, all fees and expenses in excess of the Expense Limitation that have been waived, paid or absorbed by the Adviser, and to repay the Adviser such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Base Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

For the year ended December 31, 2024 and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the Adviser made support payments on behalf of the Fund of $0 and $0, respectively. For the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund made no reimbursement payments to the Adviser. As of December 31, 2024 and 2023, the Fund had a receivable from the Adviser for expense support payments of $0 and $0, respectively.

**Note 4. Investments**

The composition of the Fund's investment portfolio at cost and fair value as of December 31, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **% of Total Investments<br> at Fair Value** |
| Senior Secured Debt | $325382 | $327122 | 99.59% |
| Preferred Equity | 1355 | 1343 | 0.41 |
| **Total investments** | $**326737** | $**328465** | **100.00%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Investment Type** | **Cost** | **Fair Value** | **% of Total Investments<br> at Fair Value** |
| Senior Secured Debt | $78601 | $78850 | 100.00% |
| **Total investments** | $**78601** | $**78850** | **100.00%** |

---

The industry composition of investments based on fair value as of December 31, 2024 and 2023 were as follows:

---

| | |
|:---|:---|
|  | **December 31, 2024** |
| Software | 27.65% |
| Health Care Providers & Services | 12.32 |
| IT Services | 8.93 |
| Health Care Technology | 8.80 |
| Insurance | 7.52 |
| Trading Companies & Distributors | 6.20 |
| Machinery | 4.41 |
| Electrical Equipment | 4.35 |
| Capital Markets | 3.44 |
| Aerospace & Defense | 3.18 |
| Health Care Equipment & Supplies | 2.60 |
| Professional Services | 2.34 |
| Financial Services | 1.97 |
| Energy Equipment & Services | 1.66 |
| Electronic Equipment, Instruments & Components | 1.52 |
| Automobile Components | 1.29 |
| Commercial Services & Supplies | 0.73 |
| Containers & Packaging | 0.71 |
| Diversified Consumer Services | 0.38 |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
|  | **December 31, 2023** |
| Health Care Providers & Services | 32.33% |
| Insurance | 27.23 |
| Health Care Equipment & Supplies | 11.15 |
| IT Services | 10.62 |
| Electrical Equipment | 8.4 |
| Electronic Equipment, Instruments & Components | 5.71 |
| Automobile Components | 4.68 |
| Software | (0.12) |
| **Total** | **100.00%** |

---

The geographic composition of investments at cost and fair value as of December 31, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic** | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** | **Fair Value<br> as % of Net<br> Assets** |
| North America | $323306 | $325035 | 98.96% | 192.02% |
| Europe | 3431 | 3430 | 1.04 | 2.03 |
| **Total** | $**326737** | $**328465** | **100.00%** | **194.05%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Geographic** | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** | **Fair Value<br> as % of Net<br> Assets** |
| North America | $78601 | $78850 | 100.00% | 6126.65% |
| **Total** | $**78601** | $**78850** | **100.00%** | **6126.65%** |

---

**Note 5. Fair Value Measurement**

The following table present the fair value hierarchy of investments as of December 31, 2024 and 2023, categorized by the ASC 820 valuation hierarchy, as previously described:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured Debt | $— | $— | $327122 | $327122 |
| Preferred Equity |  |  | 1343 | 1343 |
| **Total** | $**—** | $**—** | $**328465** | $**328465** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured Debt | $— | $— | $78850 | $78850 |
| **Total** | $**—** | $**—** | $**78850** | $**78850** |

---

The following tables presents changes in assets classified in Level 3 of the fair value hierarchy during the period ended December 31, 2024 and 2023 attributable to the following:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Senior Secured <br> Debt** | **Preferred <br> Equity** | **Total <br> Investments** |
| Fair value, beginning of period | $78850 | $— | $78850 |
| Purchases, including capitalized PIK | 253933 | 1355 | 255288 |
| Proceeds from sales of investments and principal repayments | (7806) |  | (7806) |
| Accretion of discount/amortization of premium | 647 |  | 647 |
| Net realized gain (loss) | 7 |  | 7 |
| Net change in unrealized appreciation (depreciation) | 1491 | (12) | 1479 |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |
| **Fair value, end of period** | $327122 | $1343 | $328465 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2024 | $1491 | $(12) | $1479 |

---

---

| | |
|:---|:---|
| **December 31, 2023** | **Senior Secured <br> Debt** |
| Fair value, beginning of period | $— |
| Purchases, including capitalized PIK | 78948 |
| Proceeds from principal repayments and sales of investments | (387) |
| Accretion of discount/amortization of premium | 40 |
| Net realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation) | 249 |
| Transfers into Level 3 <sup>(1)</sup> |  |
| Transfers out of Level 3 <sup>(1)</sup> |  |
| **Fair value, end of period** | $78850 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2023 | $249 |

---

<sup>(1)</sup> For the year ended December 31, 2024, and period ended December 31, 2023, there were no transfers into or out of Level 3.

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Fund's Level 3 investments as of December 31, 2024 and 2023. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Fund's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |<br>**Fair Value** | <br>**Valuation<br> Technique** | <br>**Unobservable** <br> **Input** | **Range from** | **Range to** | **Weighted <br> Average<sup>(1)</sup>** |
| Senior Secured Debt | $185775 | Discounted cash flow | Discount factor | 9.00% | 11.00% | 10.28% |
|  | 120855 | Broker Quotes | Indicative quotes for an inactive market | N/A | N/A | N/A |
|  | 9034 | Recent financing/transaction | Recent transaction price | N/A | N/A | N/A |
|  | 11458 | Exit Price | Recent transaction price | N/A | N/A | N/A |
| Preferred Equity | 1343 | Discounted cash flow | Discount factor | 14.00% | 14.00% | 14.00% |
| Total | $328465 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  |<br>**Fair Value** | <br>**Valuation <br> Technique** | <br>**Unobservable** <br> **Input** | **Range from** | **Range to** | **Weighted <br> Average<sup>(1)</sup>** |
| Senior Secured Debt | $26493 | Recent financing/transaction | Recent transaction price | N/A | N/A | N/A |
|  | 30882 | Discounted cash flow | Discount factor | 10.65% | 11.64% | 11.15% |
|  | 21475 | Broker Quotes | Indicative quotes for an inactive market | N/A | N/A | N/A |
| Total | $78850 |  |  |  |  |  |

---

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

The Fund used the income approach to determine the fair value of certain Level 3 assets as of December 31, 2024 and 2023. The significant unobservable inputs used in the income approach is the comparative yield and discount rate. The comparative yield and discount rate is used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

*Financial Instruments Disclosed, But Not Carried, At Fair Value* 

The carrying values of the debt obligations (Note 6) generally approximate their respective fair values due to their variable interest rates. The fair value of these debt obligations would be categorized as Level 2 under the ASC 820 hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

**Note 6. Debt** 

The following tables present the Fund's outstanding debt as of December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal Amount <br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| NatWest Credit Facility | $275000 | $172000 | $172000 | $172000 |
| **Total Debt** | $275000 | $172000 | $172000 | $172000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Total Principal <br> Amount <br> Committed** | **Principal <br> Amount <br> Outstanding** | **Carrying <br> Value <sup>(1)</sup>** | **Fair Value <sup>(2)</sup>** |
| MUFG Credit Facility | $80000 | $58438 | $58438 | $58438 |
| Bridge Loans | 24600 | 24600 | 24600 | 24600 |
| **Total Debt** | $104600 | $83038 | $83038 | $83038 |

---

<sup>(1)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

<sup>(2)</sup> The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

A summary of contractual maturities of our debt obligations was as follows as of December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than <br> 5 years** |
| NatWest Credit Facility | $172000 | $172000 | $— | $— | $— |
| **Total Debt Obligations** | $**172000** | $**172000** | $**—** | $**—** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than <br> 5 years** |
| MUFG Credit Facility | $58438 | $58438 | $— | $— | $— |
| Bridge Loans | 24600 | 24600 |  |  |  |
| **Total Debt Obligations** | $**83038** | $**83038** | $**—** | $**—** | $**—** |

---

**NatWest Credit Facility**

The following wholly-owned subsidiaries of Partners Group Lending Fund, LLC have entered into secured financing facilities as of December 31, 2024: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC (each, an "SPV" and collectively, the "SPVs").

On February 14, 2024, the SPVs entered into a senior secured revolving credit agreement (as amended, the "NatWest Credit Agreement" or "NatWest Credit Facility") as Borrowers, with Partners Group Lending Fund, LLC, as Parent, State Street Bank and Trust Company ("State Street"), as Facility Agent and Collateral Agent, and NatWest Markets Plc ("NatWest") as Arranger and Lender. The original facility amount under the NatWest Credit Agreement was $175.0 million. On May 7, 2024, the Fund entered into Amendment No.1 to the NatWest Credit Agreement. Under Amendment No. 1 the total facility amount under the NatWest Credit Facility was increased to $275 million. The NatWest Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of December 31, 2024, the Fund was in compliance with all covenants and other requirements of the NatWest Credit Facility.

Advances under the NatWest Credit Facility bear interest at a per annum rate equal to, in the case of U.S. Dollar advances, SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for the currency plus an applicable margin 2.55% to 3.15% depending on the nature of the advances being requested. The Fund pays an unused commitment fee of 80 basis points (0.80%) per annum if the unused amount is greater than 50% of the facility amount, 70 basis points (0.70%) per annum if the unused amount is between 30% and 50% of the facility amount, and 65 basis points (0.65%) per annum if the unused amount is less than or equal to 30% of the facility amount. The stated maturity date is February 14, 2035.

As of December 31, 2024, there was $172.0 million of debt outstanding under the NatWest Credit Facility. For the year ended December 31, 2024, the components of interest expense related to the NatWest Credit Facility were as follows:

---

| | |
|:---|:---|
|  | **For the Year Ended <br> December 31, 2024** |
| Borrowing interest expense | $9122 |
| Commitment and Facility fees | 904 |
| Amortization of deferred financing costs | 350 |
| **Total interest and debt financing expense** | $**10376** |

---

For the year ended December 31, 2024, the Fund had total average debt of $131.0 million at a weighted average interest rate of 8.06%.

On January 14, 2025, the Fund entered into Amendment No. 2 to the NatWest Credit Agreement, to, among other things, amend the applicable margins of (1) EUR borrowings from 2.55% to 2.30% per annum, (2) GBP borrowings from 2.65% to 2.30% per annum, (3) USD borrowings from 2.85% to 2.40% per annum, (4) CAD borrowings from 3.15% to 2.70% per annum, and (5) AUD borrowings from 3.00% to 2.70% per annum.

**MUFG Credit Facility**

On September 22, 2023, the Fund entered into credit facility agreement (the "MUFG Credit Facility") as Borrower, with Standard Chartered Bank, as Agent, Partners Group Access Finance Limited, as Obligors' Agent, and MUFG Bank Ltd., as Lender. The facility amount under the MUFG Credit Facility is $80.0 million. The MUFG Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of December 31, 2023, the Fund was in compliance with all covenants and other requirements of the MUFG Credit Facility.

Advances under the MUFG Credit Facility bear interest at a per annum rate equal to 2.05%. The Fund pays commitment fee of 30 basis points (0.30%) per annum. The stated maturity date is September 20, 2024. In September 2024, the MUFG Credit Facility was repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

As of December 31, 2023, there was $58.4 million of debt outstanding under the MUFG Credit Facility. For the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the components of interest expense related to the MUFG Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br> December 31, 2024** | **For the Period Ended <br> December 31, 2023** |
| Borrowing interest expense | $3112 | $683 |
| Commitment and Facility fees | 32 | 40 |
| Amortization of deferred financing costs | 290 | 60 |
| **Total interest and debt financing expense** | $**3434** | $**783** |

---

For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund had total average debt of $37.0 million at a weighted average interest rate of 7.48% under the MUFG Credit Facility.

**Bridge Loans**

In December 2023, the Fund entered into bridge loan agreements (the "Bridge Loans") with a related party of the Fund, Partners Group Finance CHF IC Limited (the "Lender").

Advances under the Bridge Loans bear interest at the "Interest Rate" plus the "Margin. The Interest Rate is the greater of i) the prevailing reference rate of applicable currencies or any replacement reference rate as reasonably determined by the Lender or ii) 0.00%. The Margin is composed of the following two elements: A) a fixed component of 180 basis points and B) a variable component which compensates the cost of hedging, except for CHF-denominated loans for which no hedging costs will be added to the Margin. In 2024, all Bridge Loans were repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund.

As of December 31, 2023, there was $24.6 million of debt outstanding under the Bridge Loans. For the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the components of interest expense related to the Bridge Loans were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br> December 31, 2024** | **For the Period Ended <br> December 31, 2023** |
| Borrowing interest expense | $316 | $71 |
| **Total interest and debt financing expense** | $**316** | $**71** |

---

For the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund had total average debt of $21.1 million at a weighted average interest rate of 7.22% related to the Bridge Loans.

**Note 7. Commitments & Contingencies** 

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

The Fund's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of December 31, 2024 and 2023, the Fund had the following unfunded delayed draw term loans, revolvers and term loans:

---

| | |
|:---|:---|
|  | **Par Value as of <br> December 31, 2024** |
| Unfunded delayed draw commitments | $52440 |
| Unfunded revolving commitments | 23541 |
| Unfunded term loans | 753 |
| **Total unfunded commitments** | $**76734** |

---

---

| | |
|:---|:---|
|  | **Par Value as of <br> December 31, 2023** |
| Unfunded delayed draw commitments | $36204 |
| Unfunded revolving commitments | 7351 |
| **Total unfunded commitments** | $**43555** |

---

From time to time, the Fund may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2024, management is not aware of any pending or threatened material litigation.

**Note 8. Net Assets** 

***Equity Issuance***

During the year ended December 31, 2024, the Fund received $160.0 million in proceeds relating to the issuance of common units for subscriptions. $14.5 million of the $160.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Advisor and the Fund.

During the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund received $1.0 million in proceeds relating to the issuance of common units for subscriptions effective October 16, 2023. $90.9 thousand of the $1.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Advisor and the Fund.

Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase units up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The Adviser, however, may waive the minimum Capital Commitment at its discretion. As of December 31, 2024, the Fund had total Capital Commitments of $275 million, of which 41.5% or $114 million is unfunded. As of December 31, 2023, the Fund had total Capital Commitments of $275 million, of which 99.6% or $274 million is unfunded.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund's expenses, including fees under the Investment Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total units issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **For the year ended** <br> **December 31, 2024** | **For the year ended** <br> **December 31, 2024** |
| **<u>Year Ended</u>** | **Units** | **Amount** |
| December 31 | 21829851 | $160000 |
| **Total capital drawdowns** | **21829851** | $**160000** |

---

---

| | | |
|:---|:---|:---|
|  | **For the period ended** <br> **December 31, 2023** | **For the period ended** <br> **December 31, 2023** |
| **<u>Period Ended</u>** | **Units** | **Amount** |
| December 31 | 200000 | $1000 |
| **Total capital drawdowns** | **200000** | $**1000** |

---

***Distributions***

For the year ended December 31, 2024, and for the period September 1, 2023 (commencement of operations) through December 31, 2023, the Fund did not make any distributions.

**Note 9. Tax Information**

Partners Group Lending Fund, LLC is classified as an association taxable as a Corporation for U.S. federal tax purposes. Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC are treated as disregarded entities and, as such, all activities at these entities shall be reported and taxed on Partners Group Lending Fund, LLC's U.S. federal tax return. In accordance with U.S. federal tax laws, Partners Group Lending Fund, LLC's taxable income is subject to federal taxes at a 21% rate and state taxes at a 0% rate. The Fund has recorded $0 unrecognized tax benefits as of December 31, 2024 and December 31, 2023, and has not accrued any interest or penalties related to unrecognized tax benefits in income tax expense.

As of December 31, 2024 and 2023, for U.S. federal income tax purposes, the Fund's aggregate unrealized appreciation and depreciation on its investments based on cost were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Tax Cost | $326737 | $78601 |
| Gross unrealized appreciation | 2041 | 298 |
| Gross unrealized depreciation | (313) | (49) |
| **Net unrealized investment appreciation** | $**1728** | $**249** |

---

The tax cost of the Fund's investments as of December 31, 2024, and December 31, 2023, approximates their amortized cost.

The Fund's income tax provision consists of the following as of December 31 2024, and December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **Current Tax Expense (Benefit)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $1919 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State |  |  |
| **Total Current Tax Expense (Benefit)** | $**1919** | $**29** |
| **Deferred Tax Expense (Benefit)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $177 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State |  |  |
| **Total Deferred Tax Expense (Benefit)** | $**177** | $**47** |

---

Components of the Fund's Deferred Tax Benefits and Expense as of December 31 2024, and December 31, 2023, were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **Deferred Income Tax Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Gain on Investments | $(323) | $(47) |
| **Subtotal Deferred Income Tax Liabilities** | $**(323)** | $**(47)** |
| **Deferred Tax Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized Organization Costs | $99 | $— |
| **Subtotal Deferred Income Tax Assets** | $**99** | $— |
| **Total Net Deferred Tax Asset (Liability)** | $**(224)** | $**(47)** |

---

The Fund's reported income taxes approximate the expected amount based on federal statutory rates for the year ended December 31, 2024 and for the period September 1, 2023 (commencement of operations) through December 31, 2023:

---

| | | |
|:---|:---|:---|
| **Income (Loss) before Income Taxes** | $10076 | $363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory Rate | 21% | 21% |
| **Expected Current Tax Expense (Benefit) at Statutory Rate** | $**2116** | $**76** |
| **Increase (Decrease) in Actual Tax Reported Resulting From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States Taxes and Related Deductions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |
| **Total Current Tax Expense (Benefit)** | $**2116** | $**76** |

---

**Note 10. Consolidated Financial Highlights**

Below is the schedule of financial highlights of the Fund for the year ended December 31, 2024, and for the period from September 1, 2023 (commencement of operations) to December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31, 2024** | **For the period ended <br> December 31, 2023** |
| **Per Unit Data:**<sup>(1)(2)</sup>** | **Per Unit Data:**<sup>(1)(2)</sup>** | **Per Unit Data:**<sup>(1)(2)</sup>** |
| Net asset value, beginning of period<sup>(1)(2)</sup> | $6.44 | $— |
| Issuance of units<sup>(1)(2)</sup> | 0.47 | 5.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)(2)</sup> | 0.64 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(1)(2)</sup> | 0.13 | 1.02 |
| Net increase (decrease) in net assets resulting from operations<sup>(1)(2)</sup> | 0.77 | 1.44 |
| Distributions to members<sup>(3)</sup><sup>(1)(2)(3)</sup> |  |  |
| Net asset value, end of period<sup>(1)(2)</sup> | $7.68 | $6.44 |
| Units outstanding, end of period | 22029851 | 200000 |
| Total return based on NAV <sup>(4)(5)</sup> | 4.95% | 28.73% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $169267 | $1287 |
| Ratio of total expenses before incentive fees to average net assets <sup>(6)</sup> | 23.59% | 283.85% |
| Ratio of total expenses after incentive fees to average net assets<sup>(6)</sup> | 24.70% | 286.85% |
| Ratio of net investment income (loss) before waivers to average net assets<sup>(6)</sup> | 8.43% | 29.91% |
| Ratio of net investment income (loss) after waivers to average net assets<sup>(6)</sup> | 8.43% | 29.91% |
| Ratio of incentive fees to average net assets<sup>(5)</sup> | 1.11% | 3.00% |
| Portfolio turnover rate<sup>(5)</sup> | 12.60% | 0.49% |
| Asset coverage ratio<sup>(7)</sup> | 198.41% | 102.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The per unit data was derived by using the weighted average units outstanding during the applicable period.

(2) Ratios calculated with Net Assets excluding the Non-Controlling Interest.

(3) The per unit data for distributions is the actual amount of distributions paid or payable per common unit outstanding during the entire period.

(4) Total return based on NAV is calculated as the change in NAV per unit during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund's dividend reinvestment plan.

(5) Not annualized.

(6) Annualized, except for incentive fees.

(7) Asset coverage ratio is equal to (i) total assets, less liabilities excluding indebtedness represented by senior securities, divided by (ii) the aggregate amount of senior securities representing indebtedness at the end of the period.

**Note 11. Subsequent Events**

The Fund's management evaluated subsequent events through the date of issuance of these financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these consolidated 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) List separately all financial statements filed

The financial statements included in this Registration Statement are listed in Item 13 to this Registration Statement and commence on page F-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibits

**Exhibit Index**

---

| | |
|:---|:---|
| [3.1](fp0095824-1_ex31.htm) | [Certificate of Formation\*](fp0095824-1_ex31.htm) |
| [3.2](fp0095824-1_ex32.htm) | [Certificate of Conversion\*](fp0095824-1_ex32.htm) |
| [3.3](fp0095824-1_ex33.htm) | [Amended and Restated Limited Liability Agreement\*](fp0095824-1_ex33.htm) |
| [10.1](fp0095824-1_ex101.htm) | [Investment Advisory Agreement\*](fp0095824-1_ex101.htm) |
| [10.2](fp0095824-1_ex102.htm) | [Amended and Restated Investment Advisory Agreement\*](fp0095824-1_ex102.htm) |
| [10.3](fp0095824-1_ex103.htm) | [Master Administrative Services Agreement\*](fp0095824-1_ex103.htm) |
| [10.4](fp0095824-1_ex104.htm) | [Amendment No. 1 to the Master Administrative Services Agreement\*](fp0095824-1_ex104.htm) |
| [10.5](fp0095824-1_ex105.htm) | [Form of Subscription Agreement\*](fp0095824-1_ex105.htm) |
| [10.6](fp0095824-1_ex106.htm) | [Custody Agreement\*](fp0095824-1_ex106.htm) |
| [10.7](fp0095824-1_ex107.htm) | [Transfer Agency and Service Agreement\*](fp0095824-1_ex107.htm) |
| [10.8](fp0095824-1_ex108.htm) | [Expense Limitation Agreement\*](fp0095824-1_ex108.htm) |
| [10.9](fp0095824-1_ex109.htm) | [Secured Financing Agreement, dated as of February 14, 2024, by and among the Fund, State Street Bank and Trust Company, NatWest Markets PLC and the financial institutions listed therein\*](fp0095824-1_ex109.htm) |
| [10.10](fp0095824-1_ex1010.htm) | [Amendment No. 1 to the Secured Finance Agreement, dated as of August 14, 2024, by and among the Fund, State Street Bank and Trust Company, NatWest Markets PLC and the financial institutions lister therein\*](fp0095824-1_ex1010.htm) |
| [10.11](fp0095824-1_ex1011.htm) | [Amendment No. 2 to the Secured Finance Agreement, dated as of January 14, 2025, by and among the Fund, State Street Bank and Trust Company, NatWest Markets PLC and the financial institutions lister therein\*](fp0095824-1_ex1011.htm) |
| [10.12](fp0095824-1_ex1012.htm) | [Increase Confirmation, dated May 7, 2024, to the Secured Finance Agreement, dated as of August 14, 2024, by NatWest Markets Plc\*](fp0095824-1_ex1012.htm) |
| [14.1](fp0095824-1_ex141.htm) | [Code of Ethics of the Fund\*](fp0095824-1_ex141.htm) |
| [14.2](fp0095824-1_ex142.htm) | [Code of Ethics of the Adviser\*](fp0095824-1_ex142.htm) |

---

\* Filed herewith.

**SIGNATURES**

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

---

| | |
|:---|:---|
| **Partners Group Lending Fund, LLC** | **Partners Group Lending Fund, LLC** |
| By: | /s/ Robert Collins |
|  | Name: Robert Collins |
|  | Title: President |

---

Date: October 20, 2025

## Exhibit 3.1

**EXHIBIT 3.1**

CERTIFICATE OF INCORPORATION

OF

PARTNERS GROUP LENDING FUND, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the corporation is Partners Group Lending Fund, Inc. (the "<u>Corporation</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;2. <u>Registered Office and Registered Agent</u>. The address of the Corporation's registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, County of New Castle, Delaware 19808. The name of the Corporation's registered agent at such address is Corporation Service 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;3. <u>Corporate Purposes</u>. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the "<u>General Corporation Law</u>") and to possess and exercise all of the powers and privileges granted by such law and any other law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Authorized Capital</u>. The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Bylaws</u>. In furtherance and not in limitation of the powers conferred by statute, the Board of Directors of the Corporation is expressly authorized to adopt, amend or repeal the Bylaws of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Liability of Directors</u>. To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or to its stockholders for monetary damages for any breach of fiduciary duty as a director except for liability (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit. No amendment to, modification of or repeal of this <u>Section 6</u> shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification by the Corporation</u>. The Corporation shall indemnify, advance expenses, and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person whom it is permitted to indemnify pursuant to Section 145 of the General Corporation Law (a "<u>Covered Person</u>") who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "<u>Proceeding</u>"), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except for claims for indemnification (following the final disposition of such Proceeding) or advancement of expenses not paid in full, the Corporation shall be required to indemnify a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person only if the commencement of such Proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors of the Corporation. Any amendment, repeal or modification of this <u>Section 7</u> shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Incorporator</u>. The name and mailing address of the sole incorporator is as follows:

<u>Name</u> <u>Mailing Address</u> <br> Kimberly Lloyd Dechert LLP<br> Cira Centre, 2929 Arch Street<br> Philadelphia, PA 19104

The undersigned, being the sole incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law, does make this Certificate of Incorporation, hereby declaring and certifying that the facts herein stated are true, and accordingly has hereunto set her hand this 16th day of June, 2022.

---

| | |
|:---|:---|
| | */s/ Kimberly Lloyd* |
|  | Kimberly Lloyd, |
|  | Incorporator |

---

## Exhibit 3.2

**EXHIBIT 3.2**

**<u>CERTIFICATE OF CONVERSION TO LIMITED LIABILITY COMPANY</u>**

**OF**

**<u>PARTNERS GROUP LENDING FUND, INC.</u>**

This Certificate of Conversion to Limited Liability Company, dated as of July 12, 2023, hereby is executed and filed by Partners Group Lending Fund, Inc., a Delaware corporation (the <u>"Corporation"),</u> to convert the Corporation to Partners Group Lending Fund, LLC, a Delaware limited liability company (the "LLC"), under the Delaware Limited Liability Company Act (6 <u>Del. C.</u> Sec. 18-101 et m.) and the General Corporation Law of the State of Delaware (8 <u>Del. C.</u> Sec. 101, et <u>seq.)</u> (the "DGCL").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is Partners Group Lending Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Certificate of Incorporation of the Corporation was filed with the Office of the Secretary of State of the State of Delaware on June 16, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The name of the Delaware limited liability company into which the Corporation shall be converted, as set forth in its Certificate of Formation, is Partners Group Lending Fund, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The conversion of the Corporation to the LLC has been approved in accordance with the provisions of Section 266 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Certificate of Conversion shall become effective on July 12, 2023.

**EXHIBIT 3.2**

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Conversion to Limited Liability Company as of the Twelfth Day of July 2023.

Executed this Twelfth Day of July 2023.

---

| |
|:---|
| /s/ Brian Igoe |
| Name: Brian Igoe |
| Authorized Person |
| /s/ Bradley Eggers |
| Name: Bradley Eggers |
| Authorized Person |

---

## Exhibit 3.3

**EXHIBIT 3.3**

**PARTNERS GROUP LENDING FUND, LLC**

**Amended and Restated<br> Limited Liability Company Agreement**

**Dated as of August 31, 2023**

**EXHIBIT 3.3**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  |  | **Page** |
| Article 1 DEFINITIONS | Article 1 DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1. | Definitions | 1 |
| Article 2 ORGANIZATION; POWERS | Article 2 ORGANIZATION; POWERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1. | Formation of Limited Liability Company. | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2. | Purpose; Powers | 2 |
| Article 3 MEMBERS, VOTING, AND CONSENTS | Article 3 MEMBERS, VOTING, AND CONSENTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1. | Names, Addresses and Subscriptions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2. | Status of Members. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3. | Admission of New Members; Commitments. | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4. | Management and Control of Company. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5. | Activities of Members. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6. | Meetings of Members. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7. | Waiver of Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8. | Member Voting and Consents | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9. | Special Approvals | 11 |
| Article 4 INVESTMENTS AND ACTIVITIES | Article 4 INVESTMENTS AND ACTIVITIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1. | Investment Objectives | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2. | Borrowing. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3. | [Reserved] | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4. | Distributions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5. | Return of Capital Distributions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6. | Recycling | 14 |
| Article 5 FEES AND EXPENSES; ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | Article 5 FEES AND EXPENSES; ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1. | Company Expenses | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2. | Investment Advisory Agreement | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3. | Administration Agreement | 15 |
| Article 6 CAPITAL OF THE COMPANY | Article 6 CAPITAL OF THE COMPANY | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1. | Obligation to Contribute. | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2. | Failure to Make Required Payment | 15 |
| Article 7 DURATION OF THE COMPANY | Article 7 DURATION OF THE COMPANY | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1. | Term and Termination of the Company | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2. | Sale or Merger | 17 |

---

i

**EXHIBIT 3.3**

---

| | | |
|:---|:---|:---|
| Article 8 LIQUIDATION OF ASSETS ON DISSOLUTION | Article 8 LIQUIDATION OF ASSETS ON DISSOLUTION | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1. | General | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2. | Liquidating Distributions; Priority | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3. | Duration of Liquidation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4. | Liability for Returns | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5. | Post-Dissolution Investments and Drawdowns | 18 |
| Article 9 LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | Article 9 LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1. | Transfers of Units. | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2. | Admission of Substituted Members. | 18 |
| Article 10 LIMITATION OF LIABILITY AND INDEMNIFICATION | Article 10 LIMITATION OF LIABILITY AND INDEMNIFICATION | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1. | Limitation of Liability | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2. | Indemnification. | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3. | Nature of Rights | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4. | Insurance | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5. | Limitation by Law | 22 |
| Article 11 AMENDMENTS | Article 11 AMENDMENTS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1. | Amendments. | 22 |
| Article 12 ADMINISTRATIVE PROVISIONS | Article 12 ADMINISTRATIVE PROVISIONS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1. | Keeping of Accounts and Records; Certificate of Formation; Administrator. | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2. | Valuation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3. | Notices | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4. | Accounting Provisions. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5. | Tax Provisions. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.6. | General Provisions. | 25 |
| Article 13 RESTRICTIONS ON CERTAIN INVESTORS | Article 13 RESTRICTIONS ON CERTAIN INVESTORS | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1. | ERISA Members | 33 |

---

Signature Pages of Members

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| | |
|:---|:---|
| Appendix I | Definitions |
| Schedule A | Schedule of Directors |
| Schedule B | Schedule of Officers |
| Exhibit I | Investment Advisory Agreement |
| Exhibit II | Administration Agreement |

---

ii

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT<br> OF<br> PARTNERS GROUP LENDING FUND, LLC**

This Amended and Restated Limited Liability Company Agreement (the "<u>Agreement</u>") of Partners Group Lending Fund, LLC (the "<u>Company</u>") is entered into as of August 31, 2023 by Partners Group (USA) Inc., a Delaware corporation (the "<u>Initial Member</u>"), as its initial member.

WHEREAS, the Company was initially incorporated on June 16, 2022 as a Delaware corporation named Partners Group Lending Fund, Inc. (the "<u>Initial Corporation</u>");

WHEREAS, on July 12, 2023, the Initial Corporation filed a certificate of conversion with the Delaware Secretary of State to convert into a Delaware limited liability company named Partners Group Lending Fund, LLC (the "<u>Conversion</u>");

WHEREAS, in connection with the Conversion, the Initial Member entered into that certain initial limited liability company agreement of the Company dated July 12, 2023 (the "<u>Existing Agreement</u>");

WHEREAS, pursuant to Section XXII of the Existing Agreement, the Existing Agreement may be amended pursuant to a written agreement executed by the Initial Member;

NOW, THEREFORE, the Initial Member hereby amends and restates the Existing Agreement in its entirety and hereby agree as follows:

**Article 1<br> DEFINITIONS**

Section 1.1. <u>Definitions</u>. Capitalized terms used herein and not otherwise defined have the meanings assigned to them in <u>Appendix I</u> hereto. <u>Appendix I</u> also indicates other sections of this Agreement in which certain other terms used in this Agreement are defined.

**Article 2<br> ORGANIZATION; POWERS**

Section 2.1. <u>Formation of Limited Liability Company</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;(a) <u>Formation</u>. The Company was formed as a limited liability company named Partners Group Lending Fund, LLC under the Delaware Limited Liability Company Act (6 Del. C. §18-214, et seq.) (as amended from time to time, the "<u>Delaware Act</u>") pursuant to the Conversion, in which the Certificate of Formation of the Company was filed with the Secretary of State of the State of Delaware on July 12, 2023 (as amended from time to time hereafter, the "<u>Certificate</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;(b) <u>Admission</u>. Each Person who is to be admitted as a Member pursuant to this Agreement shall accede to this Agreement by, and shall be admitted to the Company as a Member upon, executing a Subscription Agreement or other written document pursuant to which such Person agrees to become a Member and be bound by this Agreement following the Company's acceptance of such document, and a counterpart signature page to this Agreement, which shall not require the consent or approval of any other Member. The Company shall make any necessary filings with the appropriate governmental authorities and take such actions as are necessary under applicable law to effectuate such admission. Each such agreement and/or document described in this <u>Section 2.1(b)</u> may be executed on behalf of a Member by an authorized representative of the Company, as attorney-in-fact for such Member, with the same force and effect as if executed directly by the Member.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Name</u>. The name of the Company is "Partners Group Lending Fund, LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Address</u>. The registered office of the Company in the State of Delaware, and the registered agent for service of process on the Company at such address, shall be as specified in the Certificate or as is designated by the Member from time to time in accordance with the Delaware Act. The principal place of business of the Company shall be 1114 Avenue of the Americas, 37th Floor, New York, New York 10036, or such other place as the Company may determine from time to time.

Section 2.2. <u>Purpose; Powers</u>. In furtherance of the investment objectives of the Company, the Company may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

**Article 3<br> MEMBERS, VOTING, AND CONSENTS**

Section 3.1. <u>Names, Addresses and Subscriptions</u>. The name, address and e-mail address, the number and class of Units held and the Commitment of each Member are set forth in the books and records of the Company. The Company shall maintain such books and records in a manner consistent with this Agreement and shall cause such books and records to be revised to reflect (a) the admission of any additional or substituted Member occurring pursuant to the terms of this Agreement, (b) the withdrawal, or partial withdrawal, of any Member pursuant to the terms of this Agreement, (c) any change in the identity, address or e-mail address of a Member, or (d) any changes in the number of Units owned or the Member's Commitment occurring pursuant to the terms of this Agreement.

Section 3.2. <u>Status of Members</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;(a) <u>Limited Liability</u>. No Member or former Member (as defined below), in its capacity as such, shall be liable for any of the debts, liabilities or obligations of the Company except as provided in this <u>Section 3.2(a)</u> and to the extent otherwise required by law. Each Member and former Member shall be required to pay to the Company (i) any capital contributions that it has agreed to make to the Company pursuant to this Agreement and the applicable Subscription Agreement; (ii) the amount of any distribution that it is required to return to the Company pursuant to the Delaware Act; and (iii) the unpaid balance of any other payments that it is expressly required to make to the Company pursuant to this Agreement or pursuant to the applicable Subscription Agreement, as the case may be.

**EXHIBIT 3.3**

As used in this Agreement, "former Members" refers to such Persons who hereafter, from time to time, cease to be Members pursuant to the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect of Death, Dissolution or Bankruptcy</u>. Upon the death, incompetence, bankruptcy, insolvency, liquidation or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member's successor(s), estate or legal representative. Each such Person shall be treated as provided in the second sentence of <u>Section 9.2(b)</u> unless and until such Person is admitted as a substituted Member pursuant to <u>Section 9.2</u>. Any Transfer of the Units so acquired by such successor, estate or legal representative shall be subject to the requirements of <u>Article 9</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;(c) <u>No Control of Company</u>. Except as otherwise provided herein or pursuant to the terms of the applicable Subscription Agreement, no Member shall have the right or power to: (i) withdraw its capital contribution to the Company or reduce its Commitment; (ii) to the maximum extent permitted by law, cause the dissolution and winding up of the Company or (iii) demand property in return for its capital contributions. No Member, in its capacity as such, shall take any part in the control of the affairs of the Company, undertake any transactions on behalf of the Company, or have any power to sign for or otherwise to bind the Company.

Section 3.3. <u>Admission of New Members; Commitments</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;(a) <u>Initial Closing Date</u>. Members acquiring Common Units will each enter into a Subscription Agreement pursuant to which each such Member will agree to purchase Common Units for an aggregate purchase price equal to the portion of its requested capital commitment and/or capital contribution (as applicable) to the Company that is accepted by the Company (its "<u>Commitment</u>"), subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Subsequent Closings</u>. The Company may hold closings subsequent to the Initial Closing Date (each date on which a subsequent closing is held, a "<u>Subsequent Closing Date</u>") and issue additional Common Units (including of any New Class (as defined below)) to any Member (including any Additional Member (as defined below)) on terms and conditions as determined by the Board; <u>provided</u>, however, that no Member shall be required to purchase such additional Common Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Drawdowns</u>. Members agree to purchase Common Units for an aggregate purchase price equal to their respective Undrawn Commitments, payable at such times and in such amounts as required by the Company, in its sole discretion, following receipt of the required notice, as described below. Each Member will be required to make capital contributions (up to the amount of its Undrawn Commitment) to purchase Common Units each time the Company delivers a drawdown notice (the "<u>Drawdown Notice</u>"), which will be delivered in respect of such Commitment at least ten (10) Business Days prior to the required funding date (a "<u>Drawdown Date</u>") and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the "<u>Drawdown Purchase Price</u>") to be paid by such Member. Each Member and the Company agrees that on each Drawdown Date, such Member shall purchase from the Company, and the Company shall issue to such Member, a number of Common Units equal to the Drawdown Unit Amount at an aggregate price equal to the Drawdown Purchase Price; <u>provided</u>, <u>however</u>, that in no circumstance will a Member be required to purchase Common Units for an amount in excess of its Undrawn Commitment; <u>provided</u>, <u>further</u>, that the delivery of a Drawdown Notice to a Member shall be the sole and exclusive condition to such Member's obligation to pay the Drawdown Purchase Price identified in such notice; and, <u>provided</u>, <u>further</u>, the Company may request amounts from Members other than pro rata in accordance with their respective Commitments and may request any Member to fund more or less than its pro rata share or to require only certain Members (but not require other Members) to purchase Common Units on any Drawdown Date as set forth in the Subscription Agreements.

**EXHIBIT 3.3**

The obligation of Members to fund Undrawn Commitment is without defense, counterclaim or offset of any kind.

"<u>Drawdown Unit Amount</u>" shall mean, for each Drawdown Date with respect to a Member, a number of Common Units determined by dividing (i) the Drawdown Purchase Price by (ii) a price per Common Unit as determined by the Board or an appropriately designated committee of the Board prior to the issuance of such Units and in accordance with the limitations under Section 23 of the Investment Company Act (the "<u>Price per Unit</u>"). The Board, or an appropriately designated committee thereof, may set the Price per Common Unit above the net asset value per Unit based on a variety of factors, including the total amount of Company's organizational and other expenses. The Price per Unit for the Initial Drawdown Date shall be $5.

"<u>Undrawn Commitment</u>" shall mean, with respect to a Member, the amount of such Member's Commitment as of any date reduced by the aggregate amount of contributions made by that Member at all previous Drawdown Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Immediate Funding</u>. Notwithstanding the foregoing, the Company may enter into Subscription Agreements pursuant to which Members (including any Additional Members) fund their full commitment amounts upon execution of the applicable Subscription 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Members</u>. One or more additional Members of any existing class or of any New Class of Common Units (each an "<u>Additional Member</u>") may be admitted into the Company at any time by acquiring Common Units in accordance with this Agreement and the Subscription Agreement. The Members acknowledge and agree that the Company anticipates issuing Common Units to certain Persons in connection with subsequent closings as set forth in <u>Section 3.3(b)</u>. Prior to the admission of any Additional Member, such Additional Member shall execute a written agreement pursuant to which such Additional Member shall agree to be bound by all of the terms and provisions of this Agreement applicable to Members and shall deliver such additional documentation to the Company as the Board or its officers shall reasonably require to admit such Additional Member to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Class of Common Units</u>. The Common Units of the Company that are outstanding and/or available for issuance will consist of such class or classes of Common Units as determined by the Board. The Common Units are membership interests in the Company. The Board may create any one or more classes of Common Units (each such class, a "<u>New Class</u>"), which shall have equal voting rights and distribution rights of Common Unitholders described herein.

**EXHIBIT 3.3**

Section 3.4. <u>Management and Control of Company</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;(a) <u>Board of Directors</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;(i) The Company's board of directors (the "<u>Board of Directors</u>" or the "<u>Board</u>") will be composed of three directors (each, a "<u>Director</u>"), unless increased or decreased by a majority of the Directors. Directors need not be Members. The Board may designate a Chair of the Board (the "<u>Chair of the Board</u>"), who shall preside over the meetings of the Board of Directors and meetings of the unitholders, lead the Board of Directors in fulfilling its responsibilities as set forth in this agreement, and determine the agenda and perform all other duties and exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors. In the absence of the Chair of the Board, meetings of the Board of Directors and meetings of the unitholders shall be presided over by the Chief Executive Officer of the Company (the "<u>Chief Executive Officer</u>") to the extent he or she is a Director, or in the absence of the Chair of the Board of Directors and the Chief Executive Officer, by such other person as the Board of Directors may designate or the Directors present may select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Regular meetings of the Board may be held at such places and times as shall be determined from time to time by the Board. Special meetings of the Board may be called by the Chief Executive Officer or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each Director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, facsimile or e-mail on twenty-four (24) hours' notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile transmission, U.S. mail or courier to each director at his or her business or residence address. Notice by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by U.S. mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally given such notice in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Company by the director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Company by the director and receipt of a completed answer-back indicating receipt. Notice by U.S. mail shall be deemed to be given when deposited in the U.S. mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute or this Agreement. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 majority of the total number of Directors shall constitute a quorum for the transaction of business. Except as otherwise provided by law or by this Agreement, the act of a majority of the Directors present (including Directors present by telephone or other electronic means, unless the Investment Company Act requires that a particular action be taken only at a meeting of the Board in person) at a meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum, a majority of the Directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need not be given if the time and place of such adjourned meeting are announced at the meeting so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Unless otherwise restricted by this Agreement, any one or more members of the Board or any committee thereof may participate in a meeting of the Board or such committee by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Unless otherwise restricted by this Agreement, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any committee thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee; <u>provided</u>, <u>however</u>, that this <u>Section 3.4(a)(v)</u> shall not apply to any action of the Board that requires the vote of the Directors to be cast in person at a meeting pursuant to the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) As of the date of this Agreement, the names of Directors are set forth on <u>Schedule A</u>. Each Director will hold office until his or her death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Following the Company's election to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act, a majority of the Directors will at all times consist of Directors who are not "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) (the "<u>Independent Directors</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;(viii) Any Director may resign at any time by submitting his or her written resignation to the Board of Directors or secretary of the Company. Such resignation shall take effect at the time of its receipt by the Company unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. Any or all of the Directors may be removed by (a) the affirmative vote of a majority of the full Board of Directors or (b) the affirmative vote of a majority-in-interest of the then-outstanding Units of the Company, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Except as otherwise provided by applicable law, including the Investment Company Act, any newly created directorship on the Board that results from an increase in the number of Directors, and any vacancy occurring in the Board that results from the death, resignation, retirement, disqualification or removal of a Director or other cause, shall be filled by (i) the appointment and affirmative vote of a majority of the remaining Directors in office, although less than a quorum, or by a sole remaining Director, and (ii) by the affirmative vote of a majority-in-interest of all the then-outstanding Units of the Company, voting together as a single class. Any Director elected to fill a vacancy or newly created directorship shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subject to the limitations of Section 17(h) of the Investment Company Act, a member of the Board, or a member of any committee designated by the Board shall, in the performance of such person's duties, be fully protected in relying in good faith upon records of the Company and upon such information, opinions, reports or statements presented to the Company by any of the Company's officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Committees of Board of Directors</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;(i) The Board may designate one or more committees, including but not limited to an Audit Committee (the "<u>Audit Committee</u>") and a Nominating and Corporate Governance Committee (the "<u>Nominating and Corporate Governance Committee</u>"), each such committee to consist of one or more of the Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Audit Committee will be responsible for establishing guidelines and making recommendations to the Board regarding or otherwise overseeing the valuation of certain of the Company's loans and investments, selecting the Company's independent registered public accounting firm, reviewing with such independent registered public accounting firm the planning, scope and results of their audit of the Company's financial statements, preapproving the fees for services performed, reviewing with the independent registered public accounting firm the adequacy of internal control systems, reviewing the Company's annual financial statements and periodic filings and receiving the Company's audit reports and financial statements. At least one member of the Audit Committee will be designated by the Board as an "audit committee financial expert" under the rules of the U.S. Securities and Exchange Commission (the "<u>SEC</u>"). Each member of the Audit Committee shall be an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Nominating and Corporate Governance Committee will be responsible for selecting, researching and nominating qualified nominees to be elected to the Board, selecting qualified nominees to fill any vacancies on the Board or a committee of the Board (consistent with criteria approved by the Board), developing and recommending to the Board a set of corporate governance principles applicable to the Company, as needed, and overseeing the evaluation of the Board and management. Each member of the Nominating and Corporate Governance Committee shall be an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Any such committee, to the extent provided in the resolution of the Board establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. All committees of the Board shall keep minutes of their meetings and shall report their proceedings to the Board when requested or required by the Board. Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of the greater of one-third or two members of the committee shall be necessary to constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum, and all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management by the Board</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;(i) The business and affairs of the Company shall be managed by or under the direction of the Board, except as may be otherwise provided by law. Unless otherwise specified in this Agreement, consent or approval by the Company shall be determined by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board may appoint and elect (as well as remove or replace with or without cause), as it deems necessary, a President, a Chief Executive Officer, a Chief Operating Officer, a Treasurer, a Chief Financial Officer, a Secretary, a Chief Compliance Officer and any other officer of the Company the Board determines to be necessary or advisable (collectively, the "<u>Officers</u>"). The names of each Officer and such Officer's position as of the date hereof are listed on <u>Schedule B</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;(iii) The Officers shall perform such duties and may exercise such powers as may be assigned to them by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless the Board decides otherwise, if the title of any person authorized to act on behalf of the Company under this <u>Section 3.4(c)</u> is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authority and duties that are normally associated with that office, subject to any specific delegation of, or restriction on, authority and duties made pursuant to this <u>Section 3.4(c)</u>. Any number of titles may be held by the same person. Any delegation pursuant to this <u>Section 3.4(c)</u> may be revoked at any time by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Board may authorize any Person, including any Officer, to sign on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Powers of Board</u>. Except as otherwise explicitly provided herein, the Board shall have the power on behalf and in the name of the Company to implement the objectives of the Company and to exercise any rights and powers the Company may possess, including the power to cause the Company to (i) make any elections available to the Company under applicable tax or other laws, (ii) make any investments permitted under this Agreement, (iii) satisfy any Company obligations, or (iv) make any disposition of Company assets. Notwithstanding any other provision of this Agreement, without the consent of any Member or other Person being required, subject to the Investment Company Act and applicable law, the Company is hereby authorized to execute, deliver and perform, and the Officers are, and each hereby is, authorized to execute and deliver, (x) a Subscription Agreement with each Member, (y) the Investment Advisory Agreement, and (z) any amendment of any such document (to the extent such amendment is approved in accordance with the terms of the relevant agreement and is consistent with the terms of this Agreement) and any other agreement, document or other instrument contemplated thereby or related thereto (to the extent that such other agreement, document or other instrument is consistent with the terms of the relevant agreement or this Agreement). Such authorization shall not be deemed a restriction on the power of the Board to cause the Company to enter into other documents.

**EXHIBIT 3.3**

Section 3.5. <u>Activities of Members</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;(a) Notwithstanding any duty otherwise existing at law or in equity, but subject to the provisions of this Agreement and applicable laws (including the Investment Company Act), any Member and its respective direct and indirect partners, members, stockholders, officers, directors, managers, trustees, employees, agents and Affiliates may invest, participate, or engage in (for their own accounts or for the accounts of others), or may possess an interest in, other financial ventures and investment and professional activities of every kind, nature and description, independently or with others, whether now existing or hereafter acquired or initiated, including but not limited to: management of other investment vehicles; investment in, financing, acquisition or disposition of securities; investment and management counseling; providing brokerage and investment banking services; or serving as officers, directors, managers, consultants, advisers or agents of other companies, partners of any partnership, members of any limited liability company or trustees of any trust (and may receive fees, commissions, remuneration or reimbursement of expenses in connection with these activities), whether or not such activities may conflict with any interest of the Company or any of the Members. The fact that a Member may encounter opportunities to purchase, otherwise acquire, lease, sell or otherwise dispose of investment assets, other assets or other business ventures and may take advantage of such opportunities itself or introduce such opportunities to entities in which it has or does not have any interest shall not subject such Member to liability to the Company or to any of the other Members on account of the lost opportunity. Nothing in this Agreement shall be deemed to prohibit any Member or any Affiliate of any Member from dealing with, or otherwise engaging in business with, any other Member or any Person transacting business with the Company or any Portfolio Company. Neither the Company nor any Member shall have any rights, solely by virtue of this Agreement, in or to any activities permitted by this <u>Section 3.5</u> or to any fees, income, profits or goodwill derived from such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members shall not owe any duty (including any fiduciary duty) to any other Members or the Company, and any and all such duties (including any fiduciary duty) are hereby waived and eliminated. No Member will have any liability for breach of duty (including any fiduciary duty), to any other Members or the Company. The Company and each Member hereby acknowledge and agree to the waiver and elimination of any and all duties (including any fiduciary duty) pursuant to this Section 3.5(b) and hereby waive any right to, and agree not to, bring any claim or cause of action against any Member in such capacity. To the fullest extent permitted by law, where a Member is exercising any vote, consent or approval right it may exercise such vote, consent or approval right in its own interests and without duty or obligation to any other Member or the Company. Notwithstanding the foregoing, this clause shall not affect the fiduciary duties of the Company's Directors.

**EXHIBIT 3.3**

Section 3.6. <u>Meetings of Members</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;(a) <u>Place of Meetings</u>. All meetings of the Members for any purpose shall be at any such place as shall be designated from time to time by the Board and stated in the notice of meeting or in a duly executed waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Meetings</u>. Meetings of Members may be called by the Board, the Chair of the Board or the Chief Executive Officer, or by Members holding at least 50% of the total number of Units in any class. The Board of Directors may postpone, adjourn, reschedule or cancel any meeting of Members previously scheduled by the Board of Directors, the Chair of the Board or the Chief Executive Officer. Members holding at least 50% of the total number of Units in any class seeking to convene a meeting of the Member will deliver evidence of their holdings and desired subjects to be voted upon at the meeting, including, but not limited to terminating the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Business at Meetings</u>. For each meeting, only business specified in the Company's notice of meeting (or any supplement thereto) may be conducted at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Quorum; Adjournments</u>. Unless otherwise required by law, Members holding a majority of the Units entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings. Abstentions will be treated as Units that are present and entitled to vote for purposes of determining the number present and entitled to vote with respect to any particular proposal but will not be counted as a vote in favor of such proposal.

If such quorum shall not be present or represented by proxy at any meeting, then either the chair of the meeting or Members entitled to vote thereat (present in person or represented by proxy) shall have the power to adjourn a vote from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented by proxy. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than thirty (30) days, or, if after adjournment a new record date is set, then a notice of the adjourned meeting shall be given to each Member entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Remote Participation</u>. Unless otherwise required by law, Members may participate in a meeting of the Members by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such means shall constitute presence in person at a meeting.

**EXHIBIT 3.3**

Section 3.7. <u>Waiver of Notice</u>. A written waiver of any notice, signed by a Member or Director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which such notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall constitute waiver of notice, except attendance for the express purpose at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.

Section 3.8. <u>Member Voting and Consents</u>. Whenever action is required by this Agreement to be taken by a specified percentage in interest of the Members (or any class or group of Members), such action shall be deemed to be valid if taken upon the written vote or written consent of those Members (or those Members included in such class or group) whose Units represent the specified percentage of the aggregate outstanding Units of all Members (or all Members included in such class or group) at the time. Each Member shall be entitled to one vote for each Unit held on all matters submitted to a vote of the Members. For these purposes, a "majority-in-interest" shall mean a percentage in interest in excess of 50%.

Section 3.9. <u>Special Approvals</u>. Notwithstanding anything to the contrary in this <u>Article 3</u>, in addition to any other consent that may be required, the consent of a majority-in-interest of the Common Unitholders shall be required to authorize the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Amend the Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Issue Preferred Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Approve the dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Approve the sale of all or substantially all of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The listing of the Common Units (or any other securities issued by the Company) on any national securities exchange.

**Article 4<br> INVESTMENTS AND ACTIVITIES**

Section 4.1. <u>Investment Objectives</u>. The investment objective of the Company is to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR/EURIBOR, plus a margin, of private middle market U.S. companies. Each investment held by the Company is referred to herein as an "<u>Investment</u>" and collectively, the "<u>Investments</u>."

**EXHIBIT 3.3**

Section 4.2. <u>Borrowing</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;(a) <u>General</u>. The Company shall have the power to enter into, make and perform all such contracts and other undertakings, and engage in all such activities and transactions as the Board may deem necessary or advisable for or incidental to the carrying out of the Company's purpose and objectives (and all determinations, decisions and actions made or taken by the Board shall be conclusive and absolutely binding upon the Company, the Members and their respective successors, assigns and personal representatives), including: (i) to incur and maintain indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit ("<u>Financings</u>"), (ii) to incur and maintain other obligations (including in connection with derivative financial instruments), (iii) to arrange and make guarantees to support any such Financings or other obligations and incur reimbursement obligations in respect of any such Financings, other obligations or guarantees, (iv) to pledge or assign or otherwise make available credit support for any such Financings, other obligations or guarantees, (v) to become contingently liable with respect to indebtedness for borrowed money of any Person, and (vi) to enter into agreements, instruments and documents and take all other actions as the Company deems necessary or appropriate in connection with incurring or maintaining Financings, other obligations or guarantees, in each such case. Without limiting the generality of the foregoing, the Company is authorized, at its option and without consent of any Member, to hypothecate, mortgage, assign, transfer, make a collateral assignment or pledge or grant a security interest to any Lender or other holders other obligations or guarantees of the Company (i) any or all assets of the Company, including Investments and deposit or other accounts into which capital contributions are credited or deposited (the assets described in this clause (i) referred to herein as "<u>Assets</u>") and/or (ii) some or all of the Undrawn Commitment of any of the Members, including the Company's right to receive contributions of Undrawn Commitment and all rights and remedies related thereto and the obligations of any of the Members under their respective Subscription Agreements and this Agreement (the rights described in this clause (ii) referred to herein as "<u>Assigned Rights</u>," and together with Assets, referred to herein as "<u>Credit Support</u>"); <u>provided</u> 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 Agreement. For the avoidance of doubt, the Company may exclude from such Credit Support all or a portion of the Assigned Rights of any Common Unitholders that are Officers, Directors, certain significant Common Unitholders, and certain other Persons, to the extent restricted under, or considered by the Board to be necessary or desirable to facilitate compliance with, applicable laws or regulations, including the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), the Investment Company Act and the Sarbanes-Oxley Act of 2002, as amended.

In furtherance thereof and without limiting the generality thereof, the Company may, in each case subject to such other conditions as the Company may reasonably determine, (a) authorize any Lender or holders of such other obligations or guarantees, including any agent or trustee acting on their behalf, as agent and on behalf of the Company, or in such other capacity as the Company may specify (i) to exercise from time to time Assigned Rights, (ii) to issue drawdown notices and to require all or any portion of such Undrawn Commitment to be contributed to the Company for purposes of paying such funds to a Lender or holder of such other obligations or guarantees, including by payment to an account or accounts pledged to a Lender or such holder, (iii) to exercise any right or remedy of the Company under this Agreement in respect of any Asset or Assigned Rights or in respect of any drawdown notice or Undrawn Commitment, and (iv) to enforce the Members' obligations under their respective Subscription Agreements and this Agreement, and (b) take any other action the Company reasonably determines to be necessary for the purpose of providing such Credit Support (collectively, clauses (a) and (b), the "<u>Lender Powers</u>"); <u>provided</u>, that any exercise of such Lender Powers shall be made in accordance with this Agreement. In addition, the Company is hereby authorized to provide to or receive from any Lender or holders of such indebtedness, or holders of other obligations or guarantees, including any agent or trustee acting on their behalf, financial information related to such Member and other documentation reasonably and customarily required to incur or assume such indebtedness, subject to applicable law, and in connection therewith, each Member hereby agrees to cooperate with the Company with respect to the provision of such information and documentation.

**EXHIBIT 3.3**

Subject to applicable law, the Company is authorized to enter into and maintain guarantees and other credit support of Financings of subsidiaries and other Persons in which the Company has an interest or otherwise be liable on a joint and several basis and any such obligations in connection therewith may be cross-guaranteed as the Board determines is necessary or convenient in the conduct or promotions of the activities or business of the Company.

Notwithstanding anything to the contrary in this Agreement, for so long as the Company operates as a BDC, the total amount of indebtedness outstanding at any time shall not cause the Company to violate leverage requirements applicable to the Company, including Section 61 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lender Acknowledgements</u>. Each Member hereby acknowledges and agrees that the Company may, at any time, without further notice to or consent from a Member (except to the extent otherwise provided in this Agreement), grant security over and, in connection therewith, transfer its right to draw down Capital Commitments from the Member pursuant to, and in accordance with the terms and conditions of, such Member's Subscription Agreement, and the Company's right to receive the purchase price for Common Units thereunder to lenders or other creditors or holders of other obligations or guarantees of the Company, in connection with any indebtedness, guarantee or surety of the Company (such right of the Company with respect to the Subscriber, collectively, the "<u>Assigned Rights</u>"); 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 the applicable Subscription 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Beneficiary Rights</u>. Notwithstanding anything herein to the contrary, any Lender or other Person granted a lien with respect to any of the Assigned Rights and/or the right to exercise any Lender Power shall be an intended beneficiary of this Agreement and shall be entitled to enforce the provisions of this <u>Section 4.2</u>.

Section 4.3. [<u>Reserved</u>]

Section 4.4. <u>Distributions</u>. Subject to the discretion of the Board of Directors, the requirements of Section 852(a) of Subchapter M of the Code, the terms of any Financings or other obligations and any other applicable legal requirements, the Company intends to, (i) prior to the date on which the Company has elected to be regulated as a BDC under the Investment Company Act and treated as a RIC under Subchapter M of the Code, authorize and declare distributions out of net earnings of the Company, and (ii) after the date on which the Company has elected to be regulated as a BDC under the Investment Company Act and treated as a RIC under Subchapter M of the Code, (x) authorize and declare cash distributions on a quarterly basis and pay such distributions on a quarterly basis, which may be funded from any sources of funds available to the Company, and (y) otherwise distribute substantially all of its investment company taxable income and net capital gain for each taxable year in order to qualify for treatment as a RIC under Subchapter M of the Code, for any such taxable year.

**EXHIBIT 3.3**

Depending on the level of taxable income and net capital gain earned in a year, the Company may retain certain net capital gain for reinvestment and carry forward taxable income for distribution in the following year and pay any applicable tax.

Anything in this Agreement to the contrary notwithstanding, no distribution shall be made to any Member if, and to the extent that, such distribution would not be permitted under the Delaware Act.

Upon liquidation of the Company pursuant to <u>Article 8</u>, after payment or provision for payment of the Company's debts and other liabilities, the Company's remaining net assets will be distributed among Common Unitholders equally on a per Common Unit basis (subject to the payment of the fees pursuant to the Investment Advisory Agreement, the reimbursement of expenses and other fees pursuant to the Administration Agreement, and other Company expenses).

Section 4.5. <u>Return of Capital Distributions</u>. Any portion of distributions made by the Company to the Common Unitholders, which represents a return of such Common Unitholders' capital contributions to the Company, as determined by the Board, shall not increase the Common Unitholders' Undrawn Commitments and may not be redrawn down by the Company.

Section 4.6. <u>Recycling</u>. Subject to the requirements of Section 852(a) of Subchapter M of the Code and the terms of any Financing or other obligations, proceeds realized by the Company from the sale or repayment of any Investment (as opposed to investment income) (but not in excess of the cost of any such Investment), may be retained and reinvested by the Company. Any amounts so reinvested will not reduce a Common Unitholder's Undrawn Commitment.

**Article 5<br> FEES AND EXPENSES; ADVISORY AGREEMENT;<br> ADMINISTRATION AGREEMENT**

Section 5.1. <u>Company Expenses</u>. The Company's primary operating expenses (the "<u>Company Expenses</u>") include the payment of: (i) investment advisory fees pursuant to the Investment Advisory Agreement; (ii) costs and other expenses payable Partners Group (USA) Inc. (the "<u>Administrator</u>") in performing its administrative obligations under the Administration Agreement; and (iii) other organizational and operating expenses as may be incurred by or on behalf of the Company, as set forth in the Investment Advisory Agreement and the Administration Agreement (as defined below).

Section 5.2. <u>Investment Advisory Agreement</u>. The Company shall enter into an Investment Advisory Agreement with the Investment Adviser for investment advisory and management services, which, as of the date of this Agreement, shall be in substantially the form attached hereto as <u>Exhibit I</u>.

**EXHIBIT 3.3**

Section 5.3. <u>Administration Agreement</u>. The Company shall enter into an administration agreement (the "<u>Administration Agreement</u>") with the Administrator for furnishing the Company with administrative services necessary to conduct its day-to-day operations, in substantially the form attached hereto as <u>Exhibit II</u>.

**Article 6<br> CAPITAL OF THE COMPANY**

Section 6.1. <u>Obligation to Contribute</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;(a) <u>General</u>. The Company will issue Common Units to investors from time to time in accordance with the provisions of this Agreement. Such Common Units will be issued through drawdowns on specific Drawdown Dates, with Common Unitholders required to contribute all or a portion of their Undrawn Commitments in exchange for Common Units as set forth in this Agreement and the Subscription Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Interest</u>. No interest shall accrue on any Common Unitholder's contribution.

Section 6.2. <u>Failure to Make Required Payment</u>. Except as otherwise provided in this Agreement, if a Common Unitholder fails to make a required capital contribution or other required payment to the Company, in part or in full, and such default remains uncured for a period of ten Business Days, the Company shall be permitted to declare such Common Unitholder (any such Common Unitholder, a "<u>Defaulting Unitholder</u>" and, collectively with any other Common Unitholders declared to be in default, the "<u>Defaulting Unitholders</u>") to be in default of its obligations and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company may prohibit the Defaulting Unitholder from purchasing additional Units on any future Drawdown Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) thirty-three percent (33%) of the Units then held by the Defaulting Unitholder may be automatically forfeited and transferred on the books of the Company to all other Common Unitholders (other than any other Defaulting Unitholders), pro rata in accordance with their respective number of Common Units held; <u>provided</u>, <u>however</u>, that no Common Units shall be transferred to any other Common Unitholder pursuant to this <u>Section 6.2</u> in the event that such transfer would (x) violate the Securities Act, the Investment Company Act or any state (or other jurisdiction) securities or blue sky laws applicable to the Company or such transfer, (y) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code or (z) 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 Common Unitholder from receiving a partial allocation of its pro rata portion of Common Units); <u>provided</u>, <u>further</u>, that any Common Units that have not been transferred to one or more other Common Unitholders pursuant to the previous proviso shall be allocated among the other participating Common Unitholders pro rata in accordance with their respective number of Common Units held. The mechanism described above is intended to operate as a liquidated damage provision since the damage to the Company and the other Common Unitholders resulting from a default by the Defaulting Unitholder is both significant and not easily susceptible to precise quantification. By purchasing Common Units, each Common Unitholder agrees to this <u>Section 6.2</u> and acknowledges that the automatic transfer of one-half of its Units constitutes a reasonable liquidated damage remedy for any default in the Common Unitholder's obligation of the type described.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the maximum extent permitted by applicable law, the Defaulting Unitholder hereby makes, constitutes and appoints the Company with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting Unitholder with respect to its Units, at every regular, special or adjourned meeting of Members and in every written consent in lieu of such meeting in exact proportion to the votes or consents cast by Members other than Defaulting Unitholders or, in the absence of any such Members, in the discretion of the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company may pursue any other remedies against the Defaulting Unitholder available to the Company at law or in equity. No course of dealing between the Company and any Defaulting Unitholder and no delay in exercising any right, power or remedy conferred in this <u>Section 6.2</u> or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the Defaulting Unitholder for specific performance of its obligation to pay any Drawdown Purchase Price or other required payment to the Company pursuant to this Agreement and to collect any overdue amounts hereunder. Notwithstanding any other provision of this Agreement, each Member agrees (i) to pay on demand all costs and expenses (including attorneys' fees) incurred by or on behalf of the Company in connection with the enforcement of this Agreement against the Member sustained as a result of any default by such Member and (ii) that any such payment shall not constitute payment of a Drawdown Purchase Price or reduce such Member's Commitment.

Upon a default, the Company may, in its discretion, require each non-Defaulting Unitholder to make an additional capital contribution (not to exceed its then Undrawn Commitment) in respect of such overdue capital contribution. The funding of the overdue capital contribution by the non-Defaulting Unitholders will not alter the Defaulting Unitholder's obligations to the Company, including any obligation to make future capital contributions or other required payments. The amounts that are paid by non-Defaulting Unitholders will reduce the remaining Undrawn Commitments of the non-Defaulting Unitholders.

Each Member agrees that this <u>Section 6.2</u> is solely for the benefit of the Company and shall be interpreted by the Company against any Defaulting Unitholder in the discretion of the Company. Each Member further agrees that such Member cannot and will not seek to enforce this <u>Section 6.2</u> against the Company or any other investor in the Company.

**Article 7<br> DURATION OF THE COMPANY**

Section 7.1. <u>Term and Termination of the Company</u>. The term of the Company shall be perpetual and shall continue until the dissolution of the Company in accordance with this Agreement or by operation of law. The Company shall be dissolved (i) at any time upon the affirmative vote of a majority of the full Board of Directors, (ii) if there are no Members of the Company, unless the business of the Company is continued in accordance with this Agreement or the Delaware Act, or (iii) upon the entry of a decree of judicial dissolution under the Delaware Act.

**EXHIBIT 3.3**

Section 7.2. <u>Sale or Merger</u>. Subject to any restrictions of the Investment Company Act and applicable law, the Board shall be entitled, with the affirmative vote of a majority-in-interest of the then-outstanding Units of the Company, to cause the Company to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Company's assets in a single transaction or series of transactions, or approve on behalf of the Company, the sale, exchange or disposition of all or substantially all of the Company's assets. The Board may also cause the sale of all or substantially all of the Company's assets under foreclosure or other realization without the consent of any Members.

**Article 8<br> LIQUIDATION OF ASSETS ON DISSOLUTION**

Section 8.1. <u>General</u>. Following dissolution, the Company's assets shall be liquidated in an orderly manner. The Board shall be the liquidator to wind up the affairs of the Company pursuant to this Agreement. The Board as liquidator shall cause the Company to pay or provide for the satisfaction of the Company's liabilities and obligations to creditors in accordance with the Delaware Act. In performing their duties, the Board as liquidator is authorized to sell, exchange or otherwise dispose of the assets of the Company in such reasonable manner as the Board shall determine to be in the best interest of the Members.

Section 8.2. <u>Liquidating Distributions; Priority</u>. Subject to Section 18-804 of the Delaware Act, the proceeds of liquidation shall be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) First, to pay the costs and expenses of dissolution and liquidation; to pay or provide for the satisfaction of the Company's debts and other liabilities, including obligations to creditors in accordance with the Delaware Act; and to establish any reserves which the liquidator may deem necessary or advisable for any contingent or unmatured liability of the Company, including the payment of the fees pursuant to the Investment Advisory Agreement and the reimbursement of expenses and other fees pursuant to the Administration 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Thereafter, among the Common Unitholders equally on a per Common Unit basis.

Section 8.3. <u>Duration of Liquidation</u>. Such time as the Board determines in its sole discretion shall be allowed for the winding up of the affairs of the Company in order to minimize any losses otherwise attendant upon such a winding up.

Section 8.4. <u>Liability for Returns</u>. None of the liquidator, the Directors, the Officers, the Investment Adviser and their respective partners, members, stockholders, officers, directors, managers, employees, agents and Affiliates shall be personally liable to any Member for the return of the capital contributions of any Member.

**EXHIBIT 3.3**

Section 8.5. <u>Post-Dissolution Investments and Drawdowns</u>. Notwithstanding anything to the contrary set forth in this <u>Article 8</u>, but subject to the other limitations on investments set forth in this Agreement and the Delaware Act, the liquidator may, at any time or times after dissolution, cause the Company to make additional investments in entities which were Portfolio Companies on the date of dissolution (including any successor to, or subsidiary of, a Portfolio Company), if the liquidator believe that such additional investments are in the best interest of the Members and in furtherance of the winding up of the affairs of the Company.

**Article 9<br> LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS**

Section 9.1. <u>Transfers of Units</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;(a) <u>General</u>. A Member may sell, assign, transfer, pledge, mortgage, hypothecate, gift, sale or otherwise dispose of or encumber (collectively, "<u>Transfer</u>") its Units, including a Transfer of solely an economic interest, in whole or in part, provided, that (i) any purported transferee satisfies applicable eligibility and/or suitability requirements, and (ii) any such Transfer is otherwise made in accordance with applicable laws and in compliance with this Agreement. Any attempted Transfer of all or any part of a Member's Units in violation of this Agreement will be void to the maximum extent permitted by law, and any intended recipient of the Units will acquire no rights in such and will not be treated as a Member for any purpose. Each Transfer shall be subject to all of the terms, conditions, restrictions and obligations set forth in this Agreement and shall be evidenced by an assignment agreement executed by the transferor, the transferee(s) and the Company, in form and substance satisfactory to the Company. No Transfer will be effectuated except by registration of the Transfer on the Company's books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reimbursement of Transfer Expenses</u>. As a condition to the effectiveness of any transfer, the transferor or transferee shall pay all reasonable expenses, including out-of-pocket attorneys' fees, incurred in connection with the assignment which may be effected as an offset to amounts otherwise distributable.

Section 9.2. <u>Admission of Substituted Members</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;(a) <u>General</u>. Any transferee of a Member's Units transferred in accordance with the provisions of this <u>Article 9</u> shall be admitted as a substituted Member upon its execution (whether on its own behalf or via an attorney-in-fact) of an assignment agreement and a Subscription Agreement, if the transferor had an outstanding Undrawn Commitment, and counterpart to this Agreement. Any transfer of Units in violation of the foregoing will be void, and any intended transferee will acquire no rights in such Units and will not be treated as a Member for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect of Admission</u>. The transferee of Units transferred pursuant to this <u>Article 9</u> that is admitted to the Company as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Commitment and Undrawn Commitment of the transferor with respect to the applicable class of Unit being transferred shall become the applicable Commitment and Undrawn Commitment, respectively, of the transferee, to the extent of the Units transferred. Each Member agrees that, notwithstanding the transfer of all or any fraction of its Units, as between it and the Company it shall remain liable for its Commitment prior to the time, if any, when the purchaser, assignee or transferee of such Units, or fraction thereof, becomes a holder of such Units. If a transferee is not admitted to the Company as a substituted Member, (i) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder, and (ii) the transferor shall remain liable to the Company for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Compliant Transfer</u>. If a Transfer has been proposed or attempted but the requirements of this <u>Article 9</u> have not been satisfied, the Company shall not admit the purported transferee as a substituted Member but, to the contrary, shall (i) continue to treat the transferor as the sole owner of the Units purportedly transferred in all respects, (ii) make no distributions to the purported transferee and incur no liability for distributions made in good faith to the transferor and (iii) not furnish to the purported transferee any tax or financial information regarding the Company. The Company shall also not otherwise treat the purported transferee as an owner of any Units (either legal or equitable), unless required by law to do so. To the maximum extent permitted by law, the Company shall be entitled to seek injunctive relief, at the expense of the purported transferor, to prevent any such purported Transfer.

**Article 10<br> LIMITATION OF LIABILITY AND INDEMNIFICATION**

Section 10.1. <u>Limitation of Liability</u>. To the fullest extent permitted by applicable law, none of the Company's Officers, Directors or employees will be liable to the Company or to any Member for any act or omission performed or omitted by any such person (including any acts or omissions of or by another Officer, Director or employee), in the absence of Disabling Conduct (as defined below).

Section 10.2. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company shall, subject to Section 10.2(b) hereof, indemnify each Covered Person (as defined below), from and against any and all claims, demands, liabilities, costs, expenses, damages, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated, including any of the foregoing incurred under or required to be indemnified against or reimbursed under, or requiring contribution under, this Agreement (collectively, "<u>Claims</u>"), suffered or sustained by reason of being or having been a Covered Person, or arising out of or in connection with any action or failure to act relating to the Company on the part of each Covered Person including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees and disbursements, incurred in connection with the defense or disposition of any action, suit, arbitration, investigation or other proceeding, whether civil or criminal, before any judicial, arbitral, administrative or legislative body (a "<u>Proceeding</u>"), (all such Claims and amounts covered by this Section 10.2(a) and all expenses referred to in this Section 10.2(a) are referred to as "<u>Damages</u>"), except to the extent such Damages arise from Disabling Conduct on the part of such Covered Person. Any Manager of the Company appointed by the Organizational Member prior to the effectiveness of this Agreement shall be deemed to be a Covered Person for purposes of this Section 10.2. "<u>Covered Person</u>" shall mean the Board of Directors and its Affiliates, the Company, any officers, directors, shareholders, partners, members, managers, employees, agents or representatives of the Board of Directors, any officers, directors, shareholders, partners, members, managers, employees, agents or representatives of the Adviser, or any person who was at the time of the act or omission in question, such a person. "<u>Disabling Conduct</u>" means any act or omission (i) with respect to which a court of competent jurisdiction has issued a final non-appealable decision, judgment or order that such act or omission constituted a material breach of this Agreement, fraud, Gross Negligence, or willful misconduct, which has not been promptly cured after receipt of notice; or (ii) that is acknowledged in writing by the Board of Directors to constitute a material breach of this Agreement, fraud, Gross Negligence, or willful misconduct in relation to itself or one of its Affiliates, which has not been promptly cured after receipt of notice.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of any Covered Person to the indemnification provided herein with regards to any Damages shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Covered Person's successors, assigns and legal representatives. The indemnification obligation of the Company to a Covered Person with respect to any Damages shall be reduced by any indemnification payments actually received by such Covered Person from an investment of the Company, if any, with respect to the same Damages. Solely for purposes of clarification, and without expanding the scope of indemnification pursuant to this Section 10.2(b), the Members intend that, to the maximum extent permitted by applicable law, as between (a) the investments of the Company, (b) the Company and (if applicable) any alternative vehicle and (c) the Board of Directors or Adviser, this Section 10.2(b) shall be interpreted to reflect an ordering of liability for potentially overlapping or duplicative indemnification payments, with (if applicable) any investment of the Company having primary liability, the Company and (if applicable) any alternative vehicle having only secondary liability, and (if applicable) the Board of Directors and the Adviser having only tertiary liability. The possibility that a Covered Person may receive indemnification payments from an investment of the Company shall not restrict the Company from making payments under this Section 10.2(b) to a Covered Person that is otherwise eligible for such payments, but such payments by the Company are not intended to relieve any investment of the Company from any liability that it would otherwise have to make indemnification payments to such Covered Person and, if a Covered Person that has received indemnification payments from the Company actually receives duplicative indemnification payments from an investment of the Company for the same Damages, such Covered Person shall repay the Company to the extent of such duplicative payments. If, notwithstanding the intention of this Section 10.2(b), such investment's obligation to make indemnification payments to a Covered Person is relieved or reduced under applicable law as a result of payments made by the Company pursuant to this Section 10.2(b), the Company shall have, to the maximum extent permitted by applicable law, a right of subrogation against (or contribution from) such investment for amounts paid by the Company to a Covered Person that relieved or reduced the obligation of such investment to such Covered Person. Indemnification payments (if any) made to a Covered Person by the Board of Directors in respect of Damages for which (and to the extent) such Covered Person is otherwise eligible for payments from the Company under this Section 10.2(b) shall not relieve the Company from its obligation to such Covered Person and/or the Board of Directors for such payments (it being the intention in such case that the Board of Directors would be reimbursed by such Covered Person with payments made by the Company under this Section 10.2(b) or directly by the Company). With respect to payments by the Company pursuant to this Section 10.2(b), the Company waives, to the fullest extent permitted by applicable law, any right of subrogation or contribution it may have against the Board of Directors for potentially overlapping indemnification obligations. As used in this Section 10.2(b), "indemnification payments" made or to be made by an investment of the Company shall be deemed to include (i) advancement of any cost and expenses (including reasonable attorneys' fees) in connection with indemnification obligations, (ii) payments made or to be made by any successor to the indemnification obligations of such investment and (iii) equivalent payments made or to be made by or on behalf of such investment (or such successor) pursuant to an insurance policy or similar arrangement.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) To the fullest extent permitted by law, the Company shall, in the discretion of the Board of Directors, advance any costs and expenses (including reasonable attorneys' fees) incurred in connection with the defense of any Proceeding that arises out of the conduct described in Section 10.2(a) to any affected Covered Person; provided that no advance shall be made in connection with disputes solely between Covered Persons and which involve no third parties. Where an advance is made by the Company, it shall be subject to repayment to the extent that Damages constitute Disabling Conduct on the part of the respective Covered Person or to the extent that any such fees, costs or expenses are refunded to the Covered Person from any third party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after receipt by a Covered Person of notice of the commencement of any Proceeding, such Covered Person shall, if a claim for indemnification in respect thereof is to be made against the Company, give notice to the Company of the commencement of such Proceeding, provided that the failure of any Covered Person to give notice as provided in this Agreement shall not relieve the Company of its obligations under this Section 10.2(d) except to the extent that the Company is actually prejudiced by such failure to give notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In selecting and appointing any agent to take actions on behalf of or for the benefit of the Company, the Board of Directors and its Affiliates shall exercise reasonable care. Notwithstanding any provision of this Agreement to the contrary, the Board of Directors and its Affiliates shall be obligated to pursue on behalf of and at the expense of the Company all rights and remedies available to them (in the commercially reasonable judgment of the Board of Directors), against any agent of the Board of Directors or its Affiliates, for any loss of the Company caused by such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by applicable law, the Adviser and any other party serving as the Adviser of the Company or providing other services to the Company shall be entitled to indemnification from the Company upon such terms and subject to such conditions and exceptions, and with such entitlement to have recourse to the assets of the Company with a view to meeting and discharging the cost thereof as may be provided under the relevant investment advisory agreement or any agreement between any such party and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in this Agreement, (i) the provisions of this Section 10.2 shall not be construed so as to provide for the indemnification of any Covered Person for any liability (including liability under U.S. federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 10.2 to the fullest extent permitted by applicable law, and (ii) nothing in this Agreement shall constitute a waiver of any rights which a Member or the Company may have under applicable U.S. state or federal securities laws, in each case which may not be waived.

**EXHIBIT 3.3**

Section 10.3. <u>Nature of Rights</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this <u>Article 10</u> shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 10.4. <u>Insurance</u>. The Company shall have power to purchase and maintain insurance (at the Company's expense) on behalf of any person who is or was a Director, Officer, employee or agent of the Company, or is or was serving at the request of the Company as a Director, Officer, employee or agent of another Company, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this <u>Article 10</u>.

Section 10.5. <u>Limitation by Law</u>. If any Indemnified Person or the Company itself is subject to any federal or state law, rule or regulation which restricts the extent to which any Person may be exonerated or indemnified by the Company, the limitation of liability provisions set forth in <u>Section 10.1</u> and the indemnification provisions set forth in <u>Section 10.2</u> shall be deemed to be amended, automatically and without further action by the Members, to the minimum extent necessary to conform to such restrictions. Without limiting the foregoing, for so long as the Company is regulated under the Investment Company Act, the limitation of liability and indemnification provisions shall be the limited to the extent provided by the Investment Company Act and by any valid rule, regulation or order of the SEC thereunder.

**Article 11<br> AMENDMENTS**

Section 11.1. <u>Amendments</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;(a) <u>By Consent</u>. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of this Agreement) during or after the term of the Company, together with the prior written consent of a majority-in-interest of the Common Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Without Consent</u>. Notwithstanding the provisions of <u>Section 11.1(a)</u>, the following amendments may be made with the consent of the Board and without the need to seek the consent of any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the duties or obligations of the Board or surrender any right granted to the Board herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any ambiguity or correct or supplement any provision herein or any appendix, schedule or exhibit hereto, including which may be or become inconsistent with any other provision herein or to correct any printing, stenographic or clerical errors or omissions in order that this Agreement, including any appendix, schedule and/or exhibit hereto, shall accurately reflect the agreement among the Members;

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, directive, order, ruling or regulation of the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Department of the Treasury, the U.S. Internal Revenue Service, the Board of Governors of the U.S. Federal Reserve or any other U.S. federal or state or non-U.S. governmental agency, or in any U.S. federal or state or non-U.S. statute, compliance with which the Board deems to be in the best interest of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as it determines in good faith to be necessary or appropriate to enable any Member to comply with any applicable law, rule or regulation; <u>provided</u>, that such amendment does not materially adversely affect the rights granted to or liabilities of any other Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to effect Additional Members becoming a party hereto or the creation or issuance of additional Common Units or classes of Common Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to make changes that this Agreement specifically provides may be made by the Board without the consent of any Member,

<u>provided</u>, <u>however</u>, that no amendment shall may be made pursuant to clauses (i) through (iv) above if such amendment would (1) subject any Member to any adverse economic consequences (which, for the avoidance of doubt, include any increase in a Member's Commitment or a request for capital contributions above the Undrawn Commitment of such Member) without such Member's consent, (2) diminish the rights or protections of one or more Members (including, for the avoidance of doubt, provisions intended to protect one or more Members from suffering certain adverse tax consequences), or (3) diminish or waive in any material respect the duties and obligations of the Board to the Company or the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consent to Amend Special Provisions</u>. Notwithstanding the provisions of <u>Section 11.1(a)</u>, any provision in this Agreement that requires the consent, action or approval of a specified percentage in interest of the Members may not be amended without the consent of such specified percentage in interest of Members.

**Article 12<br> ADMINISTRATIVE PROVISIONS**

Section 12.1. <u>Keeping of Accounts and Records; Certificate of Formation; Administrator</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;(a) <u>Accounts and Records</u>. At all times the Company shall keep proper and complete books of account, in which shall be entered fully and accurately the transactions of the Company. Such books of account shall be kept on the accrual method of accounting for both tax and accounting purposes and shall be maintained in accordance with U.S. generally accepted accounting principles ("<u>GAAP</u>"). The Company shall also maintain: (i) an executed copy of this Agreement (and any amendments hereto); (ii) the Certificate (and any amendments thereto); (iii) executed copies of any powers of attorney pursuant to which any document described in clause (i) or (ii) has been executed by the Company; (iv) a current list of the name, address, Commitments and taxpayer identification number, if any, of each Member; (v) copies of all tax returns filed by the Company; and (vi) all financial statements of the Company for each of the prior seven years. These books and records shall at all times be maintained in accordance with the Company's record retention policy.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certificate of Formation</u>. The Company shall file for record with the appropriate public authorities and, if required, publish the Certificate and any amendments thereto.

Section 12.2. <u>Valuation</u>. The fair value of the Company's assets will be determined pursuant to a valuation policy approved by the Board.

Section 12.3. <u>Notices</u>. Any written notice herein required to be given to the Company by any of the Members shall be deemed to have been given if delivered in person or if sent by overnight courier service (for delivery within two or fewer Business Days), or by email (including, for the avoidance of doubt, by e-mail containing an electronic link to a notice that such notice is electronically accessible) to the principal office of the Company in New York, New York, or to such other address or email address as the Company may from time to time specify by notice to the Members.

Any written notice required to be given to a Members shall be deemed to have been given if sent to such Member at the address or email address set forth in the records of the Company or such other address or email address as such Member shall have specified in writing to the Company; <u>provided</u> that any call for capital required to be made under <u>Article 3</u> shall also comply with the specific requirements of such section and the Subscription Agreement.

Notice, payment, demand or other communication shall be deemed to be delivered, given and received for all 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;(i) on the day of it being sent, where delivered in person, sent by email, and when sent on any Business Day during normal working hours at the place of receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) on the following Business Day, where sent by email on any Business Day outside normal working hours or on any day which is not a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the second Business Day following the date dispatched by Federal Express, DHL or any comparable courier service.

Section 12.4. <u>Accounting Provisions</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;(a) <u>Fiscal Year</u>. For U.S. federal income tax purposes, the Company's year is the calendar year, unless otherwise required by the Code or permitted by applicable law. For financial reporting purposes, the Company's fiscal year is a calendar year ending December 31.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Auditors</u>. The Company's independent public auditors shall be PricewaterhouseCoopers LLP, or another public accounting firm of similar standing, as determined by the Board of Directors.

Section 12.5. <u>Tax Provisions</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;(a) Classification of the Company as Corporation 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;(i) The Company intends to file an election with the Internal Revenue Service to cause it to be classified as an association that is taxable as a corporation for U.S. federal income tax purposes as of the Initial Drawdown Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 will use reasonable best efforts to qualify as a RIC no later than the first calendar year in which the Company elects to be regulated as a BDC under the Investment Company Act and anticipates it will have significant amounts of net 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Once the Company has elected RIC tax status under the Code, the Company will use reasonable best efforts to maintain its status as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>RIC Requirements</u>. From and after the Company has elected RIC tax status under the Code, the Board shall seek to cause the Company to meet any applicable requirements under the Code necessary to obtain and maintain RIC qualification for U.S. federal income tax purposes, including source-of-income and asset diversification requirements and distributing annually an amount equal to at least 90% of its "investment company taxable 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Information</u>. The Company will cause to be delivered after the end of each calendar year to each Member who was a Member at any time during such calendar year and is subject to U.S. federal, state, and local tax reporting obligations, such information as may be necessary for the preparation of such Member's U.S. federal, state, and local tax returns.

Each Member agrees that such Member will, upon request by the Company, execute any forms or documents (including a power of attorney or settlement or closing agreement), provide any information (including an appropriate completed and executed Internal Revenue Service Form W-8) and take any further action requested by the Company, and that the Company may execute any forms or documents or obtain any information on such Member's behalf that relate to such Member's investment in the Company, in connection with any tax matter affecting the Company.

Section 12.6. <u>General Provisions</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;(a) <u>Power of Attorney</u>. Each Member, by execution of this Agreement (including by execution of counterpart signature page hereto directly or via an attorney-in-fact), hereby constitutes and appoints any duly authorized representative of the Company as its true and lawful representative and its attorney-in-fact, in its name, place and stead (i) to make, execute, sign and file any amendment to the Certificate of the Company required because of an amendment to this Agreement, in order to effectuate any change in the Members or in the Commitments or Undrawn Commitments of the Common Unitholders or otherwise, and all such other instruments, documents and certificates which may from time to time be required by the laws of the U.S., the State of Delaware, or any other state or any non-U.S. jurisdiction in which the Company shall determine to do business, or any political subdivision or agency thereof, to effectuate, implement, and continue the valid and subsisting existence of the Company, or in connection with any tax filings of the Company, or any and all instruments, certificates, and other documents that may be deemed necessary or desirable to effect the dissolution and winding-up of the Company (including a Certificate of Cancellation of the Company's Certificate); (ii) to make, execute, sign, deliver and acknowledge any instrument, agreement, indemnity or document of any kind (including, without limitation, deeds of accession) in connection with the in-kind distribution of and the transfer of Investments to such Member; (iii) to effect any amendment to this Agreement adopted in accordance with its terms; (iv) to make, execute and sign any documents, instruments and certificates necessary to sell the Common Units of any Defaulting Unitholder; and (v) to file, prosecute or defend, settle or compromise litigation, other claims or arbitration on behalf of the Company.

**EXHIBIT 3.3**

Such representatives and attorneys-in-fact shall not, however, have any right, power or authority to amend or modify this Agreement when acting in such capacities, except as contemplated by clause (iii) of the immediately preceding paragraph.

By way of clarification, any power of attorney granted by a Member under this Agreement is intended to be ministerial in scope and limited solely to those items permitted under the relevant grant of authority, and such powers of attorney are not intended to be a general grant of power to independently exercise discretionary judgment on the Member's behalf or to vary the economic terms of the Member's investment in the Company, reduce the Member's legal liability protection, increase the Member's liability exposure to third parties, or undertake any new obligations, undertakings or investments on behalf of the Member (in each case to the extent not already specifically provided for in this Agreement).

The power of attorney granted hereby is coupled with an interest and shall (i) be irrevocable for so long as a Member remains a Member, (ii) be deemed to be given to secure a proprietary interest of the donee of the power or performance of an obligation owed to the donee, (iii) survive and shall not be affected by the subsequent death, lack of capacity, dissolution, insolvency, termination or bankruptcy of any Member granting the same or the Transfer of all or any of such Member's Units, and (iv) extend to such Member's successors, assigns and legal representatives. Each Member, at the request of the Company, shall execute additional powers of attorney on a document separate from this Agreement. In the event of any conflict between this Agreement and any instruments executed, delivered, or filed by the Company pursuant to this power of attorney, this Agreement shall prevail. The Company may exercise this power of attorney by listing all of the Members executing any agreement, certificate, instrument, or document with the single signature of the attorney-in-fact as attorney-in-fact for all Members.

Except as otherwise specifically provided herein, the powers of attorney granted herein shall not in any manner revoke in whole or in part any power of attorney that the undersigned previously has executed. This power of attorney shall not be revoked by any subsequent power of attorney the undersigned may execute, unless such subsequent power specifically refers to this power of attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Binding on Successors</u>. This Agreement shall be binding upon and shall inure to the benefit of the respective heirs, successors, permitted assigns and legal representatives of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law</u>. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware. In particular, it shall be construed to the maximum extent possible to comply with all of the terms and conditions of the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>. If it shall be determined by a court of competent jurisdiction that any provision or wording of this Agreement shall be invalid or unenforceable under the Delaware Act or other applicable law, such invalidity or unenforceability shall not invalidate the entire Agreement. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of any applicable law, and, in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Submission to Jurisdiction; Venue; Waiver of Jury Trial</u>. Unless the Company otherwise agrees in writing, any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of Delaware located in New Castle County or the U.S. District Court for the District of Delaware, and, by execution and delivery of this Agreement, each Member hereby irrevocably accepts for him or herself and in respect of his or her property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Such Member hereby further irrevocably waives any claim that any such courts lack personal jurisdiction over such Member, and agrees not to plead or claim, in any legal action proceeding with respect to this Agreement in any of the aforementioned courts, that such courts lack personal jurisdiction over such Member. Such Member hereby irrevocably waives any objection that such Member may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the aforesaid courts and hereby further irrevocably, to the extent permitted by applicable law, waives his or her rights to plead or claim and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. UNLESS THE COMPANY OTHERWISE AGREES IN WRITING, THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waiver of Partition</u>. Each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Securities Law Matters</u>. Each Member understands that in addition to the restrictions on transfer contained in this Agreement, it must bear the economic risks of its investment for an indefinite period because the interests in the Company have not been registered under the Securities Act or under any applicable securities laws of any state or other jurisdiction and, therefore, may not be sold or otherwise transferred unless they are registered under the Securities Act and any such other applicable securities laws or an exemption from such registration is available.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Confidentiality</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;(i) Each Member agrees that, without the prior written consent of the Company (which consent may be withheld at its sole discretion), (a) it shall keep confidential and shall not copy, reproduce, sell, assign, license, market, distribute, make available, or otherwise disclose, directly or indirectly, any information relating to the Company to any person who is not involved with such Member's investment in the Company and either (i) one of such Member's employees, officers or directors, or an employee, officer or director of a person who controls, is controlled by or is under common control with such Member who has a need to know such information in connection with their responsibilities with such Member, (ii) an attorney, consultant or accountant engaged by such Member, or (iii) a person agreed to in writing by the Member and the Company, and (b) such Member shall not use any information relating to the Company for any purpose (other than the evaluation of Units and the Company, the preparation of such Member's tax returns and the evaluation of the performance of such Member's investment in the Company), including to effect or replicate any transactions described in any report or information relating to the Company received by the Member. Each Member also agrees that they will not obtain or attempt to obtain (lawfully or unlawfully) any information, that a reasonable person would consider personal, pertaining to another Member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Member further agrees that (a) it shall ensure that any such recipient is made aware of, and adheres to, the terms of this <u>Section 12.6(h)</u>, (b) it shall be responsible for any disclosure of any such information by any such person in contravention of the terms of this <u>Section 12.6(h)</u>, unless it obtains the prior written consent of the Company or such disclosure is permitted as described below, (c) it is at all times subject to such Member's obligation to act, and to cause persons to whom such Member may disclose information pursuant to this <u>Section 12.6(h)</u> to act, in accordance with applicable laws and regulations relating to the receipt or use of such information including, without limitation, those governing insider dealing or trading, market abuse and market manipulation, and (d) the Company may, in its sole discretion, refuse such Member's request to furnish any correspondence, documents or other information relating to the Company to any person not described in (a), (b) or (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Member agrees to comply with all laws, including securities laws, concerning confidential information, and such Member agrees that it shall not trade in the securities of any issuer about which such Member receives material non-public information in connection with its investment in the Company or in its capacity as a unitholder and shall refrain from such trading until any material non-public information no longer constitutes material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Member hereby represents and warrants that, except as disclosed to the Company in writing, it is not subject to any law, governmental rule, regulation or legal process in any jurisdiction (including, without limitation, lawsuits, subpoenas administrative proceedings or the U.S. Freedom of Information Act, or any comparable laws or regulations of any US or non-US jurisdiction) requiring such Member to disclose (on receipt of a request to do so or otherwise) any information relating to the Company or their investment in the Company (collectively, "<u>Disclosure Laws</u>").

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The terms of this <u>Section 12.6(h)</u> shall apply indefinitely to information related to the Company except to the extent (a) such information is in the public domain (other than as a result of any action or omission of a Member or any person to whom such Member has disclosed such information) or (b) such information in the opinion of legal counsel of the Member (which such legal counsel, in the case of a Member which is an institutional investor, may be staff or in-house counsel regularly employed by such institutional investor) is required by applicable law or regulation to be disclosed, in which case Member shall first notify the Company of such requirement (unless such notification is prohibited by law) so that the Company may pursue a protective order or other appropriate remedy or waive compliance with the terms of this <u>Section 12.6(h)</u>, and if a protective order or other appropriate remedy is not obtained, or if the Company waives compliance with the terms of this <u>Section 12.6(h)</u>, then such Member shall disclose only that portion of confidential information such Member is advised by counsel is legally required to be disclosed and shall use its commercially reasonable efforts to protect the confidentiality of such information disclosed, including by requesting that confidential treatment be accorded such information. In addition, upon receipt by the Company of written notice from such Member of a public disclosure request, the Company may, in its sole discretion, cause the Transfer of such Member's Units if the Company determines, in its sole discretion, that the disclosure of this information could adversely affect the Company, the Company's investors or the Investment Adviser. The right of the Company to cause the Transfer of such Member's Units as set forth in the preceding sentence shall be in addition to, and shall not prejudice, any other rights of the Company and/or the Investment Adviser to compulsorily Transfer such Member's Units. The Member further agrees to return any information relating to the Company upon the Company's request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) To the extent that the Freedom of Information Act, 5 U.S.C. § 552, ("<u>FOIA</u>"), any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement would potentially cause the Member or any of its affiliates to disclose information relating to the Company, its affiliates and/or any of the Company's investments, the Member hereby agrees that it will promptly notify the Company of such requested disclosure, and the Member (a) shall take commercially reasonable steps to oppose and prevent the requested disclosure unless (1) such Member is advised by counsel (which in the case of a Member that is an institutional investor may be in-house counsel regularly employed by such institutional investor) that there exists no reasonable basis on which to oppose such disclosure, (2) the Company does not object in writing to such disclosure within ten Business Days (or such lesser time period as stipulated by the applicable law) of such notice or (3) such disclosure solely relates to fund level, aggregate performance information (i.e., aggregate cash flows, total returns, the year of formation of the Company, and such Member's own Commitment and Undrawn Commitment), and does not include (I) any confidential information relating to individual portfolio entities, (II) copies of the Member's subscription agreement for Units and related documents or (III) any other confidential information not referred to in clause (C) above; and (b) acknowledges and agrees that notwithstanding any other provision of this Agreement, the Company may in order to prevent any such potential disclosure that the Company determines in good faith is likely to occur (1) withhold all or any part of the information otherwise to be provided to the Member other than the fund level, aggregate performance information specified in clause (C) above, (2) provide to the Member access to such information only via an Internet website in password protected, non-downloadable- non-printable format, (3) to the maximum extent permitted by law, require the Member to return any copies of any such information provided to it by the Company and/or (4) make any such information available to the Member at the Company's offices (or, at the request of the Company, the offices of counsel to the Company) or at the office of another third-party that has agreed to keep such information confidential; <u>provided</u>, that the Company shall not withhold any such information if the Member confirms in writing to the Company, based on the advice of counsel, that compliance with the procedures provided for in this <u>Section 12.6(h)</u> is legally sufficient to prevent such potential disclosure. For greater certainty, it is understood that a Member that is subject to FOIA, any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement and that maintains an established policy that was previously provided to the Company in writing (including pursuant to an Other Agreement), or regular practice with respect to the disclosure of the fund level, aggregate performance information permitted to be disclosed pursuant to clause (C) of this <u>Section 12.6(h)</u> may disclose such information without prior notice to the Company.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Member further agrees that the Investment Adviser may, in its sole discretion, keep confidential and not disclose to such Member or any other person any information relating to the Company (including, but not limited to, information that such Member or any other person would be required to disclose pursuant to applicable Disclosure Laws were such Member or such other person to receive such information) if the Investment Adviser determines in its discretion that the disclosure of such information is not in the best interest of the Company or could damage the Company or its business, or if the Company is required by law or by agreement with a third party to keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) For purposes of this <u>Section 12.6(h)</u>, "information relating to the Company" shall be construed broadly and shall include, without limitation, any information furnished to, or otherwise obtained from the Investment Adviser by, a Member in respect of the Company or their Units, including, without limitation, information regarding any other Member (including their identity), information regarding existing, past or prospective direct or indirect investments made by or other investment positions and trading activities and strategies of and/or transactions effected directly or indirectly for the Company, the Company's financial reports and performance reports and correspondence with its Members, and the terms of this Agreement and any other agreement entered into between such Member or its affiliates and the Company, the Investment Adviser, the distributor or placement agent or their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Member acknowledges and agrees that: (i) the Company and the Investment Adviser would suffer irreparable injury if such Member was to violate any provision of this <u>Section 12.6(h)</u> and monetary damages would not be a sufficient remedy for any such violation and (ii) that in the event that such Member breaches or threatens to breach any provision of this <u>Section 12.6(h)</u>, in addition to any other remedies available to the Company in respect of any such breach, the Company and/or the Investment Adviser shall be entitled to specific performance and injunctive or other equitable relief to enforce any and all of the provisions of this <u>Section 12.6(h)</u> and that such Member will not oppose the granting of such relief. The remedies afforded to the Company and the Investment Adviser by this <u>Section 12.6(h)</u> shall be in addition to any and all other remedies available to the Company and the Investment Adviser resulting from such Member's violation, breach or threatened breach of this Agreement.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Notwithstanding anything to the contrary in this Agreement, except as reasonably necessary to comply with applicable securities laws, each Member (and such Member's employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the offering and ownership of the Units (including the tax treatment and tax structure of any Company transactions) and all materials of any kind (including opinions and other tax analyses) that are provided to such Member relating to such tax treatment and tax structure. For this purpose, "tax structure" means any facts relevant to the US federal or state income tax treatment of (a) the offering and ownership of the Units and (b) any transactions by the Company, and does not include information relating to the identity of the Company or its affiliates. Nothing in this paragraph shall be deemed to require the Investment Adviser to disclose to you any information that the Investment Adviser is permitted or is required to keep confidential in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Member acknowledges that the Company, the Investment Adviser or its affiliates and/or service providers to or agents of the Company or the Investment Adviser may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Company and its Members including, but not limited to, investments held by the Company or the names and levels of beneficial ownership of Members, to (i) regulatory authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Company directly or indirectly invests, or (ii) any Lender to, counterparty of or service provider to the Investment Adviser or the Company, and each Member hereby consents to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Each Member agrees to provide the Company at any time during the term of the Company with such information as the Company determines to be necessary or appropriate to comply with the anti-money laundering laws and regulations of any applicable jurisdiction, or to respond to requests for information concerning the identity of the Members from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, or to update such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Notwithstanding the foregoing, the provisions of this <u>Section 12.6(h)</u> shall not apply to any information that is already in the public domain, and further, each Member shall have the right to make any filings required by applicable law (including, for the avoidance of doubt, filings required by the Exchange Act), and shall be under no obligation to obtain consent of the Company prior to making such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Fixing the Record Date</u>. In order for the Company to determine the Members entitled to notice of or to vote at any meeting of Members or any adjournment thereof, or to express consent to Company action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, be no more than sixty (60) nor less than ten (10) days prior to the date of such meeting, nor more than ten (10) days after the date upon which the resolution fixing the record date of action without a meeting is adopted by the Board of Directors, nor more than sixty (60) days prior to any other action. If no record date is fixed by the Board, the record date for determining Members (i) entitled to notice of or to vote at a meeting of Members shall be the close of business on the day next preceding the day on which notice is give or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (ii) entitled to express consent to corporate action in writing without a meeting, when no prior action by the Board is necessary, shall be the first date on which a signed written consent is delivered to the Company; or (iii) for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto. A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board may fix a new record date for the adjourned meeting.

**EXHIBIT 3.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notices to Members</u>. The Company will notify the Members (i) as soon as reasonably practicable following any amendment to the PPM, and (ii) within 45 Business Days of a change in the independent auditors of the Company (including in the notification a general description of the reasons therefore and the name of the new independent auditors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Contract Construction; Headings; Counterparts</u>. Whenever the context of this Agreement permits, the masculine gender shall include the feminine and neuter genders (and vice versa), and reference to singular or plural shall be interchangeable with the other. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the other provisions, and the parties intend that this Agreement shall be construed and reformed in all respects as if any such invalid or unenforceable provision(s) were omitted or, at the direction of a court, modified in order to give effect to the intent and purposes of this Agreement. References in this Agreement to particular sections of the Code or the Delaware Act or any other statute shall be deemed to refer to such sections or provisions as they may be amended after the date of this Agreement. Captions in this Agreement are for convenience only and do not define or limit any term of this Agreement. It is the intention of the parties that every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring an Agreement to be strictly construed against the drafting party), it being understood that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to otherwise negotiate the provisions of this Agreement. Notwithstanding the provisions of this Agreement or any Subscription Agreement, without any further act, approval or vote of any Member, the Company may enter into side letters or other writings with individual Members which have the effect of establishing rights under, or, to the extent permitted by law, altering or supplementing, the terms of, this Agreement, any Subscription Agreement of such Member, or any other document entered into by the Company (an "<u>Other Agreement</u>"). This Agreement, together with the related Subscription Agreement and any Other Agreement (if any) between the Company and any Member, shall constitute the entire agreement and understanding among the respective parties to such agreements with respect to the subject matter hereof and thereof, and to the extent of any conflict between this Agreement or a Member's Subscription Agreement on the one hand, and an Other Agreement of a Member on the other, the terms of such Other Agreement shall control between the Company and such Member. There are no representations, warranties or agreements made by the Company except to the extent set forth in this Agreement, the Subscription Agreements and any such Other Agreement (if applicable). This Agreement or any amendment hereto may be signed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one agreement or amendment, as the case may be.

**EXHIBIT 3.3**

**Article 13<br> RESTRICTIONS ON CERTAIN INVESTORS**

Section 13.1. <u>ERISA Members</u>. The Company shall use reasonable best efforts to ensure that "benefit plan investors" hold less than twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation).

\* \* \* \* \* \* \*

**EXHIBIT 3.3**

IN WITNESS WHEREOF, the undersigned has executed this Limited Liability Company Agreement of Partners Group Lending Fund, LLC as of the day, month and year first above written.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **PARTNERS GROUP LENDING FUND, LLC** | **PARTNERS GROUP LENDING FUND, LLC** |
| By: | */s/ Brian Igoe* |
| Name: | Brian Igoe |
| Title: | Director |
| By: | */s/ Brad Eggers* |
| Name: | Brad Eggers |
| Title: | Director |

---

IN WITNESS WHEREOF, the undersigned has executed this Limited Liability Company Agreement of Partners Group Lending Fund, LLC as of the day, month and year first above written.

---

| | |
|:---|:---|
| Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Common Units in the Company, to be admitted to the Company as a Member and to be bound by the terms of the Agreement: | Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Common Units in the Company, to be admitted to the Company as a Member and to be bound by the terms of the Agreement: |
| **PARTNERS GROUP (USA) INC.** | **PARTNERS GROUP (USA) INC.** |
| By: | */s/ Brian Igoe* |
| Name: | Brian Igoe |
| Title: | Vice President |
| By: | */s/ Adam Howarth* |
| Name: | Adam Howarth |
| Title: | Partner |

---

**EXHIBIT 3.3**

**APPENDIX I**

**PARTNERS GROUP LENDING FUND, LLC<br> DEFINITIONS**

For purposes of this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both singular and plural forms of the terms so defined). Additional defined terms are set forth in the provisions of this Agreement to which they relate.

---

| | |
|:---|:---|
| **Additional Member** | As set forth in <u>Section 3.3(e)</u>. |
| **Administration Agreement** | As set forth in <u>Section 5.3</u>. |
| **Administrator** | As set forth in <u>Section 5.1</u>. |
| **Affiliate** | With respect to the Person to which it refers, a Person that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such subject Person. For this purpose, each Officer shall be deemed to be an Affiliate of the Investment Adviser, but Portfolio Companies or portfolio companies of any other investment vehicle advised by the Investment Adviser or its Affiliates shall not be considered Affiliates of the Board, the Investment Adviser, any Officer, any member of the Board or any member or manager of the Investment Adviser. "Affiliated" shall have the corresponding meaning. |
| **Agreement** | As set forth in the introductory paragraph to this Agreement. |
| **Assets** | As set forth in <u>Section 4.2(a)</u>. |
| **Assigned Rights** | As set forth in <u>Section 4.2(a)</u>. |
| **Audit Committee** | As set forth in <u>Section 3.4(b)(i)</u>. |
| **BDC** | A business development company as defined in Section 2(a)(48) of the Investment Company Act. |
| **Board or Board of Directors** | As set forth in <u>Section 3.4(a)(i)</u>. |
| **Business Day** | Any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. |
| **Certificate** | As set forth in <u>Section 2.1(a)</u>. |
| **Chair of the Board** | As set forth in <u>Section 3.4(a)(i)</u>. |

---

App. I - 1

**EXHIBIT 3.3**

---

| | |
|:---|:---|
| **Chief Executive Officer** | As set forth in <u>Section 3.4(a)(i)</u>. |
| **Code** | The United States Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. |
| **Commitment** | As set forth in <u>Section 3.3(a)</u>. |
| **Common Unitholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Common Units of the Company. |
| **Common Units** | Common units of limited liability company interests in the Company. |
| **Company** | As set forth in the introductory paragraph of this Agreement. |
| **Company Expenses** | As set forth in <u>Section 5.1</u>. |
| **Credit Support** | As set forth in <u>Section 4.2(a)</u>. |
| **Defaulting Unitholder or Defaulting Unitholders** | As set forth in <u>Section 6.2</u>. |
| **Delaware Act** | As set forth in <u>Section 2.1(a)</u>. |
| **Director** | As set forth in <u>Section 3.4(a)</u>. |
| **Disclosure Laws** | As set forth in <u>Section 12.6(h)(iv)</u>. |
| **Drawdown Date** | As set forth in <u>Section 3.3(c)</u>. |
| **Drawdown Notice** | As set forth in <u>Section 3.3(c)</u>. |
| **Drawdown Purchase Price** | As set forth in <u>Section 3.3(c)</u>. |
| **Drawdown Unit Amount** | As set forth in <u>Section 3.3(c)</u>. |
| **ERISA** | As set forth in <u>Section 4.2(a)</u>. |
| **ERISA Member** | Any Member that is (a) an "employee benefit plan" within the meaning of Section 3(3) of ERISA and subject to Part 4 of Title I of ERISA, (b) a "plan", as defined in Section 4975(c)(1) of the Code, to which the provisions of Section 4975 of the Code are applicable, or (c) any other entity or account, any of the assets of which constitute "plan assets", within the meaning of ERISA, of a plan described in (a) or (b) above. |

---

App. I - 2

**EXHIBIT 3.3**

---

| | |
|:---|:---|
| **Exchange Act** | The U.S. Securities Exchange Act of 1934, as amended. |
| **Existing Agreement** | As set forth in the introductory paragraph of this Agreement. |
| **Financing** | As set forth in <u>Section 4.2(a)</u>. |
| **FOIA** | As set forth in <u>Section 12.6(h)(vi)</u>. |
| **Form 10** | As set forth in <u>Section 3.9(a)</u>. |
| **former Members** | As set forth in <u>Section 3.2(a)</u>. |
| **GAAP** | As set forth in <u>Section 12.1(a)</u>. |
| **Indemnified Person** | As set forth in <u>Section 10.1</u>. |
| **Independent Director** | As set forth in <u>Section 3.4(a)(viii)</u>. |
| **Initial Closing Date** | The first date on which the Company accepts Subscription Agreements relating to the purchase of Common Units from Persons other than the Initial Member. |
| **Initial Drawdown Date** | The first date on which investors (other than the Initial Member) are required to contribute capital for the purchase of Common Units, which is also the first date on which the Company will issue Common Units other than to the Initial Member. |
| **Initial Member** | As set forth in the preamble. |
| **Investment or Investments** | As set forth in <u>Section 4.1</u>. |
| **Investment Adviser** | Partners Group (USA) Inc., a Delaware corporation, or any successor thereto. |
| **Investment Advisory Agreement** | That certain investment advisory agreement pursuant to which the Investment Adviser will act as investment adviser to the Company, as in effect from time to time |
| **Investment Company Act** | The Investment Company Act of 1940, as amended. |
| **Lender** | (i) any lender, issuer of letters of credit or provider of other financing or extensions of credit, (ii) any holder of indebtedness, assignments, guarantees or other obligations relating to any of the foregoing, and (iii) any of their respective agents, trustees, successors and assigns. |
| **Lender Power** | As set forth in <u>Section 4.2(a)</u>. |

---

App. I - 3

**EXHIBIT 3.3**

---

| | |
|:---|:---|
| **majority-in-interest** | As set forth in <u>Section 3.8</u>. |
| **Members** | The Common Unitholders. |
| **New Class** | As set forth in <u>Section 3.3(f)</u>. |
| **Nominating and Corporate** | As set forth in <u>Section 3.4(b)(i)</u>. |
| **Governance Committee Officers** | As set forth in <u>Section 3.4(c)</u>. |
| **Other Agreement** | As set forth in <u>Section 12.6(k)</u>. |
| **Person** | Any individual, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, statutory or business trust, cooperative or association or any governmental body or agency, and the heirs, executors, administrators, legal representative, successors and assigns of such Person where the context so permits. |
| **Plan** | (i) Any employee benefit plan subject to Part 4 of Title I of ERISA; (ii) any plan to which Code Section 4975 applies (which includes a trust described in Code Section 401(a) that is exempt from tax under Code Section 501(a), a plan described in Code Section 403(a), an IRA or annuity described in Code Section 408 or Section 408A, a medical savings account described in Code Section 220(d), a health savings account described in Code Section 223(d) and an education savings account described in Code Section 530); (iii) any entity whose underlying assets include plan assets by reason of a plan's investment in the entity (generally because 25 percent or more of a class of equity interests in the entity is owned by plans); (iv) the portion of any insurance company's general account assets that are considered "plan assets" and (except if the entity is an investment company registered under the Investment Company Act) the assets of any insurance company separate account or bank common or collective trust in which plans invest, as well as entities deemed to hold the assets of any of the foregoing accounts; and (v) a benefit plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any other federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. |
| **Plan Assets Regulation** | The regulation concerning the definition of "plan assets" under ERISA adopted by the United States Department of Labor and codified in 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA. |

---

App. I - 4

**EXHIBIT 3.3**

---

| | |
|:---|:---|
| **Portfolio Company** | Any entity in which the Company holds an Investment. |
| **PPM** | The private placement memorandum, as amended or supplemented from time to time, prepared by the Company with respect to the offering of Units. |
| **Preferred Unitholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Preferred Units of the Company. |
| **Preferred Units** | Preferred units of limited liability company interests in the Company. |
| **Price per Unit** | As set forth in <u>Section 3.3(c)</u>. |
| **RIC** | A regulated investment company as defined in the Code. |
| **SEC** | As set forth in <u>Section 3.4(b)(ii)</u>. |
| **Securities Act** | The U.S. Securities Act of 1933, as amended. |
| **Subscription Agreement** | The subscription agreement by which any Member agreed to purchase such Member's Units. |
| **Subsequent Closing Date** | As set forth in <u>Section 3.3(b)</u>. |
| **Transfer** | As set forth in <u>Section 9.1(a)</u>. |
| **Undrawn Commitment** | As set forth in <u>Section 3.3(c)</u>. |
| **Unitholders** | The Common Unitholders and the Preferred Unitholders (if any). |
| **Units** | Common Units and/or Preferred Units, as the context requires. |

---

App. I - 5

**EXHIBIT 3.3**

**SCHEDULE A**

**<u>Schedule of Directors</u>**

---

| |
|:---|
| **Name** |
| Brian Igoe, Chair |
| Peter Wu |
| Bradley Eggers |

---

Sch. A - 1

**EXHIBIT 3.3**

**SCHEDULE B**

**<u>Schedule of Officers</u>\***

---

| | |
|:---|:---|
| **Name** | **Position** |
| | Chief Executive Officer and President |
| | Chief Operating Officer and Secretary |
| | Chief Financial Officer and Treasurer |
| | Chief Compliance Officer |

---

\* To be completed and/or updated, as applicable, in accordance with the terms and provisions of this Agreement.

Sch. B - 1

## Exhibit 10.1

***EXHIBIT 10.1***

***EXECUTION VERSION***

**INVESTMENT ADVISORY AGREEMENT**

**BETWEEN**

**PARTNERS GROUP LENDING FUND, LLC**

**AND**

**PARTNERS GROUP (USA) INC.**

This INVESTMENT ADVISORY AGREEMENT (this "<u>Agreement</u>"), dated as of August 31, 2023, by and between Partners Group Lending Fund, LLC, a Delaware limited liability company (the "<u>Company</u>"), and Partners Group (USA) Inc., a Delaware corporation (the "<u>Advisor</u>").

WHEREAS, the Advisor has agreed to furnish investment advisory services to the Company, which intends to elect to operate as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Advisor is willing to furnish such services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>In General</u>. The Advisor agrees, all as more fully set forth herein, to act as investment advisor to the Company with respect to the investment of the Company's assets and to supervise and arrange for the day-to-day operations of the Company and the purchase of assets for and the sale of assets held in the investment portfolio of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties and Obligations of the Advisor with Respect to Investment of Assets of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Company's board of directors (the "<u>Board of Directors</u>"), the Advisor shall act as the investment advisor to the Company and to manage the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Advisor shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) execute, close, service and monitor the investments that the Company makes; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Company's units (the "<u>Units</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties under this Agreement, the Advisor shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act (if and when applicable to the Company), and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision of law; (iii) the provisions of the certificate of formation and limited liability company agreement of the Company, as such documents are amended from time to time; (iv) the investment objectives, policies and restrictions applicable to the Company as set forth in the Company's offering documents, Registration Statement on Form 10 or Form N-2 filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), as supplemented, amended or superseded from time to time, including in the periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended (together with the rules promulgated thereunder); and (v) any policies and determinations of the Board of Directors of the Company and provided in writing to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor will seek to provide qualified personnel to fulfill its duties hereunder and, except as set forth in the following sentence, will bear all costs and expenses incurred in connection with its investment advisory duties hereunder. The Company shall reimburse the Advisor for all direct and indirect costs and expenses incurred by the Advisor for non-compensation related overhead allocable to performance of investment advisory services hereunder by the Advisor, including the costs and expenses of due diligence of potential investments, monitoring performance of the Company's investments, serving as trustees and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing the Company's rights in respect of its investments and disposing of investments. All allocations made pursuant to this paragraph (c) shall be made pursuant to allocation guidelines approved from time to time by the Board of Directors. The Company shall also be responsible for the payment of all the Company's other expenses, including payment of the fees payable to the Advisor under Section 6 hereof; organizational and offering expenses; expenses incurred in valuing the Company's assets and computing its net asset value per Unit (including the cost and expenses of any independent valuation firm); expenses incurred by the Company's administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company's investments and performing due diligence on the Company's prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments; interest payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings; expenses related to unsuccessful portfolio acquisition efforts; offerings of the Company's common Units (except placement fees directly incurred by the Company, expenses related to travel, and costs and expenses related to drafting and negotiating side letters, if any) and other securities (including underwriting, placement agent and similar fees and commissions); investment advisory and management fees payable under this Agreement; third party investor hosting and similar platforms and service providers; administration fees; transfer agent and custody fees and expenses; federal and state registration fees; all costs of registration and listing the Company's Units on any securities exchange; federal, state and local taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by the SEC or other regulators; costs of any reports, proxy statements or other notices to Unitholders, including printing costs; the costs associated with individual or group Unitholders; the Company's allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, and outside legal costs; and all other non-investment advisory expenses incurred by the Company, the Advisor (in its capacity as the Company's administrator in connection with the administering the Company's business, other than office space rental, office equipment and utilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall give the Company the benefit of its professional judgment and effort in rendering services hereunder, but neither the Advisor nor any of its officers, directors, trustees, employees, agents or controlling persons shall be liable for any act or omission or for any loss sustained by the Company in connection with the matters to which this Agreement relates, provided, that the foregoing exculpation shall not apply to a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided further, however, that the foregoing shall not constitute a waiver of any rights which the Company may have which may not be waived under applicable law.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services Not Exclusive</u>. Nothing in this Agreement shall prevent the Advisor or any officer, employee or other affiliate thereof from acting as investment advisor for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Advisor or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; <u>provided</u>, <u>however</u>, that the Advisor will not undertake, and will cause its employees not to undertake, activities which, in its reasonable judgment, will adversely affect the performance of the Advisor's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agency Cross Transactions</u>. From time to time, the Advisor or brokers or dealers affiliated with it may find themselves in a position to buy for certain of their brokerage clients (each an "<u>Account</u>") securities which the Advisor's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from one or both parties to the transaction without the advisory client's consent. This is because in a situation where the Advisor is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Advisor or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Advisor's part regarding the advisory client. The SEC has adopted a rule under the Investment Advisers Act of 1940 which permits the Advisor or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Company authorizes the Advisor or its affiliates to participate in agency cross transactions involving an Account. The Company may revoke its consent at any time by written notice to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Advisor will bear all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries or fees of any officers or directors of the Company who are affiliated persons (as defined in the 1940 Act) of the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation of the Advisor</u>. The Advisor, for its services to the Company, will be entitled to receive a management fee (the "<u>Base Management Fee</u>") and an incentive fee ("<u>Incentive Fee</u>") from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Base Management Fee will be calculated at an annual rate of 1.00% of the Company's Adjusted Net Assets (as defined below) at the end of the most recently completed calendar quarter. The Base Management Fee will be payable quarterly in arrears. The Base Management Fees for any partial quarter will be appropriately pro-rated. "Adjusted Net Assets," as of any calendar quarter end, means the sum of (i) the Company's total net assets and (ii) any Base Management Fee and Incentive Fee expenses incurred by the Company with respect to such calendar quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will pay to the Advisor an incentive fee (the "<u>Incentive Fee</u>"), at the close of each fiscal year in which the Hurdle Rate (as defined below) is exceeded, of 10% of the excess, if any, of (i) the Pre-Incentive Fee Net Gains (as defined below) of the Company over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Units (each expressed as a percentage of the Company's fiscal year-end net asset value) before deduction of the Incentive Fee.

&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) No Incentive Fee will be payable to the Advisor for the Units if, at the close of a fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Company, attributable to Units (based on the net asset value of the Company's assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Units (expressed as a percentage of the Company's net asset value) does not exceed 6.00% of the monthly average of the Company's net asset value attributable to the Units (based on the net asset value of the Company's assets) before deduction of the Incentive Fee for that fiscal year (the "<u>Hurdle Rate</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;(ii) The Incentive Fee will be subject to a catch-up intended to allocate all excess Pre-Incentive Fee Net Gains, attributable to the Units, to the Advisor once the Hurdle Rate has been achieved until the Advisor has been allocated its 10% Incentive Fee on all Pre-Incentive Fee Net Gains for the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The "<u>Pre-Incentive Fee Net Gains</u>" shall mean the amount by which any interest income, dividend income, realized and unrealized gains, and any other income accrued on investments of the Company during the fiscal year ("<u>Gains</u>") exceeds all operating expenses for the Company and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) ("<u>Losses</u>"). For this purpose, net losses shall mean the amount by which Gains fail to exceed Losses ("<u>Net Losses</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;(iv) After the close of the fiscal year, the Advisor or an affiliate thereof may withdraw up to 100% of the Incentive Fee (computed on the basis of unaudited data) that was credited to the incentive fee account and debited from such Unitholder's account with respect to such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company will maintain a memorandum account for the Units (each a "<u>Loss Recovery Account</u>"), which will have an initial balance of zero and will be (i) increased upon the close of each fiscal year of the Company by the amount of the Net Losses of the Company for the fiscal year (based on of the net asset value of the Company's assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Company by the amount of the Pre-Incentive Fee Net Gains of the Company for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification</u>. The Advisor (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor) 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 this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Advisor (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its Unitholders) 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 Company. Notwithstanding the preceding sentence 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 Company or its Unitholders to which the Indemnified Parties would otherwise be subject by reason of Disabling Conduct, as defined in the Company's Limited Liability Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote of a majority of the outstanding voting Units of the Company, (ii) by the vote of the Company's Board of Directors, or (iii) by the Advisor. The provisions of Section 7 of this Agreement shall remain in full force and effect, and the Advisor shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Advisor shall be entitled to any amounts owed under Section 6 through the date of termination or expiration and Section 7 shall continue in force and effect and apply to the Advisor and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board of Directors, or by the vote of a majority of the outstanding voting Units of the Company and (B) the vote of a majority of the members of the Company's Board of Directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act; provided, however, if the Company has not elected to be regulated as a business development company under the 1940 Act prior to the expiration of the initial two year term or a subsequent annual period, then this Agreement will continue in effect for an annual period thereafter so long as the continuance of this Agreement is approved by the vote of the majority of the members of the Board of Directors (i.e., without the separate vote of a majority of the members of the Company's Board of Directors who are not parties to this Agreement or "interested persons" as would be required if the Company had elected to be regulated as a business development company under the 1940 Act prior thereto).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment of this Agreement</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings, and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and in accordance with the applicable provisions of the 1940 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 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

---

| | |
|:---|:---|
| PARTNERS GROUP LENDING FUND, LLC. | PARTNERS GROUP LENDING FUND, LLC. |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Director |
| By: | /s/ Brad Eggers |
| Name: | Brad Eggers |
| Title: | Director |
| PARTNERS GROUP (USA) INC. | PARTNERS GROUP (USA) INC. |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Vice President |
| By: | /s/ Adam Howarth |
| Name: | Adam Howarth |
| Title: | Partner |

---

[Investment Advisory Agreement Signature Page]

## Exhibit 10.2

**EXHIBIT 10.2**

**EXECUTION VERSION**

**AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT<br> BETWEEN<br> PARTNERS GROUP LENDING FUND, LLC<br> AND<br> PARTNERS GROUP (USA) INC.**

This AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (this "<u>Agreement</u>"), dated with effect from July 1, 2025, by and between Partners Group Lending Fund, LLC, a Delaware limited liability company (the "<u>Company</u>"), and Partners Group (USA) Inc., a Delaware corporation (the "<u>Advisor</u>").

WHEREAS, the Advisor has agreed to furnish investment advisory services to the Company, which intends to elect to operate as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Advisor is willing to furnish such services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the parties hereto 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;1. <u>In General</u>. The Advisor agrees, all as more fully set forth herein, to act as investment advisor to the Company with respect to the investment of the Company's assets and to supervise and arrange for the day-to-day operations of the Company and the purchase of assets for and the sale of assets held in the investment portfolio of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties and Obligations of the Advisor with Respect to Investment of Assets of the Company</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;(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Company's board of directors (the "<u>Board of Directors</u>"), the Advisor shall act as the investment advisor to the Company and to manage the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Advisor shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) execute, close, service and monitor the investments that the Company makes; (iv) determine the securities and other assets that the Company will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Company's units (the "<u>Units</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;(b) In the performance of its duties under this Agreement, the Advisor shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act (if and when applicable to the Company), and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision of law; (iii) the provisions of the certificate of formation and limited liability company agreement of the Company, as such documents are amended from time to time; (iv) the investment objectives, policies and restrictions applicable to the Company as set forth in the Company's offering documents, Registration Statement on Form 10 or Form N-2 filed with the U.S. Securities and Exchange Commission (the "SEC"), as supplemented, amended or superseded from time to time, including in the periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended (together with the rules promulgated thereunder); and (v) any policies and determinations of the Board of Directors of the Company and provided in writing to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Advisor will seek to provide qualified personnel to fulfill its duties hereunder and, except as set forth in the following sentence, will bear all costs and expenses incurred in connection with its investment advisory duties hereunder. The Company shall reimburse the Advisor for all direct and indirect costs and expenses incurred by the Advisor for non-compensation related overhead allocable to performance of investment advisory services hereunder by the Advisor, including the costs and expenses of due diligence of potential investments, monitoring performance of the Company's investments, serving as trustees and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing the Company's rights in respect of its investments and disposing of investments. All allocations made pursuant to this paragraph (c) shall be made pursuant to allocation guidelines approved from time to time by the Board of Directors. The Company shall also be responsible for the payment of all the Company's other expenses, including payment of the fees payable to the Advisor under Section 6 hereof; organizational and offering expenses; expenses incurred in valuing the Company's assets and computing its net asset value per Unit (including the cost and expenses of any independent valuation firm); expenses incurred by the Company's administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company's investments and performing due diligence on the Company's prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments; interest payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings; expenses related to unsuccessful portfolio acquisition efforts; offerings of the Company's common Units (except placement fees directly incurred by the Company, expenses related to travel, and costs and expenses related to drafting and negotiating side letters, if any) and other securities (including underwriting, placement agent and similar fees and commissions); investment advisory and management fees payable under this Agreement; third party investor hosting and similar platforms and service providers; administration fees; transfer agent and custody fees and expenses; federal and state registration fees; all costs of registration and listing the Company's Units on any securities exchange; federal, state and local taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by the SEC or other regulators; costs of any reports, proxy statements or other notices to Unitholders, including printing costs; the costs associated with individual or group Unitholders; the Company's allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, and outside legal costs; and all other non-investment advisory expenses incurred by the Company, the Advisor (in its capacity as the Company's administrator in connection with the administering the Company's business, other than office space rental, office equipment and utilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall give the Company the benefit of its professional judgment and effort in rendering services hereunder, but neither the Advisor nor any of its officers, directors, trustees, employees, agents or controlling persons shall be liable for any act or omission or for any loss sustained by the Company in connection with the matters to which this Agreement relates, provided, that the foregoing exculpation shall not apply to a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided further, however, that the foregoing shall not constitute a waiver of any rights which the Company may have which may not be waived under applicable law.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services Not Exclusive</u>. Nothing in this Agreement shall prevent the Advisor or any officer, employee or other affiliate thereof from acting as investment advisor for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Advisor or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; <u>provided</u>, <u>however</u>, that the Advisor will not undertake, and will cause its employees not to undertake, activities which, in its reasonable judgment, will adversely affect the performance of the Advisor's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agency Cross Transactions</u>. From time to time, the Advisor or brokers or dealers affiliated with it may find themselves in a position to buy for certain of their brokerage clients (each an "<u>Account</u>") securities which the Advisor's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from one or both parties to the transaction without the advisory client's consent. This is because in a situation where the Advisor is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Advisor or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Advisor's part regarding the advisory client. The SEC has adopted a rule under the Investment Advisers Act of 1940 which permits the Advisor or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Company authorizes the Advisor or its affiliates to participate in agency cross transactions involving an Account. The Company may revoke its consent at any time by written notice to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Advisor will bear all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries or fees of any officers or directors of the Company who are affiliated persons (as defined in the 1940 Act) of the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation of the Advisor</u>. The Advisor, for its services to the Company, will be entitled to receive a management fee (the "<u>Base Management Fee</u>") and an incentive fee ("<u>Incentive Fee</u>") from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Base Management Fee will be calculated at an annual rate of 1.00% of the Company's Adjusted Net Assets (as defined below) at the end of the most recently completed calendar quarter. The Base Management Fee will be payable quarterly in arrears. The Base Management Fees for any partial quarter will be appropriately pro-rated. "Adjusted Net Assets," as of any calendar quarter end, means the sum of (i) the Company's total assets less (ii) any liabilities, other than the Base Management Fee and Incentive Fee expenses incurred by the Company with respect to such calendar quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will pay to the Advisor an incentive fee (the "<u>Incentive Fee</u>"), at the close of each fiscal year in which the Hurdle Rate (as defined below) is exceeded, of 10% of the excess, if any, of (i) the Pre-Incentive Fee Net Gains (as defined below) of the Company over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Units (each expressed as a percentage of the Company's fiscal year-end net asset value) before deduction of the Incentive Fee; provided that the portion of the Incentive Fee sourced from capital gains will not exceed 20.0% of the Company's realized capital gains on a cumulative basis from inception, calculated as of the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees sourced from capital gains previously paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) No Incentive Fee will be payable to the Advisor for the Units if, at the close of a fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Company, attributable to Units (based on the net asset value of the Company's assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Units (expressed as a percentage of the Company's net asset value) does not exceed 6.00% of the monthly average of the Company's net asset value attributable to the Units (based on the net asset value of the Company's assets) before deduction of the Incentive Fee for that fiscal year (the "<u>Hurdle Rate</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;(ii) The Incentive Fee will be subject to a catch-up intended to allocate all excess Pre-Incentive Fee Net Gains, attributable to the Units, to the Advisor once the Hurdle Rate has been achieved until the Advisor has been allocated its 10% Incentive Fee on all Pre-Incentive Fee Net Gains for the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The "<u>Pre-Incentive Fee Net Gains</u>" shall mean the amount by which any interest income, dividend income, realized gains, and any other income accrued on investments of the Company during the fiscal year ("<u>Gains</u>") exceeds all operating expenses for the Company and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) ("Losses"). For this purpose, net losses shall mean the amount by which Gains fail to exceed Losses ("<u>Net Losses</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;(iv) The Company will maintain a memorandum account for the Units (each a "<u>Loss Recovery Account</u>"), which will have an initial balance of zero and will be (i) increased upon the close of each fiscal year of the Company by the amount of the Net Losses of the Company for the fiscal year (based on of the net asset value of the Company's assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Company by the amount of the Pre-Incentive Fee Net Gains of the Company for the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification</u>. The Advisor (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor) 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 this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Advisor (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its Unitholders) 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 Company. Notwithstanding the preceding sentence 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 Company or its Unitholders to which the Indemnified Parties would otherwise be subject by reason of Disabling Conduct, as defined in the Company's Limited Liability Company 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;8. <u>Duration and Termination</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;(a) This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote of a majority of the outstanding voting Units of the Company, (ii) by the vote of the Company's Board of Directors, or (iii) by the Advisor. The provisions of Section 7 of this Agreement shall remain in full force and effect, and the Advisor shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Advisor shall be entitled to any amounts owed under Section 6 through the date of termination or expiration and Section 7 shall continue in force and effect and apply to the Advisor and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) This Agreement shall continue in effect for two years from the date hereof and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board of Directors, or by the vote of a majority of the outstanding voting Units of the Company and (B) the vote of a majority of the members of the Company's Board of Directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act; provided, however, if the Company has not elected to be regulated as a business development company under the 1940 Act prior to the expiration of the initial two year term or a subsequent annual period, then this Agreement will continue in effect for an annual period thereafter so long as the continuance of this Agreement is approved by the vote of the majority of the members of the Board of Directors (i.e., without the separate vote of a majority of the members of the Company's Board of Directors who are not parties to this Agreement or "interested persons" as would be required if the Company had elected to be regulated as a business development company under the 1940 Act prior thereto).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment of this Agreement</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Entire Agreement Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings, and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and in accordance with the applicable provisions of the 1940 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 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

[*REMAINDER OF PAGE INTENTIONALLY LEFT BLANK*]

**EXHIBIT 10.2**

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

---

| | | |
|:---|:---|:---|
| **PARTNERS GROUP LENDING FUND, LLC** | **PARTNERS GROUP LENDING FUND, LLC** | **PARTNERS GROUP LENDING FUND, LLC** |
| Executed by Partners Group (USA) Inc the Investment Advisor | Executed by Partners Group (USA) Inc the Investment Advisor | Executed by Partners Group (USA) Inc the Investment Advisor |
| Executed under Power of Attorney by Partners Group (Guernsey) Limited | Executed under Power of Attorney by Partners Group (Guernsey) Limited | Executed under Power of Attorney by Partners Group (Guernsey) Limited |
| By: | */s/ Daniel Stopher* | */s/ Daniel Stopher* |
|  | Name: | Daniel Stopher |
|  | Title: | Director |
| By: | */s/ Laine Shorto* | */s/ Laine Shorto* |
|  | Name: | Laine Shorto |
|  | Title: | Authorised Signatory |
| **PARTNERS GROUP (USA) MC.** | **PARTNERS GROUP (USA) MC.** | **PARTNERS GROUP (USA) MC.** |
| Executed under Power of Attorney by Partners Group (Guernsey) Limited | Executed under Power of Attorney by Partners Group (Guernsey) Limited | Executed under Power of Attorney by Partners Group (Guernsey) Limited |
| By: | */s/ Daniel Stopher* | */s/ Daniel Stopher* |
|  | Name: | Daniel Stopher |
|  | Title: | Director |
| By: | */s/ Laine Shorto* | */s/ Laine Shorto* |
|  | Name: | Laine Shorto |
|  | Title: | Authorised Signatory |

---

## Exhibit 10.3

**Exhibit 10.3**

***Execution Version***

 ****

**MASTER ADMINISTRATIVE SERVICES AGREEMENT**

AGREEMENT made as of March 9, 2023, by and between INTERNATIONAL FUND SERVICES (N.A.), L.L.C., a Delaware limited liability company (the "Administrator"), and those funds and other investment vehicles set forth on Appendix A hereto, severally and not jointly (each such fund and investment vehicle made subject to this Agreement in accordance with Section 31 below shall hereinafter be referred to as the "Fund" and collectively as the "Funds", and the Funds collectively with the Administrator, the "Parties", or each a "Party"). Although the Parties have executed this Agreement in the form of a master agreement for administrative convenience, this Agreement shall create a separate Agreement for each Fund as though the Administrator had executed a separate Agreement with each Fund. The rights and obligations of each Fund under this Agreement are several. No rights, responsibilities or liabilities of a Fund shall be attributed to any other Fund.

W I T N E S S E T H:

WHEREAS, the Administrator is in the business of providing bookkeeping, fund accounting, and certain fund administration services to investment pools and investment managers and advisers; and

WHEREAS, the Fund is in the business of investing in securities, all as is more fully described in the Fund's offering memorandum dated as set forth on Appendix A attached hereto (as the same may be amended, supplemented or otherwise modified from time to time) (the "Offering Memorandum"); and

WHEREAS, the Fund has elected, or plans to elect, to be a closed-end management investment fund registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Form 10 Registration Statement") pursuant to Section 12 (g) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), and has elected, or plans to elect, to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund requires fund accounting and certain other fund administration services; and

WHEREAS, the Fund desires to retain the Administrator to perform the fund accounting and other administration services as described herein, and wishes to enter into this Agreement in order to set forth the terms and conditions upon which the Administrator will render and implement the services specified herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator</u>. From and after the date of this Agreement, the Administrator agrees to provide to the Fund the services (the "Services") listed on <u>Exhibit A</u> and <u>Exhibit B</u> in connection with the Fund's business and operations. The Services applicable to each fund is set forth on Appendix A attached hereto. The Administrator shall not be responsible for any revisions to the methods of calculation prescribed by the Governing Documents (as defined below) or adopted by the Fund with respect to the Services unless and until such revisions are communicated in writing to, and agreed by, the Administrator. The parties agree that in no circumstances will the Administrator be deemed to be providing the services of an external valuer for the purposes of the Directive 2011/61/EU on Alternative Investment Fund Managers and related regulations and implementing measures (the "AIFM Directive"). The parties further agree that in no circumstances will the Administrator be an Alternative Investment Fund Manager under the AIFM Directive. For the avoidance of doubt, the Administrator shall be entitled to terminate this Agreement immediately if in its reasonable opinion the AIFM becomes a letter box entity for the purposes of the AIFM Directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>Duties of the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall deliver to the Administrator, a true and correct copy of the following documents, including all future amendments and supplements thereto, if any: (i) constitutive documents of the Fund (as the same may be amended, supplemented or otherwise modified from time to time, the "Governing Documents"), and (ii) the Offering Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall be responsible for accurately and timely supplying, either directly or causing a third party to supply, the Administrator with complete financial and other information, including records of ownership, in order for the Administrator to provide the Services set forth in <u>Exhibit A</u> and <u>Exhibit B</u>, including timely prior notice to the Administrator of any modification in the manner in which calculations are to be performed and of any amendments or supplements to the Governing Documents. The Fund agrees to promptly notify the Administrator of any inaccuracies in the ownership records relied on by the Administrator. The Fund will provide to the Administrator, on a timely basis, as required:

&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) Detailed supporting documentation related to all investment transactions of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Manager's letter and portfolio company status reports, as required,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The necessary data from completed subscription documents and transfer 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;(iv) Notification with detailed supporting documentation relating to all payments or other value received by the Manager or its affiliates that would impact the management fee of the Fund, if required,

&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) Portfolio valuations for each financial reporting date,

&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) If applicable, the price sources to be used by the Administrator as designated by the Fund (collectively, the "Authorized Price Sources"); and

Information Classification: Limited Access

&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) Such other certificates, documents and information required to enable the Administrator to perform the Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Manager</u>. The Fund at any time may appoint one or more persons to provide management services to the Fund (the "Manager"). In such event, the Fund shall promptly notify the Administrator of the appointment of such Manager. The Fund shall promptly notify the Administrator of the termination of any Manager. The Administrator, in performing its duties under this Agreement, shall be entitled to rely upon instructions or information from any Manager, with such limitations as Fund and the Administrator may by written agreement provide. In the absence of such limitations, the Administrator shall be entitled to accept instructions from the Manager upon the assumption that the Manager may exercise full discretion with regard to all matters under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund acknowledges that the Administrator is not a public accounting or auditing firm, is not a fiduciary of a public accounting or auditing firm, and does not provide public accounting or auditing services or advice. The Fund further acknowledges that the Administrator is not acting as a fiduciary and is not providing fiduciary services for any purposes under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund acknowledges that the Administrator does not provide legal or tax advice, and the Services being provided hereunder do not constitute such advice, and the Fund agrees that it is solely responsible for obtaining legal or tax advice in order to ensure compliance with its tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) The Fund acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrator may use Fund director information and documentation obtained hereunder for the purposes
of the Administrator providing services to other funds advised or managed by the investment manager or its affiliates, and for anti-money
laundering review and compliance of other funds administered by the Administrator or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prior to the start of services hereunder and from time to time thereafter, the Fund shall provide the
Administrator with a representation letter in a form satisfactory to the Administrator that the Fund has maintained and implemented proper
AML/KYC procedures. In addition, the Fund may be required to provide the Administrator with copies of its applicable AML/KYC policies
and procedures from time to time.

The Fund further acknowledges and agrees that in the event the Fund breaches subsection 2(f), the Administrator may, without liability, terminate this Agreement in its entirety or cease providing any part of the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund acknowledges and agrees that the Fund, and not the Administrator, shall be solely responsible for preventing any over-issuance of Fund ownership interests, transferring and registering Fund ownership changes, and exchanging or converting any ownership interests in the Fund; and, that Administrator is not the agent of the Fund, or any owner of the Fund, for such purposes. The Fund further agrees, on its own behalf and on behalf of any owner of interests in the Fund, that any records maintained by Administrator pursuant to this Agreement shall not create any rights of entitlement with respect to a financial asset, as those terms are used in Article 8 of the Uniform Commercial Code, as applied from state-to-state.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges and agrees that it will not: (i) use the name of the Administrator or any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation of the Administrator or its affiliates; or (ii) provide any description of the Services, in any Offering Memorandum, advertising, or publicity, or otherwise, without prior written approval from the Administrator; provided that the Fund may disclose to any party, without any prior written approval from the Administrator, the fact that the Administrator performs certain fund accounting, financial reporting, and other administration services to the Fund.

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

The Fund agrees to pay the Administrator such compensation for its services and expenses as may be agreed upon from time to time in a written fee schedule approved by the Fund and the Administrator. The fees shall be billed quarterly in advance and shall be due and payable within thirty (30) days after the applicable quarter-end. Upon the termination of this Agreement before the end of any quarter, the fee for the part of the quarter before such termination shall be prorated according to the proportion which such part bears to the full quarterly period and shall be payable upon the date of termination of this Agreement. In addition, the Fund shall reimburse the Administrator for its reasonable and documented out-of-pocket costs incurred in connection with this Agreement.

The Fund agrees promptly to reimburse the Administrator for any equipment and supplies specially ordered by or for the Fund through the Administrator and for any other expenses not contemplated by this Agreement that the Administrator may incur, in each case on the Fund's behalf at the Fund's request or with the Fund's consent.

The Fund will bear all expenses that are incurred by the Fund in its operation and not specifically assumed by the Administrator. Expenses to be borne by the Fund, include, but are not limited to: its organizational expenses; cost of services of its independent accountants and outside legal and tax counsel (including such counsel's review of the Offering Memorandum, organizational documents, partnership or shareholder vote materials and financial reports and other materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Fund directly from parties other than the Administrator; cost of its trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Fund; its investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of its partners or members including, but not limited to, legal and accounting fees, and the costs of preparation, printing and mailing of any proxy materials; costs incidental to its board meetings, including fees and expenses of its general partner; the salary and expenses of any officer, director or employee of the Fund; costs incidental to the preparation, printing and distribution of its partner reports; cost of typesetting and printing of Offering Memoranda, the Governing Documents and financial and other reports; cost of preparation and filing of the Fund's tax returns, if any, and all notices, registrations and amendments, if any, associated with tax and securities laws applicable to it; all registration fees and filing fees applicable to the Fund required under applicable regulations and tax and securities laws; fidelity bond and directors' and officers' liability insurance for the Fund; and costs of independent pricing services used in computing the Fund's net asset value.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Exclusivity</u>. The Services provided by the Administrator hereunder are not exclusive to the Fund. The Administrator currently renders and may render bookkeeping, fund accounting, trading support and other fund administration services, as well as provide other services, software and goods, to other clients during the term of this Agreement, and such services and goods may be the same or different or may rely on the same or different methods and programs as are utilized in the performance of the Services for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Confidentiality</u>.

All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 6 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, applicable to such Disclosing Party, provided that a Disclosing Party under this subsection shall, to the fullest extent permitted by applicable law or regulation, promptly notify the other Party of such disclosure request and provide as much notice in advance of complying with the request as is reasonable practicable, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its affiliates to employ or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement, or (e) where the party seeking to disclose has received the prior written consent of the party providing the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Use of Data</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 6 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the paragraph below, the Administrator and/or its Affiliates may use any Confidential Information of the Fund ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund to develop, publish or otherwise distribute to third parties certain behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Administrator and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Fund, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Administrator publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund acknowledges that the Administrator may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 6 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 6 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. <u>Liability</u>.

The Administrator shall at all times exercise reasonable care and diligence and act in good faith in the performance of its duties hereunder, <u>provided</u>, <u>however</u>, that the Administrator shall assume no responsibility and shall be without liability for any loss, liability, claim or expense suffered or incurred by the Fund except to the extent caused solely by the Administrator's own fraud, gross negligence or willful misconduct or that of its agents or employees in the performance of the Administrator's duties hereunder. The Administrator shall be responsible for the performance of only such duties as are set forth in this Agreement and, except as otherwise set forth in this Agreement, shall have no responsibility for the actions or activities of any other party, including agents of or service providers to the Fund.

Without in any way limiting the generality of the foregoing, the Administrator shall in no event be liable for any loss, damages, costs or expenses arising from causes beyond its reasonable control, including, without limitation, delay or cessation of services hereunder or any damages to the Fund resulting therefrom as a result of any work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action, act of terrorism, communications disruption or other impossibility of performance.

Information Classification: Limited Access

The Administrator shall not be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys' fees) in any way due to the Fund's use of the services provided hereunder or the performance of or failure to perform the Administrator's obligations under this Agreement, whether or not the possibility of such damage was disclosed to the Administrator or could have been reasonably foreseen by the Administrator and whether asserted on the basis of contract, tort (including negligence and strict liability) or otherwise. The entire liability of the Administrator in connection with the Services provided to Fund and any agreement between the parties relating thereto (whether based on breach of contract, breach of warranty, negligence or any other legal theory) shall not in any twelve (12) month period exceed, in the aggregate, the total amount of fees paid or becoming due under this Agreement during such twelve (12) month period.

The Administrator is authorized and instructed to rely upon the information it receives from the Fund or any third party agent (including, without limitation, the Fund's custodian(s), manager(s), investment manager(s), Authorized Price Sources and other pricing services or sources) (collectively, the "Third Party Agents" and individually, a "Third Party Agent") authorized by the Fund to provide such information to the Administrator. The Fund and any Third Party Agent from which the Administrator shall receive or obtain certain records, reports and other data included in the Services provided hereunder are solely responsible for the contents of such information, including, without limitation, the accuracy thereof. The Administrator has no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information and shall be without liability for any loss or damage suffered by the Fund as a result of the Administrator's reliance on and utilization of such information. The Administrator shall have no responsibility and shall be without liability for any loss or damage caused by the failure or the delay of the Fund or any Third Party Agent to provide it with the information required.

The Administrator shall have no liability and shall be kept indemnified by the Fund against any loss, liability, claim or expense ("Losses") resulting from the offer, sale or transfer of limited partner interests, shares or other interests in the Fund in violation of any requirement under any applicable securities laws or regulations including, but not limited to, the laws of the United States,

Except as otherwise expressly agreed to in writing by the Administrator, the Administrator shall have no obligation to review, monitor or otherwise ensure compliance by the Fund with the investment policies, restrictions or guidelines applicable to it, including the legality of the Fund's investments, the recording or validation of ownership or transfers, or any other term or condition of the Offering Memorandum or Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Fund hereby represents and warrants to the Administrator as follows:

Information Classification: Limited Access

&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 Fund has full power and authority and is permitted by applicable law to enter into this Agreement and to conduct its business as described in this Agreement, the Governing Documents and the Offering Memorandum.

&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 Fund has duly authorized and executed this Agreement, and upon delivery, this Agreement shall be binding on it and be enforceable against it in accordance with the terms of this Agreement, subject as to enforcement, to bankruptcy, insolvency, reorganization, conservation, moratorium and other laws of general applicability relating to or affecting creditor's rights and to general principles of equity (regardless of whether such enforceability is considered in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The performance of the obligations under this Agreement by the Fund will not conflict with, violate the terms of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement, management or advisory agreement, or other agreement or instrument to which the Fund is a party or by which the Fund is bound or to which any of the property or assets of the Fund is subject, or any order, rule, law, regulation, or other legal requirement applicable to the Fund or to the property or assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund is in compliance with all laws, rules, and regulations having application to its business, properties, and assets the violation of which could materially adversely affect the Fund's or the Administrator's performance of their obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Fund is duly organized and validly existing under the laws of the jurisdiction set forth for such Fund on Appendix A attached hereto.

&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) The Fund is not aware of any legal or administrative, civil or criminal proceeding pending or to its knowledge, threatened against the Fund that could have a material adverse effect on the Fund's or the Administrator's business or financial condition. The Fund is not aware of any other information that would be likely to have a material adverse effect on the Fund's or the Administrator's business or financial condition.

&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) The Fund has elected, or will elect, to be regulated as a business development company under the 1940 Act and it has elected, or will elect, to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company under the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Registration Statement under the 1934 Act has been or will be filed by the Fund and is or will become effective and, once effective, will remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) As of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Fund offers or sells its shares have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Administrator hereby represents and warrants to the Fund as follows:

Information Classification: Limited Access

&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 Administrator has full power and authority and is permitted by applicable law to enter into and carry out its obligations under this Agreement and to own its properties and conduct its business as described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator has duly authorized and executed this Agreement, and upon delivery, this Agreement shall be binding on it and be enforceable against it in accordance with the terms of this Agreement; subject as to enforcement, to bankruptcy, insolvency, reorganization, conservation, moratorium and other laws of general applicability relating to or affecting creditor's rights and to general principles of equity (regardless of whether such enforceability is considered in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The performance of the obligations under this Agreement by the Administrator will not conflict with, violate the terms of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement, or other agreement or instrument to which the Administrator is a party or by which it is bound or to which any of the property or assets of the Administrator is subject, or any order, rule, law, regulation, or other legal requirement applicable to the Administrator or to the property or assets of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrator is in compliance with all laws, rules, and regulations having application to its business, properties, and assets, the violation of which could materially adversely affect the Administrator's performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrator is a limited liability company formed under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There is no administrative, civil or criminal proceeding pending or to its knowledge, threatened against the Administrator that could have a material adverse effect on the Administrator's business or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>.

The Fund shall indemnify, hold harmless and defend the Administrator from and against any loss, liability, claim or expense (including reasonable attorneys' fees and disbursements) incurred by the Administrator in connection with the performance of its duties hereunder, including, without limitation, any liability or expense suffered or incurred as a result of the acts or omissions of the Fund or any Third Party Agent (as defined in Section 7 of this Agreement) whose data or services the Administrator must rely upon in performing its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Fund; <u>provided, however</u>, that such indemnity shall not apply to any liability or expense to the extent directly caused by the Administrator's fraud, gross negligence or willful misconduct.

The indemnification obligations of this Section 9 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Instructions By or On Behalf of the Fund</u>. The Administrator may rely upon any instructions reasonably believed by it to be genuine and to have been properly issued by or on behalf of the Fund. The Fund shall give timely instructions to the Administrator in regard to matters affecting its duties under this Agreement. For the avoidance of doubt, the Administrator shall be entitled to rely on instructions from or sent on behalf of, or purporting to be from or sent on behalf of, persons or parties the Administrator reasonably believes are limited partners or members of the Fund as well as limited partners or members named as such by the Fund.

Information Classification: Limited Access

At any time, the Administrator may apply to the Fund for instructions and may consult with its own legal counsel or outside counsel for the Fund or the independent accountants for the Fund at the expense of the Fund, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted by it in good faith in reliance upon any such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Fund. Nothing in this paragraph shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Term</u>. This Agreement shall be effective on the date hereof and shall continue in full force and effect until the earlier of (a) the end of the calendar month in which the final tax return is filed for the Fund, or (b) termination by the Fund or Administrator pursuant to Section 12 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination</u>. This Agreement shall terminate upon at least ninety (90) days written prior notice from one Party to the other Party; p<u>rovided, however</u>, that either Party may terminate this Agreement immediately if the other Party goes into liquidation or if a receiver is appointed of any of such Party's assets, and *provided, further,* that the Administrator may, at its option, terminate this Agreement if the Fund appoints a new or successor Manager.

If the Fund terminates this Agreement without cause prior to the one (1) year anniversary of the effective date of this Agreement, the Fund shall remain liable for the remaining fees for the first 12 months of services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Remote Access Services Addendum.</u> The Remote Access Services Addendum to this Agreement shall be incorporated by reference into this Agreement. The Fund acknowledges that the data and information it will be accessing from the Administrator is unaudited and may not be accurate due to inaccurate or stale pricing of securities, delays in updating the account and other causes for which the Administrator will not be liable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Compliance with Governmental Rules and Regulations</u>. The Fund assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator shall have no duties or obligations hereunder (i) to determine whether any subscription or other agreements or documents prepared by investors are accurate; (ii) to determine whether any investor has satisfied any requirement for investment in the Fund, either under U.S. federal law or the laws of any state, under the laws of any other jurisdiction, or under the Offering Memorandum, Governing Documents or any offering materials; (iii) to monitor any purchase with respect to the securities laws of any state, or any federal securities laws or to make any filing under the same in connection therewith, including, without limitation, Regulation D of the Securities Act of 1933, as amended and the securities laws of any state; or (iv) to determine whether the investors in the Fund are "qualified purchasers" for the purpose of Section 3(c)(7) of the Investment Company Act of 1940. Upon request by the Administrator, the Fund shall provide or cause to be provided to the Administrator a certificate from each of the General Partner, Manager, and the independent accountants of the Fund, and each other service provider or agent acting on behalf of the Fund, as to such party's compliance with such laws, rules and/or regulations to which the Fund is subject as specified by the Administrator. In each case, such certificate shall be in form and substance reasonably satisfactory to the Administrator.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>ERISA Matters</u>**.** The Fund hereby covenants and agrees during the term of this Agreement that (i) the aggregate interest in any class of interests of the Fund held by benefit plan investors (as such term is interpreted under The Employee Retirement Income Security Act of 1974, as amended ("ERISA")) or plans or accounts subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended shall not at any time equal or exceed 25% of the outstanding interests of such class without the prior written consent of the Administrator and (ii) the Fund shall not, without the prior written consent of the Administrator, permit the assets of the Fund to be deemed assets of an employee benefit plan which is subject to ERISA. Upon written notice, the Administrator shall be entitled to terminate this Agreement, effective immediately, in the event that this Section 15 is breached by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Records</u>. The Administrator shall create and maintain all records relating to the Services provided hereunder. All such records shall at all times during the regular business hours of the Administrator be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the regulatory agencies having jurisdiction over the Fund. The Administrator shall preserve the records required to be maintained hereunder for the period required by law unless such records are earlier surrendered in connection with the termination of this Agreement or otherwise upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Successor Administrator</u>. If a successor to the Administrator shall be appointed by the Fund, then the Fund shall deliver to the Administrator a written notice designating the successor administrator and the Administrator shall upon termination of this Agreement deliver to such successor administrator at the office of the Administrator all books and records of account of the Fund maintained by the Administrator hereunder. In the event this Agreement is terminated by either Party without the appointment of a successor administrator, the Administrator shall, upon receipt of instructions by or on behalf of the Fund, deliver such properties in accordance with such instructions.

In the event that no written order designating a successor administrator or instructions shall have been delivered to the Administrator on or before the effective date of such termination, then the Administrator shall have the right to deliver to the offices of the Fund all property of the Fund held by the Administrator hereunder.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Delegation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator shall have the right, without the consent or approval of the Fund, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the Services (each, a "Delegate" and collectively, the "Delegates") without the consent or approval of the Fund. The Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Administrator had provided such Services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Administrator shall be responsible for the compensation of its Delegates.

The Administrator will provide the Fund with information regarding its global operating model for the delivery of the Services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Administrator that perform or may perform parts of the Services and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Fund may reasonably request from time to time.

Nothing in this Section 18 shall limit or restrict the Administrator's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Fund Administration Tax Services as set forth on <u>Exhibit B2</u> attached hereto, the Fund acknowledges and agrees to execute and deliver to the Administrator a tax delegation consent in the form set forth as <u>Exhibit B2(i)</u> hereto, with such changes as the Administrator may require from time to time. While the Parties anticipate that such consent will be valid as long as the Agreement remains in effect, in the event the Fund revokes its consent at any time or does not provided its consent as required hereunder, the Fund acknowledges and agrees that the Administrator may, without liability or prior notice, cease performing any or all of the U.S. Tax Services and may renegotiate the fees the Administrator charge for such U.S. Tax Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19. [<u>Reserved</u>.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Entire Agreement</u>. This Agreement and all exhibits and the addendum hereto constitute the entire agreement between the Parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the Parties unless it shall be in writing and signed by the Party against whom enforcement is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Assignment</u>. This Agreement shall not be assigned by either Party hereto without the prior express written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Amendment; Waiver</u>. This Agreement shall not be amended except by a writing signed by the Parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealing between the Parties hereto or from any failure by either Party hereto to assert its rights hereunder on any occasion or series of occasions.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Notices</u>. All notices shall be in writing and shall be deemed given when delivered in person, by facsimile, by overnight delivery through a commercial courier service, or by registered or certified mail, return receipt requested. Such notice shall be directed, and addressed as follows (or to such address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

If to the Administrator: International Fund Services (N.A.), L.L.C.

State Street Financial Center

One Lincoln Street, SFC10

Boston, MA 02111

Attention: Scott Carpenter, Senior Vice President

Telephone: 617-664-6156

If to the Fund: Partners Group Lending Fund, Inc.

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

Telephone: 212 908-2600

Email: pgadmin.usfunds@partnersgroup.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts (excluding the law thereof which requires the application of or reference to the law of any other jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Consent to Jurisdiction</u>. The Parties hereto agree that any action or proceeding arising directly, indirectly, or otherwise in connection with, out of, related to, or from this Agreement, any breach hereof, or any transaction covered hereby, shall be resolved within The Commonwealth of Massachusetts. Accordingly, the Parties consent and submit to the jurisdiction of the courts and any applicable arbitral body located within The Commonwealth of Massachusetts. The Parties further agree that any such action or proceeding brought by either party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in the federal or state courts, or if appropriate before any applicable arbitral body, located within The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Survival</u>. The provisions of this Agreement shall survive the termination hereof with respect to any matter arising while this Agreement shall be in effect. In addition, all provisions regarding indemnification, warranty, liability and limits thereon shall survive following the expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Headings</u>. Headings to sections and subsections in this Agreement are for the convenience of the Parties only and are not intended to be a part of or to affect the meaning or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>Severability</u>. In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>No Third Party Beneficiaries</u>. This Agreement is not intended to and shall not convey any rights to persons not a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>Additional Funds</u>. In the event that any funds and other investment vehicles in addition to those listed on Appendix A hereto desire to have the Administrator render services under the terms hereof, it shall so notify the Administrator, and if the Administrator agrees to provide such services, each of the Administrator and such fund(s) shall enter into the Form of Accession Agreement set forth hereto as Appendix B and such fund(s) and other investment vehicles shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 8 above. In such event Appendix A shall be deemed to be amended by the Parties to reflect the additional funds.

***[Remainder of Page Intentionally Left Blank]***

Information Classification: Limited Access

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first written above.

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| | | |
|:---|:---|:---|
| PARTNERS GROUP LENDING FUND, INC. | PARTNERS GROUP LENDING FUND, INC. | PARTNERS GROUP LENDING FUND, INC. |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |
| PARTNERS GROUP REVOLVER POOLING BDC, LLC | PARTNERS GROUP REVOLVER POOLING BDC, LLC | PARTNERS GROUP REVOLVER POOLING BDC, LLC |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |
| PARTNERS GROUP BDC FINANCE, LLC | PARTNERS GROUP BDC FINANCE, LLC | PARTNERS GROUP BDC FINANCE, LLC |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |
| INTERNATIONAL FUND SERVICES (N.A.), L.L.C. | INTERNATIONAL FUND SERVICES (N.A.), L.L.C. | INTERNATIONAL FUND SERVICES (N.A.), L.L.C. |
| By: | /s/ Fred Wilshire | /s/ Fred Wilshire |
|  | Name: | Fred Wilshire |
|  | Title: | Senior Managing Director |

---

**APPENDIX A**

**List of Funds**

---

| | | | |
|:---|:---|:---|:---|
|  | **Jurisdiction of** | **Offering** | **Services** |
|  | **Jurisdiction of** | **Memorandum** | **Applicable** |
| **Name of Fund** | **Formation** | **Date** | |
| Partners Group Lending Fund, Inc. | Delaware | TBD | See Exhibit A |
| Partners Group Revolver Pooling BDC, LLC | Delaware | TBD | See Exhibit B |
| Partners Group BDC Finance I, LLC | Delaware | TBD | See Exhibit B |

---

Information Classification: Limited Access

Information Classification: Limited Access

**APPENDIX B**

**FORM OF ACCESSION AGREEMENT**

This Accession Agreement (this "Accession Agreement") is entered into as of the 9th day of March, 2023 by the undersigned (the "New Fund") pursuant to the terms of that certain Master Administrative Services Agreement dated as of [ , 2023] (as amended, restated and/or modified from time to time, the "Agreement") by and among International Fund Services (N.A.), L.L.C., and those funds and other investment vehicles set forth on Appendix A thereto, severally and not jointly (each such entity, the "Fund" and collectively the "Funds"). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Accession Agreement, the New Fund hereby agrees (a) to become bound by all of the terms and conditions and provisions of the Agreement as a Fund including, without limitation, the representations and warranties set forth therein and (b) adopts the Agreement with the same force and effect as if the New Fund were originally a Party thereto.

IN WITNESS WHEREOF, this Accession Agreement has been executed for and on behalf of the undersigned as of the day and year first written above.

[Insert signature block for the New Fund]

Accepted and agreed:

INTERNATIONAL FUND SERVICES (N.A.), L.L.C.

By:   <br> Name: <br> Title:

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT A**

**The Services**

The Administrator shall perform the following services for those Funds specified on Appendix A hereto:

**Fund Accounting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain the books and records of the Fund, other than master records relating to ownership (including any records of transfers, withdrawals
or redemptions), in accordance with the terms of the Offering Memorandum, applicable operating memorandum and generally accepted accounting
principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain database detail of Fund portfolio investment transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide monthly position, P&L and activity reporting, subject to the receipt of necessary information from the Fund
in a format agreed to by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide reconciliation report of cash, cash activity, trades, and positions to prime brokers and custodian statements
(where prime brokers or custodians are utilized) on T+1, subject to the receipt of required information from third parties. The Fund shall
be responsible for the resolution of reconciliation issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide monthly position reconciliation report between the Investment Subadvisor and the Administrator, the timing of
delivery will be agreed upon by the Administrator and the Fund and is subject to the receipt of required information from the Fund in
a format agreed to by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a monthly basis, or upon the Fund's request, reconcile Fund records maintained by the Administrator with those
 maintained and provided by other parties as the Fund may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain individual tax lots for each security purchase/sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate realized gains or losses on security trades subject to the receipt of trade file information from the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare, book and provide calculation of management fees, incentive fees, and monthly expense accruals in accordance with the Offering
Memoranda and applicable operating memorandum and as directed by the Investment Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate the incentive fee and other items necessary to calculate the Fund distributions and income payments in accordance with the
Offering Memorandum and applicable operating memorandum and as directed by the Investment Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive expense budget for Fund and book related accruals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide <u>monthly</u> final NAV reporting package with such detail as agreed between the Fund and the Administrator from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain capital account detail and unitization information including income and loss allocations, capital contributions and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to U.S. generally accepted accounting principles except as otherwise directed by the Fund.

Information Classification: Limited Access

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide total return performance information for the Fund, as agreed between the Administrator and the Fund from time
to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Host the annual audit at the Administrator's offices, if requested; prepare and/or gather supporting documentation for audit
review; and follow-up on questions and requests for additional information.

**Financial Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare first, second and third quarter financial statements of the fund (including statement of assets, liabilities and partner's
capital, statement of operations, statement of changes in partner's capital, and statement of cash flows) for review by the Investment
Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare annual (audited by Fund's auditor) and semi-annual unaudited financial statements of the Fund (including financial highlights,
balance sheet, income statement, statement of changes in partners' capital and Units, statement of cash flows, schedule of investments,
and footnotes to financial statements) for review by the Investment Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate the audit of the Fund financial statements by the Fund independent accountant, including preparation of supporting audit
workpapers and other schedules, and follow up on questions and requests for additional information.

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B**

**LIST OF SERVICES**

The Administrator shall perform the following services for those Funds specified on Appendix A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Fund Administration Treasury Services as described in Exhibit B1 attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Fund Administration Tax Services as described in Exhibit B2 attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Fund Administration Legal Services as described in Exhibit B3 attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Accounting Services as described in Exhibit B7 attached hereto.

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B1**

**Fund Administration Treasury Services**

a. Prepare for the review by designated officer(s) of the Administrator or the Fund first draft financial information, including preparation of supporting audit workpapers and other schedules, regarding the Fund that will be included in the Fund's annual report on Form 10-K or quarterly report on Form 10-Q (as mutually agreed upon), including tax footnote disclosures where applicable;

b. Prepare for the review by designated officer(s) of the Administrator or the Fund annual fund expense budgets, perform accrual analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the Fund's expenses, review calculations of fees paid to the Fund's investment adviser, custodian, fund accountant, distributor and transfer agent, and obtain authorization of accrual changes and expense payments;

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B2**

**Fund Administration Tax Services**

a. Prepare annual tax basis provisions for both excise and income tax purposes, including wash sales and
all tax financial statement disclosure;

b. Preparation of financial information relating to Form 1099-DIV, including completion of the ICI Primary
and Secondary forms, Qualified Dividend Income, Dividends Received Deduction, Alternative Minimum Tax, Foreign Tax Credit, United States
Government obligations;

c. Review annual minimum distribution calculations (income and capital gain) for both federal and excise
tax purposes prior to their declaration; and

d. Participate in discussions of potential tax issues with each Fund and its audit firm.

Tax services, as described in this Schedule, do not include identification of passive foreign investment companies, qualified interest income securities or Internal Revenue Code Section 1272(a)(6) tax calculations for asset backed securities.

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B2(i)**

**<u>CONSENT TO DISCLOSE TAX RETURN INFORMATION</u>**

**Federal law prohibits our disclosing, without your consent, your federal tax return information to third parties or our use of that information for purposes other than the preparation of your return.**

Subject to the terms and conditions of the Administrative Services Agreement dated February 28, 2023 (the "Services Agreement") between INTERNATIONAL FUND SERVICES (N.A.), L.L.C. ("we" or "State Street") and THE FUNDS AND OTHER INVESTMENT VEHICLES SET FORTH ON APPENDIX A THERETO ("you" or the "Customer"), we may subcontract portions of our Fund Administration Tax Services (the "Tax Services") to State Street affiliates and/or other subcontractors. By signing below, you hereby authorize us to provide any and all information, including your entire tax return information for all past, present, and future years, that we receive in connection with this engagement (the "Information") to the State Street affiliates and subcontractors listed on Exhibit B2(ii) (the "Authorized Persons"), for the purpose of providing the Tax Services set forth in the Services Agreement and for related administrative and regulatory compliance purposes (the "Authorized Purposes"). You further authorize each Authorized Person to disclose the Information to any other Authorized Person, to State Street and to State Street Bank and Trust Company, in connection with the Authorized Purposes.

Your consent will be valid as long as the Services Agreement remains in effect, or for such longer periods as required in order for State Street to assist you with future tax-related needs or to comply with legal, regulatory, and professional standards. Notwithstanding the foregoing, you may revoke your consent with regards to Tax Services at any time by providing written notice to us. By signing below, you agree that if you revoke your consent, we may refuse to perform Tax Services and/or alter the fees we charge for such Tax Services.

In lieu of consenting to this disclosure, you have the right to request a more limited disclosure of tax return information. In the event that the service model changes as a result of your revocation or limitation on this consent, you agree to negotiate an equitable adjustment to the applicable fee schedule in good faith.

Information Classification: Limited Access

Information Classification: Limited Access

**ON BEHALF OF THE ENTITIES SET FORTH ON APPENDIX A TO THE SERVICES AGREEMENT**

---

| | | |
|:---|:---|:---|
| PARTNERS GROUP LENDING FUND, INC. | PARTNERS GROUP LENDING FUND, INC. | PARTNERS GROUP LENDING FUND, INC. |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |
| PARTNERS GROUP REVOLVER POOLING BDC, LLC | PARTNERS GROUP REVOLVER POOLING BDC, LLC | PARTNERS GROUP REVOLVER POOLING BDC, LLC |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |
| PARTNERS GROUP BDC FINANCE, LLC | PARTNERS GROUP BDC FINANCE, LLC | PARTNERS GROUP BDC FINANCE, LLC |
| By: | /s/ Jeremy Ferguson | /s/ Jeremy Ferguson |
|  | Name: | Jeremy Ferguson |
|  | Title: | Member of Management |
| By: | /s/ Brian Igoe | /s/ Brian Igoe |
|  | Name: | Brian Igoe |
|  | Title: | Director/Vice President |

---

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B2(ii)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• State Street Corporate Services Mumbai Private Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KPMG LLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KPMG GLOBAL SERVICES PRIVATE LIMITED (KGS)

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B3**

**Fund Administration Legal Services**

(a) Prepare the notice, agenda, resolutions, memorandums and minutes for all requested Board and committee meetings; assemble, compile and post meeting materials; attend Board and committee meetings (in person or by telephone), make presentations to the Board and committees where appropriate, or upon reasonable request; attend shareholder meetings (in person or by telephone) and prepare draft meeting materials including scripts and minutes;

(b) Draft annual proxy statements and prepare for fidelity bond filings for filing with the SEC;

(c) Maintain general Board calendars and regulatory filings calendars;

(d) Maintain copies of fund governing documents, such as declaration of trust/articles of incorporation and by-laws; and

(e) Maintain awareness of significant emerging regulatory and legislative developments that may affect the fund, update the Board and the investment adviser on those developments and provide planning assistance where requested or appropriate.

Information Classification: Limited Access

Information Classification: Limited Access

**EXHIBIT B7**

**Fund Accounting Services**

a. Process trade file transmitted by a Fund and/or the Advisor on trade-date, subject to timely receipt by State Street of necessary information. The trade file from the Fund and/or Advisor will include security identifier, quantity, price, and other pertinent information required to process each trade;

b. Maintain database detail of Fund investment transactions, including but not limited to reflecting loan activity and accruals;

c. Provide standard data files on a daily basis, as agreed between both parties from time to time, including, but not limited to, security level data, cash flows, accruals and other related activity.

d. Calculate estimated and final quarter-end Net Asset Value ("NAV"), including supporting schedules and trial balances, for each Fund, timing of delivery to be agreed upon by the relevant Fund and/or Advisor and State Street and subject to the timely receipt by State Street of necessary information from third parties;

e. Prepare standard schedules and reports on a monthly and quarterly basis as reasonably necessary to support Fund's reporting obligations to its corporate parent.

f. Reconcile each Fund's cash holdings with the records of its custodian daily;

g. Prepare reconciliation report of cash, trades and positions to prime broker, agent notices, and custodian statements (where prime brokers or custodians are utilized), subject to the receipt of information from third parties. The relevant Fund and/or Advisor shall be responsible for the resolution of reconciliation issues;

h. Maintain individual tax lots for each security purchase/sale;

i. Calculate realized gains or losses on security trades, subject to the receipt of trade file information from a Fund and/or the Advisor;

j. Prepare and provide monthly calculation of management and incentive fees and book accruals for legal, accounting and any other third party fees and expenses as required and as directed by a Fund and/or Advisor;

k. Maintain the books and records of each Fund in accordance with the terms of the applicable operating agreement and generally accepted accounting principles;

l. Calculate monthly indicative NAV and any Ad-Hoc NAV to support capital calls for a Fund based solely on information provided by the Fund and/or the Advisor or as otherwise directed. The timing of delivery of such calculations will be agreed upon by State Street and the Fund and/or Advisor and is subject to the timely receipt by State Street of necessary information from the Fund and/or Advisor and authorized third parties; and

Information Classification: Limited Access

Information Classification: Limited Access

m. Host the annual audit at State Street's offices, if requested; prepare and/or gather supporting documentation for audit review; and follow-up on questions and requests for additional information.

n. Additional ad hoc reporting as may be agreed to by both parties from time to time.

Information Classification: Limited Access

Information Classification: Limited Access

REMOTE ACCESS SERVICES ADDENDUM TO ADMINISTRATIVE SERVICES

AGREEMENT BETWEEN THE FUNDS AND OTHER INVESTMENT VEHICLES SET

FORTH ON APPENDIX A THERETO ("you" or the "Customer") AND INTERNATIONAL

FUND SERVICES (N.A.), L.L.C.

*Unless otherwise indicated, capitalized terms used in this Addendum shall have the meanings given to them in the Administrative Services Agreement.*

 

State Street Bank and Trust Company and its direct and indirect subsidiaries, including but not limited to International Fund Services (N.A.), L.L.C. collectively referred to in this Addendum as "State Street") has developed and/or utilizes proprietary or third party accounting and other systems in conjunction with the services that State Street provides to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that State Street makes available to customers (the "Remote Access Services").

<u>The Services</u>

State Street agrees to provide you, the Customer, and your designated employees, investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary and third party systems as may be offered by State Street from time to time (each, a "System") on a remote basis.

<u>Security Procedures</u>

You agree to comply, and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third party vendors for use of the System and access to the Remote Access Services. You are responsible for any use and/or misuse of the System and Remote Access Services by your Authorized Designees. You agree to advise State Street immediately in the event that you learn or have reason to believe that any person to whom you have given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and you will cooperate with State Street in seeking injunctive or other equitable relief. You agree to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by you or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

<u>Fees</u>

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee Schedule in effect from time to time between the parties (the "RAA Fee Schedule"). You shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

<u>Proprietary Information/Injunctive Relief</u>

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors and third party vendors (the "Proprietary Information"). You agree on behalf of yourself and your Authorized Designees to keep the Proprietary Information confidential and to limit access to your employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

You agree to use the Remote Access Services only in connection with the proper purposes of this Addendum. You will not, and will cause your employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as our Customer.

You agree that neither you nor your Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

You acknowledge that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

<u>Limited Warranties</u>

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and you and your Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third party vendors will not be liable to you or your Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

<u>Infringement</u>

State Street will defend or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion that access to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in writing of any such claim or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for you the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy available to you for the matters described in this section.

<u>Termination</u>

Either party may terminate this Addendum (i) for any reason by giving the other party at least one- hundred and eighty (180) days' prior written notice in the case of notice of termination by State Street to you or thirty (30) days' notice in the case of notice from you to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to you. Your use of any third party System is contingent upon your compliance with any terms and conditions of use of such System imposed by such third party and State Street's continued access to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation and other confidential information in your possession or in the possession of your Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

<u>Miscellaneous</u>

This Addendum constitutes our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by both of us and shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

## Exhibit 10.4

**Exhibit 10.4**

**AMENDMENT TO MASTER ADMINISTRATIVE SERVICES AGREEMENT**

This Amendment to the Master Administrative Services Agreement is made as of April 30, 2025 (the "Amendment") by and between International Fund Services (N.A.), L.L.C., a Delaware limited liability company (the "Administrator") and Partners Group Lending Fund, LLC (the "Fund"). Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, the Administrator and certain funds and other investment vehicles, including the Fund, entered into a Master Administrative Services Agreement dated as of March 9, 2023 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, the Administrator and the Fund hereto wish to amend the Agreement as set forth below solely with respect to the Fund.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. <u>Amendment to add Fund Administration Tax Services</u>. As between the Administrator and the Fund and
solely with respect to the Fund, the Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 18(b) of the Agreement is hereby deleted in its entirety and replaced with the following:

"(b) With respect to the Fund Administration Tax Services as set forth on Exhibit B2 attached hereto and Fund Administration Tax Services as set forth on Exhibit A2 (together, "U.S. Tax Services"), the Fund acknowledges and agrees to execute and deliver to the Administrator a tax delegation consent in the form set forth as Exhibit B2(i) hereto and/or Exhibit A2(i), as applicable, with such changes as the Administrator may require from time to time. While the Parties anticipate that such consent will be valid as long as the Agreement remains in effect, in the event the Fund revokes its consent at any time or does not provided its consent as required hereunder, the Fund acknowledges and agrees that the Administrator may, without liability or prior notice, cease performing any or all of the U.S. Tax Services and may renegotiate the fees the Administrator charge for such U.S. Tax Services."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Services applicable to the Fund shall be those described on Exhibit A and Exhibit A2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A new Exhibit A2 is hereby added to the Agreement as set forth on <u>Exhibit 1</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A new Exhibit A2(i) is hereby added to the Agreement as set forth on <u>Exhibit 1</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A new Exhibit A2(ii) is hereby added to the Agreement as set forth on <u>Exhibit 1</u> attached hereto.

2. <u>One Agreement</u>. Except as specifically amended hereby, all other terms and conditions of the Agreement
shall remain in full force and effect. For the avoidance of doubt, this Amendment does not amend the agreement with respect to any fund
party to the agreement other the Fund. This Amendment, including <u>Exhibit 1,</u> is incorporated in its entirety into the Agreement,
and this Amendment and said Agreement shall be read and interpreted together as the Agreement.

3. <u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the choice
of law set forth in the Agreement (excluding the law thereof which requires the application of or reference to the law of any other jurisdiction).

4. <u>Counterparts</u>. This Amendment may be executed in separate counterparts, each of which shall be deemed
to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed
in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby
adopt as original any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

Information Classification: Limited Access

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **PARTNERS GROUP LENDING FUND, LLC** | **PARTNERS GROUP LENDING FUND, LLC** |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Authorized Signatory |
| By: | /s/ Bradley Eggers |
| Name: | Bradley Eggers |
| Title: | Authorized Signatory |
| **INTERNATIONAL FUND SERVICES (N.A.), L.L.C.** | **INTERNATIONAL FUND SERVICES (N.A.), L.L.C.** |
| By: | /s/ Fred Wilshire |
| Name: | Fred Wilshire |
| Title: | Senior Vice President |

---

Information Classification: Limited Access

<u>Exhibit 1</u>

**Exhibit A2**

**<u>Fund Administration Tax Services</u>**

**1.** **Fund Administration Corporate Tax Services** 

Based on discussions with and direction by the Fund and its tax advisor regarding the tax treatment of various transactions of the Fund, the Administrator shall provide the following tax services. All schedules, statements and other reports prepared by the Administrator shall be reviewed by the Fund and agreed to by its tax advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare quarterly tax provision calculations. The preparation will include analysis of the annualized
effective tax rate calculation and discrete items. In addition the year-to-date tax expense will be calculated and any required footnote
disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant computations for discrete items may be out of scope depending on the type and magnitude of
the adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare annual tax basis provision calculations at both tax and book fiscal year end purposes, including
wash sales and all tax financial statement disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assist in analysis and documentation of the valuation allowance based upon management's assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate the independent tax review including: prepare detailed tax schedules and worksheets to reconcile
book to tax accounting; gather required supporting documentation for tax review as needed; and provide allocations of profit and loss
for each tax line item in accordance with the terms of the applicable operating agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide work papers and system reports substantiating tax adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform a book to tax reconciliation reflecting the tax adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare year-end tax estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation and transmission of Global Information Reporting tax information returns relating to Form
1099-DIV, Form 1042-S, Form 945 and Form 1042.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in discussions of potential tax issues with the Fund and its audit firm and provide information
to the Fund's independent accountants, and to Fund's counsel when appropriate, to assist in the preparation and filing of
the Fund's tax filings; such information shall be sufficient to permit the preparation and filing of all federal and state income
tax returns (and such other required tax filings as may be agreed to by the parties), including reports such as dividend and interest
income reports, purchase and sale and capital gain/loss reports, tax lot holding reports or other reports, as applicable.

Information Classification: Limited Access

<u>Exhibit 1</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax services, as described in this Schedule, do not include
calculating the book/tax differences including tax basis investment in partnership tracking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax services, as described in this Schedule, do not include
identification of passive foreign investment companies, qualified interest income securities or Internal Revenue Code Section 1272(a)(6)
tax calculations for asset backed securities.

**2.** **Fund Administration BDC Tax Services** 

Based on discussions with and direction by each Company and its tax advisor regarding the tax treatment of various transactions of such Company, the Administrator shall provide the following tax services. All schedules, statements and other reports prepared by the Administrator shall be reviewed by such Company and agreed to by its tax advisor.

&nbsp;&nbsp;&nbsp;&nbsp;a) Prepare annual tax basis provisions for both excise and income tax purposes, including wash sales and
all tax financial statement disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;b) Preparation of financial information relating to Form 1099-DIV, including completion of the ICI Primary
and Secondary forms, Qualified Dividend Income, Dividends Received Deduction, Alternative Minimum Tax, Foreign Tax Credit, United States
Government obligations.

&nbsp;&nbsp;&nbsp;&nbsp;c) Review annual minimum distribution calculations (income and capital gain) for both federal and excise
tax purposes prior to their declaration.

&nbsp;&nbsp;&nbsp;&nbsp;d) Coordinate the independent tax review including: prepare detailed tax schedules and worksheets to reconcile
book to tax accounting; gather required supporting documentation for tax review as needed; and provide allocations of profit and loss
for each tax line item in accordance with the terms of the applicable operating agreement.

&nbsp;&nbsp;&nbsp;&nbsp;e) Provide work papers and system reports substantiating tax adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;f) Perform a book to tax reconciliation reflecting the tax adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;g) Calculate and characterize shareholder taxable income for 1099 reporting.

&nbsp;&nbsp;&nbsp;&nbsp;h) Prepare year-end tax estimates.

&nbsp;&nbsp;&nbsp;&nbsp;i) Preparation of tax provisions for 3 10-Qs

&nbsp;&nbsp;&nbsp;&nbsp;j) Preparation of tax provision for the 10-K (inclusive of ROCSOP & financial statement disclosures).

Information Classification: Limited Access

<u>Exhibit 1</u>

&nbsp;&nbsp;&nbsp;&nbsp;k) Participate in discussions of potential tax issues with each Company and its audit firm and provide information
to the Companies' independent accountants, and to Companies' counsel when appropriate, to assist in the preparation and filing
of the Companies' tax filings; such information shall be sufficient to permit the preparation and filing of all federal and state
income tax returns (and such other required tax filings as may be agreed to by the parties), including reports such as dividend and interest
income reports, purchase and sale and capital gain/loss reports, tax lot holding reports or other reports, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;l) Tax services, as described in this Schedule, do not include identification of passive foreign investment
companies, qualified interest income securities or Internal Revenue Code Section 1272(a)(6) tax calculations for asset backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;m) Tax services, as described in this Schedule, do not include the book/tax differences including tax basis
investment in partnership tracking.

&nbsp;&nbsp;&nbsp;&nbsp;n) Tax services, as described in this Schedule, do not include the tracking for CLO equity investments, as
applicable, that are PFICs/CFCs.

Information Classification: Limited Access

<u>Exhibit 1</u>

**Exhibit A2(i)**

**CONSENT TO DISCLOSE TAX RETURN INFORMATION**

**Federal law prohibits our disclosing, without your consent, your federal tax return information to third parties or our use of that information for purposes other than the preparation of your return.**

Subject to the terms and conditions of the Administrative Services Agreement dated February 28, 2023, as amended, (the "Services Agreement") between INTERNATIONAL FUND SERVICES (N.A.), L.L.C. ("we" or "State Street") and PARTNERS GROUP LENDING FUND, LLC ("you" or the "Customer"), we may subcontract portions of our Corporate Tax Services (the "Tax Services") to State Street affiliates and/or other subcontractors. By signing below, you hereby authorize us to provide any and all information, including your entire tax return information for all past, present, and future years, that we receive in connection with this engagement (the "Information") to the State Street affiliates and subcontractors listed on Exhibit A2(ii) (the "Authorized Persons"), for the purpose of providing the Tax Services set forth in the Services Agreement and for related administrative and regulatory compliance purposes (the "Authorized Purposes"). You further authorize each Authorized Person to disclose the Information to any other Authorized Person, to State Street and to State Street Bank and Trust Company, in connection with the Authorized Purposes.

Your consent will be valid as long as the Services Agreement remains in effect, or for such longer periods as required in order for State Street to assist you with future tax-related needs or to comply with legal, regulatory, and professional standards. Notwithstanding the foregoing, you may revoke your consent with regards to Tax Services at any time by providing written notice to us. By signing below, you agree that if you revoke your consent, we may refuse to perform Tax Services and/or alter the fees we charge for such Tax Services.

In lieu of consenting to this disclosure, you have the right to request a more limited disclosure of tax return information. In the event that the service model changes as a result of your revocation or limitation on this consent, you agree to negotiate an equitable adjustment to the applicable fee schedule in good faith.

Information Classification: Limited Access

<u>Exhibit 1</u>

EXHIBIT A2(ii)

&nbsp;&nbsp;&nbsp;&nbsp;• State Street Corporate Services Mumbai Private Limited

&nbsp;&nbsp;&nbsp;&nbsp;• KPMG LLP

&nbsp;&nbsp;&nbsp;&nbsp;• KPMG GLOBAL SERVICES PRIVATE LIMITED (KGS)

Information Classification: Limited Access

## Exhibit 10.5

**EXHIBIT 10.5**

**Partners group lending fund, LLC**

**Form of SUBSCRIPTION AGREEMENT**

THE COMMON UNITS (THE "<u>UNITS</u>") OF PARTNERS GROUP LENDING FUND, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY U.S. STATES OR OTHER JURISDICTIONS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION THEREFROM. IN ADDITION, THE UNITS ARE SUBJECT TO THE CONTRACTUAL RESTRICTIONS ON RESALES DESCRIBED IN THIS SUBSCRIPTION AGREEMENT. THE UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR BY ANY U.S. STATE OR OTHER SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

**SUBSCRIPTION AGREEMENT**

Partners Group Lending Fund, LLC

1114 Avenue of the Americas, 37<sup>th</sup> Floor<br> New York, NY 10036

Ladies and Gentlemen:

This Subscription Agreement (this "<u>Subscription Agreement</u>") is being executed and delivered in connection with the subscription by the undersigned to purchase the dollar amount of common unit (the "<u>Units</u>") of Partners Group lending Fund, LLC, a Delaware limited liability company (the "<u>Fund</u>"), through periodic calls of all or a portion of capital amounts of the Subscriber's (as such term is defined below) aggregate capital commitment (the "<u>Capital Commitment</u>"), as set forth on the signature page below. Capitalized terms used herein shall have the same meanings herein as defined in the Fund's Confidential Private Placement Memorandum (as amended, restated and/or supplemented or otherwise modified from time to time, the "Memorandum"), unless otherwise defined herein.

**<u>Instructions</u>**:

In addition to completing and signing the signature page to this Subscription Agreement, each Subscriber must complete and execute, as applicable, any necessary attachments contained in this package (such attachments, together with this Subscription Agreement, the "<u>Subscription Documents</u>") in the manner described below. For purposes of these Subscription Documents, the "<u>Subscriber</u>" is the person or entity for whose account the Units will be purchased and that can satisfy the representations and warranties set forth in the Subscription Documents. Another person or entity with investment authority may complete and execute the Subscription Documents on behalf of the Subscriber, but should indicate the capacity in which it is doing so and the name of the Subscriber. All appendices to this Subscription Agreement are incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Signature Page(s)</u>. Complete and execute the signature page to this Subscription Agreement. If the Subscriber is an individual retirement account (an "<u>IRA</u>") and the custodian or trustee of the IRA is executing the signature page, then complete and execute the additional signature pages that immediately follow the Fund's signature page to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investor Questionnaire</u>. Complete <u>Appendix A</u> (Investor Questionnaire) attached to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certification of Beneficial Owner(s)</u>. If the Subscriber is an entity, complete and execute <u>Appendix B</u> (Certification of Beneficial Owner(s)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Tax Forms</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;(i) *U.S. Subscribers*. Complete, sign and date a Form W-9 (available at *https://www.irs.gov/pub/irs-pdf/fw9.pdf*) in accordance with the instructions to such Form.

&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) *Non-U.S. Subscribers*. Complete, sign and date the relevant Form(s) W-8, as applicable, in accordance with the instructions to such Form(s):

● Form W-8BEN (available at *https://www.irs.gov/pub/irs-pdf/fw8ben.pdf*)

● Form W-8BEN-E (available at *https://www.irs.gov/pub/irs-pdf/fw8bene.pdf*)

● Form W-8IMY (available at *https://www.irs.gov/pub/irs-pdf/fw8imy.pdf*)

● Form W-8ECI (available at *https://www.irs.gov/pub/irs-pdf/fw8eci.pdf*)

● Form W-8EXP (available at *https://www.irs.gov/pub/irs-pdf/fw8exp.pdf*)

&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 Subscribers*. In the event that any applicable reduction or exemption from U.S. federal withholding tax is claimed, each Subscriber is required to provide all applicable attachments or addendums as required to claim such exemption or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Evidence of Authorization</u>. Each Subscriber must provide satisfactory evidence of authorization and may be required to submit further information for "know your customer" and anti-money laundering 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;(i) *For Corporations*: Certified documentation evidencing the corporation's existence and certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign the Subscription 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;(ii) *For Partnerships*: Certified documentation evidencing the partnership's existence, and a certified copy of the partnership agreement (which, in the case of a limited partnership, identifies the general partner(s)).

&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) *For Limited Liability Companies*: Certified documentation evidencing the limited liability company's existence, and a certified copy of the limited liability operating agreement identifying the manager or managing member, as applicable, empowered to sign the Subscription 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;(iv) *For Trusts*: A copy of the trust 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;(v) *For Employee Benefit Plans*: A certificate of an appropriate officer certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription 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;(vi) *For Individuals*: A current copy of a government issued photo identification. Please note that the Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in connection with a subscription for Units. Required information includes name, date of birth, permanent residential address and Social Security/taxpayer identification number. If a Subscriber who is a natural person submits a current government issued photo identification that does not include the Subscriber's permanent address, then the Subscriber will be required to provide proof of address by another means acceptable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Subscription Documents</u>. The Subscriber shall deliver one (1) original completed and executed copy of this Subscription Agreement and all of the documents referred to in clauses (a) through (e) above electronically to [each of] the Fund at [●] [and the Company's transfer agent, [●], at [●]]. Please be sure to also retain a copy for your records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Acceptance by the Fund</u>. If the Fund accepts the Subscriber's subscription (in whole or in part), a fully executed set of the Subscription Documents will be returned to the Subscriber. The Fund may accept and countersign this Subscription Agreement (in whole or in part) at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber acknowledges and agrees that this and any other subscription (i) is conditioned upon acceptance by the Fund, at which time it becomes irrevocable, unconditional and binding on the part of the Subscriber and (ii) may be rejected in whole or in part by the Fund in its sole discretion (for any reason or for no reason) in any order and at any time prior to the Closing (as defined below). The Subscriber has received and reviewed, and agrees to be bound by, all the terms and provisions of this Subscription Agreement, the Memorandum, the Fund's limited liability company agreement, in the form attached hereto as <u>Appendix C</u> (as amended and/or restated from time to time, the "<u>LLCA</u>"), the Fund's Amended and Restated Certificate of Formation, in the form attached hereto as <u>Appendix D</u> (as amended and/or restated from time to time, the "<u>Certificate of Formation</u>"), the Investment Advisory Agreement by and between Partners Group (USA) Inc. (the "<u>Adviser</u>") and the Fund, in the form attached hereto as <u>Appendix E</u> (as amended and/or restated from time to time, the "<u>Advisory Agreement</u>"), and the Administration Agreement by and between the Adviser and the Fund, in the form attached hereto as <u>Appendix F</u> (as amended and/or restated from time to time, the "<u>Administration Agreement</u>" and, together with the Memorandum, the LLCA, the Certificate of Formation and the Advisory Agreement, the "<u>Operative Documents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber agrees to purchase Units for the aggregate purchase price set forth on the signature page below, payable under the terms and subject to the conditions set forth herein. The minimum initial investment amount for Units is $[●], after which additional investments must be in increments of $[●], each subject to the discretion of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund will file or has filed a registration statement on Form 10 (the "<u>Registration Statement</u>") for the registration of its common stock with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). The Registration Statement is not the offering document pursuant to which the Fund is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in the Operative Documents, together with reports and other documents the Fund may file under the Exchange Act from time to time, in making its investment decisions. The Fund has entered and expects to enter into separate Subscription Agreements (the "<u>Other Subscription Agreements</u>" and, together with this Subscription Agreement, the "<u>Subscription Agreements</u>") with other investors (the "<u>Other Investors</u>," and together with the Subscriber, the "<u>Investors</u>"), providing for the sale of Units to the Other Investors either on a capital commitment basis (the "<u>Capital Commitments Issuance Basis</u>") or for the immediate payment of cash against the immediate delivery of Units. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Units to the undersigned and the Other Investors are to be separate sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Subscription; Closings</u>.

This Subscription Agreement is made subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall have the right, in its sole discretion, to accept or reject the Subscriber's subscription, in whole or in part, for any reason, including, without limitation, (i) the inability of the Subscriber to meet the standards imposed by Regulation D and/or Regulation S promulgated by the SEC under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), (ii) the ineligibility of the Subscriber under applicable state or foreign securities laws or (iii) for any other reason. Notwithstanding anything to the contrary contained herein, the Subscriber may elect to void this Subscription Agreement by providing written notice to the board of trustees of the Fund (the "<u>Board</u>") no later than the date that is two business days prior to the Closing (as defined below). The Subscriber hereby acknowledges that failure to notify the Board of its election to void this Subscription Agreement in writing by the date that is two business days prior to the Closing, to the fullest extent permitted by law, will result in the Subscriber being deemed to have waived such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Subscriber's subscription is accepted in part and rejected in part, the Subscriber will be so notified and the Subscriber agrees to deliver promptly upon the Fund's request a new signature page to this Subscription Agreement with respect to such lesser dollar amount of Units to be purchased as may be determined by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Subscriber's subscription is wholly rejected, the executed copies of this Subscription Agreement will be returned to the Subscriber. In the event of any whole or partial rejection, the Fund will return to the Subscriber the applicable amount of submitted funds, without interest or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The closing of the subscription for and commitment to purchase the Units by the Subscriber (the "<u>Closing</u>") shall take place on the date that this Subscription Agreement (having been executed and fully completed by the Subscriber) has been accepted by the Fund and the Subscriber's capital contribution has been made (the date of such acceptance, which shall be indicated on the Fund's Acceptance provided to the Subscriber, being hereinafter referred to as the "<u>Closing Date</u>"). On the Closing Date, the Subscriber shall be registered as a stockholder of the Fund (a "<u>Stockholder</u>"). Following the Fund's election to be regulated as a business development company ("<u>BDC</u>") under the U.S. Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), at such time as determined in the Fund's sole discretion, the Fund intends to conduct closings for Units on a monthly basis; <u>provided however</u>, that the Fund, in its sole discretion, may conduct closings more or less frequently to one or more investors for regulatory, tax or other reasons as may be determined to be appropriate by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber agrees to provide any information reasonably requested by the Fund to verify the accuracy of the representations contained herein, including the Investor Questionnaire attached hereto as <u>Appendix A</u> (the "<u>Investor Questionnaire</u>") and the Certification of Beneficial Owner(s) attached hereto as <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the individual subscribing for Units is investing assets on behalf of an individual retirement account (an "<u>IRA</u>"), the individual who established the IRA has signed the signature page of this Subscription Agreement and confirms that such individual (i) has directed the custodian or trustee of the IRA to execute the acknowledgement on the signature page, which has been so executed, and (ii) has reviewed and hereby expressly certifies to the accuracy of the representations and warranties made herein with respect to the IRA and the individual Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that the Subscriber is permitted by the Fund to make an additional purchase of Units on a date after its initial subscription has been accepted, the Subscriber shall be required to enter into an addendum to this Subscription Agreement or a new subscription agreement, at the Fund's discretion, covering such additional purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purchase of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate purchase price for the Units shall be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions set forth on the Fund's signature page below. Please refer to the Memorandum for more information. The Subscriber represents that subscription funds will be wired to the Fund from the account listed in the remitting wiring bank section of the Investor Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following a Closing, and after the Subscriber's payment of the aggregate purchase price for the Units in accordance with <u>Section 3(a)</u>, the Fund shall issue to the Subscriber a number of Units equal to the amount of the aggregate purchase price for the Units paid by the Subscriber divided by the then-current transaction price per Unit, which will generally be the net asset value ("<u>NAV</u>") per Unit as of the last calendar day of the month as determined in accordance with the Adviser's valuation policy and will be communicated to the Subscriber by or on behalf of the Fund following the determination of such NAV. The Fund reserves the right, in its sole discretion and at any time, to sell Units at a price set above the NAV per share based on a variety of factors, including, without limitation, to account for a Subscriber's allocable portion of the Fund's initial offering, organizational and other expenses. Upon a Closing, a Subscriber will not know the NAV per Unit applicable on the effective date of the purchase. The NAV per Unit applicable to a purchase of Units at a given effective date will be available generally within 20 business days after the effective date of the Unit purchase; at that time, the number of Units based on that NAV and the Subscriber's purchase will be determined and Units shall be credited to the Subscriber's account as of the effective date of the share purchase. Please refer to the Memorandum for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber further acknowledges and agrees that Other Investors and Subsequent Investors may elect to purchase Units on a Capital Commitments Issuance Basis under Other Subscription Agreements and that nothing herein prohibits the Fund from accepting such Other Subscription Agreements or the cash proceeds with respect thereto and issuing Units to such Other Investors or Subsequent Investors in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Indebtedness</u>. The Subscriber acknowledges that the Fund may incur indebtedness at any time and from time to time, directly or indirectly through one or more subsidiaries (or series of subsidiaries) to borrow against any Investor's capital commitment to the Fund, to finance investments, for working capital, for expenses, for general corporate purposes (including to pay dividends or distributions) and to warehouse loans, including without limitation, one or more credit facilities to finance its investments and for other permissible activities. Those facilities may be secured by an assignment by way of security, pledge, charge, mortgage or other security interest, as the case may be, of or in (A) investors' undrawn capital commitments to the Fund, the proceeds of drawdowns on such capital commitments and the right to receive capital contributions from Investors investing in the Fund, (B) the Fund's right to make drawdowns on such capital commitments, deliver drawdown notices and receive the proceeds of capital calls on such capital commitments (including any powers of attorney or other delegation of the right to deliver drawdown notices), and/or (C) any deposit or other account into which the proceeds of drawdowns on capital commitments will be deposited, and all claims, rights and interests that the Fund may have relating to or arising from clause (A), clause (B) or this clause (C) (including the right to exercise any remedies of the Fund under or related to subscription agreements with Investors who have invested in the Fund on a Capital Commitments Issuance Basis in respect of any such drawdown notices or drawdown on capital commitments), which may be granted to a lender or an agent for such a lender pursuant to any loan or security documentation entered into between the Fund and any lender (any such facility described in this sentence, a "<u>Subscription Facility</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Dividends; Distribution Reinvestment Plan</u>. As described more fully in the Memorandum, the Fund generally expects to distribute on a regular monthly basis, out of assets legally available for distribution, substantially all of its available earnings in such amount so the Fund will not have to pay corporate-level income tax, commencing with the second full calendar quarter after the Fund elects to be regulated as a BDC under the 1940 Act, subject to the discretion of the Board. The Fund's distribution reinvestment plan, as may be amended (the "<u>Distribution Reinvestment Plan</u>"), provides that all cash distributions declared by the Board on behalf of any Stockholder, other than any Stockholder that has affirmatively elected to opt out of the Distribution Reinvestment Plan, shall be reinvested in exchange for such Stockholder receiving a number of newly issued Units equal to the quotient determined by dividing the total dollar amount of the distribution payable to such Stockholder by the most recent available NAV per Unit for such Units at the time the distribution is payable. The Subscriber may prospectively opt out of the Distribution Reinvestment Plan in the Investor Questionnaire. An election to opt-out or to opt-in to the Distribution Reinvestment Plan may be altered in accordance with the Fund's Distribution Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Subscriber</u>.

The Subscriber represents and warrants as follows, as of the Closing Date and on the subsequent dates specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Private Placement*.

&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 Subscriber understands that the offering and sale of the Units are intended to be exempt from registration under the Securities Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D and Regulation S promulgated thereunder, exemptions under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions, and the Subscriber agrees that any Units acquired by the Subscriber may not be Transferred (as defined below) in any manner that would require the Fund to register the Units under the Securities Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Subscriber was offered the Units through private negotiations, not through any general solicitation or general advertising.

&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 Subscriber understands that the Fund requires each investor in the Fund to be either (A) an "accredited investor" as defined in Rule 501(a) of Regulation D of the Securities Act ("<u>Accredited Investor</u>"), or (B) not "U.S. persons" as within the meaning of Regulation S under the Securities Act, and the Subscriber represents and warrants that it is either (A) an Accredited Investor or (B) not a "U.S. person" in accordance with Regulation S and is not investing for the direct or indirect benefit of a U.S. Person as within the meaning of Regulation S under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Subscriber is not an Accredited Investor, then Subscriber further represents and warrants that: (a) no offers to sell or to purchase the Units were made to the Subscriber or by the Subscriber while the Subscriber was in the United States; (b) the Subscriber was not in the United States at the time the offer was accepted; and (c) at the time the Subscriber's subscription for Units was originated, the Subscriber was outside the United States, except for offers and sales to discretionary or similar accounts (other than an estate or trust) held for the benefit or account of a non-U.S. Person (as within the meaning of Regulation S under the Securities Act) by a dealer or other professional fiduciary organized, incorporated or resident in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Subscriber understands that the offering and sale of the Units in non-U.S. jurisdictions may be subject to additional restrictions and limitations and represents and warrants that it is acquiring its Units in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Subscriber, including the legal requirements of jurisdictions in which the Subscriber is resident and in which such acquisition is being consummated. In furtherance, and not in limitation, of the foregoing, if the Subscriber is a resident of any of the jurisdictions set forth in the Memorandum, the Subscriber represents, warrants and covenants as specified in the Memorandum hereto for such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Units to be acquired hereunder are being acquired by the Subscriber for the Subscriber's own account for investment purposes only and not with a view to resale or distribution. The Subscriber shall not, directly or indirectly, Transfer all or any portion of such Units (or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such Units) except in accordance with (i) the registration provisions of the Securities Act or an exemption from such registration provisions, (ii) any applicable U.S. federal or state or non-U.S. securities laws and (iii) the terms of this Subscription Agreement and the Certificate of Formation. The Subscriber understands that it may be required to bear the economic risk of its investment in the Units for a substantial period of time because, among other reasons, the offering and sale of the Units have not been registered under the Securities Act and, therefore, the Units cannot be sold other than through a privately negotiated transaction unless they are subsequently registered under the Securities Act or an exemption from such registration is available. "<u>Transfer</u>" (or any derivative thereof) shall mean to sell, offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase or otherwise dispose of or agree to dispose of, in any case whether directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber is not subject to and is not aware of any facts that would cause such Subscriber to be subject to any of the "Bad Actor" disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber has received, read carefully in its entirety, and understands the Memorandum and the other Operative Documents. The Subscriber has consulted with its own attorney, accountant, investment adviser or other adviser with respect to the investment(s) contemplated hereby and its suitability for the Subscriber, and the Subscriber understands and consents to the fees, risks and other considerations relating to the purchase of the Units and an investment in the Fund, including but not limited to the fees and expenses outlined in the sections titled "Management Agreements" and "Plan of Distribution" in the Memorandum and the risks and other considerations set forth in the sections titled "Risk Factors" and "Certain Relationships and Related Party Transactions" in the Memorandum. The Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Fund, all such questions have been answered to the Subscriber's full satisfaction, and the Subscriber has obtained any additional information concerning the Fund sought by the Subscriber. The Subscriber acknowledges that no representations have been made to the Subscriber in connection with its investment in the Fund, other than this Subscription Agreement and the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subscriber has substantial knowledge and experience in business and financial matters and is capable of evaluating the merits and risks of a purchase of the Units. The Subscriber understands that there can be no assurance that the Fund will meet its investment objective or otherwise be able to successfully carry out its investment program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber has the financial ability to bear the economic risk of its investment in the Fund (including the possible loss of its entire investment), has adequate means for providing for its current needs and has no current need for liquidity in connection with its purchase of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The purchase of the Units by the Subscriber is consistent with the general investment objectives of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Subscriber is a natural person, the Subscriber's domicile and principal residence are at the address shown on the signature page below. If the Subscriber is not a natural person, the Subscriber has its domicile, principal place of business, or principal office at the address shown on the signature page below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber is not an entity (including a qualified retirement plan) in which a holder of an interest in the Subscriber may decide whether or how much to invest through the Subscriber in various investment vehicles, including the Fund, unless the Subscriber has so notified the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Subscriber is not a natural person, then, unless the Subscriber has notified the Fund in writing that the Subscriber was formed for the specific purpose of acquiring Units and all of the equity holders of the Subscriber are Accredited Investors, the Subscriber's aggregate investment in Units, together with any capital commitment for Units, does not exceed 40% of the Subscriber's assets. If at any time the Subscriber holds Units, the Subscriber shall no longer be in compliance with the provisions of this <u>Section 6(i)</u>, it shall promptly notify the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Subscriber is not a citizen of the United States, or a resident of or entity created under the laws of any state of the United States (any such citizen, resident or entity being hereinafter called a "<u>Domestic Person</u>"), the Subscriber is not purchasing the Units on behalf of any Domestic Person, and the Subscriber has no present intention of becoming a Domestic Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If the Subscriber is a natural person, the Subscriber is of legal age in its country or state of residence and has legal capacity to execute, deliver and perform its obligations under this Subscription Agreement and the Certificate of Formation and to subscribe for and purchase the Units hereunder. If the Subscriber is not a natural person, the Subscriber is an entity of the kind set forth under the applicable item of the Investor Questionnaire and has been duly organized, formed or incorporated, as the case may be, and is validly existing and in good standing under the laws of its jurisdiction of organization, formation or incorporation, and the Subscriber has all requisite power and authority to execute, deliver and perform its obligations under this Subscription Agreement and to subscribe for and purchase the Units hereunder. The Subscriber's purchase of the Units and its execution, delivery and performance of this Subscription Agreement (i) has been duly executed and delivered by the Subscriber, (ii) constitutes the legal, valid and binding obligation of the Subscriber (except (A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies of creditors generally, as from time to time in effect, (B) as limited by general principles of equity, and (C) as the enforcement of remedies rests in the discretion of any court) and (iii) does not result in the violation of, constitute a default under, or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation applicable to the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The execution and delivery of this Subscription Agreement, the consummation of the transactions contemplated hereby and under the Certificate of Formation and the performance of the Subscriber's obligations hereunder and under the Certificate of Formation do not and will not conflict with, or result in any violation of or default under, (i) if the Subscriber is not a natural person, any provision of any certificate of formation, certificate of incorporation, charter, by-laws, memorandum and articles of association, trust agreement, partnership agreement, limited liability company agreement or other organizational or governing instrument applicable to the Subscriber, (ii) any agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound, or (iii) any permit, franchise, judgment, decree, statute, writ, injunction, order, law, rule or regulation applicable to the Subscriber or to its business or properties. In addition, the Subscriber represents that its power of attorney contained in this Subscription Agreement and to be exercised in connection with the Certificate of Formation has been granted by the Subscriber, including as to the manner of any execution by the Subscriber, in compliance with all laws applicable to the Subscriber, including the laws of the state or jurisdiction in which the Subscriber executed this Subscription Agreement. The Subscriber has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Subscriber to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Subscriber understands that the Fund has filed or intends to file an election to be treated as a BDC under the 1940 Act and intends to elect or has elected to be treated as a "regulated investment company" within the meaning of Section 851 of the Code for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain information to the Fund as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Fund, the Subscriber understands that it shall be required to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Subscriber: (i)(A) is not registered or required to be registered as an "investment company" under the 1940 Act; (B) has not elected to be regulated as a BDC under the 1940 Act; and (C) is not relying on the exception from the definition of "investment company" under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (ii) is otherwise currently permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC , including pursuant to Rule 12d1-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *ERISA Matters*. If the Subscriber is or will be (x) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to ERISA, (y) a "plan" described in Section 4975(e)(1) of the Code, that is subject to Section 4975 of the Code, or (z) an entity that is, or is deemed to be, using "plan assets" for purposes of ERISA or Section 4975 of the Code (each of the foregoing, a "<u>Plan</u>"), the Subscriber has completed each applicable question in the Investor Questionnaire, and the Subscriber represents, warrants and agrees that:

&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 decision to acquire Units was made by a "fiduciary" of the Plan, within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code (the "<u>Plan Fiduciary</u>"), that (A) is independent of the Fund, the Adviser and their respective employees, representatives and affiliates, (B) is qualified to make investment decisions on behalf of the Plan and (C) has authorized the Subscriber's investment in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber's investment in Units conforms in all respects to the documents governing the Plan and complies with all applicable requirements of ERISA and Section 4975 of the 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;(iii) none of the Adviser or any of its affiliates or any of their respective officers, employees, agents, or representatives have any discretion, or are otherwise acting in a fiduciary capacity with respect to the Plan's investment in the Fund, whether pursuant to the provisions of ERISA, Section 4975 of the Code or otherwise, and, without limiting the generality of the foregoing, the Subscriber has not relied on, and is not relying on, any investment advice or recommendation of any such person with respect to the Plan's investment in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the acquisition and the subsequent holding of Units do not and will not constitute or otherwise result in a non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the 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;(v) the Subscriber acknowledges and agrees that the Fund has the authority to require the transfer, redemption, withdrawal or other cancellation of any Units if it is determined that the continued holding of such Units could result in the Fund or the Adviser being subject to the provisions of Title I of ERISA or Section 4975 of the Code; 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;(vi) without limiting the remedies in the event of a breach, the Subscriber agrees promptly to provide to the Fund such information as the Fund may from time to time reasonably request for purposes of determining whether the assets of the Fund are "plan assets" within the meaning of ERISA or Section 4975 of the Code and any other matters relating to ERISA or the Fund's compliance with ERISA.

The representations and warranties set forth in this <u>Section 6(o)</u> shall be deemed repeated and reaffirmed on each day the Subscriber holds Units. Without limiting the remedies available in the event of a breach, if at any time the representations and warranties set forth in this <u>Section 6(o)</u> shall cease to be true, including because there is a change in the Subscriber's Plan status or the percentage of assets that constitute "plan assets" subject to the provisions of Title I of ERISA or Section 4975 of the Code, the Subscriber shall promptly notify the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Subscriber has notified, or shall promptly notify, the Fund if the Subscriber is or becomes a person that may be disqualified from participating in the Fund's acquisition of securities sold in a public offering under Rules 5130 and 5131 of the Financial Industry Regulatory Authority, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) If the Subscriber is a partnership or any other entity that is treated as a partnership for U.S. income tax purposes, a grantor trust within the meaning of Sections 671-679 of the Code, or a S corporation within the meaning of Section 1361 of the Code, the Subscriber represents that at no time during the term of the Fund will 65% or more of the value of any beneficial owner's direct or indirect interest in the Subscriber be attributable to the Subscriber's interest in the Fund. Except as otherwise disclosed to the Fund in writing, the Subscriber is not disregarded as an entity separate from its owner within the meaning of Treasury Regulation Section 301.7701-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) None of the information concerning the Subscriber nor any statement, certification, representation or warranty made by the Subscriber in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including the Investor Questionnaire and any Form W-9 or the relevant Forms W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Subscriber agrees to provide such information and execute and deliver such documents as the Fund may reasonably request to verify the accuracy of the Subscriber's representations and warranties herein or to comply with any law or regulation to which the Fund, the Adviser or a portfolio company of the Fund may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with, the Fund's Privacy Policy attached hereto as <u>Appendix G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Subscriber agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance of this Subscription Agreement, the issuance of Units to the Subscriber, and the dissolution of the Fund, without limitation as to time. Without limiting the foregoing, the Subscriber agrees to give the Fund prompt written notice in the event that any statement, certification, representation or warranty of the Subscriber contained in this <u>Section 6</u> or any information provided by the Subscriber herein or in any document required to be provided under this Subscription Agreement (including the Investor Questionnaire and any Form W-9 or Forms W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Fund</u>.

The Fund represents and warrants as follows (in reliance, where applicable, on the representations and warranties of the Subscriber contained in this Subscription Agreement and the representations and warranties of the Other Investors):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund is duly organized and validly existing as a limited liability company under the laws of the State of Delaware and has all requisite corporate power to conduct the business in which it proposes to engage as described in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No consent, approval or authorization of, or filing or registration with, any governmental authority on the part of the Fund is required for the execution and delivery of this Subscription Agreement by it, or the issuance of Units as contemplated thereby, except for any consents, approvals, authorizations or filings which are required under any applicable securities laws (federal, state or foreign) and which have been made or obtained prior to the Closing or are made or obtained hereafter within the time prescribed by law. All action required to be taken by the Fund as a condition to the issuance and sale of the Units will have been taken at or before the Closing. The execution and delivery of this Subscription Agreement by the Fund will not result in the violation of, constitute a default under, or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation applicable to the Fund. Upon execution and delivery by the Fund, this Subscription Agreement (i) will have been duly executed and delivered by the Fund, and (ii) will constitute the legal, valid and binding obligation of the Fund, except (A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies of creditors generally, as from time to time in effect, (B) as limited by general principles of equity and (C) as the enforcement of remedies rests in the discretion of any court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Additional Limitations on Transfer of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General Restrictions on Transfer*.

&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) Prior to any Liquidity Event (as such terms are defined in the Memorandum), the Subscriber may not Transfer any of its Units unless the Transfer is made in accordance with applicable securities laws and is otherwise in compliance with the transfer restrictions set forth in <u>Appendix H</u>. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subscriber acknowledges that the Subscriber is aware and understands that there are other substantial restrictions on the transferability of its Units under this Subscription Agreement, the Certificate of Formation and applicable law, including the fact that (A) there is no established market for the Units and the Fund expects that no public market for the Units will develop; (B) the Units are not currently, and Stockholders have no rights to require that the Units be, registered under the Securities Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption from such registration is available; and (C) the Subscriber may have to hold the Units herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Subscriber to liquidate its investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with Specific Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Anti-Money Laundering*.

&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) Neither the Subscriber, nor any of its affiliates or beneficial owners nor any person for whom the Subscriber is acting as agent or nominee, (A) appears on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("<u>OFAC</u>"), the list of Foreign Sanctions Evaders maintained by OFAC, the UK Sanctions List maintained by the UK HM Treasury, the European Union Consolidated Sanctions List, or any other lists of restricted parties maintained by the U.S. Government, UK Government, or European Union, nor are they otherwise a party with which any entity is prohibited to deal under the laws of the United States, United Kingdom, or European Union, (B) is a senior foreign political figure or any immediate family member or close associate of a senior foreign political figure or (C) is identified as a terrorist organization on any other relevant lists maintained by governmental authorities. The Subscriber further represents and warrants that the monies used to fund the investment in the Units are not derived from, invested for the benefit of, or related in any way to, and that no monies or dividends received as a result of the investment in the Units will be provided to or for the benefit of, the governments of, or persons within, any country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a "high-risk jurisdictions subject to a call for action" or "jurisdiction with strategic deficiencies" by the Financial Action Task Force or (3) that has been designated by the U.S. Secretary of the Treasury as a "primary money laundering concern." The Subscriber further represents and warrants that the Subscriber: (x) has conducted thorough due diligence with respect to all of its beneficial owners, (y) has established the identities of all beneficial owners and the source of each of the beneficial owner's funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. The Subscriber further represents and warrants that the Subscriber does not know or have any reason to suspect that (I) the monies used to fund the Subscriber's investment in the Units have been or will be derived from or related to any illegal activities, including money laundering activities, and will not be, directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations, and (II) the proceeds from the Subscriber's investment in the Units will be used to finance any illegal activities. Subscriber represents that all evidence of identity provided is genuine.

&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 Subscriber shall provide to the Fund at any time such information as the Fund determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests for information concerning the identity of such Subscriber from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures (which, notwithstanding anything in the Fund's privacy policies and/or <u>Section 16</u> of this Subscription Agreement to the contrary, may then be disclosed to such persons), or to update such information. Such information may include, with respect to any Subscriber that is a natural person, the Subscriber's full legal name, date of birth, residential street address and identification number. The Subscriber hereby represents that the Subscriber is in compliance with all such laws. Failure to provide such information upon request may result in the compulsory redemption or transfer of the Subscriber's Units. Subscriber represents that all evidence of identity provided is genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Subscriber to the Fund, and all payments and distributions to the Subscriber, shall only be made in the Subscriber's name and to and from a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated in or formed under the laws of the United States and that is not a "foreign shell bank" within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Affirmation*. The representations and warranties set forth in this <u>Section 9</u> shall be deemed repeated and reaffirmed by the Subscriber to the Fund as of each date that the Subscriber receives dividends or other distributions from (even if such distribution is reinvested pursuant to the Distribution Reinvestment Plan), the Fund. If at any time during the term of the Fund, the representations and warranties set forth in this <u>Section 9</u> cease to be true, the Subscriber shall promptly so notify the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Remedies for Failure to Comply with Section 9*. The Subscriber understands and agrees that the Fund may not accept any amounts from the Subscriber if the Subscriber cannot make the representations set forth in this <u>Section 9</u>, and may require the compulsory Transfer of the Subscriber's Units. In addition, the Subscriber understands and agrees that, in addition to the foregoing remedial measures in order to comply with governmental regulations or if the Fund determines in its sole discretion that such action is in the best interests of the Fund, the Fund may "freeze the account" of the Subscriber, either by prohibiting additional investments in the Fund by the Subscriber, refusing to process a distribution to the Subscriber or suspending other rights the Subscriber may have against the Fund under this Subscription Agreement or under the Certificate of Formation and the LLCA. The Fund or the Adviser may be required to report such action or confidential information relating to the Subscriber (including disclosing the Subscriber's identity) to regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>FATCA Compliance</u>. The Subscriber acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act ("<u>FATCA</u>") and avoid the imposition of U.S. federal withholding tax, the Fund and the Adviser may from time to time require further information or documentation from the Subscriber and, if and to the extent required under FATCA, the Subscriber's direct and indirect beneficial owners (if any), relating to or establishing such person's identity, residence (or jurisdiction of formation) and income tax status, and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. The Subscriber agrees that it shall provide such information and documentation concerning itself and its beneficial owners (if any), as and when requested by the Fund or the Adviser sufficient for the Fund, as applicable, to comply with its obligations under FATCA. The Subscriber acknowledges that, if the Subscriber does not provide the information and documentation requested by the Fund, the Fund may, at its sole option and in addition to all other remedies available at law or in equity, immediately redeem or require compulsory Transfer of the Subscriber's Units, prohibit the Subscriber from purchasing additional Units or participating in additional investments in the Fund. The Subscriber hereby agrees to indemnify and hold harmless the Fund from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Fund on account of the Subscriber not providing all requested information and documentation in a timely manner. The Subscriber shall have no claim against the Fund, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Subscriber Information</u>.

The Fund reserves the right to request such information as is necessary to verify the identity of the Subscriber or as may reasonably be requested by the Fund in connection with its operations, including such information requested by the Fund in connection with entering into any borrowing or other financing arrangement. The Subscriber shall promptly on demand provide such information and execute and deliver such documents as the Fund may request to verify the accuracy of the Subscriber's representations and warranties or as required for the Fund's operations. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, or if otherwise required by law or regulation, the Fund may refuse to accept the Subscription or may refuse to process a distribution until proper information has been provided.

The Subscriber agrees further that the Fund shall be held harmless and indemnified against any loss, claim, cost, damage or expense arising as a result of a failure to process any subscription or distribution if such information as has been required by the Fund has not been provided by the Subscriber or which the Fund may suffer as a result of any violations of law committed by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Applicable Law</u>.

THIS SUBSCRIPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. To the fullest extent permitted by applicable law, and unless otherwise agreed by the Fund in writing, the Subscriber hereby irrevocably and unconditionally (i) agrees that any claims, suits, actions or proceedings asserting a claim arising out of or relating in any way to this Subscription Agreement (regardless 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) submits to and accepts for itself and in respect of its property, generally, the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) 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 this clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT THE SUBSCRIBER MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM, SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF OR DIRECTLY OR INDIRECTLY RELATED TO THIS SUBSCRIPTION AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>.

All notices and other communications hereunder shall be in writing and shall be sufficiently given if personally delivered or sent by registered or certified mail, return receipt requested, hand delivery, overnight courier, facsimile transmission with transmission confirmed, or electronic mail addressed as follows: (i) if intended for the Fund, to the Fund's principal office (if notice is hand delivered or sent by registered or certified mail or by overnight courier) or to the email address set forth below in this Section 13; and (ii) if intended for any Subscriber, to the address of such Subscriber (if notice is hand delivered or sent by registered or certified mail or by overnight courier) or the email address set forth on the signature page hereto, or to such other address as the Fund or such Subscriber, as applicable, may designate by written notice. Notices shall be deemed to have been given (i) on the date of service when personally delivered (ii), if mailed or sent by overnight courier, on the date on which received, or (iii) on the date of service or transmission if sent by facsimile transmission or electronic mail (provided, that if such service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed given on the next business day); provided, that notices of a change of address shall not be deemed given until the actual receipt thereof. The provisions of this Section 13 shall not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only when actually received.

**<u>If to the Fund, to</u>**:

Partners Group Lending Fund, LLC

1114 Avenue of the Americas, 37<sup>th</sup> Floor<br> New York, NY 10036

Attn: Legal and Compliance

E-mail: [●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Power of Attorney</u>.

By executing this Subscription Agreement, the Subscriber hereby makes, constitutes and appoints the Fund with full power of substitution, its true and lawful attorney-in-fact, in its name, place and stead for its use and benefit, to approve, execute, acknowledge, swear to, file and record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all filings required to be made by the Subscriber under the Exchange Act with respect to any of the Fund's securities that may be deemed to be beneficially owned by the Subscriber under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all certificates and other instruments deemed advisable by the Fund in order for the Fund to enter into any borrowing or other financing arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all certificates and other instruments deemed advisable by the Fund to comply with the provisions of this Subscription Agreement and applicable law or regulation to permit the Fund to become or to continue as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all other instruments or papers not inconsistent with the terms of this Subscription Agreement that may be required by law to be filed on behalf of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amendment or modification to any of the foregoing and all other certificates, instruments and documents which said attorney-in-fact determines in its sole discretion are necessary or desirable to effectuate the provisions of this Subscription Agreement or any Other Subscription Agreements and the purposes of the Fund.

It is expressly acknowledged by the Subscriber that the foregoing power of attorney is coupled with an interest and shall survive death or legal incapacity of the Subscriber, and is irrevocable. Such power of attorney may be exercised by said attorney-in-fact either by signing separately as attorney-in-fact for each of the Investors or by listing all the Investors with a single signature as attorney-in-fact for all of them. Such power of attorney shall survive the termination or dissolution of the Subscriber or the assignment of its interest in the Fund; provided, however, that such power of attorney will so survive only to the extent necessary to enable said attorney-in-fact to effect substitution (if approved by the Fund) of the Subscriber's successor-in-interest. Subscriber hereby waives any and all defenses which may be available to contest, negate or disaffirm the actions of said attorney-in-fact taken in good faith under such power of attorney. Notwithstanding anything to the contrary herein, Subscriber acknowledges that neither the Fund nor its affiliates, by virtue of the foregoing power of attorney, are assuming any of the Subscriber's responsibilities to make filings under the Exchange Act or otherwise with respect to any of the Fund's securities that may be deemed to be beneficially owned by the Subscriber.

This power of attorney does not supersede the terms of this Subscription Agreement or any written agreement between the Fund and the Subscriber nor is it to be used to deprive the Subscriber of its rights as a Stockholder, and is intended only to provide a simplified system for execution of documents. The Subscriber shall execute and deliver to the Fund, within five days after the receipt of a request therefor, such confirmatory powers of attorney as the Fund may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Effect of Representations; Survival; Indemnity</u>

The Subscriber understands that the offer and sale of the Units is being made in reliance on specific exemptions from requirements of federal and state securities laws and that the Fund, and the controlling persons thereof, will rely on the representations, warranties, agreements, acknowledgements and understandings of the Subscriber set forth herein in determining the applicability of such exemptions. The Subscriber hereby confirms that all such representations and warranties will remain true and complete on the date of acceptance by the Fund of the Subscriber's subscription hereunder.

This Subscription Agreement, including all representations and warranties of the Subscriber contained herein, shall survive the sale of the Units to the Subscriber.

To the fullest extent permitted under applicable law, the Subscriber agrees to indemnify and hold harmless the Fund, the Adviser and their respective affiliates, and each partner, member, stockholder, officer, director, trustee, employee and agent thereof (the "<u>Indemnified Parties</u>"), from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Subscriber contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document provided by the Subscriber to the Fund or in any agreement executed by the Subscriber in connection with the Subscriber's investment in Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Confidentiality</u>. The Subscriber acknowledges that this Subscription Agreement, the Memorandum, the other Operative Documents and other information relating to the Fund (the "<u>Confidential Information</u>") have been and will be submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber's consideration of the purchase of Units. In addition, Confidential Information includes non-public information regarding the Adviser, the Fund, their respective affiliates and any other investment vehicles whose investment adviser is the Adviser or an affiliate of the Adviser, as well as information regarding the investment portfolios or proposed investments of such entities, in each case that is provided to the Subscriber in connection with its investment in the Fund. Subscriber agrees to comply with all laws, including securities laws, concerning Confidential Information, and Subscriber agrees that it shall not trade in the securities of any issuer about which Subscriber receives material non-public information under this Subscription Agreement or in its capacity as a holder of Units and shall refrain from such trading until any material non-public information no longer constitutes material non-public information. The Subscriber agrees that, without the prior written consent of the Fund (which consent may be withheld at the discretion of the Fund), the Subscriber shall not (a) reproduce the Memorandum, the other Operative Documents or any other Confidential Information, in whole or in part, or (b) disclose the Memorandum, the other Operative Documents or any other Confidential Information to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited) or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only be permitted to disclose the Memorandum, the other Operative Documents or other Confidential Information if the Subscriber has required its investors to enter into confidentiality undertakings no less onerous than the provisions of this <u>Section 16</u> and the Subscriber remains liable for any breach of this <u>Section 16</u> by its investors), except to the extent (i) such information is in the public domain (other than as a result of any action or omission of the Subscriber or any person to whom the Subscriber has disclosed such information) or (ii) such information is required by applicable law or regulation to be disclosed, in which case the Subscriber shall first notify the Fund of such requirement (unless such notification is prohibited by law) so that the Fund may pursue a protective order or other appropriate remedy or waive compliance with the terms of this <u>Section 16</u>, and if a protective order or other appropriate remedy is not obtained, or if the Fund waives compliance with the terms of this <u>Section 16</u>, then the Subscriber shall disclose only that portion of Confidential Information that the Subscriber is advised by counsel is legally required to be disclosed and shall use its commercially reasonable efforts to protect the confidentiality of such information disclosed, including by requesting that confidential treatment be accorded such information. The Subscriber further agrees to return the Memorandum, the other Operative Documents and other Confidential Information upon the Fund's request therefor. The Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this <u>Section 16</u> by the Subscriber and that, in addition to any other remedies available to the Fund in respect of any such breach, the Fund shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>No Joint Liability Between the Fund and the Adviser</u>.

The Fund shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the Adviser under or in connection with this Subscription Agreement. The Adviser shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the Fund under or in connection with this Subscription Agreement. There shall be no joint and several liability of the Fund and the Adviser for any obligation under or in connection with this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Independent Nature of Subscribers' Obligations and Rights</u>.

The obligations of the Subscriber hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by the Subscriber pursuant hereto or thereto, shall be deemed to constitute the Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Stockholders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Construction</u>.

The captions used herein are intended for convenience of reference only, and shall not modify or affect in any manner the meaning or interpretation of any of the provisions of this Subscription Agreement.

As used herein, the singular shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine and feminine, unless the context otherwise requires.

The words "hereof," "herein," and "hereunder," and words of similar import, when used in this Subscription Agreement shall refer to this Subscription Agreement as a whole and not to any particular provision of this Subscription Agreement.

All references herein to Sections shall be deemed to refer to Sections of this Subscription Agreement, unless specified to the contrary.

Whenever the words "include", "includes" or "including" are used in this Subscription Agreement, they shall be deemed to be followed by the words "without limitation", whether or not they are in fact followed by those words or words of like import.

Nothing in this Subscription Agreement shall be deemed to create any right in or benefit for any individual or entity other than the Fund and the Subscriber and this Subscription Agreement shall not be construed in any respect to be for the benefit of, and no provision of this Subscription Agreement may be enforced by, any such person, except any Indemnified Party may enforce its rights under <u>Section 15</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>

If any one or more of the provisions contained in this Subscription Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Consent to Electronic Delivery</u>.

The Subscriber acknowledges that it has received this Subscription Agreement electronically as a pdf document and that it has read Section F of the Investor Questionnaire attached hereto relating to consents to electronic delivery of Fund stockholder communications (including, without limitation, account statements, investor communications, annual and/or quarterly reports, tax forms, proxy materials and other required reports) in respect of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Entire Agreement</u>.

This Subscription Agreement, together with any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, and memoranda or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations of any character or nature other than those expressly stated herein or in any such other document have been made to induce any party to enter into this Subscription Agreement.

\* \* \*

***The undersigned Subscriber understands that the representations and warranties in the Subscription Agreement and the information in the attached Investor Questionnaire and other appendices hereto will be relied upon by the Fund and the Adviser for the purpose of determining the eligibility of the Subscriber to purchase and own Units. In the event that the undersigned Subscriber is acting as nominee or custodian for another person or entity (or persons or entities) for whose account(s) the Units are being purchased and held, the undersigned acknowledges, agrees, represents and warrants that all representations, warranties and covenants given in the Subscription Agreement and in the attached Investor Questionnaire and other appendices are also given as to the underlying person or entity (or persons or entities) for whose account(s) the Units are being purchased and held. The undersigned Subscriber agrees to notify the Fund immediately if any representation or warranty contained in the Subscription Agreement or any of the information in the Investor Questionnaire or other appendices becomes untrue at any time (including, where the undersigned Subscriber is a nominee or other custodian, with respect to the other person or entity (or persons or entities) for whose account(s) the Units are being purchased and held). The undersigned Subscriber agrees to provide, if requested by the Fund, any additional information that may reasonably be required to substantiate the status of the undersigned Subscriber (or, where the undersigned Subscriber is a nominee or other custodian, of the other person or entity (or persons or entities) for whose account(s) the Units are being purchased and held) as an accredited investor or to otherwise determine the eligibility of the undersigned Subscriber (or, where the undersigned Subscriber is a nominee or other custodian, of the other person or entity (or persons or entities) for whose account(s) the Units are being purchased and held) to purchase Units in the Fund. To the fullest extent permitted by law, the undersigned Subscriber agrees to indemnify and hold harmless the Fund, the Adviser, and each trustee/director, officer, affiliate, partner or member thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the undersigned Subscriber (or, where the undersigned Subscriber is a nominee or other custodian, of the other person or entity (or persons or entities) for whose account(s) the Units are being purchased and held) contained herein.***

[*Signature Pages Follow*]

**partners Group lending fund, inc.**

**Subscription Agreement Signature Page**

IN WITNESS WHEREOF, the undersigned parties have executed this Subscription Agreement.

**SUBSCRIBER:**

Signature:   Co-Signature:   <br> Name: Title: (if applicable) Name: Title:

Date:   , 20___. Date:   , 20___.

Aggregate Commitment to Purchase Units ($[●] minimum commitment): $____________

Email Address of Subscriber <br> <u> Record Address of the Subscriber (P.O. Boxes cannot be accepted)<sup>\* \*</sup>: </u>

<sup>\*\*</sup> The record address should be the legal residence address where the Subscriber files tax returns.

The foregoing Subscription Agreement is accepted and agreed by the Fund, for $_________________________________ of Units, as of __________________, 20___.

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| |
|:---|
| **partners group lending fund, inc.** |
| By: |
| Name: |
| Title: |

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**WIRE TRANSFER INSTRUCTIONS**:

<u>Bank</u>: [●]

<u>ABA #</u>: [●]

<u>Account #</u>: [●]

<u>Account Name</u>: Partners Group Lending Fund, LLC

<u>Payment Details</u>: Include Subscriber Name in memo field

**<u>ADDITIONAL REPRESENTATION WITH RESPECT TO INVESTMENT FOR AN IRA</u>**

If the Subscriber is an individual retirement account (an "<u>IRA</u>") and the custodian or trustee of the IRA has executed this Subscription Agreement on the signature page, then the individual who established the IRA: (i) has directed the custodian or trustee of the Subscriber to execute this Subscription Agreement on the signature page; and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representation and warranties made by the Subscriber herein.

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| |
|:---|
| Print Name |
| Signature |

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Name and Address of Custodian

and Contact Individual:

Account or other Reference Number:

Trustee/Custodian's Tax I.D. Number:

**\*\*\*\* IRA custodian or trustee in every case must sign acknowledgment on next page\*\*\*\***

**ira Custodian/trustee ACKNOWLEDGEMENT:**

The undersigned, being the custodian or trustee of the above-named individual retirement account, hereby accepts and agrees to this subscription.

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| | |
|:---|:---|
| Name of Custodian or Trustee | Name of Custodian or Trustee |
| By: |  |
|  | Signature of Authorized Signatory |
|  | Name of Authorized Signatory |

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**<u>APPENDIX A</u>**

**PARTNERS GROUP LENDING FUND, INC.**

**<u>IMMEDIATE FUNDING INVESTOR QUESTIONNAIRE</u>**

All capitalized terms used and not otherwise defined in this Investor Questionnaire have the meaning given to such terms in the Subscription Agreement by and between Partners Group lending Fund, LLC, a Delaware limited liability company (the "<u>Company</u>"), and the undersigned subscriber (the "<u>Subscriber</u>"), of which this Investor Questionnaire forms a part.

**A.** **General Information** 

Name of Subscriber:  

**B.** **Commitment to Purchase Units** *(Indicate aggregate commitment to purchase Units)* 

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| | |
|:---|:---|
| Units ($[●] minimum commitment): | $____________ |

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**C.** **Type of Subscriber** *(Please check one)* 

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| | | |
|:---|:---|:---|
| **SINGLE OWNER**<br> [ ] Individual U.S. person<sup>1</sup><br>[ ] Individual Non-U.S. person<br>**MULTIPLE OWNERS**<br> [ ] Community property<br> [ ] Tenants in common<br> [ ] Joint tenants with rights of survivorship | **LEGAL ENTITY**<br> *(Supporting documents are required)*<br> [ ] Corporation: S-Corp<br> [ ] Corporation: C-Corp<br> [ ] Partnership<br> [ ] LLC<br> [ ] Professional Corporation<br> [ ] Nonprofit | **OTHER ACCOUNT**<br> *(Supporting documents are required)*<br> [ ] Trust<br> [ ] Estate<br> [ ] 401(k)<br> [ ] Profit-sharing plan<br> [ ] Qualified pension<br> [ ] Nonprofit<br> [ ] Other: |

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| | |
|:---|:---|
| **QUALIFIED PLAN ACCOUNT** <br> [ ] Traditional IRA<br> [ ] Roth IRA<br> [ ] Other: | *(please specify)* |

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<u>*(please specify)*</u> <br>   <br> Is the Subscriber a "fund of funds"? [ ] Yes [ ] No

<sup>1</sup> "U.S. person" has the meaning set forth in Regulation S promulgated under the Securities Act.

**D.** **Custodial Brokerage/Account Information** *(Optional)* 

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| | |
|:---|:---|
| Name of Custodian: | Custodian Phone #: |
| Email Address: | |
|  **To be completed by custodian:**<br>Custodian Tax ID #: | <br>Custodian Account #: |

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**E.** **Subscriber Information** *(Please complete 1 or 2 below)* 

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| | |
|:---|:---|
|  **(1) Individual Subscriber/Beneficial Subscriber:**<br>Name: | **(1) Individual Subscriber/Beneficial Subscriber:**<br>Name: |
| *(first, middle, last name)* | *(first, middle, last name)* |
| SSN: | Date of Birth: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(mm/dd/yyyy)* |
| Email Address: |  |
|  Country of Citizenship:__________<br>Your state or country of domiciliation: _____________<br>Joint Subscriber/Beneficial Subscriber: | Country of Citizenship:__________<br>Your state or country of domiciliation: _____________<br>Joint Subscriber/Beneficial Subscriber: |
| *(first, middle, last name)* | *(first, middle, last name)* |
| SSN: | Date of Birth |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(mm/dd/yyyy)* |
| Email Address: | Email Address: |
| Mailing Address: | Mailing Address: |
| *(You must include a permanent street address even if your mailing address is a P.O. box.)* | *(city/state)* *(zip)* |
| U.S. Street Address: | U.S. Street Address: |
| *(Leave blank if your street address and mailing address are the same.)* | *(city/state)* *(zip)* |
| Phone #: | Phone #: |
| Country of Citizenship: | Country of Citizenship: |
| Your state or country of domiciliation: | Your state or country of domiciliation: |

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| | |
|:---|:---|
|  **(2) Entity Subscriber (Trust/Corp/Partnership/Other):**<br>Name: | **(2) Entity Subscriber (Trust/Corp/Partnership/Other):**<br>Name: |
| SSN/Tax ID #: | Email Address: |
| Date of Incorporation: | Jurisdiction of Organization: |
| *(mm/dd/yyyy)* | *(e.g. state of incorporation)* |
| Mailing Address: | Mailing Address: |
| *(You must include a permanent street address even if your mailing address is a P.O. box.)* | *(city/state)* *(zip)* |
| U.S. Street Address: | U.S. Street Address: |
| *(Leave blank if your street address and mailing address are the same.)* | *(city/state)* *(zip)* |

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Trustee(s)/ Indicate capacity <br> <u>Authorized Person(s):</u> <u>of person signing:</u> <br> *(required)*

<u>SSN:</u> <u>Date of Birth:</u> <u>Email Address:</u> <br> *(mm/dd/yyyy)*

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| | | |
|:---|:---|:---|
| Trustee(s)/Authorized Person(s)<br> U.S. Street Address: | Trustee(s)/Authorized Person(s)<br> U.S. Street Address: | Trustee(s)/Authorized Person(s)<br> U.S. Street Address: |
| *(street)* | *(city, state)* | *(zip)* |

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Trustee(s)/ Indicate capacity <br> Authorized Person(s): <u>of person signing:</u> <br> *(required)*

<u>SSN:</u> <u>Date of Birth:</u> <u>Email Address:</u> <br> *(mm/dd/yyyy)*

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| | | |
|:---|:---|:---|
| Trustee(s)/Authorized Person(s)<br> U.S. Street Address: | Trustee(s)/Authorized Person(s)<br> U.S. Street Address: | Trustee(s)/Authorized Person(s)<br> U.S. Street Address: |
| *(street)* | *(city, state)* | *(zip)* |

---

 

**F.** **Electronic Communications** *(Initial and provide email if you wish to enroll in paperless e-delivery)* 

Initial:   Email:

By initialing above, the Subscriber requests and consents to receive all stockholder communications electronically for all investment products or share classes offered by the Company. Communications include, but are not limited to, account statements, investor communications, annual and/or quarterly reports, tax forms, proxy materials and other required reports. The investor may request a paper copy of a stockholder communication, update an email address or change this election at any time by contacting the Fund. Changes may take up to 30 days to take effect. Consent to electronic delivery is terminated by an invalid email address. Costs associated with accessing the internet may be incurred and certain software may need to be downloaded in order to view the materials delivered electronically. Timely access to materials may not be available in the event of a system failure or network outage. This electronic delivery program may be changed or discontinued and the terms may be amended at any time. In the event of discontinuation or as required by law, the investor will receive paper copies of all stockholder communications.

**G.** **Interested Party** *(Custodial Accounts require custodial authorization)* 

 

**Complete this section to add an interested party to the address of record.**

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| | | |
|:---|:---|:---|
| A duplicate quarterly statement may be sent to the additional address provided. This option does not grant telephone or account access privileges. This option is not available on all accounts. For custodial, brokerage or managed accounts, please contact the custodian of record to confirm availability. | A duplicate quarterly statement may be sent to the additional address provided. This option does not grant telephone or account access privileges. This option is not available on all accounts. For custodial, brokerage or managed accounts, please contact the custodian of record to confirm availability. | A duplicate quarterly statement may be sent to the additional address provided. This option does not grant telephone or account access privileges. This option is not available on all accounts. For custodial, brokerage or managed accounts, please contact the custodian of record to confirm availability. |
| Name: | Name: | Name: |
| *(first, middle, last name)* | *(first, middle, last name)* | *(first, middle, last name)* |
| Mailing address: | Mailing address: | Mailing address: |
| *(street/P.O. Box)* | *(city, state)* | *(ZIP)* |

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**H.** **Background Documentation** 

(1) <u>Payment Information</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of the bank from which the Subscriber's
investment in the Company will be wired (the " <u>Wiring Bank</u> "): <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is the Wiring Bank located in the United States or another FATF Country? <sup>\*</sup>

Yes ____ No ____

If "Yes," please answer <u>Section H(1)(c)</u> below. If "No," please provide the information described in <u>Section H(2)</u> below.

<sup>\*</sup> An FATF Country is a country that is a member of the Financial Action Task Force. The list of FATF Countries may be found at: <u>http://www.fatf-gafi.org/countries/#FATF</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Is the Subscriber a customer of the Wiring Bank?

Yes ____ No ____

If "Yes," you may skip <u>Section H(2)</u> below. If "No," please provide the information described in <u>Section H(2)</u> below.

(2) <u>Additional Information</u> 

**If the Subscriber responded "No" to <u>Section H(1)(b)</u> or <u>Section H(1)(c)</u> above, then the following materials must be provided:**

[ ] A certificate of due formation and organization and continued authorization to conduct business in the jurisdiction of its organization (*e.g*., certificate of good standing).

[ ] An incumbency certificate attesting to the title of the individual executing the Subscription Agreement on behalf of the Subscriber.

[ ] A completed copy of <u>Exhibit A</u> certifying that the entity has adequate anti-money laundering policies and procedures in place that is consistent with the USA PATRIOT Act, OFAC and other relevant federal, state or non-U.S. anti-money laundering laws and regulations.

[ ] A letter of reference from a local office of a reputable bank or brokerage firm that is incorporated, or has its principal place of business located, in the U.S. or other FATF Country certifying that the Subscriber (*i.e*., the fund of funds or the entity investing on behalf of third parties) maintains an account at such bank/brokerage firm for a length of time and containing a statement affirming the Subscriber's integrity.

[ ] If the Subscriber is a privately-held entity, a completed copy of <u>Exhibit B</u> listing the name of each Person who directly, or indirectly through intermediaries, is the beneficial owner of 25% or more of any voting or non-voting class of equity interests of the Subscriber.

[ ] If the Subscriber is a trust, a completed copy of <u>Exhibit C</u> listing the current beneficiaries of the trust that have, directly or indirectly, 25% or more of any interest in the trust, the settlor of the trust and the trustees.

**I.** **Certain Tax Matters** 

(1) Please check all categories applicable to the Subscriber for U.S. tax purposes.

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| | |
|:---|:---|
| [ ](a) | U.S. citizen |
| [ ] (b) | U.S. resident |
| [ ] (c) | Qualified pension, profit sharing or stock bonus plan, as defined in Section 401(a) of the Code |
| [ ] (d) | Trust formed to pay supplemental unemployment compensation, as defined in Section 501(c)(17) of the Code |

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| | |
|:---|:---|
| [ ](e) | Private foundation, as defined in Section 509(a) of the Code |
| [ ] (f) | Charitable trust described in Section 642(a) of the Code |
| [ ] (g) | Organization described in Section 501(c)(3) of the Code |
| [ ] (h) | Individual but not a U.S. citizen or U.S. resident |
| [ ] (i) | Governmental plan described in Section 414(d) of the Code |
| [ ] (j) | Portion of a trust permanently set aside or to be used exclusively for the purposes described in Section 642(c) of the Code or corresponding provision of a prior tax law |
| [ ] (k) | Entity taxed as a corporation for U.S. federal income tax purposes |
| [ ] (l) | Entity taxed as a partnership for U.S. federal income tax purposes |
| [ ] (m) | Entity taxed as an estate or trust under Subchapter J of the Code |
| [ ] (n) | Voluntary employees' beneficiary association within the meaning of Section 501(c)(9) of the Code |
| [ ] (o) | A governmental entity exempt from tax under Section 115 of the Code |
| [ ] (p) | A foreign financial institution within the meaning of Section 1471(d)(4) of the Code |
| [ ] (q) | An eligible deferred compensation plan under Section 457(b) of the Code |
| [ ] (r) | An individual retirement account that is exempt from taxation under Section 408(e) of the Code |
| [ ] (s) | The government of the U.S., the government of any state or political subdivision thereof, any agency or instrumentality of any of the foregoing, or any other exempt organization described in Section 818(a)(6)(B) of the Code, but only to the extent such entity is investing in the Company in order to satisfy its obligation under a governmental plan or an eligible deferred compensation plan |
| [ ] (t) | None of the above. Please explain: |

---

(2) Subscriber's state tax residency or domicile: <u> </u> 

(3) Foreign status. Please check the applicable box:

[ ] The Subscriber is a U.S. corporation, company, fund, trust or person. <br>[ ] The Subscriber is a non-U.S. corporation, company, fund, trust or person.

(4) Is the Subscriber (A) subject to U.S. federal income tax on any UBTI or (B) investing assets of a pension
plan, IRA or other tax-exempt entity that is subject to federal income tax on any UBTI?

Yes ____ No ____

(5) Is the Subscriber, or any direct or indirect owner of the Subscriber, a "Controlled Foreign Corporation"
for purposes of US federal income tax?

Yes ____ No ____

(6) Is the Subscriber a "bank" within the meaning of Section 881(c)(3)(A) of the Code?

Yes ____ No ____

(7) Please indicate the Subscriber's tax year-end (month and day): _________________

**J.** **Accredited Investor Status** 

(1) The Subscriber represents and warrants that the Subscriber is an "accredited investor" within
the meaning of Rule 501 of Regulation D under the Securities Act, and has checked the box or boxes below which are next to the category
or categories under which the Subscriber qualifies as an accredited investor.

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| | |
|:---|:---|
| [ ](a) | A bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. |
| [ ] (b) | A broker-dealer registered pursuant to Section 15 of the Exchange Act. |
| [ ] (c) | An investment adviser registered pursuant to Section 203 of the Investment Advisers Act or registered pursuant to the laws of a state. |
| [ ] (d) | An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act. |
| [ ] (e) | An insurance company as defined in Section 2(a)(13) of the Securities Act. |
| [ ] (f) | An investment company registered under the Investment Company Act. |
| [ ] (g) | A business development company as defined in Section 2(a)(48) of the Investment Company Act. |
| [ ] (h) | A small business investment company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958. |
| [ ] (i) | A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act. |

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| | |
|:---|:---|
| [ ](j) | A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if the plan has total assets in excess of $5 million. |
| [ ] (k) | An employee benefit plan within the meaning of ERISA if the decision to invest in the Units 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 advisor, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors. |
| [ ] (l) | A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act. |
| [ ] (m) | An organization described in Section 501(c)(3) of the Code, corporation, Massachusetts or similar business trust, partnership, or limited liability company, not formed for the specific purpose of acquiring the Units, with total assets in excess of $5 million. |
| [ ] (n) | A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Units, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Securities Act. |
| [ ] (o) | An entity in which all of the equity owners (whether entities themselves or natural persons) are accredited investors as defined by Rule 501(a) of the Securities Act.<sup>2</sup> |
| [ ] (p) | An entity of a type not listed in clauses (a) through (o) above, that is not formed for the specific purpose of acquiring the Units and owns investments in excess of $5 million. For purposes of this clause, "investments" means investments as defined in Rule 2a51-1(b) under the Investment Company Act. |
| [ ] (q) | A "family office," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act, that (i) has assets under management in excess of $5 million; (ii) was not formed for the specific purpose of acquiring the Units and (iii) has a person directing the prospective investment who has such knowledge and experience in financial and business matters so that the family office is capable of evaluating the merits and risks of the prospective investment. |
| [ ] (r) | A family client, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements of clause (q) above and whose prospective investment in the Company is directed by that family office pursuant to clause (q)(iii) above. |

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<sup>2</sup> If the Subscriber is an accredited investor for the reason described in <u>Section J(1)(o)</u>, <u>a separate Subscriber Questionnaire must be submitted for each participant, stockholder, partner, member or other equity owner of the Subscriber</u>. In the event the Subscriber is an accredited investor for any reason referenced in this paragraph, the Subscriber may be required to enter into a letter agreement with the Company restricting direct and indirect transfer of beneficial interests in the Subscriber to accredited investors.

***<u>FOR NATURAL PERSONS ONLY</u>:***

 ****

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| | |
|:---|:---|
| [ ](s) | A natural person whose individual net worth, or joint net worth with his or her spouse or spousal equivalent, exceeds $1,000,000. |
|  | For purposes of this section, (1) "net worth" means the excess of total assets at fair market value (including personal and real property, but excluding the estimated fair market value of a person's primary home) over total liabilities, (2) "total liabilities" excludes any mortgage on the primary home in an amount of up to the home's estimated fair market value as long as the mortgage was incurred more than 60 days before the Units are purchased, but includes (i) any mortgage amount in excess of the home's fair market value and (ii) any mortgage amount that was borrowed during the 60-day period before the closing date for the sale of Units for the purpose of investing in the Units, and (3) "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse. |
| [ ] (t) | A natural person who had individual income exceeding $200,000 in each of the last two calendar years, or joint income with his or her spouse or spousal equivalent exceeding $300,000 in each of the last two calendar years, and who has a reasonable expectation of reaching the same income level in the current calendar year. |
| [ ] (u) | A director, executive officer or general partner of the Company, or a director, executive officer or general partner of a general partner of the Company. |
| [ ] (v) | A natural person who holds, in good standing, one of the following professional certifications or licenses: the General Securities Representative license (Series 7); the Private Securities Offerings Representative license (Series 82); or the Investment Adviser Representative license (Series 65). |

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**K.** **Status for Purposes of ERISA** 

(1) Is the Subscriber, or will the Subscriber be, a Benefit Plan Investor? A " <u>Benefit Plan Investor</u> "
is (a) any "employee benefit plan," as defined in, and subject to the fiduciary responsibility provisions of ERISA; (b) any
"plan," as defined in and subject to Section 4975 of the Code; and (c) any entity (a " <u>Plan Assets Entity</u> ")
deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any of the investors described in (a) or (b) (each, a " <u>Plan</u> "
and together the, " <u>Plans</u> ") due to investments made by Plans in such entity. Benefit Plan Investors include, but are
not limited to, corporate pension and profit sharing plans, "simplified employee pension plans," Keogh plans for self-employed
individuals (including partners), and individual retirement accounts (IRAs). A Benefit Plan Investor can also be an insurance-company
general account the assets of which are considered for purposes of ERISA or Section 4975 of the Code to be assets of a Benefit Plan Investor.

Yes ____ No ____

If the Subscriber responded "No," skip to <u>Section L</u> below. If the Subscriber does not respond "Yes" or "No," it shall be deemed to be a Benefit Plan Investor.

The Subscriber agrees to notify the Adviser a reasonable period of time in advance of any change to the foregoing representation.

(2) (A) If the Subscriber responded "Yes"
to <u>Section K(1)</u>, is the Subscriber a Plan Assets Entity (other than an insurance company general account)?

Yes ____ No ____

If "Yes," the Subscriber hereby represents and warrants that the percentage of the Plan Assets Entity's equity interests held by Benefit Plan Investors does not, and will not during the period in which the Subscriber holds Units, exceed the percentage set forth below.

___________%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Is the Subscriber an insurance company using assets of its general account (directly or through subsidiaries) that are subject to ERISA or Section 4975 of the Code (including, without limitation, by virtue of Section 401(c) of ERISA)?

Yes ____ No ____

If "Yes," the Subscriber hereby represents and warrants that the percentage of the general account as a whole that constitutes or may constitute "plan assets" does not, and will not during the period in which the Subscriber holds Units, exceed the percentage set forth below.

___________%

The Subscriber agrees to notify the Adviser a reasonable time in advance of any change to the foregoing representations.

(3) If the Subscriber is a Benefit Plan Investor, and the decision to invest in the Company was made by a
plan fiduciary (as defined in Section 3(21) of ERISA or Section 4975 of the Code) which is either a bank, savings and loan association,
insurance company or registered investment adviser, the name of the plan fiduciary is:

**L.** **Additional Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) Is the Subscriber a private investment company which is not registered under the Investment Company Act in reliance on:

Section 3(c)(1) thereof? [ ] yes [ ] no <br>Section 3(c)(7) thereof? [ ] yes [ ] no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Does the amount of the Subscriber's subscription for Units exceed 40% of the total assets (on a consolidated basis with its subsidiaries) of the Subscriber?

[ ] yes [ ] no

&nbsp;&nbsp;&nbsp;&nbsp;2. Is the Subscriber an "investment company" registered or required to be registered under the
Investment Company Act or a "business development company," as defined in Section 202(a)(22) of the Advisers Act?

[ ] yes [ ] no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This question is for Non-U.S. persons only (including Subscribers acting for beneficial owners that are
Non-U.S. persons). If the Subscriber is a U.S. person, please skip this question 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Does the Subscriber qualify as an integral part or a controlled entity of a foreign government for purposes
of Section 892 of the Code (for example, certain sovereign wealth funds)?

[ ] yes [ ] no

If "yes," please furnish an executed copy of form W-8EXP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Does the Subscriber qualify as a pension fund entitled to an exemption from withholding tax on dividends
under an applicable tax treaty?

[ ] yes [ ] no

If "yes," please indicate the relevant treaty below and on an executed copy of form W 8BEN E.

Applicable Treaty: _______________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Does the Subscriber qualify for a reduced rate of withholding tax on dividends under any applicable tax
treaty?

[ ] yes [ ] no

If "yes," please indicate the relevant treaty below and on an executed copy of form W 8BEN E.

Applicable Treaty: _______________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Is the Subscriber or will the Subscriber be a person (including an entity) that has discretionary authority
or control with respect to the assets of the Company or a person who provides investment advice with respect to the assets of the Company
or an "affiliate" of such a person (a " <u>Controlling Person</u> ")? For purposes of this representation, an "affiliate"
is any person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise
a controlling influence over the management or policies of such person.

[ ] yes [ ] no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To the best of the Subscriber's knowledge, does the Subscriber control, or is the Subscriber controlled
by or under common control with, any other investor in the Company?

[ ] yes [ ] no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Will any other person or persons have a beneficial interest in the Units to be acquired hereunder (other
than as a shareholder, partner, policy owner or other beneficial owner of equity interests in the Subscriber)? (By way of example, and
not limitation, a "nominee" Subscriber or a Subscriber who has entered into swap or other synthetic or derivative instruments
or arrangements with regard to the Units to be acquired herein would check "Yes.")

[ ] yes [ ] no

If any of Questions 4 through 6 of this <u>Section L</u> was answered "Yes," please contact the Fund for additional information that will be required.

**M.** **Distribution Reinvestment** 

The Company will adopt a distribution reinvestment plan (the "<u>DRIP</u>"), whereby stockholders will have their cash distributions automatically reinvested in additional shares of the same class unless they elect to receive their distributions in cash. The Subscriber is automatically enrolled in the DRIP unless the below box is checked. If the below box is not checked, 100% of the Subscriber's cash distributions will be reinvested pursuant to the DRIP. Alterations to the election may be made at a later date in accordance with the terms of the DRIP. The Subscriber acknowledges that only persons who qualify as an accredited investor (as such term is defined by the Securities Act) may participate in the DRIP and that the Subscriber may not continue to participate in the DRIP (and will receive all distributions in cash) if the Subscriber ceases to so qualify.

THE SUBSCRIBER IS AUTOMATICALLY ENROLLED IN THE DRIP UNLESS THE BELOW BOX IS CHECKED. COMPLETE IF THE SUBSCRIBER <u>ELECTS NOT TO PARTICIPATE</u> IN THE DRIP.

[ ] The Subscriber hereby elects not to participate in the DRIP and requests that the Company pay any cash distributions to the bank account listed in <u>Section N</u> below.

**N.** **Distribution Instructions** 

**Payment by check or electronic deposit**

I (we) choose **NOT** to participate in the DRIP, and instead choose to have distributions paid using the **payment method selected below.** If no payment method is selected, the Company will mail a check to the address or custodian of record.

I (we) choose to have distributions sent to me (us) at the following address:

[ ] Mail check to address of record. For **custodial accounts**, funds will be sent to the custodian of record.

[ ] I (we) choose to have distributions deposited in a **checking**, **savings** or **brokerage account**.

I (we) authorize the Company or their respective agents to deposit my (our) distribution into the accounts indicated below. The authority will remain in force until I (we) notify the Company in writing to cancel it. In the event that the Company deposits funds erroneously into my (our) account, the Company is authorized to debit my (our) account for the amount of the erroneous deposit. I (we) also hereby acknowledge that funds and/or Units in my (our) account may be subject to applicable abandoned property, escheat or similar laws and may be transferred to the appropriate governmental authority in accordance with such laws, including as a result of account inactivity for the period of time specified in such laws or otherwise. None of the Company, its affiliates, its agents or any other person shall be liable for any property delivered in good faith to a governmental authority pursuance to applicable abandoned property, escheat or similar laws.

Name of financial institution:  

Account type: [ ] Checking [ ] Savings [ ] Brokerage

<u>ABA routing number (if applicable):</u> <u>Account number:</u> <br>    

***[Signature page follows.]***

The Subscriber understands that the foregoing information will be relied upon by the Company for the purpose of determining the eligibility of the Subscriber to purchase Units and its ability to comply with all applicable laws and regulations. The Subscriber agrees to notify the Company immediately if any information provided or representation or warranty made in this Subscriber Questionnaire becomes untrue, incorrect or incomplete at any time. The Subscriber agrees to provide, if requested, any additional information that may reasonably be required to substantiate the status of the Subscriber under applicable law or regulation, the eligibility of the Subscriber to purchase Units or the ability of the Company to comply with all applicable laws and regulations.

**SUBSCRIBER:**

Signature:   Co-Signature:   <br> Name: Title: (if applicable) Name: Title:

Date:   , 20___. Date: , 20___.

*<u>Signature Page to Investor Questionnaire</u>*

<u>Exhibit A</u>

**<u>FORM OF AML CERTIFICATION<br> FOR FUNDS OF FUNDS OR ENTITIES THAT INVEST ON BEHALF OF THIRD PARTIES</u><br><u>To Be Completed by Subscribers That Responded "No" to Section H(1)(b) or Section H(1)(c) of the Subscriber Questionnaire</u>**

The undersigned, being the   of   , <br> *(Insert Title)* *(Insert Name of Entity)*

 

a   organized under the laws of   <br> *(Insert Type of Entity)* *(Insert Jurisdiction of Organization)*

 

(the "<u>Subscriber</u>"), does hereby certify that it is aware of the requirements of the USA PATRIOT Act of 2001, the regulations administered by the U.S. Department of Treasury's Office of Foreign Assets Control and other applicable U.S. federal, state or non-U.S. anti-money laundering laws and regulations (collectively, the "<u>anti-money laundering/OFAC laws</u>"). The Subscriber has anti-money laundering policies and procedures in place reasonably designed to verify the identity of its **[**beneficial holders**] [**underlying investors**]** and their sources of funds. Such policies and procedures are properly enforced and are consistent with the anti-money laundering/OFAC laws such that the Company may rely on this Certification.

The Subscriber hereby represents to the Company that, to the best of its knowledge, the Subscriber's **[**beneficial holders**] [**underlying investors**]** are not individuals, entities or countries that may subject the Company to criminal or civil violations of any anti-money laundering/OFAC laws. The Subscriber has read the sections entitled "Representations and Warranties of the Subscriber" in the Company's Subscription Agreement. The Subscriber has taken all reasonable steps to ensure that its **[**beneficial holders**] [**underlying investors**]** are able to certify to such representations. The Subscriber agrees to promptly notify the Company should the Company have any questions relating to any of the **[**beneficial holders**] [**underlying investors**]** or become aware of any changes in the representations set forth in this Certification.

Signature:   Co-Signature:   <br> Name: Title: (if applicable) Name: Title:

Date:   , 20___. Date:   , 20___.

Exhibit A

<u>Exhibit B</u>

**BENEFICIAL OWNERSHIP INFORMATION**

**<u>To Be Completed by Subscribers That Responded "No" to Section H(1)(b) or Section H(1)(c) of the Subscriber Questionnaire</u>**

Instructions:

Please complete and return this <u>Exhibit B</u> and provide the name of every Person who is directly, or indirectly through intermediaries, the beneficial owner of 25% or more of any voting or non-voting class of equity interests of the Subscriber. If there are intermediaries that are not individuals, please continue up the chain of ownership by providing the name of every Person who is the beneficial owner of 25% or more of any voting or non-voting class of equity interests of such intermediaries until individuals are listed.

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| | | |
|:---|:---|:---|
| **Full Name** | **If Subscriber is an Individual,<br> Insert Name and Address of<br> Principal Employer and Position** | **Principal Place of<br> Business (for Entities) or<br> Citizenship (for Individuals)** |

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Exhibit B

<u>Exhibit C</u>

**<u>TRUST OWNERSHIP INFORMATION</u>**

**<u> </u>**

**<u>To Be Completed by Subscribers That Are Trusts That Responded "No" to Section H(1)(b) or Section H(1)(c) of the Subscriber Questionnaire</u>**

Instructions:

Please complete and return this <u>Exhibit C</u> and provide the name of (i) every current beneficiary that has, directly or indirectly, an interest of 25% or more in the trust, (ii) every person who contributed assets to the trust (settlors or grantors) and (iii) every trustee. If there are intermediaries that are not individuals, please continue up the chain of ownership by providing the name of every Person who is the beneficial owner of 25% or more of any voting or non-voting class of equity interests of such intermediaries until individuals are listed.

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| | | |
|:---|:---|:---|
| **Full Name and Address** | **Status<br> (Beneficiary/Settlor/Trustee)** | **Principal Place of Business<br> (for Entities) or Citizenship<br> (for Individuals)** |

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Exhibit C

**<u>APPENDIX B</u>**

**partners group lending fund, inc.**

**CERTIFICATION OF BENEFICIAL OWNER(S)**

This form requires you to provide the name, address, date of birth and Social Security number (or passport number or other similar information, in the case of Non-U.S. Persons) for the following individuals (*i.e.*, the **beneficial owners**):

(i) Each individual, if any, who owns, directly or indirectly, 25% or more of the equity interests of the
Subscriber (*e.g.*, each natural person that owns 25% or more of the shares of a corporation);  **<u>and</u>** 

(ii) An individual with significant responsibility for managing the Subscriber (*e.g.*, a Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).

The number of individuals that satisfy this definition of "beneficial owner" may vary. Under section (i), depending on the factual circumstances, up to four individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (i), you must provide the identifying information of one individual under section (ii). It is possible that in some circumstances the same individual might be identified under both sections (*e.g.*, the President of Acme, Inc. who also holds a 30% equity interest). Thus, a completed form will contain the identifying information of at least one individual (under section (ii)), and up to five individuals (*i.e.*, one individual under section (ii) and four 25% equity holders under section (i)).

**Persons subscribing on behalf of a legal entity must provide the following information:** 

*a.* *Name and Title of Natural Person:* 

 

 

*b.* *Name, Type, and Address of Legal Entity:* 

 

*c.* *The following information for <u>each</u> individual, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests of the legal entity listed above:* 

 

***(If no individual meets this definition, please write "Not Applicable.")***

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Date of Birth | Address (Residential or<br> Business Street<br> Address) | *For U.S. Persons:*<br> Social Security<br> Number | *For Non-U.S.<br> Persons*: Social<br> Security Number,<br> Passport Number and<br> Country of Issuance,<br> or other similar<br> identification number<sup>3</sup> |

---

 ****

*d.* *The following information for <u>one</u> individual with significant responsibility for managing the legal entity listed above, such as:* 

[ ] *An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or*

[ ] *Any other individual who regularly performs similar functions.*

(If appropriate, an individual listed under section (c) above may also be listed in this section (d)).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name/Title | &nbsp;&nbsp;Date of Birth | &nbsp;&nbsp;Address (Residential or<br> Business Street<br> Address) | &nbsp;&nbsp;*For U.S. Persons:*<br> Social Security<br> Number | &nbsp;&nbsp;*For Non-U.S.<br> Persons*: Social<br> Security Number,<br> Passport Number and<br> Country of Issuance,<br> or other similar<br> identification number<sup>1</sup> |

---

**I, ________________ (*name of natural person)*, hereby certify, to the best of my knowledge, that the information provided above is complete and correct.** 

Signature: ______________________________________ Date: ___________________

Legal Entity Identifier ___________________________ (Optional)

<sup>3</sup> In lieu of a passport number, Non-U.S. Persons may also provide a Social Security Number, an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.

**<u>APPENDIX C</u>**

**BYLAWS OF THE FUND**

**<u>APPENDIX D</u>**

**AMENDED AND RESTATED**

**Certificate of Formation OF THE FUND**

**<u>APPENDIX E</u>**

**INVESTMENT ADVISORY AGREEMENT**

**<u>APPENDIX F</u>**

**ADMINISTRTION AGREEMENT**

**<u>APPENDIX G</u>**

**PRIVACY POLICY OF THE FUND**

*This <u>Appendix G</u> is attached to and made a part of this Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned to them in this Subscription Agreement.*

 

Partners Group Lending Fund, LLC (the "***Fund***," "***our***," "***us***" or "***we***"), is committed to protecting your privacy. This privacy notice, which is required by state and federal law, explains the privacy policies of the Fund and its affiliated companies. This notice supersedes any other privacy notice you may have received from the Fund, and its terms apply both to our current customers and to former customers.

**How We Protect Your Personal Information**

We will safeguard, according to strict standards of security and confidentiality, all information we receive about you. With regard to this information, we maintain physical, electronic, and procedural safeguards that comply with federal and state standards.

**What Kind of Information We Collect**

The only information we collect from you is that information which is disclosed in your subscription document for the Fund, including your name, address and number of shares you hold.

**How We Use this Information**

This information is used only so that we can service your account, send you annual reports and other information about the Fund, and send you proxy statements or other information required by law.

**Who Has Access to Personal Information**

We do not share customer information with any non-affiliated third-party except as described below.

● **Authorized Employees of Partners Group (USA) Inc. (the "*Adviser* ")**. It is our policy that only authorized employees of the Adviser who need to know your personal information will have access to it.

● **Service Providers**. We may disclose your personal information to companies that provide services on our behalf, such as record keeping, processing your trades and mailing information to you. These companies are required to protect your information and use it solely for the purpose for which they received it.

● **Courts and Government Officials**. If required by law, we may disclose your personal information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena or court order will be disclosed.

**Updating Your Information**

To help us keep your customer information up-to-date and accurate, please contact the Fund, at the address below, if there is any change in your personal information.

Partners Group Lending Fund, LLC

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

ATTN: Chief Compliance Officer

**<u>Email</u>: [●]**

**<u>APPENDIX H</u>**

**TRANSFER RESTRICTIONS**

*This <u>Appendix H</u> is attached to and made a part of this Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned to them in this Subscription Agreement.*

 

Prior to a Liquidity Event, no Subscriber may Transfer its Units, or any portion thereof, (a) without registration of the Transfer on the Fund's books, and (b) unless the transferee satisfies applicable eligibility and/or suitability requirements and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws and compliance with the terms of the Subscription Agreement. Registration of any Transfer on the Fund's books may be withheld unless, in the opinion of counsel (who may be counsel for the Fund) satisfactory in form and substance to the Fund, such Transfer would not violate the Securities Act, any state (or other jurisdiction) securities or "blue sky" laws applicable to the Fund or the Units to be Transferred, or any other laws.

The Subscriber agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Fund in connection with any Transfer of all or any fraction of its Units, prior to the consummation of such Transfer.

In addition, the Fund will use commercially reasonable efforts to prevent its assets from being deemed to constitute "plan assets" for purposes of ERISA or Section 4975 of the Code. The Fund may reject any Transfer of Units if such Transfer could (1) result in the Fund's assets being considered to be "plan assets" for purposes of ERISA or Section 4975 of the Code or (2) constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a non-exempt violation of any laws similar to ERISA or Section 4975 of the Code.

The Fund shall not recognize for any purpose any purported Transfer of all or any portion of the Units and shall be entitled to treat the transferor of Units as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless there shall have been filed with the Fund a dated notice of such Transfer, in form satisfactory to the Fund, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (a) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (b) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Memorandum or other Operative Documents, as applicable, and all applicable laws and regulations applicable to the transferee and the transferor.

## Exhibit 10.6

**EXHIBIT 10.6**

***Execution Version***

**CUSTODY AGREEMENT**

**This Agreement** (the "<u>Agreement</u>") is made as of January 11, 2023 (the "<u>Effective Date</u>") between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each entity identified on Appendix A, whose jurisdiction of formation is identified opposite its name (the "<u>Client</u>"); 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;(2) **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth of Massachusetts, U.S.A. (the "<u>Custodian</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions and Interpretation</u>. Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment of the Custodian</u>. The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "<u>Services</u>") subject to and in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Safekeeping Securities</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;3.1 <u>Holding Securities</u>. The Custodian will hold Securities delivered or credited to its account under this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Client Entitlements and Segregation</u>. The Custodian will take the following steps to reflect the Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 <u>Accounts at the Custodian</u>. Open and maintain on the records of the Custodian one or more securities accounts in the name of the Client or such other name as the Client may reasonably request (each, a "<u>Securities Account</u>") and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 <u>Accounts at the Subcustodians or CSDs</u>. Open and maintain securities accounts at the Subcustodians or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CS D) or, in limited markets, segregated (or separate) accounts for Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 <u>Physical Securities</u>. Physically segregate bearer Securities from the proprietary assets of the Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;

Sch. 1 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 <u>Registration Names</u>. Register certificated Securities (other than bearer securities) in the name of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 <u>Records of Transactions; Reconciliation</u>. Maintain records of the Client's transactions in the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients against the records of the CS Ds in which they area direct participant in accordance with the Subcustodians' standard procedures and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Securities Interchangeable</u>. Securities of the Client (whether held in separate or commingled accounts) are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Acceptance of Securities</u>. Except as otherwise agreed in writing with the Client, the Custodian will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law 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;4. <u>Cash</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;4.1 <u>Cash Accounts</u>. The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a "<u>Cash Account</u>") in such currencies as may be required in connection with the investment activity of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Location of Cash Deposits</u>. Cash received for the Client will be deposited with the Custodian, or with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "<u>On Book Cash</u>" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "<u>Off Book Cash</u>" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Cash Records</u>. The Custodian will reflect Cash balances held in all On Book and Off Book Client deposit accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Banking Relationship</u>. In accepting deposits under this Agreement, the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash) acts as banker and does not hold the money deposited on trust or segregated from its proprietary assets. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Interest and Charges</u>. Cash Accounts may be interest bearing or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid or charged to the Client from time to time with respect to a Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 <u>Overdrafts</u>. The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian is authorized to charge any applicable overdraft fees and interest solely in accordance with the mutually agreed upon terms of the <u>Fee Schedule</u>. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest on the principal overdraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Transaction Settlement</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;5.1 <u>Settlement</u>. The Custodian will settle all transactions in accordance with Local Market Practice, which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Contractual Settlement</u>. In order to facilitate transaction settlement, the Custodian may provisionally credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("<u>Contractual Settlement</u>"), for markets, securities and eligible clients as determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Use of Funds</u>. Where Contractual Settlement applies, the Custodian will credit or debit the appropriate Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Reversal</u>. The Custodian may reverse any Contractual Settlement credit at any time before actual receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Secured Liability</u>. To the extent that the Custodian has not received the cash payment associated with a credit, the amount credited remains a Secured Liability under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Corporate Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Transmit Information</u>. The Custodian will promptly transmit or make available to the Client all material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Exercise</u>. The Custodian will process the Client's elections with respect to any voluntary Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("<u>Corporate Actions Deadline Date</u>"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Class Actions</u>. The Custodian will transmit written information received by the Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Fractional Positions</u>. Fractional positions resulting from Corporate Actions will be dealt with in accordance with the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Proxy Servicing</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;7.1 <u>Transmit Information</u>. The Custodian will forward to the Client all proxies received by the Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Voting</u>. The Custodian provides proxy voting services for the markets designated in the Client Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by the deadline specified in the Custodian's proxy notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Income Collection</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;8.1 <u>Monitoring and Crediting</u>. The Custodian will use reasonable efforts to monitor and collect on a timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Repatriation of Income</u>. The Client is responsible for directing the repatriation of income into the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Statements and Reports</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;9.1 <u>Contents</u>. The Custodian will make available reports to the Client regarding the Portfolio on a periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Cash and Securities Not Held</u>. The Custodian may agree to incorporate information in respect of cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform any other Services in relation to such cash or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Tax Withholding and Tax Relief</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;10.1 <u>Withholding</u>. The Custodian will withhold (or cause to be withheld) the amount of any tax which is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity type in respect of any dividend, interest income or other distribution in relation to any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Tax Relief</u>. The Custodian will apply for a reduction of withholding tax and refund of any tax paid or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client Publications. The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Documentation</u>. In order for the Custodian to perform the services in this Section 10, the Client will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Client Responsible for Taxes</u>. The Client will be liable for all taxes, levies or similar obligations which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>No Tax Advice</u>. The Client acknowledges that the Custodian is not, and will not be deemed to be, providing tax advice or tax counsel.

&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. <u>Physical Safekeeping of Investment Documents</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;11.1 <u>Document Safekeeping</u>. The Custodian may agree to provide physical safekeeping for Investment Documents delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>No Other Services</u>. The Custodian will not otherwise perform any other Services in relation to such Investment 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;12. <u>Alternative Asset Servicing</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;12.1 <u>Alternative Assets</u>. The Custodian may agree to reflect the Client's Alternative Assets on its books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Foreign Exchange</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;13.1 <u>Role of Custodian</u>. The role of the Custodian with respect to foreign exchange transactions is limited to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Role of Counterparties</u>. If the Client enters into any foreign exchange transaction with State Street Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Subcustodians</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;14.1 <u>Use of Subcustodians</u>. The Custodian is authorized to utilize Subcustodians in connection with its performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Selection and Monitoring</u>. The Custodian will use reasonable skill, care and diligence in the selection, monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>Special Subcustodians</u>. At the request of the Client, the Custodian may agree to appoint one or more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "<u>Special Subcustodian</u>") for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>Provisions Relating to Rule 17f-5</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;14.4.1 <u>Delegation</u>. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Customer that it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity shall be referred to as the "<u>Foreign Custody Manager</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;14.4.2 <u>Exercise of Care as Foreign Custody Manager</u>. The Foreign Custody Manager will exercise such reasonable care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.3 <u>Foreign Custody Arrangements</u>. The Foreign Custody Manager will perform the delegated responsibilities only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list from time to time in its sole discretion upon notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.4 <u>Scope of Delegated Responsibilities</u>. The Foreign Custody Manager, when placing and maintaining Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the Client's Proper Instructions with respect to the disposition of the affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.5 <u>Reporting Requirements</u>. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.6 <u>Representations of Foreign Custody Manager and Client</u>. The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 18.2 as is incurred by placing and maintaining the Client's Foreign Assets in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.7 <u>Withdrawal of Acceptance of Delegation as Foreign Custody Manager</u>. Upon reasonable prior written notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.8 <u>Settlement Practices</u>. The Custodian will provide to each Client the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result in a Client being provided with substantively less information than had been previously provided on Schedule C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Central Securities Depositories</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;15.1 <u>Use of Central Securities Depositories</u>. The Custodian and its Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 <u>Rules of Central Securities Depositories</u>. Where the Custodian or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 <u>Provisions Relating to Rule 17f-4</u>. The Custodian may deposit and maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 <u>Provisions Relating to Rule 17f-7</u>. The Custodian will (i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Delegation</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;16.1 <u>Use of Delegates</u>. The Custodian will have the right, without prior notice to or the consent of the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee schedule, the Custodian will be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 <u>Provision of Information Regarding Delegates</u>. The Custodian will provide or make available to the Client on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 <u>Third Parties</u>. Nothing in this Section limits or restricts the Custodian's right to use Affiliates or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the 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;17. <u>Standard of Care and Liability</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;17.1 <u>Standard of Care</u>. The Custodian will at all times exercise the reasonable skill, care and diligence expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement. The Custodian represents that it is a "qualified custodian", as defined under Rule 206(4)-2 of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <u>Liability for Losses</u>. Subject to the limitations and exclusions of liability in this Agreement, the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful default, or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 <u>Responsibility for Subcustodians</u>. The Custodian will be liable to the Client for the acts and omissions of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1 compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2 the Custodian will have no liability for Losses resulting from the insolvency or other financial default of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 <u>Responsibility for Special Subcustodians</u>. Notwithstanding the provisions of Section 17.3 to the contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful default or fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 <u>Responsibility for Delegates</u>. The Custodian will be liable to the Client for the acts and omissions of its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 <u>Force Majeure</u>. Neither Party will be in breach of this Agreement or liable for Losses arising by reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 <u>No Liability for Certain Losses</u>. The Custodian will not be liable to the Client for any Losses to the extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7.1 the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7.2 a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7.3 the failure of the Client or any person authorized by it to comply with the Client's obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7.4 any other acts and omissions of the Client, any person authorized by it or any third party, including any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 <u>Mutual Exclusion of Indirect and Other Loss</u>. Notwithstanding any other provision of this Agreement, neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or other indirect Loss of any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Error Correction</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;18.1 <u>Error Correction</u>. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Limits on the Scope of the Services</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;19.1 <u>No Fiduciary or Implied Duties</u>. The Custodian is responsible only for the duties it has expressly undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 <u>Investment and Other Risk, Client Compliance Matters</u>. The Client bears the risk of investing in Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 <u>Data Accuracy</u>. The Custodian has no responsibility for, or duty to review, verify or otherwise perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 <u>Title</u>. The Custodian is not responsible for title or entitlement to, validity or genuineness, including good deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 <u>Proceedings</u>. The Custodian is not responsible for commencing legal or administrative proceedings on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 <u>Laws Applicable to the Custodian or Subcustodian</u>. Laws applicable to the Custodian or a Subcustodian may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 <u>Securities on Loan</u>. Asset servicing is not generally performed for securities on loan unless otherwise noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services 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;20. <u>Indemnity</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;20.1 <u>Indemnity by Client</u>. Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful default or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 <u>Indemnity by Custodian</u>. Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful default or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 <u>Duty to Mitigate</u>. Each Party will use reasonable efforts to mitigate any Losses in respect of which it claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 <u>Notice of Claims</u>. A Party seeking indemnification under this Section ("<u>Indemnified Party</u>") against a third-party claim ("<u>Indemnified Claim</u>") will promptly provide written notice of such claim to the Party obligated to indemnify ("<u>Indemnifying Party</u>"). The failure to notify the Indemnifying Party will not relieve such Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 <u>Right to Control Third Party Claims</u>. The Indemnifying Party will, at its own expense, be entitled but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 <u>Settlement of Claims</u>. Neither Party may settle an Indemnified Claim without the consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.3 does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 <u>Cooperation</u>. In all cases, each Party will, as applicable, provide reasonable cooperation and assistance to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Obligations of the Client</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;21.1 <u>Provide Information</u>. The Client will provide or cause to be provided to the Custodian all data, information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 <u>AML Compliance</u>. The Client will comply with all applicable anti-money laundering, sanctions or other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 <u>Pass Through Representations</u>. To the extent that the Custodian is required to give (or is deemed to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation, warranty or undertaking to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 <u>Operational Requirements</u>. The Client will adhere to the deadlines and other operational requirements set out in the Client Publications, to facilitate meeting the requirements of CSD's, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 <u>Client Review and Notification</u>. In accordance with standard market practice, the Client will employ commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 <u>Fees</u>. In consideration for the Services provided by the Custodian, the Client will pay the Fees as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 <u>Client Publications</u>. The Client will ensure that it provides the Custodian with and regularly updates, as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Proper Instructions</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;22.1 <u>Dealings in Cash and Securities</u>. The Custodian will effect all transactions and dealings in Cash and Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 <u>Appointment of Authorized Persons</u>. The Client and each Investment Manager will provide the Custodian with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 <u>Authentication Procedures</u>. The Custodian will implement Authentication Procedures. The Client acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all 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;22.4 <u>Security Measures by Client</u>. The Client is responsible for ensuring that appropriate security measures are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 <u>No Duty to Verify</u>. Except to the extent the Custodian is required to comply with Authentication Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 <u>Decline/Delay in Processing</u>. The Custodian reserves the right to decline to process or delay the processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6.1 the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6.2 the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6.3 the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local Market Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6.4 the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 <u>Cancellation and Amendment</u>. The Custodian will use reasonable efforts to act on Proper Instructions to cancel or amend previously issued Proper Instructions 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7.1 the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7.2 the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 <u>Oral Instructions</u>. If applicable, the Custodian may act on an oral instruction (given in accordance with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 <u>Conflicting Claims</u>. If there is a dispute or conflicting claim with respect to Securities or Cash held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 <u>Matters Not Requiring Proper Instructions</u>. The Client authorises the Custodian in the absence of Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Clients name or on its behalf, of any affidavits, certificates of ownership and other certificates and documents relating to Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Creditors Rights</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;23.1 <u>Security</u>. To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "<u>Collateral</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;23.2 <u>Rights of the Custodian</u>. In the event that the Client fails to satisfy in full any of the Secured Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 <u>Exercise of Rights</u>. The Custodian may exercise its rights and remedies against the Collateral in any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 <u>Notice</u>. The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Confidentiality and Use of Data</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;24.1 <u>Confidentiality</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;24.1.1 <u>No Disclosure Without Consent</u>. Subject to Section 24.2 and Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.2 <u>No limitations of obligations under Agreement or at Law</u>. Except as expressly contemplated by this Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 <u>Use of Confidential Information and Data</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;24.2.1 <u>Use of Confidential Information and Data generally</u>. Subject to this Section 24.2 and Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.2 <u>Use of Data for Indicators</u>. The Custodian and its Affiliates may use Data to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "<u>Indicators</u>"), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution to or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.3 <u>Economic benefit from Indicators</u>. The Client acknowledges that the Custodian may seek and realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 <u>Disclosure of Confidential Information and Data</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;24.3.1 <u>Disclosure of Confidential Information to Representatives</u>. The Receiving Party may disclose the Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information ("<u>Representatives</u>"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2 <u>Disclosure and Use of Confidential Information by Custodian</u>. The Custodian may disclose and permit use (as applicable) of Confidential Information of the Client without the Client's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2.1 to its Affiliates and any of its third-party agents and service providers ("<u>Service Providers</u>") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2.2 to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.3 <u>Confidential Information and Cloud Computing and Storage</u>. Each Party may store Confidential Information with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.4 <u>Disclosure of Confidential Information to comply with law</u>. The Receiving Party may disclose the Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the requirements of any applicable regulatory authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.5 <u>Harm of Unauthorized Disclosure of Confidential Information</u>. Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.6 <u>Responsibility for Representatives</u>. Each Party will be responsible for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.7 <u>No Disclosure to Custodian Asset Manager Division</u>. In no event will the Custodian allow representatives of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Term and Termination</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;25.1 <u>Term</u>. This Agreement will commence on the Effective Date and will continue until terminated in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 <u>Termination Rights</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;25.2.1 <u>Prior Notice</u>. The Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.1 the Client may terminate this Agreement by giving not less than 30 days' prior written notice to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.2 the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2 <u>Immediate Effect</u>. A Party may terminate this Agreement with immediate effect at any time by written notice to the other Party, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1 an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.2 such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.3 such other Party commits a material breach of an obligation under this Agreement and has failed to cure such breach within 30 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to subsections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 <u>Actions on Termination</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;25.3.1 <u>Successor Custodian</u>. Upon termination of the Agreement, the Custodian will deliver the Portfolio to the successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3.2 <u>Remaining Portfolio</u>. If any part of the Portfolio remains in the possession of the Custodian or its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3.3 <u>Payment of Fees</u>. Upon termination of this Agreement, Fees will become due and payable for the period to the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Representations and Warranties</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;26.1 <u>Each Party</u>. Each Party represents and warrants to the other that: (i) it has the power to enter into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 <u>Client</u>. The Client further represents and warrants to the Custodian that: (i) it is the beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as agent for another person; (iii) it has elected, or will elect, to be regulated as a business development company under the 1940 Act and it has elected, or will elect, to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company under the Internal Revenue Code of 1986, as amended; (iv) a registration statement under the Securities Act of 1933, as amended, has been or will be filed by the Client and is or will become effective and, once effective, will remain in effect during the term of this Agreement; and (v) as of the Effective Date of this Agreement, all necessary filings under the securities laws of the states in which the Client offers or sells its shares have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 <u>Custodian</u>. The Custodian further represents and warrants to the Client that: (i) it holds such authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; (ii) it is a "qualified custodian", as defined under Rule 206(4)-2 of the Advisers Act and (iii) it will seek to maintain such authorisations and licenses for the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Record Retention and Audit Rights</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;27.1 <u>Records</u>. The Custodian will retain the records it is required to maintain under this Agreement in accordance with the Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 <u>Client and Regulator Access</u>. The Custodian will allow the Client and the Client's regulators or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the 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;&nbsp;&nbsp;&nbsp;&nbsp;27.3 <u>Frequency and Scope</u>. For inspections requested by the Client (such request will include reasonable advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 <u>Limitations on Disclosure</u>. Nothing contained in this Section will obligate the Custodian to provide access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Business Continuity, Internal Controls and Information Security</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;28.1 <u>Business Continuity Plans</u>. The Custodian will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 <u>Internal Controls Review and Report</u>. The Custodian will retain a firm of independent auditors to perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 <u>Information Security Systems and Controls</u>. The Custodian will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 <u>Virus Detection</u>. The Custodian will at all times employ a current version of one of the leading commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 <u>Services Not Exclusive; Acting in Various Capacities</u>. The Custodian, its Subcustodians and their Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1 provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.2 engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 <u>Disclosure of Conflicts</u>. In connection with the matters outlined in Section 29.1.1, the Custodian, its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.1 may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2 will seek to profit and is entitled to receive and retain profits and compensation in connection with such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.3 may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.4 may act or refrain from acting based upon information derived from such activities that is not available to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.5 are not under a duty to notify or disclose to the Client any information which comes to their notice as a result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.6 do not have an obligation to consider, act in, or provide information to the Client in respect of, the interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on <u>MyStateStreet.com</u> or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 <u>Notice</u>. Unless otherwise specified, all notices, requests, demands and other communications under this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.1 when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.2 on the next Business Day after being sent by e-mail (unless the sender receives an automated message that the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.3 on the next Business Day after being sent by overnight courier service for next Business Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.4 on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 <u>Waiver</u>. No failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 <u>Sole Remedy</u>. Subject to the right to seek relief under the specific circumstances expressly permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.6 <u>Assignment and Successors</u>. The terms of this Agreement are binding on the Parties' representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.7 <u>Entire Agreement</u>. This Agreement is the complete and exclusive agreement of the Parties regarding the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the 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;&nbsp;&nbsp;&nbsp;&nbsp;29.8 <u>Amendments</u>. This Agreement may be amended by written agreement between the Parties. However, the Custodian may amend this Agreement by giving written notice to the Client of such proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively object in writing within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.9 <u>Counterparts and Electronic Signatures</u>. This Agreement may be executed in separate counterparts, each of which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.10 <u>Severance</u>. In the event that any part of this Agreement will be determined to be void or unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable part were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.11 <u>Survival</u>. The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.12 <u>Governing Law and Jurisdiction</u>. This Agreement is governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 <u>Reserved</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;29.14 <u>Reserved</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;29.15 <u>The Parties; Additional Clients</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;29.15.1 All references in this Agreement to the "Client" are to each of the client entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.15.2 If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together with the Custodian) will be bound by all Sections of this Agreement.

---

| | |
|:---|:---|
| Signed by the Parties: | Signed by the Parties: |
| ON BEHALF OF EACH ENTITY LISTED ON APPENDIXA HERETO | ON BEHALF OF EACH ENTITY LISTED ON APPENDIXA HERETO |
| Executed by the sole member Partners Group Lending Fund, Inc. | Executed by the sole member Partners Group Lending Fund, Inc. |
| By: | */s/ Brian Igoe / Jeremy Ferguson* |
| Name: | Brian Igoe / Jeremy Ferguson |
| Title: | Director / Director |
| Date: | 10 January 2023 / 10 January 2023 |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | */s/ Fred Willshire* |
| Name: | Fred Willshire |
| Title: | Senior Managing Director |
| Date: | 1/12/23 |

---

**Schedule 1**

**Definitions**

In this Agreement:

"<u>1940 Act</u>" means the U.S. Investment Company Act of 1940, as amended from time to time.

"<u>Affiliate</u>" means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "<u>Control</u>" and its derivatives "<u>Controlled</u>" and "<u>Controlling</u>" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership.

"<u>Alternative Assets</u>" means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"<u>Authentication Procedures</u>" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"<u>Authorized Data Sources</u>" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"<u>Authorized Person</u>" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"<u>Business Day</u>" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"<u>Board</u>" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

Sch. 1 - 1

"<u>Cash</u>" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"<u>Cash Account</u>" has the meaning given to it in Section 4.1.

"<u>Client</u>" means the party named in the preamble.

"<u>Client Publications</u>" means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

"<u>Collateral</u>" has the meaning given to it in Section 23.1.

"<u>Confidential Information</u>" means all information provided by or on behalf of a party (the "<u>Disclosing Party</u>") to the other party (the "<u>Receiving Party</u>"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

"<u>Contractual Settlement</u>" has the meaning given to it in Section 5.2.

"<u>Corporate Actions</u>" means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"<u>Corporate Actions Deadline Date</u>" has the meaning given to it in Section 6.2.

"<u>Covered Foreign Country</u>" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"<u>CSD</u>" or "<u>Central Securities Depository</u>" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

Sch. 1 - 2

"<u>Data</u>" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"<u>Delegate</u>" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

"<u>Effective Date</u>" has the meaning given to it in the preamble.

"<u>Eligible Foreign Custodian</u>" has the meaning set out in Section (a)(1) of Rule 17f-5.

"<u>Eligible Securities Depository</u>" has the meaning set out in section (b)(1) of Rule 17f-7.

"<u>Fees</u>" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"<u>Financial Market Utility</u>" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"<u>Force Majeure Event</u>" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"<u>Foreign Assets</u>" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"<u>Foreign Custody Manager</u>" has the meaning set forth in section (a)(3) of Rule 17f-5.

"<u>Foreign Securities System</u>" means an Eligible Securities Depository listed on Schedule B.

"<u>Indemnified Claim</u>", "<u>Indemnified Party</u>" and "<u>Indemnifying Party</u>" each have the meaning given to them in Section 20.4.

"<u>Insolvency Event</u>" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

Sch. 1 - 3

"<u>Investment Document</u>" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"<u>Investment Manager</u>" means each person specified as such by the Client, including its agents and delegates.

"<u>Law</u>" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"<u>Local Market Practice</u>" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"<u>Losses</u>" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"<u>Market Participant</u>" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"<u>Off Book Cash</u>" has the meaning given to it in Section 4.2.

"<u>On Book Cash</u>" has the meaning given to it in Section 4.2.

"<u>Parties</u>" means the parties set out at the beginning of this Agreement.

"<u>Portfolio</u>" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

Sch. 1 - 4

"<u>Proper Instructions</u>" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing given by an Authorized Person including a facsimile transmission;

&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 an electronic communication as may be agreed upon between the Custodian and the Client in writing from time to time; 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;(iii) by such other means as may be agreed from time to time by the Custodian and the Client.

"<u>Rule 17f-4, Rule 17f-5, and Rule17f-7</u>" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"<u>Schedule</u>" or "<u>Schedules</u>" are all of the schedules referenced herein and attached to this Agreement.

"<u>Secured Liabilities</u>" means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"<u>Securities</u>" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"<u>Securities Account</u>" has the meaning given to it in Section 3.2.

"<u>Services</u>" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"<u>Special Subcustodian</u>" has the meaning given to it in Section 14.3.

"<u>Subcustodian</u>" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"<u>Third Party Agent</u>" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"<u>UCC</u>" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"<u>U.S.</u>" shall mean the United States of America.

"<u>U.S. CSD</u>" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

Sch. 1 - 5

<u>Interpretation:</u> Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

Sch. 1 - 6

**Schedule 2**

**Notices (Section 29)**

---

| | |
|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President — Custody Operations |
| CC: | Legal Department |
| Address: | State Street Financial Center |
|  | One Lincoln Street |
|  | Boston, MA 02111 |
| Telephone No: |  |
| Email: |  |
| CLIENT: | Partners Group Lending Fund, Inc. |
| Attention: | c/o Partners Group (USA), Inc. |
| Address: | 1114 6th Avenue of the Americas, 37th Floor |
|  | New York, New York 10036 |
| Email: | pgadmin.usfunds@parinersgroup.com |

---

Sch. 2 - 1

**Appendix A**

**List of Funds**

**<u>Fund Name Jurisdiction of Formation</u>**

Partners Group Lending Fund, Inc. Delaware <br> Partners Group Revolver Pooling BDC, LLC Delaware <br> Partners Group BDC Finance I, LLC Delaware

App. A - 1

## Exhibit 10.7

**Exhibit 10.7**

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

THIS AGREEMENT is made as of the 30th day of April, 2025, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts Client company having its principal office and place of business at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016 ("State Street" or the "Transfer Agent"), and PARTNERS GROUP LENDING FUND, LLC, a Delaware limited liability company having its principal office and place of business at 1114 Avenue of the Americas, 37<sup>th</sup> Floor, New York, New York 10036 (the "Client") (State Street, the Transfer Agent and the Client, each a "Party," and together, the "Parties").

WHEREAS, the Client is authorized to issue units of limited liability company interests ("Units"), designated in separate classes (each a "Class");

WHEREAS, the Client intends to initially offer Units for each Class as named in the attached <u>Schedule A</u>, which may be amended by the Parties from time to time;

WHEREAS, the Client desires to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Transfer Agent desires to accept such appointment;

WHEREAS, the Client has elected, or plans to elect, to be a closed-end management investment fund registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Form 10 Registration Statement") pursuant to Section 12 (g) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), and has elected, or plans to elect, to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. TERMS OF APPOINTMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Appointment*. Subject to the terms and conditions set
forth in this Agreement, the Client hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as,
transfer agent, dividend disbursing agent, and agent in connection with certain other activities provided to members ("Members")
of each Class of the Client and set out in the offering memorandum or appropriate document, such as a term sheet (as the same may be
amended, supplemented or otherwise modified from time to time, each, the "Governing Document"), including without limitation
any periodic investment plan or periodic withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures
established from time to time by agreement between the Client and the Transfer Agent (the "Procedures"), the Transfer Agent
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish each Member's account in the respective Class on the Transfer Agent's recordkeeping
system and maintain such account for the benefit of such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receive orders for the purchase of Units from the Client, and promptly deliver payment and appropriate
documentation thereof to the Client's custodian (the "Custodian");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pursuant to such purchase orders, issue the appropriate number of Units and book such Unit issuance to
the appropriate Member account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) receive redemption requests and redemption directions from the Client and deliver the appropriate documentation
thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to the transactions in items (i) through (iv) above, the Transfer Agent shall process transactions
received directly from broker-dealers or other intermediaries authorized by the Client who shall thereby be deemed to be acting on behalf
of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any
redemption, pay over or cause to be paid over in the appropriate manner such monies as instructed by the redeeming Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) process Member account maintenance instructions (excluding instructions to change an account's registration
or wire instructions) received directly from broker-dealers or other intermediaries authorized per procedures established by mutual agreement
of the Transfer Agent and the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) process transfer of Units by the registered owners thereof upon receipt of proper instruction and approval
by the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) process and transmit payments for any dividends and distributions declared by the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) record the issuance of Units of each Class and maintain pursuant to SEC Rule 17Ad-10(e) a record of the
total number of Units of each Class which are authorized, based upon data provided to it by the Client, and issued and outstanding; and
provide the Client on a regular basis with the total number of Units of each Class which are issued and outstanding. However, the Transfer
Agent shall have no obligation, when recording the issuance of Class Units, to monitor the issuance of such Units to determine if there
are authorized Units available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue
or sale of such Units, which functions shall be the sole responsibility of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the
services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>Other Customary Services</u>. Perform certain customary services of a transfer agent and dividend disbursing
agent, including, but not limited to: maintaining Member accounts, preparing Member meeting lists, arranging for the distribution of Member
reports to current Members, maintaining on behalf of the Client such bank accounts as the Transfer Agent shall deem necessary for the
performance of its duties under this Agreement, withholding taxes on U.S. resident and non-resident alien accounts, preparing and filing
U.S. Treasury Department Forms 1099 and other appropriate forms required with respect to dividends and distributions by federal authorities
for all Members, arranging for the preparation and mailing of confirmation forms and statements of account to Members for all purchases
and redemptions of Units and other confirmable transactions in Member accounts, arranging for the preparation and mailing of activity
statements for Members, and providing Member account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>State Transaction ("Blue Sky") Reporting</u>. The Client shall be solely responsible for
its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Lost Member Searches</u>. The Transfer Agent shall conduct lost Member searches as required by Rule
17Ad-17 under the Securities Exchange Act of 1934, as amended (the "1934 Act"). If a Member remains lost after the completion
of the mandatory Rule 17Ad-17 search, after consultation with the Client, the Transfer Agent shall escheat the assets in such lost Member's
account to the U.S. state or territory in the Member's account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>Escheatment Laws</u>. Notwithstanding Section 1.3(iii), the Client shall be solely responsible for
its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or
territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Depository Client & Clearing Corporation ("DTCC")/National Securities Clearing Corporation ("NSCC")</u>. If applicable, the Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts
with DTCC/NSCC, and the purchase and redemption of Class Units in such accounts, in accordance with instructions transmitted to and received
by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its members); and (b) issue instructions to the Client's
banks for the settlement of transactions between the Client and DTCC or NSCC (acting on behalf of its members and bank participants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u> <u>Performance of Certain Services by the Client or Affiliates or Agents</u>. New procedures as to who shall provide certain of these services described in this Section 1 may be established in writing
from time to time by agreement between the Client and the Transfer Agent. If agreed to in writing by the Client and the Transfer Agent,
the Transfer Agent may at times perform only a portion of these services, and the Client or its agent may perform these services on the
Client's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons*. The Client hereby agrees and acknowledges
that the Transfer Agent may rely on the current list of authorized persons, as provided or agreed to by the Client and as may be amended
from time to time, in receiving instructions to issue or redeem Class Units. The Client agrees and covenants for itself and each such
authorized person that any order, sale or transfer of, or transaction in the Class Units received by it after the close of the market
shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant to the Client's then-effective
Governing Document, and the Client or such authorized person shall so instruct the Transfer Agent of the proper effective date of the
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening*. With respect
to the Client's offering and sale of its Class Units at any time, and for all subsequent transfers of such interests, the Client
or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence
with respect to potential investors and transferees in the Class Units and shall obtain and retain due diligence records for each investor
and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Class
Units shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications
that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control
database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable
anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying
due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money
laundering (or other applicable) laws or regulations, the Client shall, upon receipt of written request from the Transfer Agent, provide
the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *Tax Law*. The Transfer Agent shall have no responsibility
or liability for any obligations now or hereafter imposed on the Client, the Class Units, or a Member in connection with the services
provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be
the responsibility of the Client to notify the Transfer Agent of the obligations imposed on the Client, the Class Units, or a Member
in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions
thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental
reporting.

2. <u>FEES AND EXPENSES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent
of services provided pursuant to this Agreement, the Client agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to the Client that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the
laws of The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2)
of the 1934 Act, it will remain so registered for the duration of this Agreement, and it will promptly notify the Client in the event
of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in The Commonwealth
of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational
documents to enter into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to
authorize it to enter into and perform this Agreement.

4. <u>REPRESENTATIONS AND WARRANTIES OF THE CLIENT</u> 

The Client represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Client is duly organized, existing and in good standing
under the laws of its state of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Client is empowered under applicable laws and by its organizational
documents to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All requisite proceedings have been taken to authorize the Client
to enter into, perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Client has elected, or will elect, to be regulated as a
business development company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 All appropriate state securities law filings will be or have
been made, and will continue to be made with respect to all Class Units of the Client being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where information provided by the Client or Members includes information about an identifiable individual
("Personal Information"), the Client represents and warrants that it has obtained all consents and approvals, as required
by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information,
necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such
Personal Information in connection with the performance of the services hereunder. The Client acknowledges that the Transfer Agent may
perform any of the services and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected
by the Client, including the United States and that information relating to the Client, including Personal Information of Members may
be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without
liability to the Client for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation,
any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection,
processing, use or disclosure of Personal Information.

5. <u>DATA ACCESS SERVICES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Client acknowledges that the databases, computer programs, screen formats, report formats, interactive
design techniques, and documentation manuals furnished to the Client by the Transfer Agent as part of the Client's ability to access
certain Client-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the
Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively,
"Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary
Information be deemed to be Member information or the confidential information of the Client. The Client agrees to treat all Proprietary
Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person
or organization except as may be provided hereunder. Without limiting the foregoing, the Client agrees for itself and its officers agents,
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Client's, or such agents' computers, or solely
from equipment at the location(s) agreed to between the Client and the Transfer Agent, and solely in accordance with the Transfer Agent's
applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such
access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance
with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers
to the Client's, or such agents' computer to be retransmitted to any other computer facility or other location, except with
the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Client or such agents to have access only to those authorized transactions agreed upon by the
Client and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect, at the Transfer Agent's
expense, the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal
or state law.

5.2 Proprietary Information shall not include all or any portion
of any of the foregoing items that (i) are or become publicly available without breach of this Agreement; (ii) that are released for
general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at
the time of receipt without obligation of confidentiality or breach of this Agreement.

5.3 If the Client notifies the Transfer Agent that any of the Data
Access Services do not operate in material compliance with the most recently issued user documentation for such services, the Transfer
Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain
data included in the Data Access Services are solely responsible for the contents of such data, and the Client agrees to make no claim
against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof.

5.4 If the transactions available to the Client include the ability
to originate electronic instructions to the Transfer Agent in order to (i) effect the transfer or movement of cash or Class Units, or
(ii) transmit Member information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity
and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity
with security procedures established by the Transfer Agent from time to time.

5.5 Each party shall take reasonable efforts to advise its employees
of their obligations pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

5.6 DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE
SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY
DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE.

6. <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Transfer Agent shall at all times exercise reasonable care and act in good faith in its performance
of all services performed under this Agreement but assumes no responsibility and shall not be liable for loss or damage due to errors,
including encoding and payment processing errors, unless said errors are caused by its gross negligence, bad faith, or willful misconduct
or that of its employees or agents. The Parties agree that any encoding or payment processing errors shall be governed by this standard
of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In any event, the Transfer Agent's cumulative liability for each calendar year (a "Liability
Period") with respect to the Client under this Agreement regardless of the form of action or legal theory shall be limited to its
total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability
or loss suffered by the Client including, but not limited to, any liability relating to the Client's compliance with any federal or state
tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar
year ending immediately prior to each Liability Period in which the event(s) giving rise to the Transfer Agent's liability for that
period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability
of the Transfer Agent for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2024 shall be
the date of this Agreement through December 31, 2024, calculated on an annualized basis, and the Compensation Period for the Liability
Period commencing January 1, 2025 and terminating on December 31, 2025 shall be the date of this Agreement through December 31, 2024,
calculated on an annualized basis. In no event shall either party be liable for special, incidental, indirect, punitive or consequential
damages, regardless of the form of action and even if the same were foreseeable.

7. <u>INDEMNIFICATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents
(the "Indemnitees"), shall not be responsible for, and the Client shall indemnify and hold the Indemnitees harmless, from
and against, any and all losses, damages, costs, charges, counsel fees (including the defense of any lawsuit in which one of the Indemnitees
is a named party), payments, expenses and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all reasonable actions of the Transfer Agent or its agents required to be taken pursuant to this Agreement,
provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Client's material breach of any representation, warranty or covenant of the Client hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Client's lack of good faith, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents
on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents
or subcontractors, including those received in hard copy, or by machine readable input, facsimile, data entry, electronic instructions
or other similar means authorized by the Client, and which have been prepared, maintained or performed by the Client or any other person
or firm on behalf of the Client, including but not limited to any broker-dealer, third party administrator or previous transfer agent;
(b) any instructions or requests of the Client or its officers, or the Client's agents or their officers or employees; (c) any instructions
or opinions of legal counsel to the Client or any Fund with respect to any matter arising in connection with the services to be performed
by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Client or Fund after consultation with such
legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Class Units in violation of any requirement under the federal or state securities
laws or regulations requiring that such Class Units be registered, or in violation of any stop order or other determination or ruling
by any federal or state agency with respect to the offer or sale of such Class Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation,
for deposit into, or credit to, the Client's demand deposit accounts maintained by the Transfer Agent, provided that such actions
are executed by the Transfer Agent in accordance with the Standard of Care set forth in Section 6.1 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all reasonable actions relating to the transmission of Client or Member data through the NSCC clearing
systems, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent in
providing the services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 At any time the Transfer Agent may apply to any officer of the Client for instructions, and may
 consult with legal counsel (which may be Client counsel) with respect to any matter arising in connection with the services to be
 performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents shall not be liable and shall be
 indemnified by the Client for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such
 counsel. The Transfer Agent, its agents shall be protected and indemnified in acting upon any paper or document furnished by or on
 behalf of the Client, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents
provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized
by the Client, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof
from the Client. The Transfer Agent, its agents shall also be protected and indemnified in recognizing stock certificates which are reasonably
believed to bear the proper manual or facsimile signatures of the officers of the Client, and the proper countersignature of any former
transfer agent or former registrar, or of a co-transfer agent or co-registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 In order that the indemnification provisions contained in this Section shall apply, upon the assertion
of a claim for which the Client may be required to indemnify the Transfer Agent, the Transfer Agent shall notify the Client of such assertion
and shall keep the Client advised with respect to all material developments concerning such claim. The Client shall have the option to
participate with the Transfer Agent in the defense of such claim or to defend against said claim in its own name. The Transfer Agent shall
in no case confess any claim or make any compromise in any case in which the Client may be required to indemnify the Transfer Agent except
with the Client's prior written consent which shall not be unreasonably withheld.

8. <u>ADDITIONAL COVENANTS OF THE CLIENT AND THE TRANSFER AGENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Delivery of Documents*. The Client shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A certificate of the Managing Member of the Client authorizing the appointment of the Transfer Agent and
the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of the Certificate of Formation of Client and other pertinent documents and all amendments, if
any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish
and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices;
and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *Records*. In furtherance of the Client's compliance with the requirements of Rule 31a-3 under the
1940 Act, the Transfer Agent agrees that any records relating to the services provided hereunder shall be promptly made available upon
request and preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided
above. Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent.

9. <u>CONFIDENTIALITY AND USE OF DATA</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 All information provided under this Agreement by a Party (the
"Disclosing Party") to the other Party (the "Receiving Party") regarding the Disclosing Party's business
and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement
by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers,
solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the
Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and
operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall
not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than
through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided
by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation,
audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of
law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents
direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments
included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent
of the party providing the information, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (a) In connection with the provision of the services and the
discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes
each of its parent company, branches and affiliates ()"*Affiliates* ")) may collect and store information regarding the
Client and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i)
to carry out the provision of services contemplated under this Agreement and other agreements between the Client and the Transfer Agent
or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational
management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Client or the Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Client and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Client to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators

() Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Transfer Agent affirms that it has and will continue to have throughout the term of this Agreement,
procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information
to the extent required by applicable laws, rules and regulations.

10. <u>EFFECTIVE PERIOD AND TERMINATION</u> 

This Agreement shall remain in full force and effect for an initial term ending January 26<sup>th</sup>, 2025 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing Party no later than one hundred and twenty (120) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either Party may terminate this Agreement: (i) in the event of the other Party's material breach of a material provision of this Agreement that the other Party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other Party or upon the happening of a like event to the other Party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Client, the Client shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Client's termination of this Agreement with respect to the Client for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Client (or its respective successor), the Client shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Client) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Client's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Client and distribution of the Client's assets as a result of the Board's determination in its reasonable business judgment that the Client is no longer viable, (b) a merger of the Client into, or the consolidation of the Client with, another entity, or (c) the sale by the Client of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Client Fund (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any Class shall in no way affect the rights and duties under this Agreement with respect to the Client or any other Class.

11. <u>ADDITIONAL CLASSES</u> 

In the event that the Client establishes one or more Classes of Units in addition to the Classes listed on the attached <u>Schedule A</u>, with respect to which the Client desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such Class of Units shall become a Class hereunder.

12. <u>ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Except as provided in Section 13 below, neither this Agreement
nor any rights or obligations hereunder may be assigned by either Party without the written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except as explicitly stated elsewhere in this Agreement, nothing
under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent
and the Client, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit
of the Transfer Agent and the Client. This Agreement shall inure to the benefit of, and be binding upon, the Parties and their respective
permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement does not constitute an agreement for a partnership
or joint venture between the Transfer Agent and the Client. Neither Party shall make any commitments with third parties that are
binding on the other Party without the other Party's prior written consent.

13. <u>DELEGATION; SUBCONTRACTORS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Upon the prior written approval of the Client, the Transfer
Agent shall have the right, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated,
to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively,
the "Delegates"); provided, the Administrator procures that each such Delegate shall agree to abide by confidentiality obligations
which are no less protective of the Client's confidential information than the confidentiality obligations as forth herein. The Transfer
Agent shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Transfer Agent had
provided such services and committed such acts and omissions itself. Where required, such Delegate shall be a duly registered transfer
agent pursuant to Section 17A(c)(2) of the 1934 Act. The Transfer Agent shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Transfer Agent will provide the Client with information
regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall
include the identities of Delegates affiliated with the Transfer Agent that perform or may perform parts of the services, and the locations
from which such Delegates perform services, as well as such other information about its Delegates as the Client may reasonably request
from time to time.

14. <u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 *Amendment*. This Agreement may be amended or modified
by a written agreement executed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *New York Law to Apply*. This Agreement shall be construed,
and the provisions hereof interpreted under and in accordance with the laws of The State of New York without giving effect to any
conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 *Force Majeure*. In the event either Party is unable to
perform its obligations under the terms of this Agreement because of unforeseeable acts of God, acts of war or terrorism, strikes,
equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party
shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Data Protection*. State Street will implement and maintain
a comprehensive written information security program that contains appropriate security measures to safeguard the personal information
of the Members, Client's employees, managers and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise
accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i)
an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social
security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial
account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination
of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing, "personal
information" shall not include information that is lawfully obtained from publicly available information, or from federal, state
or local government records lawfully made available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Survival*. All provisions regarding indemnification, warranty,
liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the
termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Severability*. If any provision or provisions of this
Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall
not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Priorities Clause*. In the event of any conflict, discrepancy
or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions
contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Waiver.* The failure of a Party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such Party of the right
thereafter to insist upon strict adherence to that term or any term of this Agreement. The failure of a Party hereto to exercise or any
delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver
of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further
exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 *Entire Agreement*. This Agreement and any schedules, exhibits,
attachments or amendments hereto constitute the entire agreement between the Parties hereto and supersedes any prior agreement with respect
to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Counterparts*. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the
same Agreement *.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable
document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Reproduction of Documents*. This Agreement and all schedules,
exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar process. The
Parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course
of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Notices*. Any notice instruction or other instrument required
to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized
delivery service, to the Parties at the following address or such other address as may be notified by any Party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division – Global Services Americas One Congress Street, Suite 1

Boston, MA 02114-2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Client, to:

Partners Group Lending Fund, LLC.

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37<sup>th</sup> Floor

New York, NY 10036

Attention: Executive Office Re: Material Notice, Partners Group

Telephone: 212 908-2600<br> Facsimile: 212-908-2601

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Interpretive and Other Provisions*. In connection with
the operation of this Agreement, the Transfer Agent and the Client, may from time to time agree on such provisions interpretive of or
in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement.
Any such interpretive or additional provisions shall be in a writing signed by all Parties, provided that no such interpretive or additional
provisions shall contravene any applicable laws or regulations or any provision of the Client's governing documents. No interpretive
or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank]*

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ Fred Wilshire |
| Name: | Fred Wilshire |
| Title: | Senior Vice President |
| PARTNERS GROUP LENDING FUND LLC | PARTNERS GROUP LENDING FUND LLC |
| By: | /s/ Bradley Eggers |
| Name: | Bradley Eggers |
| Title: | Product Management |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Authorized Signatory |

---

<u>Schedule A</u>

LIST OF CLASSES

[To be inserted as necessary]

## Exhibit 10.8

**EXHIBIT 10.8**

***EXECUTION VERSION***

 ****

**EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT**

This Expense Support and Conditional Reimbursement Agreement (this "**Agreement**") is made this 31<sup>st</sup> day of August, 2023, by and between Partners Group Lending Fund, LLC, a Delaware limited liability company (the "**Fund**"), and Partners Group (USA) Inc., a Delaware corporation (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated August 31, 2023, entered between the Fund and the Adviser, as may be amended and/or restated from time to time (the "**Investment Advisory Agreement**");

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser (i) shall pay a portion of the Fund's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments, and (ii) may elect to pay an additional portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser agrees to waive the Base Management Fee payable to it (excluding the Incentive Fee) by the Fund and/or to pay or absorb expenses of the Fund (collectively, a "**Waiver**") so that the Other Operating Expenses of the Fund will not exceed 1.00% (on annualized basis) of the Fund's Aggregate Capital Commitments (the "**Expense Limitation**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For purposes of this Agreement, "**Other Operating Expenses**" means the Fund's organization and offering expenses, professional fees, directors fees, administration fees, and other general and administrative expenses (including the Fund's allocable portion of compensation and other expenses incurred by the administrator in performing its administrative obligations under the administration agreement dated August 31, 2023, entered between the Fund and the Adviser (as may be amended and/or restated from time to time), but excluding the Base Management Fee, taxes, interest expense, brokerage commissions, transaction-related expenses arising out of investments made by the Fund, credit facility arrangement fees, servicing fees and the Incentive Fees)). For purposes of this Agreement, "**Aggregate Capital Commitments**" means the sum of all Capital Commitments (as defined in the form of the Company' subscription agreement) made pursuant to subscription agreements between investors and the Fund, and all amounts paid to us by Upfront Cash Payment Investors (as defined in the Subscription Agreement) in connection with their purchase of the Fund's units of common units. For the avoidance of doubt, Aggregate Capital Commitments shall include any portion of an investor's Capital Commitment drawdown pursuant to a subscription agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund agrees to carry forward, for a period not to exceed (3) three years from the date on which a Waiver is made by the Adviser, all fees and expenses in excess of the Expense Limitation that have been waived, paid or absorbed by the Adviser, and to repay the Adviser such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Base Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If this Agreement is terminated by either the Fund or the Adviser, the Fund agrees to repay to the Adviser any amounts payable pursuant to <u>Section 3</u> that have not been previously repaid and, subject to the Investment Company Act, such repayment will be made to the Adviser not later than (3) three years from the date on which a Waiver was made by the Adviser (regardless of the date of termination of this Agreement), so long as the Fund is able to effect such reimbursement and remain in compliance with the Expense Limitation as if such Expense Limitation was still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement shall become effective as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory Agreement; (ii) the board of directors of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which the Fund's unitholders receive units of a publicly-traded company which continues to be managed by the Adviser or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is regulated as a business development company under the Investment Company Act, 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. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's Certificate of Formation or Limited Liability Company Agreement, as each may be amended or restated, or to relieve or deprive the board of directors of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. It is expressly acknowledged and agreed by each of the parties to this Agreement that all unitholders of the Fund (the "Unitholders") are and shall be third-party beneficiaries hereof and entitled to rely on the representations, warranties, covenants and agreements contained herein and shall be entitled to enforce the Fund's rights under this Agreement if the Adviser breaches or otherwise fails to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Notwithstanding the foregoing, the Unitholders shall not be obligated to monitor any party's compliance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[SIGNATURE PAGE TO FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| **PARTNERS GROUP LENDING FUND, LLC** | **PARTNERS GROUP LENDING FUND, LLC** |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Director |
| By: | /s/ Brad Eggers |
| Name: | Brad Eggers |
| Title: | Director |
| **PARTNERS GROUP (USA) INC.** | **PARTNERS GROUP (USA) INC.** |
| By: | /s/ Brian Igoe |
| Name: | Brian Igoe |
| Title: | Director |
| By: | /s/ Adam Howarth |
| Name: | Adam Howarth |
| Title: | Partner |

---

**[Expense Support and Conditional Reimbursement Agreement Signature Page]**

## Exhibit 10.9

**EXHIBIT 10.9**

**EXECUTION VERSION**

Dated February 14, 2024

**PARTNERS GROUP BDC FINANCE I, LLC**<br> as Borrower

**PARTNERS GROUP REVOLVER POOLING BDC, LLC**

as Borrower

**STATE STREET BANK AND TRUST COMPANY**<br> as Facility Agent

**STATE STREET BANK AND TRUST COMPANY**<br> as Collateral Agent

**THE FINANCIAL INSTITUTIONS LISTED HEREIN**<br> as Senior Lenders

**NATWEST MARKETS PLC**<br> as Arranger and a Lead Bank

**STATE STREET BANK AND TRUST COMPANY**<br> as Account Bank, Custodian and Collateral Administrator

and

**PARTNERS GROUP LENDING FUND, LLC**

as Parent

**UP TO USD 175,000,000 FACILITY AGREEMENT**

Cadwalader, Wickersham & Taft LLP<br> 650 S. Tryon Street

Charlotte, North Carolina 28202

-i-

**EXHIBIT 10.9**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | | **Page** |
| 1 | DEFINITIONS AND INTERPRETATION | 2 |
| 2 | THE FACILITY | 72 |
| 3 | PURPOSE | 75 |
| 4 | CONDITIONS OF UTILISATION | 75 |
| 5 | UTILISATION | 78 |
| 6 | OPTIONAL CURRENCIES | 80 |
| 7 | REPAYMENT | 81 |
| 8 | PREPAYMENT AND CANCELLATION | 81 |
| 9 | INTEREST | 86 |
| 10 | INTEREST PERIODS | 88 |
| 11 | CHANGES TO THE CALCULATION OF INTEREST | 89 |
| 12 | FEES | 91 |
| 13 | TAX GROSS UP AND INDEMNITIES | 94 |
| 14 | INCREASED COSTS | 99 |
| 15 | OTHER INDEMNITIES | 100 |
| 16 | MITIGATION BY THE SENIOR LENDERS | 103 |
| 17 | COSTS AND EXPENSES | 103 |
| 18 | REPRESENTATIONS AND WARRANTIES OF THE BORROWER | 105 |
| 19 | REPRESENTATIONS AND WARRANTIES OF THE PARENT | 110 |
| 20 | INFORMATION UNDERTAKINGS | 113 |
| 21 | GENERAL UNDERTAKINGS | 119 |
| 22 | PORTFOLIO UNDERTAKINGS | 127 |
| 23 | SECURITISATION REGULATIONS REQUIREMENTS | 129 |
| 24 | EVENTS OF DEFAULT | 132 |
| 25 | CHANGES TO THE SENIOR LENDERS | 139 |

---

-i-

**EXHIBIT 10.9**

---

| | | |
|:---|:---|:---|
| 26 | CHANGES TO THE BORROWER | 146 |
| 27 | ROLE OF THE FACILITY AGENT, THE COLLATERAL AGENT, THE CUSTODIAN AND THE ACCOUNT BANK | 146 |
| 28 | [RESERVED] | 164 |
| 29 | CONDUCT OF BUSINESS BY THE FINANCE PARTIES | 164 |
| 30 | SHARING AMONG THE FINANCE PARTIES | 164 |
| 31 | PARENT TURNOVER OF NON-PERMITTED RECOVERIES | 165 |
| 32 | [RESERVED] | 165 |
| 33 | [RESERVED] | 165 |
| 34 | PAYMENT AND ACCOUNT MECHANICS | 166 |
| 35 | SET-OFF | 174 |
| 36 | NOTICES | 175 |
| 37 | CALCULATIONS AND CERTIFICATES | 180 |
| 38 | PARTIAL INVALIDITY | 180 |
| 39 | REMEDIES AND WAIVERS | 180 |
| 40 | AMENDMENTS AND WAIVERS | 181 |
| 41 | CONFIDENTIAL INFORMATION | 183 |
| 42 | CONFIDENTIALITY OF FUNDING RATES | 186 |
| 43 | DISCLOSURE OF SENIOR LENDER DETAILS BY FACILITY AGENT | 188 |
| 44 | COUNTERPARTS | 188 |
| 45 | INTEGRATION | 189 |
| 46 | THIRD PARTY BENEFICIARIES | 189 |
| 47 | GOVERNING LAW | 190 |
| 48 | ENFORCEMENT | 190 |
| 49 | LIMITED RECOURSE AND NON-PETITION | 191 |
| 50 | CONTRACTUAL RECOGNITION OF BAIL-IN | 193 |
| SCHEDULE 1 THE ORIGINAL PARTIES | SCHEDULE 1 THE ORIGINAL PARTIES | 195 |

---

-ii-

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| SCHEDULE 2 INITIAL CONDITIONS | 197 |
| SCHEDULE 3 UTILISATION REQUEST | 200 |
| SCHEDULE 4 FORM OF TRANSFER CERTIFICATE | 202 |
| SCHEDULE 5 FORM OF ASSIGNMENT AGREEMENT | 205 |
| SCHEDULE 6 PRIORITIES OF PAYMENT | 208 |
| SCHEDULE 7 ELIGIBILITY CRITERIA | 213 |
| SCHEDULE 8 PORTFOLIO PROFILE TESTS | 218 |
| SCHEDULE 9 SENIOR LOAN TESTS | 221 |
| SCHEDULE 10 SEQUENTIAL AMORTISATION TESTS | 222 |
| SCHEDULE 11 THE WEIGHTED AVERAGE SPREAD TEST | 223 |
| SCHEDULE 12 S&P INDUSTRY CLASSIFICATION GROUP LIST | 225 |
| SCHEDULE 13 TIMETABLES | 228 |
| SCHEDULE 14 FORM OF INCREASE CONFIRMATION | 230 |
| SCHEDULE 15 INVESTMENT REQUIREMENTS | 232 |
| SCHEDULE 16 PORTFOLIO INFORMATION | 234 |
| SCHEDULE 17 [RESERVED] | 237 |
| SCHEDULE 18 DEEMED NON-COMPETITORS | 238 |
| SCHEDULE 19 FORM OF BORROWER COMPLIANCE CERTIFICATE | 239 |
| SCHEDULE 20 REFERENCE RATE TERMS | 242 |
| SCHEDULE 21 CUMULATIVE COMPOUNDED RFR RATE | 261 |
| SCHEDULE 22 DESCRIPTION OF PAYMENT DATE REPORT | 262 |
| SCHEDULE 23 TRANSACTION SUMMARY | 263 |
| SCHEDULE 24 U.S. TAX COMPLIANCE CERTIFICATES | 264 |

---

-iii-

**EXHIBIT 10.9**

**THIS FACILITY AGREEMENT** (this "**Agreement**") is dated February 14, 2024 and made between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **PARTNERS GROUP BDC FINANCE I, LLC**, a Delaware limited liability
company ()"**PG BDC Finance**") and **PARTNERS GROUP REVOLVER POOLING BDC, LLC**, a Delaware limited liability company
(" **PG BDC Revolver**" and, collectively with PG BDC Finance, the "**Borrowers**" and each a "**Borrower** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **STATE STREET BANK AND TRUST COMPANY**, as facility agent (the
" **Facility Agent** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **STATE STREET BANK AND TRUST COMPANY**, as the collateral agent
for the benefit of the Secured Parties (the "**Collateral Agent** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **THE FINANCIAL INSTITUTIONS** listed in Part II of Schedule
1 (*The Original Parties*) as lenders (the "**Senior Lenders** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **NATWEST MARKETS PLC**, as arranger (the "**Arranger** ")
and a lead bank (a "**Lead Bank** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **STATE STREET BANK AND TRUST COMPANY**, as account bank, custodian
and collateral administrator (respectively in such capacities, the "**Account Bank** ", the "**Custodian** "
and the "**Collateral Administrator** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **PARTNERS GROUP LENDING FUND, LLC**, a Delaware limited liability
company, as parent (the "**Parent** "),

(each a "**Party**" and together, the "**Parties**").

**IT IS AGREED** as follows:

**EXHIBIT 10.9**

**SECTION 1**

**INTERPRETATION**

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions

In this Agreement:

"**Acceleration Notice**" means a notice delivered pursuant to Clause 24.15(b) (*Acceleration*).

"**Account Bank Fees**" means the Account Bank's fee arrangements agreed in accordance with and pursuant to the Account Control Agreement.

"**Account Control Agreement**" means, collectively, the securities account control agreements, dated on or about the Closing Date, among each Borrower, the Account Bank and the Collateral Agent.

"**Accounts**" means the Custody Account and the Cash Accounts.

"**Accrued Amount**" has the meaning given to it in Clause 25.10(a)(i) (*Pro rata interest settlement*).

"**Actual LTV**" means the fraction (expressed as a percentage) that is calculated as (a) the Aggregate Outstanding Senior Loan Amount *divided by* (b) the Aggregate Borrowing Base.

"**Additional Business Day**" means any day specified as such in the applicable Reference Rate Terms.

"**Adjusted Collateral Balance**" means, in respect of a Collateral Obligation, the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Collateral Balance of such Collateral Obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Multiplier applicable to such Collateral Obligation.

"**Administrative Expenses**" means amounts due and payable by the Borrower in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a *pro-rata* and *pari passu* basis to the Facility
Agent, the Collateral Administrator, the Custodian and the Account Bank pursuant to the Finance Documents including amounts due and payable
by way of indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a *pro-rata* and *pari passu* basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the Borrower's *pro rata* share of any
fees, expenses or indemnity payments in relation to the restructuring of a Collateral Obligation, including but not limited to a steering
committee relating thereto (determined, where applicable, with reference to the proportion that the principal amount outstanding of a
Collateral Obligation held by the Borrower bears to the aggregate principal amount outstanding of the same Collateral Obligation which
is held by all entities in the PG Group); 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;(ii) to third parties in respect of amounts which are payable by the
Borrower to such third parties under obligations incurred in the ordinary course of the Borrower's business and which are not provided
for payment elsewhere under paragraph 1.1 of Schedule 6 (*Priorities of Payment*);

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on a *pro rata* basis to the payment of any amounts due and
payable by the Borrower in respect of procuring compliance with the Securitisation Regulations including, without limitation, amounts
payable to the EU/UK Reporting Agent under the EU/UK Reporting Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on a *pro rata* basis to the payment of any indemnities payable
to any person as contemplated in the Finance Documents other than the Senior Lenders and the Arranger and not otherwise provided for
above.

"**Advance**" means an advance made or to be made under the Facility or the principal amount outstanding for the time being of that advance.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Agent Fee Letter**" means a fee letter dated on or about the Closing Date between the Facility Agent and the Borrower.

"**Aggregate Borrowing Base**" means, as of any date of determination, the aggregate Funding Currency Borrowing Base as of such date of determination in respect of each Funding Currency (in each case converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency).

"**Aggregate Outstanding Senior Loan Amount**" means the sum of all Funding Currency Senior Loan Amounts (in each case converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency).

"**Aggregate Unfunded Exposure Amount**" means, on any date of determination, the sum of the Unfunded Exposure Amounts of all Delayed Drawdown Obligations and Revolving Obligations included in the Portfolio.

"**Amortisation Period**" means the period from and excluding the Investment Period End Date to and including the Facility Maturity Date.

"**Anti-Corruption Laws**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the U.S. Foreign Corrupt Practices Act of 1977, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the U.K. Bribery Act 2010, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other anti-bribery or anti-corruption laws, regulations or ordinances
in any jurisdiction in which Borrower or its Affiliates is located or doing business.

**EXHIBIT 10.9**

"**Anti-Money Laundering Laws**" means Applicable Law in any jurisdiction in which Borrower or its Affiliates is located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

"**Applicable Law**" means, as to any person, all applicable Laws binding upon such Person or to which such a Person is subject.

"**Approved Valuation Agent**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any of Houlihan Lokey, Inc., Lincoln International LLC, Kroll and
Markit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other valuation agent of international standing as may be agreed
by the Lead Bank from time to time.

"**Asset Coverage Ratio**" means the asset coverage ratio, expressed as a percentage, of (a) the value of total assets of the Parent, less all liabilities and indebtedness of the Parent not represented by Senior Securities (as such term is defined in the Investment Company Act) to (b) the aggregate amount of Senior Securities (as such term is defined in the Investment Company Act) representing indebtedness of the Parent, in each case, as determined pursuant to the Investment Company Act and any orders, declarations, opinions, relief or letters issued by the Securities and Exchange Commission or any other government or regulatory authority.

"**Asset Currency**" means each Funding Currency, and any additional currency as may be agreed between the Lead Bank and the Borrower from time to time.

"**Assignment Agreement**" means an agreement substantially in the form set out in Schedule 5 (*Form of Assignment Agreement*) or any other form agreed between the relevant assignor and assignee.

"**AUP Report**" means an agreed upon procedures report with regards to the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the accuracy and timeliness of the Portfolio Information delivered
during the preceding twelve month period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the correctness of the calculations giving rise to the amounts specified
in the Payment Date Reports delivered during the preceding twelve month period.

"**Australian Dollar**" or "**AUD**" means the lawful currency of Australia for the time being.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Authority**" means any competent regulatory, prosecuting, tax or governmental authority in any jurisdiction, domestic or foreign.

**EXHIBIT 10.9**

"**Available Commitment**" means, in respect of a Senior Lender, such Senior Lender's Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation in any outstanding
Advances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation, the Base Currency Amount
of its participation in any Advances that are due to be made on or before the proposed Utilisation Date.

"**Available Facility**" means the aggregate for the time being of each Senior Lender's Available Commitment.

"**Available Interest Proceeds**" means, as of any date of determination, the Interest Proceeds available for distribution or, as the context may require, such Interest Proceeds that are denominated in a specific Funding Currency.

"**Available Principal Proceeds**" means, as of any date of determination, the Principal Proceeds available for distribution or, as the context may require, such Principal Proceeds that are denominated in a specific Funding Currency, in each case taking into account on a *pro forma* basis any Principal Proceeds necessary to originate or acquire any Collateral Obligations or any Principal Proceeds to be received in respect of a sale of any Collateral Obligations if the related settlement date(s) is expected to occur between a Determination Date and the related Payment Date or Interim Payment Date (as applicable) as identified by the Borrower to the Collateral Administrator prior to such Determination Date.

"**Backstop Rate Switch Date**" means in relation to a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date (if any) specified as such in the applicable Reference
Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other date agreed as such between the Facility Agent, the Majority
Senior Lenders and the Borrower in relation to that currency.

"**Banking Day**" means, in respect of any city, any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in that city.

"**Base Currency**" means USD.

"**Base Currency Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any amount denominated in the Base Currency, such
amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any amount denominated in any other currency:

&nbsp;&nbsp;&nbsp;&nbsp;&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) if it is in relation to a Utilisation in accordance with Clause
5 (*Utilisation*), the amount converted into the Base Currency at the FX Conversion 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) two Business Days in advance of the date of the Utilisation for
amounts denominated in GBP and EUR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) three Business Days in advance of the date of the Utilisation for
amounts denominated in any other currency; or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) for any other amount, converted at the FX Conversion Rate.

"**BDC Covenant Compliance Start Date**" means the date on which the Parent becomes registered as a Business Development Company.

"**Benefit Plan Investor**" means (a) any "employee benefit plan" (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA; (b) any "plan" as defined in Section 4975(e) of the Code that is subject to Section 4975 of the Code; (c) any governmental or other plan or arrangement that is not subject to ERISA or to Section 4975 of the Code but is subject to any law or restriction substantially similar to Section 406 of ERISA or Section 4975 of the Code; or (d) any entity whose underlying assets include "plan assets" of the foregoing employee benefit plans or plans (within the meaning of the DOL Regulations or otherwise).

"**Borrower Compliance Certificate**" means a certificate substantially in the form set out in Schedule 19 (*Form of Borrower Compliance Certificate*).

"**Borrower Repeating Representations**" means each of the representations and warranties of the Borrower set out in Clause 18 (*Representations and Warranties of the Borrower*) other than those set out in part (a) of Clause 18.10 (*Taxation*), Clause 18.12 (*Information*) and Clause 18.25 (*Insolvency*).

"**Borrower Security Asset**" means each asset of the Borrower which from time to time is, or is expressed to be, the subject of the Transaction Security.

"**Break Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Term Rate Advance, the amount (if any) by which:

&nbsp;&nbsp;&nbsp;&nbsp;&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 amount equal to the interest excluding the Margin (which amount
shall not be less than zero) which a Senior Lender should have received for the period from the date of receipt of all or any part of
its participation in an Advance or Unpaid Sum to the last day of the current Interest Period in respect of that Advance or Unpaid Sum,
had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

*exceeds:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&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 amount which that Senior Lender would be able to obtain by placing
an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for
a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Compounded Rate Advance, any amount specified as
such in the applicable Reference Rate Terms.

**EXHIBIT 10.9**

"**Business Day**" means (save to the extent otherwise defined) a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York, Boston, Zurich and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is a T2 Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if a determination is being made with respect to CAD) on which
commercial banks and foreign exchange markets settle payments in Toronto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fixing of an interest rate in relation to a Term Rate Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any date for payment or purchase of an amount relating to a Compounded
Rate Advance; 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;(iii) the determination of the first day or the last day of an Interest
Period for a Compounded Rate Advance, or otherwise in relation to the determination of the length of such an Interest Period,

which is an Additional Business Day relating to that Advance or Unpaid Sum.

"**Business Development Company**" means a "business development company" under the Investment Company Act.

"**Calculation Date**" means each Determination Date, the date of each Utilisation Request and the date of each notification by the Borrower of its intention to sell any Collateral Obligation.

"**Canadian Dollar**" or "**CAD**" means the lawful currency of Canada for the time being. "**Cash Accounts**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to PG BDC Finance:

&nbsp;&nbsp;&nbsp;&nbsp;&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 account denominated in USD established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR7USD01

&nbsp;&nbsp;&nbsp;&nbsp;&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 account denominated in EUR established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR7EUR01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the account denominated in GBP established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR7GBP01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the account denominated in CAD established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR7CAD01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the account denominated in AUD established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR7AUD01

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to PG BDC Revolver:

&nbsp;&nbsp;&nbsp;&nbsp;&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 account denominated in USD established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR6USD01

&nbsp;&nbsp;&nbsp;&nbsp;&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 account denominated in EUR established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR6EUR01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the account denominated in GBP established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR6GBP01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the account denominated in CAD established by the Borrower with
the Account Bank with the following account number and IBAN:

Account No.: PGR6CAD01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the account denominated in AUD established by the Borrower with
the Account Bank with the following account number and IBAN:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Account No.: PGR6AUD01

"**Central Bank Rate**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Central Bank Rate Adjustment**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Central Bank Rate Spread**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100 per cent. of the shares and equity interests in the Borrower
ceasing to be held by the Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither Partners Group (USA) Inc. nor any Qualifying Affiliate of
Partners Group Holding AG is the investment advisor to, or otherwise control the investment management and investment policies of, the
Parent.

"**Clean-up Test A**" has the meaning given to that term in Schedule 10 (*Sequential Amortisation Tests*).

"**Clean-up Test B**" has the meaning given to that term in Schedule 10 (*Sequential Amortisation Tests*).

**EXHIBIT 10.9**

"**Closing Date**" means February 14, 2024.

"**Code**" means the US Internal Revenue Code of 1986.

"**Collateral Administration Agreement**" means the Collateral Administration Agreement, dated on or about the Closing Date, among the Borrower, the Collateral Agent, the Facility Agent and the Collateral Administrator.

"**Collateral Agent Expenses**" means amounts due and payable by the Borrower to the Collateral Agent in its capacity as such under the Finance Documents or to any Delegates or Receiver (including by way of indemnity).

"**Collateral Agent Fee Letter**" means a fee letter dated on or about the Closing Date between the Collateral Agent acting through its Agency and Trust business division and the Borrower.

"**Collateral Balance**" means, in respect of a Collateral Obligation, the principal amount outstanding thereof (excluding any accrued interest but including any capitalised interest or any Performing PIK Interest, subject to a maximum of 5% of the principal amount outstanding of such Collateral Obligation), multiplied by the lesser of 100% and the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Collateral Obligation (other than a Restructured
Obligation) purchased by the Borrower in the secondary market, such purchase price (expressed as a percentage of such principal amount
outstanding at the time of purchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Collateral Obligation originated by the Borrower
in the primary market where the aggregate of any related original issue discounts and origination fees exceeds 3% of the original principal
amount outstanding of such Collateral Obligation, the original issue or origination price (expressed as a percentage of such original
principal amount outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of a Restructured Obligation, its Market Value determined
on the Calculation Date (expressed as a percentage of such principal amount outstanding as of the Calculation Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of an Impaired Obligation or Defaulted Obligation, 0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in respect of a Collateral Obligation in respect of which a failure
to provide the Pre-Funding Information or Post-Funding Information (when required and within the applicable timelines under those definitions
(as may be waived or extended by the Lead Bank in its sole discretion)) is continuing, 0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in respect of an Ineligible Obligation, 0%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in respect of any Collateral Obligation not described by the foregoing,
100%.

"**Collateral Obligation**" means any debt obligation originated or acquired by or on behalf of the Borrower (including in the form of a Participation) from time to time (or, if the context so requires, to be originated or acquired by or on behalf of the Borrower). For the avoidance of doubt, in the case of a Participation, any references in the Finance Documents to the related Obligor, the terms of such Obligor's obligations or the applicable Underlying Instruments shall be deemed to refer to the Obligor, obligations and Underlying Instruments with respect to the loan related to such participation interest, as applicable.

**EXHIBIT 10.9**

For the purposes of determination of or testing, as applicable, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Portfolio Profile Test Denominator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Portfolio Profile Tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Senior Loan Tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Sequential Amortisation Tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Funding Currency Borrowing Bases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all other tests and criteria applicable to the Portfolio under the
Finance Documents at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any obligation in respect of which the Borrower has entered into
a binding commitment to acquire which has not yet settled shall be included for the purposes of such calculation and the Principal Proceeds
to be used to acquire such obligation shall be excluded from the calculation as if such origination or acquisition had been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&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) save as specified in row number 5 of the table in Schedule 8 (*Portfolio Profile Tests*), only the drawn portion of a Collateral Obligation shall be taken into account; 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;(iii) any obligation in respect of which the Borrower has entered into
a binding commitment to sell which has not yet settled shall not be included for the purposes of such calculation and the Principal Proceeds
to be received from the sale of such obligation shall be included in the calculation as if such sale had been completed.

"**Collateral Obligation Stated Maturity**" means, with respect to any Collateral Obligation, the date specified in its Underlying Instruments as the date on which the final payment or repayment of principal of such obligation is due and payable (to the extent not already paid or repaid in full).

"**Collection Period**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the first Payment Date or, to the extent it occurs
prior to the first Payment Date, the Interim Payment Date (as applicable), the period from and including the Closing Date to and including
the Determination Date immediately preceding the first Payment Date or Interim Payment Date (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) thereafter, the period from but excluding the Determination Date
preceding the previous Payment Date or Interim Payment Date (as applicable) to and including the Determination Date immediately preceding
the current Payment Date or Interim Payment Date (as applicable).

**EXHIBIT 10.9**

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Senior Lender, the Base Currency Amount set opposite
its name under the heading "**Commitment**" in Part II of Schedule 1 (*The Original Parties*) and the amount of any
other Commitment transferred to it or assumed by it in accordance with the provisions of Clause 2.2 (*Increases*) under this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Senior Lender, the amount of any Commitment
transferred to it under this Agreement or assumed by it in accordance with the provisions of Clause 2.2 (*Increases*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Commitment Fee**" has the meaning given in Clause 12.1(a) (*Commitment fee*).

"**Commitment Increase Date**" means, with respect to a Collateral Obligation, any date on which the Borrower increases the amount of its commitment thereunder.

"**Competent Authorities**" means any competent authorities and regulators for the purposes of either of the Securitisation Regulations.

"**Competitor**" means a loan-to-own or distressed debt provider which is a direct competitor of Partners Group in lending to, or investing in loans to, middle-market or lower-middle-market companies, or any affiliate of such a competitor; *provided that* (i) for the purposes of this definition a Competitor shall not include an entity that is a bank or other deposit taking institution provided it is rated at least "A-"; and (ii) any Person set forth on Schedule 18 (*Deemed Non-Competitors*) shall be deemed not to be a Competitor.

"**Compounded Rate Advance**" means any Advance or, if applicable, Unpaid Sum which is not a Term Rate Advance.

**"Compounded Rate Currency**" means any Funding Currency (including a Rate Switch Currency upon the occurrence of a Rate Switch Date) which is not a Term Rate Currency.

"**Compounded Rate Interest Payment**" means the aggregate amount of interest that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, or is scheduled to become, payable under any Finance Document;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) relates to a Compounded Rate Advance.

"**Compounded Reference Rate**" means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Advance, the percentage rate per annum which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cumulative Compounded RFR Rate for that RFR Banking Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Rate Switch CAS (if any).

**EXHIBIT 10.9**

"**Compounding Methodology Supplement**" means, in relation to the Cumulative Compounded RFR Rate, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Borrower, the Facility Agent (in its
own capacity) and the Facility Agent (acting on the instructions of Majority Senior Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies a calculation methodology for that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been made available to the Borrower and each Finance Party.

"**Confidential Information**" means all information relating to the Borrower, the Parent, the Finance Documents, the Facility, any other Finance Party, the Collateral Obligations or the Obligors of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower, the Parent, any member of the PG Group or any of their
respective advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information was obtained by that Finance
Party directly or indirectly from the Borrower, the Parent, any member of the PG Group or any of their respective advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&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) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is or becomes public information other than as a direct or indirect
result of any breach by that Finance Party of Clause 41 (*Confidential Information*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is identified in writing at the time of delivery as non-confidential
by the Borrower, the Parent or any member of the PG Group or any of their respective advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before the date the information is
disclosed to it in accordance with paragraphs (A) or (B) above or is lawfully obtained by that Finance Party after that date, from a
source that, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation
of confidentiality; 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;(ii) any Funding Rate.

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LSTA Master Confidentiality Agreement or in any other form agreed between the Borrower and the Facility Agent.

**EXHIBIT 10.9**

"**Constitutional Documents**" means, the limited liability company agreement or other comparable charter or organisational documents pursuant to which a company or other non-natural person is incorporated, organized or established, as amended.

"**Construction Loan**" means a loan provided for the sole purposes of supporting real estate construction.

"**Controlled Account**" has the meaning assigned to such term in the Account Control Agreement.

"**Covenant Lite Obligation**" means a Collateral Obligation, as determined by the Borrower acting reasonably and in good faith, the Underlying Instruments for which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do not contain any financial covenants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) do not require the Obligor thereunder to comply with a Maintenance
Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by the Underlying Instruments);

*provided* that for all purposes such an obligation which either contains a cross default or cross-acceleration provision to or is *pari passu* with a Related Collateral Obligation shall be deemed not to be a Covenant Lite Obligation.

 

"**Cumulative Compounded RFR Rate**" means, in relation to an Interest Period for a Compounded Rate Advance, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) acting in good faith in accordance with the methodology set out in Schedule 21 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

"**Custody Account**" means the custody accounts in the names of each Borrower established with the Custodian with the following account numbers (and including any replacement or successor account): (i) with respect to PG BDC Finance, PGR6 and (ii) with respect to PG BDC Revolver, PGR7.

"**Custody Agreement**" means an English law governed custody agreement, dated on or prior to the European Covenant Compliance Start Date, in relation to custody assets thereunder, as such agreement may be amended, restated, modified, replaced or otherwise supplemented from time to time.

"**Custody Fees**" means the Custodian's fee arrangements agreed in accordance with and pursuant to the Custody Agreement.

"**Cyclical Industry**" means, each of the following Industries:

---

| | |
|:---|:---|
| **Asset Type Code** | **Asset Type Description** |
| 151020 | Construction Materials |
| 601010 | Equity Real Estate Investment Trusts (REITs) |

---

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **Asset Type Code** | **Asset Type Description** |
| 601020 | Real Estate Management & Development |
| 201030 | Construction & Engineering |
| 201020 | Building Products |
| 151040 | Metals & Mining |
| 101020 | Oil, Gas & Consumable Fuels |
| 101010 | Energy Equipment & Services |
| 401010 | Banks |
| 401020 | Thrifts & Mortgage Finance |
| 402010 | Diversified Financial Services |
| 402020 | Consumer Finance |
| 402030 | Capital Markets |
| 402040 | Mortgage Real Estate Investment Trusts (REITs) |
| 403010 | Insurance |
| 255010 | Distributors |
| 255020 | Internet & Direct Marketing Retail |
| 255030 | Multiline Retail |
| 255040 | Specialty Retail |
| 253010 | Hotels, Restaurants & Leisure |
| 502020 | Entertainment |
| 252020 | Leisure Products |

---

"**Daily Rate**" means the rate specified as such in the applicable Reference Rate Terms.

"**Declared Default**" means an Event of Default which is continuing and in respect of which the Facility Agent, at the direction of the Majority Senior Lenders, has issued an Acceleration Notice in accordance with Clause 24.15 (*Acceleration*).

"**Default**" means an Event of Default or any event or circumstance specified in Clause 24 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

**EXHIBIT 10.9**

"**Defaulted Obligation**" means a Collateral Obligation in respect of which, as of any date of determination, any one or more of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has occurred a default with respect to the payment of interest
or principal that is continuing for at least 90 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Insolvency Event has occurred in respect of an Obligor, and in
each case shall continue to be a Defaulted Obligation; *provided* that 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;(x) an event causing the Collateral Obligation to be a Defaulted Obligation
is cured and following such cure the Collateral Obligation does not become a Defaulted Obligation for two consecutive Collection Periods;
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;(y) the Lead Bank otherwise consents thereto (which consent shall be
valid only with respect to such specified event(s) with respect to which such consent is provided),

such Collateral Obligation shall cease to constitute a Defaulted Obligation as a result of such event.

"**Defaulting Lender**" means any Senior Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation in an Advance available
or has notified the Facility Agent that it will not make its participation in an Advance available by the Utilisation Date of that Advance
in accordance with Clause 5.4 (*Senior Lenders' participation*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which has otherwise rescinded or repudiated a Finance Document;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to which an Insolvency Event has occurred and is continuing,
unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within 5 Business Days of its due date; 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;(ii) the Senior Lender is disputing in good faith whether it is contractually
obliged to make the payment in question.

"**Delayed Drawdown Obligation**" means a Collateral Obligation that requires the Borrower to make one or more future advances to the Obligor(s) under its Underlying Instruments; *provided* that such Collateral Obligation (i) specifies a maximum amount that can be borrowed on one or more borrowing dates and (ii) does not permit the re-borrowing of any amount previously repaid; *provided further* that any such Collateral Obligation will be a Delayed Drawdown Obligation only until all commitments to make advances to the Obligor(s) expire or are terminated or permanently reduced to zero.

**EXHIBIT 10.9**

"**Delegate**" means any delegate, agent, attorney, co-trustee or other appointee appointed by the Collateral Agent.

"**Determination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Scheduled Determination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Interim Determination Date.

*provided* that if any such date is not a Business Day, the relevant Determination Date shall be deferred to the next day that is a Business Day.

 

"**DIP Loan**" means any interest in a loan or financing facility that is acquired directly by way of assignment (a) which is an obligation of a debtor in possession as described in § 1107 of the United States Bankruptcy Code or a trustee (if appointment of such trustee has been ordered pursuant to § 1104 of the United States Bankruptcy Code) (a "**Debtor**") organised under the laws of the United States or any State therein, (b) which is paying interest and principal on a current basis and (c) the terms of which have been approved by an order of the United States Bankruptcy Court, the United States District Court, or any other court of competent jurisdiction, the enforceability of which order is not subject to any pending contested matter or proceeding (as such terms are defined in the Federal Rules of Bankruptcy Procedure) and which order provides that: (i) such DIP Loan is secured by liens on the Debtor's otherwise unencumbered assets pursuant to § 364(c)(2) of the United States Bankruptcy Code; (ii) such DIP Loan is secured by liens of equal or senior priority on property of the Debtor's estate that is otherwise subject to a lien pursuant to § 364(d) of the United States Bankruptcy Code; (iii) such DIP Loan is secured by junior liens on the Debtor's encumbered assets and such DIP Loan is fully secured based upon a current valuation or appraisal report; or (iv) if the DIP Loan or any portion thereof is unsecured, the repayment of such DIP Loan retains priority over all other administrative expenses pursuant to § 364(c)(1) of the United States Bankruptcy Code.

"**Discharged Rights and Obligations**" has the meaning given to it in Clause 25.6(c)(i) (*Procedure for transfer*).

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems
or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility
(or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by,
and is beyond the control of, any of the Parties; or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption
(of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations under the Finance Documents;
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;(ii) from communicating with other Parties in accordance with the terms
of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**DOL Regulations**" means regulations promulgated by the U.S. Department of Labor at 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, and at 29 C.F.R. § 2550.401c-1.

"**Dollars**", "**USD**" and "**$**" mean lawful money of the United States of America.

"**Domicile**" or "**Domiciled**" means with respect to a Collateral Obligation and the Obligor(s) thereunder the jurisdiction and the country in which, in the Borrower's opinion, a substantial portion of such Obligor(s)' operations are located or from which a substantial portion of its or their revenue is derived, in each case directly or through subsidiaries (which shall be any jurisdiction and country known at the time of designation by the Borrower to be the source of the majority of revenues, if any, of such Obligor(s)).

"**EBITDA**" means, in respect of a Collateral Obligation, the trailing 12-month earnings before interest, taxes, depreciation and amortisation of the relevant Obligor(s), determined as the "Adjusted EBITDA", "EBITDA", "Proforma EBITDA" or comparable definition specified in the Underlying Instruments or, if no such definition exists, an amount for the Obligor(s) and any parent that is obligated pursuant to the Underlying Instruments for such Collateral Obligation (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (a) interest expense, (b) income taxes, (c) depreciation and amortisation for such four fiscal quarter period (to the extent deducted in determining earnings from continuing operations for such period), (d) amortisation of intangibles (including, but not limited to, goodwill, financing fees and other capitalised costs), other non-cash charges and organisation costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring or non-cash charges consistent with the applicable compliance statements and financial reporting packages provided by such obligor, and (g) any other item the Lead Bank (in its sole determination) may deem to be appropriate; *provided* that with respect to any obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such obligor based on annualizing the economic data from the reporting periods actually available.

"**Effective Advance Rate**" means, as of any date of determination, (a) the aggregate principal amount of all Advances outstanding on such date <u>divided by</u> (b) the aggregate Collateral Balance of all Collateral Obligations on such date.

**EXHIBIT 10.9**

"**Effective Number**" shall as of any date of determination be calculated across the Portfolio as of such date of determination as:

![](fp0095824-1_01.jpg)

 

where: "*ACBi*" is the aggregate Adjusted Collateral Balance of the Collateral Obligations of each Obligor (converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency).

"**Eligibility Criteria**" has the meaning given to that term in Schedule 7 (*Eligibility Criteria*).

"**Eligibility Criteria Test Date**" means, in respect of a Collateral Obligation and unless otherwise indicated in the relevant Eligibility Criteria, any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Investment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Restructuring Date that occurs in respect of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Commitment Increase Date.

"**Eligible Dealer**" means each of the following entities or their Affiliates (or any successor thereto): Bank of America Merrill Lynch, Barclays Bank PLC, BNP Paribas, Citibank, N.A., CIBC World Markets Plc, Crédit Agricole Corporate & Investment Bank, Commerzbank AG, Deutsche Bank AG, Goldman Sachs Group, Inc., HSBC Bank PLC, J.P. Morgan Chase Bank, Lloyds TSB Group Plc, Morgan Stanley, Dean Witter, Discover & Co., Natixis, Nomura International PLC, The Royal Bank of Scotland Group PLC, Societe Generale, Wells Fargo Bank NA, UBS Warburg Ltd. and any other independent, internationally recognised third party dealer agreed by the Facility Agent and the Borrower in writing from time to time.

"**Eligible Institution**" means any Senior Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower and which, in each case, has been approved by the Majority Senior Lenders (acting reasonably) and in respect of which the Facility Agent has completed KYC requirements to its satisfaction.

"**Eligible Obligation**" means a Collateral Obligation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) satisfied the Eligibility Criteria on the most recent Eligibility
Criteria Test Date in respect of such Collateral Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has been approved by the Lead Bank, in its sole discretion, *provided that*, within 30 days of the date on which the Lead Bank notifies the Borrower of such approval, either (i) the related Investment
Date occurs; or (ii) the Borrower, the Parent or one of their Affiliates enters into a binding commitment to fund the Collateral Obligation,

*provided* that upon the occurrence of a Material Modification occurring under sub-clauses (b)(i) and/or (b)(iv) of the definition of "Material Modification", the Lead Bank may in its sole discretion, revoke its approval of any such affected Collateral Obligation prior to the related Investment Date with respect to such Collateral Obligation.

**EXHIBIT 10.9**

"**EMU Legislation**" means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.

"**English Law Security Deed**" means an English law security agreement, dated on or prior to the European Covenant Compliance Start Date, whereby the Borrower grants to the Collateral Agent for the benefit of the Secured Parties a Security Interest over those Controlled Accounts established pursuant to a Custody Agreement, as the same may be amended, restated, modified, replaced or otherwise supplemented from time to time.

"**Enterprise Value**" means, in respect of a Collateral Obligation, the enterprise value of the Obligor thereof as determined by the Borrower acting reasonably and in good faith; *provided* that following an EV Revaluation Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Enterprise Value may be revised following a similar level of
diligence applied by the Borrower prior to origination or acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Enterprise Value is revised by the Borrower, the Lead Bank
may dispute such valuation in good faith and a third party valuation agent shall be selected by the Lead Bank and the Borrower jointly
(the fees of any such third party valuation agent being payable by the Borrower) to determine an independent valuation, such valuation
to be the Enterprise Value.

"**EOD LTV Test**" has the meaning given to such term in Schedule 9 (*Senior Loan Tests*).

"**E** **1ISA**" means the Employee Retirement Income Security Act of 1974, as amended from time to time, including all regulations promulgated thereunder.

"**E** **1ISA Affiliate**" means any person that, for purposes of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, is a member of the Borrower's "controlled group" or is under "common control" with the Borrower, within the meaning of Section 414 of the Code.

"**E** **1ISA Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Reportable Event has occurred with respect to any Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the institution of any steps by the Borrower or any ERISA Affiliate,
the PBGC or any other Person to terminate any Plan or the occurrence of any event or condition described in Section 4042 of ERISA that
constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the institution of any steps by the Borrower or any ERISA Affiliate
to withdraw from any Multiemployer Plan or written notification of or to the Borrower or any ERISA Affiliate concerning the imposition
of withdrawal liability;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a non-exempt "prohibited transaction" within the meaning
of Section 406 of ERISA or Section 4975 of the Code in connection with any employee benefit plan sponsored or maintained by Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the cessation of operations at a facility of the Borrower or any
ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to a Plan, a failure to satisfy the minimum funding
standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the conditions for imposition of a lien under Section 303(k) of
ERISA shall have been met with respect to a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a determination that a Plan is or is expected to be in "at
risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the insolvency of a Multiemployer Plan or written notification that
a Multiemployer Plan is in "endangered" or "critical" status (within the meaning of Section 432 of the Code or
Section 305 of ERISA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the imposition of any liability under Title IV of ERISA, other than
for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.

"**EU/UK Reporting Agent**" means TMF SFS Management B.V.

"**EU/UK Reporting Agreement**" means the reporting agreement in relation to the Transparency Requirements entered into on or about the Closing Date between the Borrowers and the EU/UK Reporting Agent.

"**EU Credit Rating Agency Regulation**" means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended, varied or substituted from time to time.

"**EU Retention Requirement**" means the risk retention requirement under Article 6(1) of the EU Securitisation Regulation or any replacement provision included in the EU Securitisation Regulation from time to time.

"**EU Securitisation Regulation**" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, as amended, varied or substituted from time to time, including (i) any technical standards thereunder as may be effective from time to time and (ii) any guidance relating thereto as may from time to time be published by any Competent Authority and an EU regulator.

"**EU Transparency Requirements**" means the disclosure requirements under Article 7 of the EU Securitisation Regulation or any replacement provision included in the EU Securitisation Regulation from time to time.

"**EUR**", "**Euro**" and **€** mean the lawful currency of each state so described in any EMU Legislation introduced in accordance with the EMU Legislation.

**EXHIBIT 10.9**

"**European Covenant Compliance Start Date**" has the meaning assigned to such term in Clause 4.2(l).

"**EV Multiple**" means, in respect of a Collateral Obligation, the Enterprise Value in respect of such Collateral Obligation *divided by* the EBITDA in respect of such Collateral Obligation calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) using the Enterprise Value and EBITDA as of the date the Collateral
Obligation is included in the Portfolio; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an EV Revaluation Event has occurred in respect of such Collateral
Obligation, using the Enterprise Value and EBITDA as of the date of such EV Revaluation Event.

"**EV Revaluation Event**" means, in respect of a Collateral Obligation, the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it becomes a Restructured Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Obligor is subject to a change of control (e.g., a merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Obligor breaches financial covenants (other than covenants related
to leverage multiples); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other event which results in a material increase to the Enterprise
Value of the Obligor, as determined by the Lead Bank at the request of the Borrower.

"**Event of Default**" means any event or circumstance specified as such in Clause 24 (*Events of Default*).

"**Excluded Taxes**" means any of the following Taxes imposed on or with respect to the Senior Lenders or the Facility Agent or required to be withheld or deducted from a payment to a Senior Lender or the Facility Agent, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Senior Lender or Facility Agent being organized under the laws of, or having its principal office or, in the case of any Senior Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Senior Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Senior Lender with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date on which (i) such Senior Lender acquires such interest in the Advance or Commitment or (ii) such Senior Lender changes its lending office, except in each case to the extent that, pursuant to Clause 13 (*Tax gross up and indemnities*), amounts with respect to such Taxes were payable either to such Senior Lender's assignor immediately before such Senior Lender became a party hereto or to such Senior Lender immediately before it changed its lending office, (c) Taxes attributable to such Senior Lender or Facility Agent's failure to comply with Clause 13.5 (*Status of Senior Lenders*) and (d) any U.S. federal withholding Taxes imposed under FATCA.

**EXHIBIT 10.9**

"**Expected Currency Shortfall**" has the meaning given to such term in Schedule 6 (*Priorities of Payment*).

"**Facility**" means the senior loan facility made available under this Agreement as described in Clause 2 (*The Facility*).

"**Facility Agreement**" means this Agreement.

"**Facility Maturity Date**" means the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling 11 years from the Closing Date (or if such date
is not a Business Day, the preceding day that is a Business Day) or such other date as may be agreed in writing among the Borrower and
the Senior Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any date on which the Facility is cancelled in its entirety and
required to be repaid in full pursuant to Clause 8.3 (*Optional Prepayment)*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the Advances are declared accelerated following
the occurrence of an Event of Default pursuant to Clause 24.15 (*Acceleration*).

"**Facility Obligor**" means, collectively, each Borrower.

"**Facility Office**" means the office or offices notified by a Senior Lender to the Facility Agent in writing on or before the date it becomes a Senior Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 through 1474 of the Code, as of the date of this Agreement
(or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or
future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating
to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
any law or regulation referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law
or regulation referred to in paragraph (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or
taxation authority in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "withholdable payment" described in
section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July
2014; or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment" described in section
1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction
or withholding required by FATCA.

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Finance Document**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Collateral Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Account Control Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Custody Agreement (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Product Fee Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the EU/UK Reporting Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other document designated as a "Finance Document"
by the Facility Agent and the Borrower.

"**Finance Party**" means each of the Facility Agent, the Arranger, the Lead Bank, the Custodian, the Account Bank, the Collateral Agent, the Collateral Administrator and each Senior Lender.

"**Financial Covenant Modification**" means, in respect of a Collateral Obligation, any amendment, modification or waiver to the related Underlying Instruments that is not a Material Modification and (a) loosens the threshold for compliance with any financial covenant; (b) increases the allowance for add-backs or adjustments to EBITDA (excluding any forward-looking add-back or adjustment for unrealised savings and/or synergies (whether of costs, revenues or otherwise)); or (c) is the subject of a covenant reset.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any acceptance under any acceptance credit facility or dematerialised
equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any note purchase facility or the issue of bonds, notes, debentures,
loan stock or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any preference shares;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any liability in respect of a lease, hire purchase contract or other
agreement which would, in accordance with GAAP, be treated as a finance or capital lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) receivables sold or discounted (other than any receivables to the
extent they are sold or discounted on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any derivative transaction (and, when calculating the value of any
derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out
of that derivative transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any counter indemnity obligation in respect of a guarantee, indemnity,
bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other transaction (including any forward sale or purchase agreement)
of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the amount of any liability in respect of any guarantee or indemnity
for any of the items referred to above.

"**Financial Stability Board**" means the organisation established in April 2009 to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies, bringing together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

"**Fixed Rate Collateral Obligation**" means a Collateral Obligation that bears a fixed rate of interest.

"**Floating Rate Collateral Obligation**" means a Collateral Obligation that bears a floating rate of interest.

"**Freshwater Industry**" means an industry where the Obligor directly supports the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dams that do not conform to the decision-making framework of the
WCD Framework; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) projects located in, or substantially impacting on critical natural
habitats where the project significantly degrades or converts them.

"**Funding Currency**" means each of USD, EUR, GBP, CAD and AUD.

"**Funding Currency Borrowing Base**" means, in respect of a Funding Currency as of any date of determination, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate of the Adjusted Collateral Balance of each Collateral
Obligation in the Portfolio as at such date of determination denominated in such Funding Currency but excluding any Collateral Obligations
(or portions thereof) disregarded from the Portfolio to ensure compliance with such Portfolio Profile Test as provided in Schedule 8
(*Portfolio Profile Tests*), plus

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount standing to the credit of the relevant Principal Ledger
as of such date of determination denominated in such Funding Currency.

"**Funding Currency Senior Loan Amount**" means, in respect of a Funding Currency, the outstanding amount of all Advances denominated in such Funding Currency.

"**Funding Rate**" means any individual rate notified by a Senior Lender to the Facility Agent pursuant to paragraph (a) of Clause 11.3 (*Cost of funds*).

"**FX Conversion Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of any currency conversion to be calculated by
the Facility Agent, as of any date of determination in respect of the conversion of an amount of one currency into another currency,
the mid spot rate that appeared on the WM/Refinitiv FX Benchmarks (or any successor thereto) (or such other recognised service or publication
agreed to by the Lead Bank, the Facility Agent, the Borrower and the Collateral Administrator for purposes of determining currency spot
rates in the ordinary course of its business from time to time) for such currency at 4:00 p.m. London time on the relevant Business Day;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any other purpose, as of any date of determination in respect
of the conversion of an amount of one currency into another currency, the mid spot rate for exchange between such two currencies that
appeared on the BFIX page of Bloomberg Professional Service (or any successor thereto) (or such other recognised service or publication
agreed to by the Lead Bank, the Borrower and the Collateral Administrator for purposes of determining currency spot rates in the ordinary
course of its business from time to time) at 5:00 p.m. New York City time on the immediately preceding Business Day,

*provided* that the determination of the FX Conversion Rate shall be conclusive absent manifest error.

 

"**GAAP**" means, in respect of a jurisdiction, generally accepted accounting principles in such jurisdiction.

"**Gambling**" means gaming or betting as such terms are defined in the Gambling Act 2005, and excludes licensed lotteries and speculative derivatives transactions regulated under the Financial Services and Markets Act 2000.

"**GBP**", "**£**" or "**Sterling**" means lawful money of the United Kingdom. "**Group A Country**" means the United States of America.

"**Group A Country Collateral Obligation**" means a Collateral Obligation the Obligor or which is Domiciled in a Group A Country.

**EXHIBIT 10.9**

"**Group B Country**" means each of Australia, Austria, Belgium, Canada, Denmark, France, Finland, Germany, Ireland, Luxembourg, The Netherlands, Norway, Sweden, Switzerland and the United Kingdom.

"**Group B Country Collateral Obligation**" means a Collateral Obligation the Obligor or which is Domiciled in a Group B Country.

"**Group C Country**" means Hong Kong, Singapore and each OECD country other than each Group A Country and each Group B Country.

"**Group C Country Collateral Obligation**" means a Collateral Obligation the Obligor or which is Domiciled in a Group C Country.

"**Hazardous Chemicals/Pesticides**" means any substance mentioned by the European Chemicals Agency within the Prior Informed Consent Regulation or any unregulated hazardous chemicals, non-biological pesticides and hazardous wastes, or ozone-depleting substances as covered by the Montreal Protocol on Substances that Deplete the Ozone Layer (1989) or any similar international treaties (such as polychlorinated biphenyl, dichlorodiphenyltrichloroethane, chlorofluorocarbons, halons and asbestos).

"**Historic Primary Term Rate**" means, in relation to any Term Rate Advance, the most recent applicable Primary Term Rate for a period equal in length to the Interest Period of that Term Rate Advance and which is as of a day which is no more than three Business Days before the Quotation Day.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**IDD Request**" has the meaning given to it in Clause 34.13(a) (*Designation of Interim Payment Date*).

"**Illegality Event**" means the occurrence of any of following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is or becomes unlawful for the Borrower or the Parent to perform
any of its obligations under the Finance Documents or any Security Interest expressed to be created under or pursuant to any Finance
Document is or ceases to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any obligation or obligations of the Borrower or the Parent are
not or cease to be legal, valid, binding or enforceable (except in accordance with its terms); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Finance Document ceases to be in full force and effect or any
Security Interest or any subordination created under the Finance Documents is not or ceases to be legal, valid, binding, enforceable
or effective or is alleged by a party to it to be ineffective (in each case except in accordance with its terms).

**EXHIBIT 10.9**

"**Impaired Obligation**" means a Collateral Obligation in respect of which, as of any date of determination, any one or more of the following applies and which is not a Defaulted Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has occurred a default with respect to the payment of interest
or principal that is continuing the lesser of (x) any applicable grace period specified in the Underlying Instruments and (y) 30 calendar
days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Insolvency Event has occurred in respect of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Responsible Officer of the Borrower has knowledge that an Obligor
thereunder is in default as to payment of principal and/or interest on another obligation and such has been continuing for five Business
Days, but only 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;(i) such other obligation and the Collateral Obligation are full recourse,
secured obligations secured by identical collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any security interest securing the other obligation is senior to
or *pari passu* with the security interests securing the Collateral Obligation; 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;(iii) the other obligation is senior to or *pari passu* with the
Collateral Obligation in right of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there has occurred a material breach of obligations or material
misrepresentation under the event of default clause of the Underlying Instruments for such Collateral Obligation and the holders of such
Collateral Obligation therefore have the ability to accelerate all or a portion of the principal amount thereof or take any other enforcement
action (without giving effect to any waivers thereof) and remains unremedied for a period of 15 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EBITDA of the Obligor is negative (other than in respect of a Recurring
Revenue Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower determines the Collateral Obligation should be treated
as an Impaired Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) three or more financial covenants have been waived or breached and
the aggregate period of such waivers and breaches is not less than the lesser of (i) 12 months; and (ii) three consecutive compliance
or testing periods under the Underlying Instruments (for the avoidance of doubt, (x) multiple breaches of the same financial covenant
in a given compliance or testing period shall only constitute a single breach for each such compliance or testing period during which
such financial covenant is or remains breached and (y) multiple breaches of the same financial covenant in consecutive compliance or
testing periods shall constitute a separate breach for each such compliance or testing period), disregarding any breach or waiver that
the Borrower determines in good faith to be *de minimis* or remedied in full promptly after its occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a new instance of Material Modification has occurred in respect
of a Restructured Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower has failed to comply with Required Reporting for more
than the lesser of (i) 180 days and (ii) two consecutive reporting periods, and in each case, such failure is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any portion of such Collateral Obligation is not comprised of debt;
or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a Financial Covenant Modification has occurred in respect of a Restructured
Obligation,

and in each case shall continue to be an Impaired Obligation; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) if an event causing the Collateral Obligation to be an Impaired
Obligation (other than an event described in paragraph (g) above) is cured within 30 days of the occurrence of such event; 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;(y) if an event causing the Collateral Obligation to be an Impaired
Obligation is cured and following such cure the Collateral Obligation does not become an Impaired Obligation for two consecutive Collection
Periods,

such Collateral Obligation shall cease to constitute an Impaired Obligation as a result of such event.

"**Increase Confirmation**" means a confirmation substantially in the form set out in Schedule 14 (*Form of Increase Confirmation*).

"**Increase Senior Lender**" has the meaning given to that term in Clause 2.2(a) (*Increases*).

"**Incurrence Covenant**" means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of such Obligor, which may include a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

"**Incurrence Covenant Trigger**" means a trigger which will be met upon the breach by any Obligor of an Incurrence Covenant.

"**Indemnified Taxes**" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Facility Obligor under any Finance Document and (b) to the extent not otherwise described in (a), Other Taxes.

"**Industry**" means each of the "S&P Industry Classifications" set forth on Schedule 12 (*S&P Industry Classification Group List*), as such industry classifications shall be updated at the request of the Borrower (with the consent of the Lead Bank, which consent shall not be unreasonably withheld, conditioned or delayed) if Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, and any successor or successors thereto, publishes revised industry classifications.

"**Ineligible Obligation**" means a Collateral Obligation that is not an Eligible Obligation.

"**Insolvency Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Obligor, the occurrence of any insolvency event
as defined in the Underlying Instruments of any related Collateral Obligation or any applicable law;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other person, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is dissolved (other than pursuant to a consolidation, amalgamation
or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&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) becomes insolvent or is unable to pay its debts or fails or admits
in writing its inability generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&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) makes a general assignment, assignation, trust, arrangement or composition
with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&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) institutes or has instituted against it, by a regulator, supervisor
or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation
or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
its winding up or liquidation by it or such regulator, supervisor or similar official;

&nbsp;&nbsp;&nbsp;&nbsp;&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) has instituted against it a proceeding seeking a judgment of insolvency
or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a
petition is presented for its winding up or liquidation, and, in the case of any such proceeding or petition instituted or presented
against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (iv) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) results in a judgment of insolvency or bankruptcy or the entry of
an order for relief or the making of an order for its winding up or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is not dismissed, discharged, stayed or restrained in each case
within 60 days of the institution or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has a resolution passed for its winding up, official management
or liquidation (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&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) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets;

&nbsp;&nbsp;&nbsp;&nbsp;&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) has a secured party take possession of all or substantially all
its assets or has a distress, execution, diligence, attachment, sequestration or other legal process levied, enforced or sued on or against
all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed
or restrained, in each case within 60 days thereafter;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) causes or is subject to any event with respect to which it, under
the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (i) to (viii) above; 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;(x) takes any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the foregoing acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the commencement of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "insolvency proceedings" as defined in the applicable
Underlying Instruments or any applicable law; 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;(ii) the winding-up, liquidation, dissolution or administration of such
company or any equivalent or analogous proceedings under the law of the jurisdiction in which such company is incorporated or of any
jurisdiction in which such company carries on business including the seeking of liquidation, winding-up, reorganisation, dissolution,
administration, moratorium, arrangement, adjustment, protection or relief of debtors.

"**Intra-Period Distribution Conditions**" has the meaning given to it in Clause 34.12 (*Interest Ledgers*).

"**Interest Coverage Ratio**" means, a ratio that will be calculated on each Determination Date by dividing (a) the amount of Interest Proceeds standing to the credit of the Cash Accounts on such Determination Date by (b) all interest that accrued in respect of Advances *plus* any amounts payable pursuant to paragraphs (a) to (d) (inclusive) of the Interest Proceeds Priority of Payments, in each case, during the related Collection Period (in each case converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency).

"**Interest Coverage Test**" has the meaning given to such term in Schedule 9 (*Senior Loan Tests*).

"**Interest Ledger**" means each of the following ledgers, each maintained on the Cash Accounts, to which collections relating to interest payments made under the Collateral Obligations denominated in the related Asset Currency are to be credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the ledger denominated in USD maintained by the Borrower on the
USD Cash Account (the "**USD Interest Ledger** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ledger denominated in EUR maintained by the Borrower on the
EUR Cash Account (the "**EUR Interest Ledger** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the ledger account denominated in GBP maintained by the Borrower
on the GBP Cash Account (the "**GBP Interest Ledger** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the ledger account denominated in CAD maintained by the Borrower
on the CAD Cash Account (the "**CAD Interest Ledger** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the ledger account denominated in AUD maintained by the Borrower
on the AUD Cash Account (the "**AUD Interest Ledger** ");

**EXHIBIT 10.9**

and the term "**Interest Ledger**" with respect to a Funding Currency shall mean the Interest Ledger above denominated in such Funding Currency.

"**Interest Period**" has the meaning given to such term in Clause 10.1 (*Interest Periods*).

"**Interest Proceeds**" has the meaning given to such term in Clause 34.12 (*Interest Ledgers*).

"**Interest Proceeds Priority of Payments**" has the meaning given to it in Clause 34.9(a) (*Application of Interest Proceeds*).

"**Interim Determination Date**" has the meaning given to it in Clause 34.13(a) (*Designation of Interim Payment Date*).

"**Interim Payment Date**" has the meaning given to it in Clause 34.13(a) (*Designation of Interim Payment Date*).

"**Interpolated Historic Primary Term Rate**" means, in relation to any Term Rate Advance, the rate (rounded to the same number of decimal places as the relevant Primary Term Rate) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(i) the most recent applicable Primary Term Rate (as of the Quotation
Time) for the longest period (for which that Primary Term Rate is available) which is less than the Interest Period of that Term Rate
Advance; 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;(ii) if no such Primary Term Rate is available for a period which is
less than the Interest Period of that Term Rate Advance, the most recent SOFR for a day which is two US Government Securities Business
Days before the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Primary Term Rate (which is as of a day
which is no more than three Business Days before the Quotation Day) for the shortest period (for which that Primary Term Rate is available)
which exceeds the Interest Period of that Term Rate Advance.

"**Interpolated Primary Term Rate**" means, in relation to any Term Rate Advance, the rate (rounded to the same number of decimal places as the relevant Primary Term Rate) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(i) the Primary Term Rate (as of the Quotation Time) for the longest
period (for which that Primary Term Rate is available) which is less than the Interest Period of that Term Rate Advance; 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;(ii) if no such Primary Term Rate is available for a period which is
less than the Interest Period of that Term Rate Advance, the applicable Overnight Rate (if any) for the Overnight Reference Day; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Primary Term Rate (as of the Quotation Time) for
the shortest period (for which that Primary Term Rate is available) which exceeds the Interest Period of that Term Rate Advance.

"**Investment Company Act**" means the United States Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder.

"**Investment Date**" means, in respect of a Collateral Obligation, the date upon which the Borrower enters into a binding commitment to acquire or originate such Collateral Obligation.

"**Investment Period**" means the period from and including the Closing Date to and including the Investment Period End Date.

"**Investment Period End Date**" means the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Scheduled Investment Period End Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which an Investment Period Termination Notice has been
provided to the Borrower pursuant to Clause 5.6 (*Termination of Investment Period*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any date on which the Facility is cancelled in its entirety and
required to be repaid in full pursuant to Clause 8.3 (*Optional Prepayment*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which the Advances are declared (or automatically) accelerated
following the occurrence of an Event of Default pursuant to Clause 24.15 (*Acceleration*).

"**Investment Period Termination Notice**" has the meaning given to it in Clause 5.6 (*Termination of Investment Period*).

"**Investment Requirements**" means the requirements set out in Schedule 15 (*Investment Requirements*).

"**Investor Report**" means the quarterly report containing certain information prescribed by Article 7(1)(e) of each of the Securitisation Regulations.

"**IRS**" means the United States Internal Revenue Service.

"**Laws**" means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorisations and permits of, and agreements with, any Authority, in each case whether or not having the force of law.

"**Lead Bank**" means NatWest Markets Plc or any successor appointed subject to and in accordance with Clause 27.12 (*Resignation and replacement of the Lead Bank*).

**EXHIBIT 10.9**

"**Legal Opinions**" means, each delivered to the satisfaction of all Original Senior Lenders (in the sole discretion of each):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a legal opinion delivered by Dechert LLP, relating to (x) the legal
capacity and authority of the Borrower and the Parent and (y) the enforceability and validity as well as security in respect of various
New York law governed documents concerning the Borrower and the Parent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a legal opinion delivered by Dechert LLP, relating to the non-consolidation
of the Borrower and the Parent as well as other related matters of Delaware and federal bankruptcy law.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies (or remedies analogous to
equitable remedies in the Relevant Jurisdictions) are remedies which may be granted or refused at the discretion of the court, the limitation
of enforcement by Laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration, fraud,
public policy and other Laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principle that any additional interest or payment of compensation
imposed under any relevant agreement may be held to be unenforceable on the grounds that it is a penalty and thus void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principle that in certain circumstances any Security Interest
expressed to be granted by way of fixed charge may be re-characterised as a floating charge or any Security Interest expressed to be
granted by way of assignment may be recharacterised as a charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other matters which are set out as qualifications, reservations
or limitations as to matters of law of general application in the Legal Opinions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) similar principles, rights and defences and the application of mandatory
provisions under the Laws of any Relevant Jurisdiction.

"**Liabilities**" means any fees, losses, damages, costs, charges, claims, demands, expenses (including legal fees and expenses), judgements, actions, proceedings, obligations, penalties, assessments or other liabilities whatsoever (including, without limitation, in respect of taxes and all legal fees and expenses incurred in defending or disputing any of the forgoing).

"**Lookback Period**" means the number of days specified as such in the applicable Reference Rate Terms.

"**Low EBITDA Obligor Collateral Obligation**" means a Collateral Obligation the EBITDA in respect of which as of the Investment Date is less than $15 million (or the equivalent thereof converted at the FX Conversion Rate if not denominated in the Base Currency).

**EXHIBIT 10.9**

"**LSTA**" means the Loan Syndications and Trading Association.

"**LTV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total secured indebtedness of the related Obligor(s) of any
ranking other than as determined by the Borrower, any equity or equity-like rights, instruments or investments:

&nbsp;&nbsp;&nbsp;&nbsp;&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) which have a final repayment date which is later than the maturity
date of the Collateral Obligation; 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;(ii) the creditors under which have no unilateral right to accelerate
or are contractually restricted from taking acceleration action pursuant to an intercreditor agreement or subordination agreement minus
any Unrestricted Cash,

divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Enterprise Value.

"**Maintenance Covenant**" means a covenant by any Obligor to comply with one or more financial covenants during each reporting period (but not more frequently than quarterly), whether or not such Obligor has taken any action.

"**Major Event of Default**" means any of the Event of Defaults set out in Clauses 24.1 (*Non-payment*), 24.5 (*Insolvency Event*) and 24.9 (*Breach of EOD LTV Test*).

"**Majority Senior Lenders**" means a Senior Lender or Senior Lenders whose Commitments aggregate more than 50% of the Total Commitment (or, if the Total Commitment has been reduced to zero, aggregated more than 50% of the Total Commitment immediately prior to the reduction).

"**Manager**" means Partners Group (USA) Inc.

"**Management Agreement**" means the investment advisory agreement dated August 31, 2023 between the Manager, as advisor and the Parent.

"**Manager Event of Default**" means any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Insolvency Event in respect of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is or becomes unlawful for the Manager to perform any of its
material obligations under the Management Agreement or such document ceases to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager is removed by the Parent or resigns under the Management
Agreement and such removal or resignation becomes effective without the appointment of a replacement Manager;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the occurrence of an act by the Manager that constitutes fraud or
criminal activity in the performance of its obligations under the Management Agreement or the Manager being convicted of a criminal offence
materially related to such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any senior executive officer of the Manager primarily responsible
for and directly involved in the performance by the Manager of its obligations under the Management Agreement (in the performance of
his or her investment management duties) is convicted of a criminal offence materially related to the business of the Manager and continues
to have responsibility for the performance by the Manager under the Management Agreement following such conviction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) a change of control in respect of the Manager occurs, where
following such occurrence Partners Group Holding AG ceases to hold 100 per cent. of the shares and equity interests in the Manager; or
(ii) the Manager consolidates or amalgamates with, or merges with or into, or transfers all or substantially all of its assets to, another
person and at the time of such consolidation, amalgamation, merger or transfer, the resulting, surviving or transferee person fails to
assume all of the obligations of such party under the Management Agreement, in each case, by operation of law or pursuant to a written
agreement satisfactory to the Lead Bank (acting in a commercially reasonable manner); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on and after the BDC Covenant Compliance Start Date, the Asset Coverage
Ratio fails to be at least 1.5:1 as of the end of any fiscal quarter.

"**Margin**" means in respect of Advances denominated in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) USD, 2.85 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EUR, 2.55 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) GBP, 2.65 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CAD, 3.15 per cent. per annum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) AUD, 3.00 per cent. per annum.

"**Market Disruption Rate**" means the rate (if any) specified as such in the applicable Reference Rate Terms.

"**Market Value**" means, with respect to any Collateral Obligation, the market value determined by the Lead Bank in its sole discretion, acting in good faith and in a commercially reasonable manner, and notified to the Collateral Agent, the Borrower and the Collateral Administrator; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Borrower, upon notice to the Lead Bank, the Collateral Agent
and the Collateral Administrator, disputes the Lead Bank's determination of the Market Value of any Collateral Obligation within
30 Business Days of receiving written notice of the market value so determined by the Lead Bank, the Market Value of such Collateral
Obligation shall be the fair value of such Collateral Obligation as determined by the Approved Valuation Agent (the costs of fees payable
to any such Approved Valuation Agent payable by the Borrower) selected by the Borrower;  ***provided further*** that:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) such Collateral Obligation shall, if required by the Lead Bank,
be revalued by such Approved Valuation Agent on a quarterly basis following receipt of all relevant information in the Borrower's
possession (subject to any confidentiality restrictions); 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;(ii) if the Lead Bank requires such Collateral Obligation to be revalued
in accordance with paragraph (i) above and such revaluation does not occur immediately prior to each Determination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if no material event has occurred in respect of such Collateral
Obligation, the Market Value of such Collateral Obligation shall be fair value of such Collateral Obligation determined by the Approved
Valuation Agent as of the date of the most recent valuation provided by the Approved Valuation Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any material event has occurred in respect of such Collateral
Obligation, the Lead Bank shall have the right to determine the Market Value of such Collateral Obligation in its sole discretion, acting
in good faith and in a commercially reasonable manner, and the Borrower shall no longer have the right to dispute the Market Value of
such Collateral Obligation,

*provided further that*, for the purposes of this paragraph (a)(ii), a material event in respect of any Collateral Obligation shall include, without limitation, a Collateral Obligation that has been the subject of any Restructuring Event or that has become an Impaired Obligation; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the aggregate of the Adjusted Collateral Balances of such Collateral
Obligations, whose Market Value is determined based on a valuation from an Approved Valuation Agent, is greater than 20% of the aggregate
of the Adjusted Collateral Balances of all Collateral Obligations in the Portfolio, the Lead Bank may redetermine (in its sole discretion,
acting in good faith and in a commercially reasonable manner) the Market Value of such Collateral Obligations in respect of any excess
greater than 20% of such aggregate.

"**Material Adverse Effect**" means, with respect to any event or circumstance, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business and financial condition of the Borrower taken as a
whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Borrower to perform its payment obligations in
respect of this Agreement in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the Legal Reservations and any Perfection Requirements,
the validity or enforceability of the Transaction Security which is materially adverse to the interests of the Senior Lenders and, if
capable of remedy, is not remedied within 20 Business Days.

**EXHIBIT 10.9**

"**Material Adverse Event**" means an event or circumstance has occurred and is continuing which would reasonably be expected to result in a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business or financial condition of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Borrower to perform its obligations under the
Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of, or the effectiveness or ranking
of any Security Interest granted or purporting to be granted pursuant to any of the Finance Documents or the rights or remedies of any
Secured Party under any of the Finance Documents.

"**Material Modification**" means, in respect of any Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Obligor thereof makes formal offers to holders of such Collateral
Obligation of a new security or obligation or a package of new securities or obligations that, in the Lead Bank's sole determination,
amount to a diminished financial obligation (such as preferred or common stock, or debt with a lower coupon or par amount) of such Obligor,
a write-down of principal or an extension of tenor, and the Lead Bank in its sole determination believes, such offer has the apparent
purpose of helping such Obligor avoid default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment, modification or waiver to the related Underlying
Instruments that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) reduces, delays or forgives any or all of the principal amount due
under such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&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) waives or delays one or more interest payments interest forbearance
or capitalisation of interest in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&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) terminates or releases or modifies
(in a manner which is materially adverse to the Borrower) all or substantially all of the assets securing such Collateral Obligation
(*provided* that such termination or release is not part of an agreed redemption at par of
such Collateral Obligation);

&nbsp;&nbsp;&nbsp;&nbsp;&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) modifies in a manner which is materially adverse to the lender any
priority of payments (either principal and/or interest) or other subordination provisions; 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;(v) has a material adverse effect on the value of the Collateral Obligation,

*provided* that any amendment to the rate of interest (other than in connection with a benchmark replacement pursuant to the existing Underlying Instruments, so long as such benchmark replacement requires an adjustment to the related reference rate in order to maintain a comparable rate of interest), repayment date(s), currency of denomination, principal amount or ranking of such Collateral Obligation shall always be deemed to be a "Material Modification".

**EXHIBIT 10.9**

"**Maximum Advance Rate**" means, as of any date of determination, the fraction (expressed as a percentage) calculated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Non-RRL Maximum Advance Rate *multiplied by* the aggregate
Adjusted Collateral Balance of the Collateral Obligations in the Portfolio on such date which are not Recurring Revenue Loans; 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;(ii) the RRL Maximum Advance Rate *multiplied by* the aggregate
Adjusted Collateral Balance of Collateral Obligations in the Portfolio on such date which are Recurring Revenue Loans,

*divided by*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate Adjusted Collateral Balance of all Collateral Obligations
in the Portfolio on such date,

and, for the purpose of such calculation, the Adjusted Collateral Balance of any Collateral Obligation not denominated in the Base Currency shall be converted into the Base Currency at the FX Conversion Rate.

"**Member State**" means any member state of the European Union.

"**Minimum Diversity Test**" has the meaning given to such term in Schedule 9 (*Senior Loan Tests*).

"**Mining and Metals Industry**" means an industry where the Obligor directly supports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the mining, processing and/or sale of uranium for weapons purposes;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the mining or trading of rough diamonds not certified under the
Kimberley Process Certification Scheme which provides assurance that diamonds have not been used to finance wars against legitimate governments,
historically a particular problem in Africa through "conflict diamonds".

"**Month**" means, in relation to an Interest Period for an Advance (or any other period for the accrual of commission or fees in a currency), a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, subject to adjustment in accordance with the rules specified as Business Day Conventions in the applicable Reference Rate Terms.

"**Moody's**" means Moody's Investors Service Ltd. and any successor or successors thereto.

"**Multiemployer Plan**" means a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise.

**EXHIBIT 10.9**

"**Multiplier**" means in respect of any Collateral Obligation that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Senior Secured Loan or a Second Lien Loan, the applicable Non-RRL
Multiplier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Recurring Revenue Loan, the applicable RRL Multiplier.

"**Net Debt/EBITDA**" means, in respect of a Collateral Obligation, the meaning of "Net Debt/EBITDA", the ratio of "Net Debt" over "EBITDA", or other comparable definition(s) in each case specified in the Underlying Instruments or, if no such definition(s) exists, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total secured indebtedness of the related Obligor(s) other than
as determined by the Borrower, any equity or equity-like rights, instruments or investments:

&nbsp;&nbsp;&nbsp;&nbsp;&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) which have a final repayment date which is later than the maturity
date of the Collateral Obligation 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;(ii) the creditors under which have no unilateral right to accelerate
or are contractually restricted from taking acceleration action pursuant to an intercreditor agreement or subordination agreement minus
any Unrestricted Cash;

*divided by*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the EBITDA of the related Obligor.

"**New Senior Lender**" has the meaning given to that term in Clause 25 (*Changes to the Senior Lenders*).

"**Net Leverage Ratio**" means, with respect to any Recurring Revenue Loan and the related Obligor and its Affiliates, the ratio obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total indebtedness (including the full drawn but not the undrawn
amount of any revolving and delayed draw indebtedness but excluding any such indebtedness which ranks junior to such Collateral Obligation)
of the related Obligor on such date, *minus* the Unrestricted Cash of such Obligor and its Obligor's Affiliates on such date, *by* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "annual recurring revenue" of such Obligor for any period.

"**Non-RRL Maximum Advance Rate**" means the maximum advance rate specified in the table below that corresponds with the Effective Number as of any date of determination:

---

| | |
|:---|:---|
| **Effective Number** | **Maximum Advance Rate** |
| < 7 | 0% |
| < 9 | 40% |
| < 11 | 50% |
| < 13 | 60% |
| ≥ 13 | 65% |

---

**EXHIBIT 10.9**

"**Non-RRL Multiplier**" means, in respect of any Collateral Obligation that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Senior Secured Loan and not a Recurring Revenue Loan, the relevant percentage derived from
 the table below based on the Net Debt/EBITDA in respect of such Collateral Obligation:

---

| | | |
|:---|:---|:---|
| | **Multiplier** | **Multiplier** |
| **Net Debt/EBITDA** | **Collateral<br> Obligations other<br> than Low EBITDA<br> Obligor Collateral<br> Obligations** | **Low EBITDA<br> Obligor Collateral<br> Obligations** |
| < 5.75x; and | 100% | 100% |
| > 5.75x and < 6.25x; and | 100% | 85% |
| > 6.25x and < 6.75x; and | 85% | 70% |
| > 6.75x and < 7.25x; and | 70% | 50% |
| > 7.25x and < 8.00x; and | 50% | 25% |
| > 8.00x and < 9.00x; and | 25% | 0% |
| > 9.00x | 0% | 0% |

---

*provided that*, linear interpolation shall apply between each point in the table above; *provided further that* if the Net Debt/EBITDA in respect of a Collateral Obligation is greater than or equal to (i) 8.00x in the case of a Low EBITDA Obligor Collateral Obligation or (ii) 9.00x in the case of a Collateral Obligation that is not a Low EBITDA Obligor Collateral Obligation, the Multiplier shall be zero; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Second Lien Loan and not a Recurring Revenue Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Attach of such Second Lien Loan is greater than or equal
to 7.00x, 0%; 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;(ii) in any other case, the percentage calculated from the following
formula:

![](fp0095824-1_02.jpg)

 

where:

"**Attach**" is equal to (x) the total indebtedness of the relevant Obligor which ranks senior to such Second Lien Loan, minus any Unrestricted Cash *divided by* (y) the EBITDA in respect of such Collateral Obligation; and

"**Detach**" is the Net Debt/EBITDA in respect of the Second Lien Loan.

"**Non-Sponsored Borrower**" means any Obligor(s) designated a "Non-Sponsored Borrower" on the applicable Investment Date by the Borrower in accordance with the internal policies and procedures of the Manager as in effect from time to time.

**EXHIBIT 10.9**

"**Obligor**" means, in respect of a Collateral Obligation, a borrower thereunder or issuer thereof or, in either case, a guarantor thereof (as determined by the Borrower).

"**OFAC**" means the Office of Foreign Assets Control of the US Department of the Treasury.

"**Official Body**" means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

"**Optional Currency**" means any currency, other than a Funding Currency, as agreed between the Borrower and the Lead Bank.

"**Original Senior Lender**" means a Senior Lender on the Closing Date.

"**Originated Collateral Obligation**" means a Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of which the Parent itself or through related entities,
directly or indirectly, was involved in the original agreement which created the Collateral Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which the Parent has purchased or will purchase for its own account
prior to selling or transferring the Collateral Obligation to the Borrower,

in each case, as contemplated by Article 2(3) of the Securitisation Regulations.

"**Other Connection Taxes**" means, with respect to any Senior Lender or the Facility Agent, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Senior Lender or Facility Agent having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Finance Document, or sold or assigned an interest in any Advance or Finance Document).

"**Other Taxes**" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Finance Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

"**Overnight Rate**" means the rate (if any) specified as such in the applicable Reference Rate Terms.

"**Overnight Reference Day**" means the day (if any) specified as such in the applicable Reference Rate Terms.

**EXHIBIT 10.9**

"**Parent Repeating Representations**" means the representations and warranties of the Parent set out in Clause 19 (*Representations and Warranties of the Parent*) other than Clause 19.12 (*Insolvency*).

"**Participant Register**" has the meaning given to that term in Clause 25.3(c) (*Other conditions of assignment or transfer*).

"**Participating Member State**" means any Member State that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Participation**" means an interest in a Collateral Obligation taken indirectly by way of sub-participation.

"**Party**" means a party to this Agreement.

"**Payment Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling 20 Business Days following each Determination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Senior Lender Instructed Repayment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Facility Maturity Date,

*provided* that if any such date is not a Business Day, the relevant Payment Date shall be deferred to the next day that is a Business Day.

 

"**Payment Date Report**" means the report substantially in the form of an excel spreadsheet to be agreed between the Borrower, the Collateral Administrator and the Lead Bank, or any other form agreed from time to time between the aforementioned parties, which shall include, without limitation, the information set out in Schedule 22 (*Description of the Payment Date Report*).

"**PBGC**" means the Pension Benefit Guaranty Corporation and its successors and assigns.

"**Perfection Requirements**" means the making or procuring of the necessary or appropriate delivery of customary deliverables under, registrations, filings, endorsements, notarisations, notices, actions, stampings and/or notifications of the Finance Documents and/or the Security Interests created thereunder (including any such action as may be contemplated by any Legal Opinion).

"**Performing PIK Interest**" means in respect of any PIK Deferral, any capitalised interest that is accrued but unpaid not due to underperformance, which in the sole determination of the Lead Bank, does not constitute PIK Deferral. For the avoidance of doubt, PIK that is underwritten as part of the base case (or similar) or is being used by the Obligor to generate cash for growth or investment shall constitute Performing PIK Interest.

"**Permanent Sequential Amortisation Tests**" has the meaning given to that term in Schedule 10 (*Sequential Amortisation Tests*).

**EXHIBIT 10.9**

"**Permitted Distribution**" means, on any Business Day (not including a Payment Date or Interim Payment Date), distributions of Interest Proceeds (at the discretion of the Borrower) to the Parent (which may, for the avoidance of doubt, be applied towards the payment of interest or repayment of principal amounts in respect of (x) a subscription-backed facility between the Parent and MUFG Bank Ltd.; or (y) the intercompany loan entered into by the Parent and a PG Affiliate), *provided that*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the first Permitted Distribution only, which shall
occur on or promptly following the first Utilisation Date and which may also include Principal Proceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&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) amounts may be distributed pursuant to this definition only so long
as the following conditions are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amounts that will remain on deposit in the Cash Accounts (after
giving effect to such distribution) together with any amounts due to be received on the Collateral Obligations prior to the next succeeding
Payment Date will be sufficient to make all required payments pursuant to clauses (a) through (j) of the Interest Proceeds Priorities
of Payment and clauses (a) through (d) of the Principal Proceeds Priorities of Payment on the next succeeding Payment Date (as certified
by the Borrower via evidence to the satisfaction of the Lead Bank), including calculations of the cash remaining on deposit in the relevant
accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default or Event of Default has occurred and is continuing (or
would occur after giving effect to such Permitted Distribution) and the Sequential Amortisation Tests are satisfied both prior and after
giving effect to such Permitted Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Borrower gives at least two Business Days' prior written
notice thereof to the Lead Bank (which may be by way of email); 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;(ii) the Lead Bank has consented (which may be by way of email) to such
distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other Permitted Distribution, amounts may be distributed
pursuant to this definition only so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&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 following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amounts that will remain on deposit in the Cash Accounts (after
giving effect to such distribution) together with any amounts due to be received on the Collateral Obligations prior to the next succeeding
Payment Date will be sufficient to make all required payments pursuant to clauses (a) through (j) of the Interest Proceeds Priorities
of Payment and clauses (a) through (d) of the Principal Proceeds Priorities of Payment on the next succeeding Payment Date (as certified
by the Borrower via evidence to the satisfaction of the Lead Bank), including calculations of the cash remaining on deposit in the relevant
accounts;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default or Event of Default has occurred and is continuing (or
would occur after giving effect to such Permitted Distribution) and the Sequential Amortisation Tests are satisfied both prior and after
giving effect to such Permitted Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Borrower gives at least two Business Days' prior written
notice thereof to the Lead Bank (which may be by way of email); 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;(ii) such Permitted Distribution may only occur on two occasions in aggregate
with any distributions made on any Interim Payment Date in any calendar year (or as otherwise agreed between the Lead Bank and the Borrower);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Lead Bank has consented (which may be by way of email) to such
distribution.

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any debt related to the entry by the Borrower into any FX hedging
transactions relating to the Collateral Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other indebtedness contemplated under the Finance Documents
or the Borrower's Constitutional Documents (or as otherwise agreed between the Borrower and the Lead Bank).

"**Permitted RIC Distribution**" means distributions on any Payment Date from Partners Group BDC Finance I, LLC to the Parent (from the Cash Accounts or otherwise) to the extent required to allow the Parent to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal and state income and excise taxes payable by the Parent (or pay taxes on undistributed income and gain) in or with respect to any taxable year of the Parent (or any calendar year, as relevant); ***provided*** that the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Parent shall not exceed 115% of the amounts that Partners Group BDC Finance I, LLC would have been required to distribute to the Parent to: (i) allow Partners Group BDC Finance I, LLC to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year Partners Group BDC Finance I, LLC's liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero Partners Group BDC Finance I, LLC's liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that Partners Group BDC Finance I, LLC had qualified to be taxed as a regulated investment company under the Code.

**EXHIBIT 10.9**

"**Permitted Security Interests**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security Interest arising by operation of law and in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rights of set-off or netting or cash pooling or balance transfer
arrangements or charges arising by operation of law or contract pursuant to clearing bank, overdraft or similar facilities with account
banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any payment or close out netting or set-off arrangement pursuant
to any derivatives or treasury transaction or foreign exchange transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Security Interest arising by operation of law in favour of any
taxation or any government authority or organisation in respect of taxes, assessments or governmental charges which are not yet due or
the liability in respect of which is being contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any lien arising under the general terms of banks or custodians
or clearing systems arising in the ordinary course of business or by operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Transaction Security.

"**Permitted Transferee**" means each Person set forth in Schedule 19 (*Permitted Transferees*).

"**Person**" means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture, Official Body, firm, consortium or any other entity (whether or not having separate legal personality).

"**PG**" means those companies, partnerships or entities acting as advisers, consultants or managers in relation to one or more private equity, debt or other funds or products under the overall business name of Partners Group or any successor name.

"**PG Affiliate**" means any company, partnership or entity controlled directly or indirectly by the partners of PG from time to time.

"**PG Group**" means each PG Affiliate.

"**PIK Deferral**" means the deferral of the payment of all or part of the interest thereon, including, without limitation, by way of capitalising interest thereon but excluding current cash interest.

"**PIK Obligation**" means a debt obligation, the terms of which require a PIK Deferral.

"**PIK Toggle Obligation**" means a debt obligation that permits, at the option of the relevant Obligor, a PIK Deferral.

**EXHIBIT 10.9**

"**Plan**" means any "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA, Section 412 and 430 of the Code, or Section 302 of ERISA and in respect of which the Borrower or any ERISA Affiliate (x) is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA, or (y) has or could have any obligation or liability, contingent or otherwise.

"**Pledge Agreement**" means, collectively, the share pledge agreements in respect of all of the shares in each Borrower entered into on or around the Closing Date and made between the Parent as pledgor, the Collateral Agent as pledgee and each Borrower as company.

"**Portfolio**" means, as of any date of determination, the Collateral Obligations owned by the Borrower as of such date of determination as adjusted in accordance with the provisions of Schedule 8 (*Portfolio Profile Tests*).

"**Portfolio Information**" means the information set out in Schedule 16 (*Portfolio Information*).

"**Portfolio Monitoring Report**" means a report provided by the Borrower to the Facility Agent substantially in the form and format agreed between the Borrower, the Facility Agent and the Lead Bank from time to time.

"**Portfolio Profile Test Denominator**" means the aggregate of the Adjusted Collateral Balances of each Collateral Obligation in the Portfolio and the amounts standing to the credit of the Principal Ledgers (in each case converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency), *provided that*, (i) during the period from (and including) the Closing Date to (and excluding) the date falling 12 calendar months from the Closing Date, the limits applicable to Portfolio Profile Tests (8) to (10) (inclusive), (14), (15), (17) and (18) shall not be applicable; and (ii) during the Investment Period only, the limits applicable to Portfolio Profile Tests (4) and (16) shall not be applicable.

"**Portfolio Profile Tests**" has the meaning given to that term in Schedule 8 (*Portfolio Profile Tests*).

"**Portfolio Report**" the quarterly portfolio level disclosure required pursuant to Article 7(1)(a) of each of the Securitisation Regulations.

"**Post-Default Priority of Payments**" has the meaning given to it in Clause 34.9(c) (*Post-Default Priority of Payments*).

"**Post-Funding Information**" has the meaning given to such term in Schedule 16 (*Portfolio Information*).

"**Pre-Funding Information**" has the meaning given to such term in Schedule 16 (*Portfolio Information*).

"**Prepayment Fee**" has the meaning given to it in Clause 12.3 (*Prepayment fee*).

"**Primary Term Rate**" means the rate specified as such in the applicable Reference Rate Terms.

**EXHIBIT 10.9**

"**Principal Ledger**" means each of the following ledgers, each maintained on the Cash Accounts, to which collections relating to interest payments made under the Collateral Obligations denominated in the related Funding Currency are to be credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the ledger denominated in USD maintained by the Borrower on the
USD Cash Account (the "**USD Principal Ledger** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ledger denominated in EUR maintained by the Borrower on the
EUR Cash Account (the "**EUR Principal Ledger** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the ledger account denominated in GBP maintained by the Borrower
on the GBP Cash Account (the "**GBP Principal Ledger** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the ledger account denominated in CAD maintained by the Borrower
on the CAD Cash Account (the "**CAD Principal Ledger** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the ledger account denominated in AUD maintained by the Borrower
on the AUD Cash Account (the "**AUD Principal Ledger** ");

and the term "**Principal Ledger**" with respect to a Funding Currency shall mean the Principal Ledger above denominated in such Funding Currency.

"**Principal Proceeds**" has the meaning given to such term in Clause 34.11 (*Principal Ledgers*).

"**Principal Proceeds Priority of Payments**" has the meaning given to it in Clause 34.9(b) (*Application of Principal Proceeds*).

"**Priorities of Payment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no Event of Default has occurred and is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of Available Interest Proceeds, the Interest Proceeds
Priority of Payments; 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;(ii) in the case of Available Principal Proceeds, the Principal Proceeds
Priority of Payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an Event of Default has occurred and is continuing, the Post-Default
Priority of Payments.

"**Product Fee**" has the meaning given in Clause 12.2 (*Product fee*).

"**Product Fee Letter**" means a fee letter dated the Closing Date between the Arranger and the Borrower.

"**Prohibited Defence Industry**" means an industry directly connected (including production and trade) with controversial weapons (anti-personnel landmines, cluster munitions, nuclear/atomic, biological and chemical weapons or depleted uranium munitions).

**EXHIBIT 10.9**

"**Prohibited Industry**" means, with respect to any Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Prohibited Defence Industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assault weapons or firearms manufacturing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the pornography or adult entertainment industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the production, trade or use of drift nets over 2.5 kilometres in
length;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the production of asbestos fibres;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the trade in any plant or animal species or products governed by
the Convention on International Trade in Endangered Species of Wild Fauna or Flora ()"**CITES**") which are not authorized
by a CITES permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) activities mainly related to tobacco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a Freshwater Industry or Mining and Metals Industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay-day lending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) activities mainly related to marijuana related business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) crypto currency industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) online gaming/gambling.

"**Prohibited Obligor**" means any Obligor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) generates more than 1 per cent. of revenues from:

&nbsp;&nbsp;&nbsp;&nbsp;&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) sale or extraction of thermal coal or coal based power generation;

&nbsp;&nbsp;&nbsp;&nbsp;&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) sale or extraction of oil sands; 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;(iii) extraction of oil and gas from unconventional sources (including
Artic drilling, shale oil and shale gas (or other fracking activities));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generates more than 10 per cent. of revenues from processing, refining,
transmitting (pipeline or transportation of fossil fuel) or selling of fossil fuels, or utilities that burn and generate electricity
from fossil fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) plans to expand coal power generation capacity by more than 300
MW in the medium run;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) derives 10 per cent. or more of their production from fields located
in the arctic as defined by the Arctic Monitoring & Assessment Program (AMAP) or that produces more than 5 per cent. of the total
arctic production (excluding Norwegian operations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) directly or indirectly through majority-owned subsidiaries derives
any revenue from the development, production, maintenance, trade in or stockpiling of weapons of mass destruction, including biological
and chemical weapons, anti-personnel land mines, cluster munitions as defined in the Biological and Toxin Weapons Convention of 1972,
the Chemical Weapons Convention of 1993, the Anti-personnel Landmines Convention of 1997, the Convention on Cluster Munitions of 2010
and Council Regulation (EU) 2018/1542, depleted uranium, nuclear weapons (including any activities in breach of the Treaty on the Non-Proliferation
of Nuclear Weapons), radiological weapons and white phosphorus;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) derives any revenue from the trade in:

&nbsp;&nbsp;&nbsp;&nbsp;&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) ozone depleting substances; 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;(ii) endangered or protected wildlife;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) generates any revenues from the production of or trade in pornography
or prostitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) directly or indirectly through majority-owned subsidiaries generates
more than 5 per cent. of revenues from the sale or manufacture of tobacco or tobacco products, including cigarettes and/or e-cigarettes,
or any obligor that is classified as "tobacco" by S&P & GICs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) derives any revenue directly from online and offline Gambling;
or (ii) primarily generates more than 0 per cent. of its revenue from payday lending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) derives any revenue from the production or trade of illegal drugs
or narcotics, including recreational cannabis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) directly or indirectly through majority-owned subsidiaries derives
any revenue from opioid drug manufacturing and distribution (excluding pharmaceutical companies where such group derives less than 35
per cent. of its revenues from the relevant business, trade, or production (as applicable));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) derives any revenue from the production of alcohol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) generates more than 10 per cent. of revenues from sale or production
of civilian firearms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) derives more than 5 per cent. of its revenue from non-sustainable
palm oil production or marketing from non-certified palm oil production whether directly or indirectly through majority-owned (50%) subsidiaries
or which owns over 30.000ha of palm oil plantations that does not have the Certified Sustainable Palm Oil (CSPO) label, (ii) has unresolved
land rights conflicts, are unable to prove the legality of their operations or has not undertaken social and environmental impact assessments,
in each case in relation with palm oil production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) derives more than 25 per cent. of its revenue from speculative transactions
of soft commodities (such as wheat, rice, meat, soy, sugar, dairy, fish, and corn) provided that transactions from companies for which
the main business is the production/trading of such commodities are not considered as speculative; or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) derives 25 per cent. or more of their revenues from the production,
use, storage, trade, or ensure the maintenance, transport, and financing of banned Hazardous Chemicals/Pesticides or components specifically
designed for those types of products,

*provided that* any business that does business with or provides support services to such company, including, without limitation, payment platforms, web hosting services, transport services and/or general retail, shall not constitute a Prohibited Obligor, unless its sole business function is to provide support services to such company. Furthermore, any business that is only engaged in the production and/or sale of computer technology, communications equipment, software, medical supplies, vaccines or similar items or any other product or component that is potentially suitable for use with respect to a Prohibited Obligor will not constitute a Prohibited Obligor.

 

"**Project Finance Loan**" means a loan obligation under which the Obligor is obliged to make payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of payments) on revenues arising from infrastructure assets, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale of products, such as electricity, water, gas or oil, generated
by one or more infrastructure assets in the utility industry by a special purpose entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fees charged in respect of one or more highways, bridges, tunnels,
pipelines or other infrastructure assets by a special purpose entity, in each case, the sole activity of such special purpose entity
is the ownership and/or management of such asset or assets and the acquisition and/or development of such asset by the special purpose
entity was effected primarily with the proceeds of debt financing made available to it on a limited recourse basis.

"**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Overnight Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Primary Term Rate for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an RFR.

"**Published Rate Replacement Event**" means, in relation to a Published Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Published
Rate has, in the opinion of the Lead Bank (acting on the instruction of the Majority Senior Lenders), materially changed;

()

&nbsp;&nbsp;&nbsp;&nbsp;&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) (A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition
or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory
or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

**EXHIBIT 10.9**

*provided* that, in each case, at that time, there is no successor administrator to continue to provide that Published 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;(ii) the administrator of that Published Rate publicly announces that
it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator
to continue to provide that Published 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;(iii) the supervisor of the administrator of that Published Rate publicly
announces that such Published Rate has been or will be permanently or indefinitely discontinued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the supervisor of the administrator of that Published Rate makes
a public announcement or publishes information stating that such Published Rate is no longer or, as of a specified future date will no
longer be, representative of the underlying market or economic reality that it is intended to measure and that representativeness will
not be restored (as determined by such supervisor); 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;(v) the administrator of that Published Rate or its supervisor announces
that that Published Rate may no longer be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of
an interest rate which is a constituent element of that Published Rate) determines that that Published Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and 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;(i) the circumstance(s) or event(s) leading to such determination are
not (in the opinion of the Facility Agent (acting on the instruction of the Majority Senior Lenders)) temporary; 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;(ii) that Published Rate is calculated in accordance with any such policy
or arrangement for a period no less than 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Lead Bank (acting on the instruction of the
Majority Senior Lenders), that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under the Finance
Documents.

"**Purchased Accrued Interest**" means all payments of interest and proceeds of sale received in relation to any Collateral Obligation, in each case, to the extent that such amounts represent accrued interest in respect of such Collateral Obligation, which was purchased at the time of acquisition thereof with Principal Proceeds.

"**Qualifying Affiliate**" means an Affiliate of the Manager that the Parent certifies to the Facility Agent (a) has the ability to professionally and competently perform duties similar to those imposed on the Manager hereunder, (b) is legally qualified and has the capacity to act as the manager hereunder and (c) has adequate capital to meet its expected indemnification obligations.

**EXHIBIT 10.9**

"**Qualified Purchaser**" has the meaning given in Clause 25.3(h) (*Other conditions of assignment or transfer*).

"**Quotation Day**" means the day specified as such in the applicable Reference Rate Terms.

"**Quotation Time**" means the relevant time (if any) specified as such in the applicable Reference Rate Terms.

"**Quoted Tenor**" means, in relation to a Primary Term Rate, any period for which that rate is customarily displayed on the relevant page or screen of an information service.

"**Rate Switch CAS**" means, in relation to any Advance in a Rate Switch Currency which is or becomes a "Compounded Rate Advance" pursuant to Clause 9.6 (*Rate switch*), any rate which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified as such in the applicable Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determined by the Facility Agent (or by any other Finance Party
which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology specified in the applicable Reference
Rate Terms.

"**Rate Switch Currency**" means a Term Rate Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is specified as a "Rate Switch Currency" in the
applicable Reference Rate Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for which there are Reference Rate Terms applicable to Compounded
Rate Advances.

"**Rate Switch Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Rate Switch Currency, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 applicable Backstop Rate Switch Date; 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;(ii) any applicable Rate Switch Trigger Event Date,

for that Rate Switch Currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Rate Switch Currency which:

&nbsp;&nbsp;&nbsp;&nbsp;&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) becomes a Rate Switch Currency after the date of this 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;(ii) for which there is a date specified as the "Rate Switch Date"
in the applicable Reference Rate Terms,

that date.

**EXHIBIT 10.9**

"**Rate Switch Trigger Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Rate Switch Currency and the Published Rate applicable
to Advances in that Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&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) (A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition
or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory
or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Published 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;(ii) the administrator of that Published Rate publicly announces that
it has ceased or will cease, to provide that Published Rate for any Quoted Tenor permanently or indefinitely and, at that time, there
is no successor administrator to continue to provide that Published Rate for that Quoted Tenor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly
announces that such Published Rate has been or will be permanently or indefinitely discontinued for any Quoted Tenor; 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;(iv) the administrator of that Published Rate or its supervisor publicly
announces that that Published Rate for any Quoted Tenor may no longer be used; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the supervisor of the administrator of that Published Rate publicly
announces or publishes information stating that that Published Rate for any Quoted Tenor is no longer, or as of a specified future date
will no longer be, representative of the underlying market and the economic reality that it is intended to measure and that such representativeness
will not be restored (as determined by such supervisor).

"**Rate Switch Trigger Event Date**" means, in relation to a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an occurrence of a Rate Switch Trigger Event for
that Rate Switch Currency described in paragraph (a)(i) of the definition of Rate Switch Trigger Event, the date on which the relevant
Published Rate ceases to be published or otherwise becomes unavailable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an occurrence of a Rate Switch Trigger Event for
that Rate Switch Currency described in paragraphs (a)(ii), (a)(iii) or (a)(iv) of the definition of Rate Switch Trigger Event, the date
on which the relevant Published Rate for the relevant Quoted Tenor ceases to be published or otherwise becomes unavailable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an occurrence of a Rate Switch Trigger Event for
that Rate Switch Currency described in paragraph (b) of the definition of Rate Switch Trigger Event, the date on which the relevant Published
Rate for the relevant Quoted Tenor ceases to be representative of the underlying market and the economic reality that it is intended
to measure (as determined by the supervisor of the administrator of such Published Rate); and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of an occurrence of a Rate Switch Trigger Event for
that Rate Switch Currency described in paragraph (c) of the definition of Rate Switch Trigger Event, the date of the first Payment Date
or Interim Payment Date (as applicable) to occur after the increase in Total Commitment.

"**Rating Agency**" means any credit rating agency that has been registered or certified in accordance with the EU Credit Rating Agency Regulation or the UK Credit Rating Agency Regulation.

"**Receiver**" means a receiver or receiver and manager or administrative receiver of the or any part of the Borrower Security Assets.

"**Recurring Revenue**" means, with respect to any Recurring Revenue Loan and the related Obligor for the Relevant Test Period, either (a) the meaning of "Recurring Revenue" or comparable term set forth in the Underlying Instruments for such Recurring Revenue Loan, or (b) in the case of any Recurring Revenue Loan with respect to which the Underlying Instruments do not include a definition of "Recurring Revenue" or comparable term, the amount of revenues of such Obligor in respect of perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams, as calculated by the Borrower in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments.

"**Recurring Revenue Loan**" means any Senior Secured Loan issued by an Obligor (i) that provides software and technology services, healthcare information technology, or digital infrastructure and services, (ii) under which the financial covenant is calculated on the basis of "annual recurring revenue" for a stated period rather than EBITDA, (iii) that does not include and would not customarily be expected to include, in the underlying instrument, (at the time of origination) a financial covenant measuring total debt to EBITDA, total debt to EBIT or a similar multiple of total debt to operating cash flow of the Obligor; (iv) that is not subordinate to a working capital loan; and (v) that is scheduled to replace the financial covenants with traditional cash flow leverage lending covenants (i.e. total leverage, senior leverage and interest coverage) no later than the 3 year anniversary of the date on which the Borrower or the Parent acquired such Senior Secured Loan.

"**Redenomination Distribution Test**" means, in respect of each Funding Currency, the test which is satisfied if the Redenomination Ratio is greater than or equal to 90%.

"**Redenomination Ratio**" means, in respect of each Funding Currency, as of any date of determination, the fraction (expressed as a percentage) that is calculated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Funding Currency Borrowing Base
in respect of such Funding Currency *divided by* Aggregate Borrowing Base; *divided by* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Funding Currency Senior Loan Amount in respect of such Funding
Currency *divided by* the Aggregate Outstanding Senior Loan Amount.

**EXHIBIT 10.9**

"**Reference Rate Supplement**" means, in relation to any currency, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Borrower and the Lead Bank (acting on
the instructions of the Majority Senior Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies for that currency the relevant terms which are expressed
in this Agreement to be determined by reference to Reference Rate Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) specifies whether that currency is a Compounded Rate Currency or
a Term Rate Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been made available to the Borrower and each Finance Party.
" **Reference Rate Terms**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Advance or an Unpaid Sum in that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Interest Period for that Advance or Unpaid Sum (or other period
for the accrual of commission or fees in a currency); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any term of this Agreement relating to the determination of a rate
of interest in relation to such an Advance or Unpaid Sum,

the terms set out for that currency in Schedule 20 (*Reference Rate Terms*) or in any Reference Rate Supplement.

"**Related Collateral Obligation**" means, with respect to any Collateral Obligation, another Collateral Obligation of the applicable Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that requires the Obligor to comply with a Maintenance Covenant
(which Maintenance Covenant may require compliance only if such facility is drawn or is drawn above a threshold amount); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to which either (i) the Borrower holds an interest
in a proportion at least equal to the proportion of such Collateral Obligation or (ii) the Borrower and/or other PG Affiliates collectively
have the ability to accelerate such Collateral Obligation following a breach (and expiration of applicable cure periods) of such Maintenance
Covenant.

"**Related Security**" means, in respect of a Collateral Obligation, any Security Interest or guarantee granted in favour of holder or lender in respect of the payment obligations of the Obligor(s) under such Collateral Obligation.

"**Relevant Jurisdiction**" means with respect to a Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its jurisdiction of incorporation;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any asset subject to or intended to be subject
to a Security Document under which such Party grants Transaction Security is situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any jurisdiction where it conducts its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the jurisdiction whose laws govern the perfection of any Security
Document referred to in clause (b) above.

"**Relevant Market**" means the market specified as such in the applicable Reference Rate Terms.

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Relevant Recipient**" means each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lead Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Senior Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a potential Senior Lender which has entered into a confidentiality
agreement with the Borrower and the Parent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Competent Authorities.

"**Relevant Test Period**" means, with respect to any Recurring Revenue Loan, the relevant test period for such Recurring Revenue Loan in the applicable Underlying Instrument or, if no such period is provided for therein, each period of the last four consecutive reported fiscal quarters (or, solely with respect to Obligors that report monthly, each of the last twelve monthly periods) of the principal Obligor on such Recurring Revenue Loan; provided that, with respect to any Recurring Revenue Loan for which the relevant test period is not provided for in the applicable Underlying Instrument, if an Obligor is a newly formed entity as to which twelve consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.

"**Repeating Representations**" means the Borrower Repeating Representations and the Parent Repeating Representations.

"**Replacement Lender**" has the meaning given to it in Clause 8.6(a) (*Replacement of a Defaulting Lender*).

**EXHIBIT 10.9**

"**Replacement Reference Rate**" means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement
for a Published Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&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 administrator of that Published Rate (provided that the market
or economic reality that such reference rate measures is the same as that measured by that Published Rate); 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;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Lead Bank (acting on the instruction of the
Majority Senior Lenders), generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate
successor to that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Lead Bank (acting on the instruction of the
Majority Senior Lenders), an appropriate successor to that Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as may be otherwise agreed by the Borrower and the Lead Bank (acting
on the instruction of the Majority Senior Lenders).

"**Reportable Event**" means a reportable event as defined in Section 4043(c) of ERISA and the regulations issued under such Section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation or by public notice waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event, provided that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waivers in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

"**Reporting Website**" means <u>https://my.statestreet.com</u> or such other website as may be notified in writing by the Borrower to the Lead Bank, the Senior Lenders and the Collateral Agent.

**"Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee, custodian or service provider.

"**Required Reporting**" has the meaning given to such term in Schedule 16 (*Portfolio Information*).

"**Responsible Officer**" means with respect to any person, any manager, director or officer or any other person who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) authorised to act for such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has direct responsibility for the administration of this Agreement
or other Finance Document.

**EXHIBIT 10.9**

"**Restructured Obligation**" means a Collateral Obligation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been the subject of a Restructuring Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an Ineligible Obligation, a Defaulted Obligation or an Impaired
Obligation.

"**Restructuring Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Collateral Obligation (other than a Recurring Revenue Loan) that,
since its Investment Date, has been the subject of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a Material Modification; 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;(ii) a Financial Covenant Modification on one occasion only; 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;(iii) a waiver of a covenant breach up to a maximum of two times; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Recurring Revenue Loan that, since its Investment Date, has been
the subject of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a Material Modification; 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;(ii) a Financial Covenant Modification on one occasion only; 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;(iii) a waiver of a covenant breach up to a maximum of two times; 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;(iv) its "annual recurring revenue" has decreased by more
than 25%; 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;(v) its Net Leverage Ratio has increased by more than 1x its "annual
recurring revenue".

"**Restructuring Date**" means, in respect of a Restructured Obligation, the date on which the relevant Material Modification becomes binding on the holders of the original Collateral Obligation.

"**Retention Breach**" means a breach by the Parent of any of its obligations under Clause 23.1 (*Retention Requirements*).

"**Retention Requirements**" means the EU Retention Requirement and the UK Retention Requirement.

"**Revenue Retention Ratio**" means with respect to any Recurring Revenue Loan for any Relevant Test Period measured at the end of each fiscal quarter, either (a) the meaning of "Revenue Retention Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Recurring Revenue Loan with respect to which the related Underlying Instruments do not include a definition of "Revenue Retention Ratio" or comparable definition, the ratio of (i) total revenue of the applicable Obligor as of the last day of the most recently ended Relevant Test Period multiplied by four (4) to (ii) total revenue of such Obligor as of last day of the Relevant Test Period prior to the most recently ended Relevant Test Period multiplied by four (4), as most recently calculated by the Obligor pursuant to the Underlying Instruments or by the Borrower or Servicer in good faith on a pro forma basis in a commercially reasonable manner.

**EXHIBIT 10.9**

"**Revolving Obligation**" means any debt obligation (other than a Delayed Drawdown Obligation) (including, without limitation, revolving loans, funded and unfunded positions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that pursuant to the terms of its Underlying Instruments may require one or more future advances to be made and may be repaid and redrawn; but any such debt obligation will be a Revolving Obligation only until all commitments to make advances expire or are terminated or reduced to zero.

"**RFR**" means the rate specified as such in the applicable Reference Rate Terms.

"**RFR Banking Day**" means any day specified as such in the applicable Reference Rate Terms.

"**RRL Maximum Advance Rate**" means the maximum advance rate specified in the table below that corresponds with the Effective Number as of any date of determination:

---

| | |
|:---|:---|
| **Effective Number** | **Maximum Advance Rate** |
| < 7 | 0% |
| < 9 | 20% |
| < 11 | 35% |
| < 13 | 50% |
| ≥ 13 | 60% |

---

"**RRL Multiplier**" means, in respect of any Recurring Revenue Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any of the following events occurs, then 75%:

&nbsp;&nbsp;&nbsp;&nbsp;&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) its "annual recurring revenue" has decreased by more
than 15% since its Investment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&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) its Net Leverage Ratio has increased by more than 0.5x since its
Investment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&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) if it has a public rating, such rating falls below "CCC+";
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;(iv) it has been the subject of a Restructuring Event.

"**S&P**" means Standard & Poor's Ratings Service, a Standard & Poor's Financial Services LLC business.

"**Sale Date**" means, in respect of a Collateral Obligation, the date upon which the Borrower enters into a binding commitment to sell such Collateral Obligation.

"**Sale Proceeds**" means all proceeds received upon the sale of any Collateral Obligation excluding any sale proceeds representing accrued interest designated as Interest Proceeds by the Borrower, ***provided*** that no such designation may be made in respect of Purchased Accrued Interest.

**EXHIBIT 10.9**

"**Sanctioned Country**" means a country or territory which is, or whose government is, at any time the subject or target of country-wide or territory-wide Sanctions.

"**Sanctioned Person**" means any person who is the subject or target of Sanctions, including without limitation as a result of being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) owned or controlled directly or indirectly by any person that is
the subject or target of Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) organised under the laws of, or a citizen or resident of, any country
that is subject to Sanctions.

"**Sanctions**" means any economic or financial sanction, sectoral sanctions, secondary sanctions, trade embargoes or similar measures enacted, administered or enforced from time to time by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Security Council of the United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Member State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Switzerland; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the governments and official institutions or agencies of any of
limb (a) to (f) (inclusive) above, including but not limited to OFAC, the U.S. Department of State and His Majesty's Treasury.

"**Scheduled Determination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Payment Date other than the final Payment Date,
31 March, 30 June, 30 September and 31 December in each year, commencing in March 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of the final Payment Date, the Business Day prior to
such Payment Date,

*provided* that if any such date is not a Business Day, the relevant Scheduled Determination Date shall be deferred to the next day that is a Business Day.

 

"**Scheduled Investment Period End Date**" means the date falling three (3) years from the Closing Date (or if such date is not a Business Day the preceding Business Day) or such later date as may be agreed in writing among the Borrower and the Senior Lender.

**EXHIBIT 10.9**

"**Scheduled Term End Date**" means the date falling seven (7) years from the Closing Date (or if such date is not a Business Day the preceding Business Day) or such later date as may be agreed in writing among the Borrower and the Senior Lender.

"**Second Lien Loan**" means a Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is a loan or similar debt obligation or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is not a Senior Secured Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that has a junior contractual claim on tangible or intangible property
(which property is subject to a prior lien (other than customary permitted liens, such as, but not limited to, any tax liens) to secure
payment of a debt or the fulfilment of a contractual obligation).

"**Secured Liabilities**" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Borrower to any Secured Party under each Finance Document.

"**Secured Party**" means a Finance Party, a Receiver or any Delegate.

"**Securitisation Regulations**" means the EU Securitisation Regulation and the UK Securitisation Regulation.

"**Security Agreement**" means the security agreement entered into on or around the Closing Date and made between each Borrower, the Collateral Agent and the Facility Agent.

"**Security Document**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Pledge Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Account Control Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the English Law Security Deed, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other document designated as such by the Lead Bank and the Borrower.

"**Security Interest**" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

"**Security Property**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Transaction Security expressed to be granted in favour of the
Collateral Agent as trustee for the benefit of the Secured Parties and all proceeds of that Transaction Security; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amounts or property, whether rights, entitlements, choses
in action or otherwise, actual or contingent, which the Collateral Agent is required by the terms of the Finance Documents to hold for
the benefit of the Secured Parties.

"**Senior Debt**" means all Liabilities payable or owing by the Borrower to a Secured Party under or in connection with the Finance Documents.

"**Senior Debt Discharge Date**" means the date on which all the Senior Debt has been unconditionally and irrevocably paid and discharged in full (other than any contingent reimbursement and indemnification obligations which are unknown, unmatured and for which no claim has been made), as determined by the Collateral Agent acting in good faith.

"**Senior Expenses Cap**" means, in respect of each Collection Period, $200,000 per annum (*pro rated* for such Collection Period on the basis of a 360 day year comprised of twelve 30-day months); *provided however* that if the aggregate amount of the Collateral Agent Expenses and the Administrative Expenses paid on each Payment Date or Interim Payment Date (as applicable) in the preceding 12 months ending on the relevant Payment Date or Interim Payment Date (as applicable) (including the Payment Date or Interim Payment Date (as applicable) falling one calendar year prior to the relevant Payment Date or Interim Payment Date (as applicable)), and during each related Collection Period (including the Collection Period relating to the relevant Payment Date or Interim Payment Date (as applicable)), is less than the Senior Expenses Cap (determined on a per annum basis), the amount of such shortfall will be added to the Senior Expenses Cap with respect to the then relevant Payment Date or Interim Payment Date (as applicable). For the avoidance of doubt, any such amount may not at any time result in an increase of the Senior Expenses Cap on a per annum basis.

"**Senior Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Original Senior Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other person which has become a Senior Lender in accordance
with Clause 25 (*Changes to the Senior Lenders*),

which in each case has not ceased to be a Party in accordance with the terms of this Agreement.

"**Senior Lender Instructed Repayment Date**" means any Business Day falling on or after the Scheduled Term End Date and prior to the Facility Maturity Date which the Facility Agent (acting on the instruction of the Majority Senior Lenders) notifies the Borrower by 120 days' notice in writing is to be the date upon which all Advances are to be repaid in full, or any other date as agreed between the Lead Bank, the Facility Agent and the Borrower.

"**Senior Loan Tests**" has the meaning given to such term in Schedule 9 (*Senior Loan Tests*).

**EXHIBIT 10.9**

"**Senior Secured Loan**" means a Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is a loan or similar debt obligation or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is secured by a valid and perfected first priority lien (excluding
any liens created in relation to Super Senior Debt) on substantially all of the Obligor's assets constituting Related Security,
subject to any expressly permitted liens under the Underlying Instruments for such Collateral Obligation or such comparable definition
if "permitted liens" is not defined therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that provides that the payment obligation of the Obligor on such
Collateral Obligation is either senior to, or *pari passu* with, and is not (and cannot by its terms become) subordinate in right
of payment to all other Financial Indebtedness of such Obligor (other than Super Senior Debt where the ratio of the maximum aggregate
principal amount outstanding or available to be drawn thereunder to the EBITDA of such Obligor is not greater than 2.0x);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for which liens on the Related Security securing any other outstanding
Financial Indebtedness of the Obligor (excluding expressly permitted liens described in clause (b) above but including liens securing
second lien loans) is expressly subject to and contractually or structurally subordinate to the priority liens securing such Collateral
Obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that the Borrower determines in good faith and in a manner consistent
with valuations determined with respect to other clients that hold an interest in such Collateral Obligation that the value of the Related
Security (or the Enterprise Value) and ability to generate cash flow on or about the time of origination equals or exceeds the outstanding
balance of the Collateral Obligation plus the aggregate outstanding balances of all other Financial Indebtedness of equal seniority secured
by the same Related Security.

"**Sequential Amortisation Tests**" has the meaning given to that term in Schedule 10 (*Sequential Amortisation Tests*).

"**SOFR**" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).

"**Specified Time**" means a day or time determined in accordance with Schedule 13 (*Timetables*), or as otherwise agreed between the Lead Bank and the Borrower.

"**Structured Finance Security**" means any debt obligation issued by a stand-alone special purpose vehicle, trust or comparable vehicle which is secured directly and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or other financial assets, either fixed or revolving, including (but not limited to) consumer receivables, auto loans, auto leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations or similar assets, including, without limitation, collateralised debt obligations, collateralised loan obligations, asset backed securities and mortgage backed securities or any similar security, or otherwise constitutes a "securitisation" for the purposes of the Securitisation Regulations or either of them.

**EXHIBIT 10.9**

"**Subordinated Liabilities**" means all Liabilities payable or owing by the Borrower to the Parent.

"**Subsidiary**" means, with respect to any Person, an entity of which such Person has direct or indirect control or owns directly or indirectly more than 50% of the voting capital or similar right of ownership.

"**Supermajority Senior Lenders**" means a Senior Lender or Senior Lenders whose Commitments aggregate more than 66%% of the Total Commitment (or, if the Total Commitment has been reduced to zero, aggregated more than 66%% of the Total Commitment immediately prior to the reduction).

"**Super Senior Debt**" means debt ranking above a Senior Secured Loan whether contractually, structurally or in an enforcement scenario, including but not limited to any revolving credit facility, acquisition facility, capex facility, or first-out loan.

"**Synthetic Security**" means a security or swap transaction (other than a letter of credit or a Participation) that has payments of interest or principal on one or more reference obligations or the credit performance of one or more reference obligations.

"**T2**" means the real-time gross settlement (RTGS) system operated by Eurosystem, or any successor system.

"**T2 Day**" means any day on which T2 is open for the settlement of payments in Euro.

"**Target LTV**" means, as of any date of determination, the greater of (a) the Maximum Advance Rate; and (b) 10 per cent.

"**Target LTV Test**" has the meaning given to such term in Schedule 10 (*Sequential Amortisation Tests*).

"**Target Portfolio Amount**" means, as of any date of determination, the greater of (a) an amount equal to the amount of Total Commitments divided by the Effective Advance Rate and (b) such other amount as agreed between the Borrower and the Lead Bank; <u>provided</u> that any increase agreed to under this clause (b) without the consent of each Lender may not result in the Target Portfolio Amount being an amount which exceeds the amount of Total Commitments divided by the Maximum Advance Rate.

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) imposed or levied by any government or other taxing authority, and "**Taxes**" and "**Taxation**" shall be construed accordingly.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by the Borrower to a Finance Party under Clause 13.2 (*Tax gross-up*) or a payment under Clause 13.3 (*Tax indemnity*).

**EXHIBIT 10.9**

"**Temporary Sequential Amortisation Tests**" has the meaning given to that term in Schedule 10 (*Sequential Amortisation Tests*).

"**Term Rate Advance**" means any Advance or, if applicable, Unpaid Sum in a Term Rate Currency to the extent that it is not, or has not become a "Compounded Rate Advance" pursuant to Clause 9.6 (*Rate Switch*).

"**Term Rate Currency**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) USD, CAD, EUR and AUD; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any currency specified as such in a Reference Rate Supplement relating
to that currency,

to the extent, in any case, not specified otherwise in a subsequent Reference Rate Supplement.

"**Term Reference Rate**" means, in relation to a Term Rate Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Primary Term Rate as of the Quotation Time for a
period equal in length to the Interest Period of that Advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 11 (*Changes to the Calculation of Interest*),

and if, in either case, that rate is less than zero, the Term Reference Rate shall be deemed to be zero.

"**Term SOFR**" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).

"**Total Commitment**" means, at any time, the aggregate of the then current Commitments of each Senior Lender.

"**Trading Gains**" means, in respect of any Collateral Obligation which is repaid, prepaid, redeemed or sold, any excess of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Principal Proceeds receivable in respect thereof; over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 par amount of such Collateral Obligation; 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;(ii) the purchase price (inclusive of transfer costs) paid by the Borrower
for such Collateral Obligation,

in each case net of (i) any expenses incurred in connection with any repayment, prepayment, redemption or sale thereof and (ii) in the case of a sale of such Collateral Obligation, any interest accrued but not paid thereon which has not been capitalised as principal and included in the sale price thereof.

**EXHIBIT 10.9**

"**Transaction Security**" means the Security Interests created or evidenced or expressed to be created or evidenced under the Security Documents.

"**Transaction Summary**" means a transaction summary in the form contained in Schedule 23 (*Transaction Summary*) to this Agreement.

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Facility Agent and the Borrower.

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the relevant Assignment
Agreement or Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Facility Agent executes the relevant Assignment
Agreement or Transfer Certificate.

"**Transparency Reports**" has the meaning given to it in Clause 23.5 (*Transparency Reports*).

"**Transparency Requirements**" means the EU Transparency Requirements and the UK Transparency Requirements.

"**Transparency RTS**" means Commission Delegated Regulation (EU) 2020/1224.

"**UK Credit Rating Agency Regulation**" means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies in the form in effect on 31 December 2020 which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by the Credit Rating Agencies (Amendments etc) (EU Exit) Regulations 2019 of the United Kingdom and as further amended, varied or substituted from time to time as a matter of United Kingdom law.

"**UK Retention Requirement**" means the risk retention requirement under Article 6(1) of the UK Securitisation Regulation or any replacement provision included in the UK Securitisation Regulation from time to time.

"**UK Securitisation Regulation**" means Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitisation in the form in effect on 31 December 2020 which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 of the United Kingdom and as further amended, varied or substituted from time to time as a matter of UK law, including (i) any technical standards thereunder as may be effective from time to time and (ii) any guidance relating thereto as may from time to time be published by the United Kingdom Financial Conduct Authority and/or the United Kingdom Prudential Regulation Authority (or, in each case, any successor thereto).

**EXHIBIT 10.9**

"**UK Transparency Requirements**" means the disclosure requirements under Article 7 of the UK Securitisation Regulation or any replacement provision included in the UK Securitisation Regulation from time to time.

"**Underlying Instrument**" means the agreements or instruments pursuant to which a Collateral Obligation has been issued or created and each other agreement that governs the terms of, or secures the obligations represented by, such Collateral Obligation or under which the holders or creditors under such Collateral Obligation are the beneficiaries.

"**Unfunded Exposure Advance Amount**" has the meaning given to that term in Clause 5.7(b)(ii).

"**Unfunded Exposure Amount**" means, as of any date of determination, with respect to any Delayed Drawdown Obligation or Revolving Obligation, the aggregate amount (without duplication) of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unfunded commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all standby or contingent commitments associated with such Collateral
Obligation,

in each case, converted into the Base Currency at the FX Conversion Rate if not denominated in the Base Currency.

"**Unfunded Exposure Amount Shortfall**" means, as of any date of determination the amount (if any) by which the Aggregate Unfunded Exposure Amount as of such date exceeds the amounts on deposit in the Cash Accounts and standing to the credit of the Principal Ledgers on such date.

"**Unfunded Exposure Equity Amount**" means the amount equal to the Unfunded Exposure Amount Shortfall *minus* the Unfunded Exposure Advance Amount.

"**Unpaid Sum**" means any sum due and payable but unpaid by the Borrower under the Finance Documents.

"**Unrestricted Cash**" means, in respect of a Collateral Obligation, "Unrestricted Cash" or any comparable definition in the Underlying Instruments in respect of such Collateral Obligation or, if "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the related Obligor(s) that have been delivered to the Borrower.

"**US**" means the United States of America.

"**US Government Securities Business Day**" means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association
(or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in US Government securities.

"**Utilisation**" means a utilisation of the Facility.

"**Utilisation Date**" means the date of a Utilisation, being the date on which the relevant Advance is to be made.

"**Utilisation Request**" means a notice substantially in the form set out in Schedule 3 (*Utilisation Request*).

"**VDR**" means a virtual data room to be opened and maintained by the Borrower and to which the Facility Agent, the Collateral Administrator, the Lead Bank, the Collateral Agent and each Senior Lender shall have access.

"**Weighted Average Spread Test**" has the meaning given to it in Schedule 11 (*The Weighted Average Spread Test*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly provided to the contrary herein, a reference in
this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Facility Agent** ", the "**Collateral Agent** ", the "**Lead Bank** ", any "**Finance Party** ", any "**Senior Lender** ",
any "**Borrower** ", or any "**Party**" or other person shall be construed so as to include its successors
in title, permitted assigns and permitted transferees or, in the case of the Collateral Agent, any additional collateral agent;

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**assets**" includes present and future properties,
revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Senior Lender's "**cost of funds**" in relation
to its participation in an Advance is a reference to the average cost (determined either on an actual or a notional basis) which that
Senior Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that
participation in that Advance for a period equal in length to the Interest Period of that Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the words "**includes** ", "**including** "
and "**in particular**" shall be construed as being by way of illustration or emphasis only and shall not be construed
as, nor shall they take effect as, limiting the generality of any preceding words;

&nbsp;&nbsp;&nbsp;&nbsp;&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) "**indebtedness**" includes any obligation (whether
incurred as principal or surety) for the payment or repayment of money, whether present or future, actual or contingent;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "**Finance Document**" or any other agreement or
instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "**person**" includes any individual, firm, company,
corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership or other entity
(whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "**regulation**" includes any regulation, rule,
official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational
body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a provision of law is a reference to that provision as amended or
re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a time of day is a reference to London time; 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) a reference to a day or days means a calendar day or calendar days,
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause and Schedule headings are for ease of reference
only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a contrary indication appears, a term used in any other Finance
Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice
as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Default (other than an Event of Default) is "continuing"
if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Wherever there is a reference in a Finance Document to the Facility
Agent exercising any discretion, it may seek the prior written instruction of the Majority Senior Lenders before so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A reference in this Agreement to a page or screen of an information
service displaying a rate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays
that rate; 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;(ii) the appropriate page of such other information service which displays
that rate from time to time in place of that information service,

and, if such page or service ceases to be available to the Facility Agent, shall include any other page or service displaying that rate specified by the Facility Agent after consultation with the Borrower.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A reference in this Agreement to a Central Bank Rate shall include
any successor rate to, or replacement rate for, that rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any Reference Rate Supplement relating to a currency overrides anything
relating to that currency in:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Schedule 20 (*Reference Rate Terms*); 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;(ii) any earlier Reference Rate Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Compounding Methodology Supplement relating to the Cumulative
Compounded RFR Rate overrides anything relating to that rate in:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Schedule 21 (*Cumulative Compounded RFR Rate*); 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;(ii) any earlier Compounding Methodology Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The determination of the extent to which a rate is "for a
period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period
being determined pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any references within this Agreement or any other Finance Document
to the Collateral Agent providing approval or consent or making a request, or to an item or a person being acceptable to, satisfactory
to, to the satisfaction of or approved by the Collateral Agent, are to be construed, unless otherwise specified, as references to the
Collateral Agent taking such action or refraining from acting on the instructions of the Lead Bank, and references in this Agreement
or any other Finance Document to: (i) the Collateral Agent acting reasonably; (ii) a matter being in the reasonable opinion of the Collateral
Agent; (iii) the Collateral Agent's approval or consent not being unreasonably withheld or delayed; or (iv) any document, report,
confirmation or evidence being required to be reasonably satisfactory to the Collateral Agent, are to be construed, unless otherwise
specified in this Agreement or such other relevant Finance Document, as the Collateral Agent acting on the instructions of the Lead Bank
(acting on the instruction of the Majority Senior Lenders who are acting reasonably or not unreasonably withholding or delaying their
consent (as the case may be)). Where the Collateral Agent is obliged to consult with the Borrower under the terms of this Agreement,
unless otherwise specified, the Lead Bank must instruct the Collateral Agent to consult in accordance with the terms of this Agreement
and the Collateral Agent must carry out that consultation in accordance with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any references within this Agreement or any other Finance Document
to (i) the Facility Agent acting reasonably; (ii) a matter being in the reasonable opinion of the Facility Agent; (iii) the Facility
Agent's approval or consent not being unreasonably withheld or delayed; or (iv) any document, report, confirmation or evidence
being required to be reasonably satisfactory to the Facility Agent, are to be construed, unless otherwise specified in this Agreement
or such other relevant Finance Document, as the Facility Agent acting on the instructions of the Majority Senior Lenders (who are acting
reasonably or not unreasonably withholding or delaying their consent (as the case may be)).

**EXHIBIT 10.9**

Where the Facility Agent is obliged to consult with the Borrower under the terms of this Agreement, unless otherwise specified, the Majority Senior Lenders must instruct the Facility Agent to consult in accordance with the terms of this Agreement and the Facility Agent must carry out that consultation in accordance with the instructions it receives from the Majority Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Borrower or the Parent, any use of the term
"knowledge" or "actual knowledge" in this Agreement or the other Finance Documents shall mean actual knowledge
after reasonable inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Each reference to "Borrower" herein shall be deemed
to refer to each Borrower or both Borrowers, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) All obligations hereunder and under each other Finance Document
(including the Secured Liabilities) shall be joint and several obligations of each Borrower in all respects.

**EXHIBIT 10.9**

**SECTION 2**

**THE FACILITY**

---

| | |
|:---|:---|
| **2** | **THE FACILITY** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Facility

Subject to the terms of this Agreement, the Senior Lenders make available to the Borrower a multicurrency loan facility in a maximum aggregate amount equal to the Total Commitment, which shall during the Investment Period be a revolving loan facility and shall during the Amortisation Period be a term loan facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Increases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&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) may by giving prior notice to the Facility Agent and the Collateral
Administrator by no later than the date falling 10 Business Days after the effective date of a cancellation of the Commitments of a Senior
Lender in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Clause 8.1 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of Clause 8.4 (*Right of replacement or repayment and cancellation in relation to a single Senior Lender*),

request that the Commitments be increased (and the Commitments shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Commitments so cancelled; 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;(ii) may by giving prior notice to the Facility Agent, the Collateral
Administrator and the Lead Bank on one or more (but no more than five (5), or as otherwise agreed between the Lead Bank and the Borrower)
occasions during the Investment Period irrevocably request that the Total Commitment be increased to an amount not exceeding $400,000,000.

in either case, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the increase in Commitments will be first offered to the Senior
Lenders on a pro rata basis to their existing Commitments for a period of 10 Business Days. If any Senior Lender does not confirm its
willingness to assume some or all of its offered increase in commitments (an "**Unallocated Increase Amount**") during
such period, those Senior Lenders that have confirmed their willingness to assume all (but not some only) of their own offered increase
shall be entitled to assume such Unallocated Increase Amount pro rata to their existing Commitments during a period of a further 3 Business
Days and, if any part of the Unallocated Increase Amount has not been accepted (the "**Further Unallocated Increase Amount** "),
any Senior Lender that confirmed its willingness to assume all (but not some only) of its pro rata share of the Unallocated Increase
Amount may accept all or part of the Further Unallocated Increase Amount (with priority determined by order of the time at which such
acceptance is communicated to the Facility Agent, with the earliest acceptance taking priority);

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the increased Commitments will be assumed by any Senior Lender that
accepted any increase in the Commitments pursuant to (A) above and, to the extent any Further Unallocated Increase Amount was not accepted
by any Senior Lender, by any Eligible Institutions located by the Borrower and consented to by the Lead Bank (each an "**Increase Senior Lender**") each of which confirms in writing (in the relevant Increase Confirmation) its willingness to assume and does
assume all the obligations of a Senior Lender corresponding to that part of the increased Commitments which it is to assume, as if it
had been an Original Senior Lender in respect of those Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each of the Borrower and any Increase Senior Lender shall assume
obligations towards one another and/or acquire rights against one another as the Borrower and the Increase Senior Lender would have assumed
and/or acquired had the Increase Senior Lender been an Original Senior Lender in respect of that part of the increased Commitments which
it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) each Increase Senior Lender shall become a Party as a "Senior
Lender" and any Increase Senior Lender and each of the other Finance Parties shall assume obligations towards one another and acquire
rights against one another as that Increase Senior Lender and those Finance Parties would have assumed and/or acquired had the Increase
Senior Lender been an Original Senior Lender in respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Commitments of the other Senior Lenders shall continue in full
force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any increase in the Commitments shall take effect on the date specified
by the Borrower in the notice referred to above or any later date on which the Facility Agent executes an otherwise duly completed Increase
Confirmation delivered to it by the relevant Increase Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent shall, subject to paragraph (c) below, as soon
as reasonably practicable after receipt by it of a duly completed Increase Confirmation acknowledged by the Borrower and the Lead Bank,
execute that Increase Confirmation. The acknowledgement of the Increase Confirmation by the Borrower shall constitute a representation
that the Increase Confirmation complies with the terms of this Agreement and is delivered in accordance herewith.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Increase Senior Lender, by executing the Increase Confirmation,
confirms (for the avoidance of doubt) that the Facility Agent has authority to execute on its behalf any amendment or waiver that has
been approved by or on behalf of the requisite Senior Lender or Senior Lenders in accordance with this Agreement on or prior to the date
on which the increase becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as
it would have been had it been an Original Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall, pursuant to the Priorities of Payments, pay
the Facility Agent the amount of all reasonable and documented out-of-pocket costs and expenses (including outside legal fees) properly
incurred by it in connection with any increase in Commitments under this Clause 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the Facility Agent, the Collateral Agent, the Collateral
Administrator or any Senior Lender shall have any obligation to find an Increase Senior Lender and in no event shall any Senior Lender
whose Commitment is replaced by an Increase Senior Lender be required to pay or surrender any of the fees received by such Senior Lender
pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Clause 25.5 (*Limitation of responsibility of Existing Senior Lenders*) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Senior Lender as if references in that Clause
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Existing Senior Lender**" were references to
all the Senior Lenders immediately prior to the relevant increase;

&nbsp;&nbsp;&nbsp;&nbsp;&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 "**New Senior Lender**" were references to that
"Increase Senior Lender"; 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;(iii) a "**re-transfer**" and "**re-assignment** "
were references to respectively a "transfer" and "assignment".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Finance Parties' rights and obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of each Finance Party under the Finance Documents
are several and not joint. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations
of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under
the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of each Finance Party under or in connection with the
Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from the Borrower
is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph
(c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance
of doubt, any part of an Advance or any other amount owed by the Borrower which relates to a Finance Party's participation in the
Facility or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing
to that Finance Party by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Finance Party may, except as specifically provided in the Finance
Documents, separately enforce its rights under or in connection with the Finance Documents.

**EXHIBIT 10.9**

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| | |
|:---|:---|
| **3** | **PURPOSE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Purpose

The Borrower shall apply all amounts borrowed by it under the Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) towards the purchase or origination of, or advancing of monies under,
Collateral Obligations and associated costs and expenses (including, without limitation, FX hedging) incurred by it in connection with
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to distribute to the Parent from time to time in order for the Parent
to repay (x) a subscription-backed facility between the Parent and MUFG Bank Ltd. and (y) the unsecured intercompany loan entered into
by the Parent and a PG Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to make Permitted Distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as otherwise required or permitted under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Monitoring

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

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| | |
|:---|:---|
| **4** | **CONDITIONS OF UTILISATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Initial conditions precedent

The Senior Lenders will only be obliged to comply with Clause 5.4 (*Senior Lenders' participation*) in relation to the first Utilisation hereunder if on or before the Utilisation Date for that Utilisation there shall have been delivered or made available to the Facility Agent and the Senior Lenders all of the documents and other evidence listed in Schedule 2 (*Initial Conditions*) in form and substance satisfactory to the Senior Lender.

The Senior Lenders or the Lead Bank on their behalf shall promptly notify (which may be by email) the Facility Agent and the Borrower of such satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Further conditions precedent

The Senior Lenders will only be obliged to comply with Clause 5.4 (*Senior Lenders' participation*) during the Investment Period only (and which shall, for the avoidance of doubt, include any proposed Advance in connection with the acquisition of a Collateral Obligation for which the Borrower enters into a binding commitment to acquire during the Investment Period and the related proposed settlement date for such Collateral Obligation occurs within eight (8) weeks of the expiry of the Investment Period), if on the date of the Utilisation Request and on the proposed Utilisation Date, each of the following conditions is satisfied to the satisfaction of the Senior Lenders:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Default is continuing or would result from the proposed Advance
or (if applicable) the acquisition of the proposed Collateral Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Repeating Representations are true and correct in all material
respects (or if such Repeating Representation is already qualified by the words "material", "materially" or "Material
Adverse Effect", then such Repeating Representation shall be true and correct in all respects);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the intended use of the proceeds of the proposed Advance by the
Borrower is permitted by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after giving effect to such Utilisation:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Aggregate Outstanding Senior Loan Amount does not exceed the
Total Commitment; 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;(ii) the amount (expressed as a percentage) equal to (1) the Aggregate
Outstanding Senior Loan Amount divided by (2) the Aggregate Borrowing Base is less than or equal to (y) the Maximum Advance Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Pre-Funding Information has been provided in respect of any
Collateral Obligation related to the proposed Advance to the Facility Agent and the Lead Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Eligibility Criteria will be satisfied in respect of each Collateral
Obligation related to the proposed Advance on the Utilisation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Senior Loan Tests and the Sequential Amortisation Tests (other
than the Target LTV Test) will be satisfied prior to and immediately following the making of the proposed Advance on the Utilisation
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Weighted Average Spread Test will be satisfied immediately following
the making of the proposed Advance on the Utilisation Date, or if not satisfied, maintained or improved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Redenomination Distribution Test is satisfied immediately following
the making of the proposed Advance on the Utilisation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) each of the Investment Requirements in respect of any Collateral
Obligation related to the proposed Advance will be satisfied on the Utilisation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Accounts in the Funding Currency in which such Advance is denominated
have been opened and are subject to the Account Control Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the proceeds of the Advance will
be used to finance the acquisition of Eligible Obligations with Obligors incorporated in the United Kingdom or any Member State such
that after giving effect thereto, more than 25.00% of the aggregate outstanding principal amount of all Eligible Obligations consists
of Collateral Obligations to Obligors Domiciled in the United Kingdom or the European Union, (i) the Borrower shall have entered into
a Custody Agreement and related English Law Security Deed pursuant to the Security Agreement on or prior to the proposed Utilisation
Date (such date, the " <u>European Covenant Compliance Start Date</u> ");
and (ii) the Lead Bank shall have received from counsel satisfactory to it in its sole discretion one or more legal opinions with respect
to the enforceability under English law of such Custody Agreement and English Law Security Deed and any related matters as the Lead Bank
may request in its reasonable discretion.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 General rules relating to Utilisation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of the Finance Documents, the
Borrower may not deliver a Utilisation Request where any of the following apply or will apply following the proposed Utilisation:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a Senior Lender would be required to lend more than its Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&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 aggregate Base Currency Amount of all Advances outstanding would
exceed the Available Facility; 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;(iii) a Retention Breach has occurred and is continuing or would occur
as result of such proposed Utilisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Advance shall be made only during the Investment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may deliver one Utilisation Request during any calendar
week unless otherwise agreed in writing by the Lead Bank.

**EXHIBIT 10.9**

**SECTION 3<br> UTILISATION**

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| | |
|:---|:---|
| **5** | **UTILISATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Delivery of a Utilisation Request

The Borrower may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time on the relevant date. If such request is received after the Specified Time, it shall be deemed to have been given on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Completion of a Utilisation Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Utilisation Request is irrevocable and will not be regarded
as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it specifies a proposed Utilisation Date which is a Business Day
within the Investment Period which is no earlier than ten Business Days prior to the proposed Utilisation Date and no later than three
Business Days (or, with respect to Utilisation Requests solely for funding of USD Revolving Obligations, two Business Days) prior to
the proposed Utilisation Date (or such shorter period as may be agreed in writing between the Facility Agent and the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&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 currency and amount of the Utilisation comply with Clause 5.3
(*Currency and amount*); 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;(iii) it specifies the account into which the Advance is to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Currency and amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The currency specified in a Utilisation Request must be the Base
Currency or an Optional Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the proposed Advance must be a minimum of $250,000
or, if less, the Available Commitment (or the equivalent thereof converted at the FX Conversion Rate if not denominated in the Base Currency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Utilisation Request shall indicate the Base Currency Amount
of each Advance which is to be made in an Optional Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Senior Lenders' participation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met, each
Senior Lender shall make its participation in each Advance available by the Utilisation Date through its Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each Senior Lender's participation in each Advance
will be equal to the proportion borne by its Commitment to the Available Facility immediately prior to making the Advance.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Agent shall notify each Senior Lender of the amount
and currency of its participation in each Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of determining the Available Commitments, each
Advance in a currency other than the Base Currency shall be converted to the Base Currency using the FX Conversion rate applicable as
of the related date of the Utilisation Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Cancellation of Commitment

The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Investment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Termination of Investment Period

If an Event of Default has occurred and is continuing, the Facility Agent (acting on instruction of the Majority Senior Lenders) may elect to terminate the Investment Period by providing written notice of such to the Borrower (such notice, the "**Investment Period Termination Notice**") *provided that*, in the case of such Event of Default occurring under Clause 24.3 (*Breach of non-payment obligations*), such election by the Facility Agent may only occur following an acceleration pursuant to Clause 24.15 (*Acceleration*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Delayed Drawdown Obligations and Revolving Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, on the date that
falls on the expiry of the Investment Period and each calendar quarter thereafter, if an Unfunded Exposure Amount Shortfall exists, the
Borrower shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&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) evidence reasonably satisfactory to the Lead Bank that the Parent
has unfunded capital commitments in an amount sufficient to satisfy the Unfunded Exposure Equity Amount; 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;(ii) a power of attorney to the Lead Bank permitting the Lead Bank to
call such capital commitments in the event that the Parent is required to fund the Unfunded Exposure Equity Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, on any Determination
Date following the expiry of the Investment Period, if (1) an Unfunded Exposure Amount Shortfall exists; and (2) the Actual LTV is greater
than the sum of (x) the Target LTV and (y) 5 per cent., the Borrower shall, *provided that* such shortfall is not cured by the Borrower
within five Business Days of such Determination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&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)* *first*, cause the Parent to deposit an amount equal to the
Unfunded Exposure Equity Amount into the Cash Account for credit to the Principal Ledger; 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;*(ii)* *second*, upon the deposit of the Unfunded Exposure Equity
Amount into the Cash Account for credit to the Principal Ledger, deliver a Utilisation Request for an Advance to be deposited into the
applicable Cash Accounts for credit to the Principal Ledger in the applicable Funding Currencies in an amount equal to (A) the Aggregate
Borrowing Base (calculated as if all Delayed Drawdown Obligations and Revolving Obligations were to become fully drawn) multiplied by
the Maximum Advance Rate minus (B) the Aggregate Outstanding Senior Loan Amount (the "**Unfunded Exposure Advance Amount** ").
Upon delivery of a Utilisation Request specifying the foregoing, each Senior Lender shall fund its portion of the related Advance in
accordance with Clause 5.4 (*Senior Lenders' participation*).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, the Senior Lenders
may, in their sole discretion on an uncommitted and absolutely discretionary basis, make Advances after the end of the Investment Period
to enable the Borrower to satisfy its payment obligations under and in respect of the Delayed Drawdown Obligations and the Revolving
Obligations.

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| | |
|:---|:---|
| **6** | **OPTIONAL CURRENCIES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Selection of currency

A Borrower shall select the currency of a Utilisation in a Utilisation Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Unavailability of a currency

If before the Specified Time on any Quotation Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Senior Lender notifies the Facility Agent that the Optional Currency
requested is not readily available to it in the amount required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Senior Lender notifies the Facility Agent that compliance with
its obligation to participate in an Advance in the proposed Optional Currency would contravene a law or regulation applicable to it,

the Facility Agent will give notice to the Borrower to that effect by the Specified Time on that day. In this event, any Senior Lender that gives notice pursuant to this Clause 6.2 (*Unavailability of a currency*) will be required to participate in the Advance in the Base Currency (in an amount equal to that Senior Lender's proportion of the Base Currency Amount) and its participation will be treated as a separate Advance denominated in the Base Currency during that Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Facility Agent's calculations

Each Senior Lender's participation in an Advance will be determined in accordance with paragraph (b) of Clause 5.4 (*Senior Lenders' participation*).

**EXHIBIT 10.9**

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

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| | |
|:---|:---|
| **7** | **REPAYMENT** |

---

The Borrower shall repay Advances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the times, and in the amounts, specified in the Priorities of
Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, after the Scheduled Term End Date but prior to the Facility
Maturity Date, a Senior Lender requests repayment in writing to the Borrower, in full on a Senior Lender Instructed Repayment Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent not already repaid prior to then, the Facility Maturity
Date.

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| | |
|:---|:---|
| **8** | **PREPAYMENT AND CANCELLATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Illegality

If, in any applicable jurisdiction, it becomes unlawful for a Senior Lender to perform any of its obligations as contemplated by this Agreement to fund or maintain its participation in any Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Senior Lender shall promptly notify the Facility Agent upon
becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Facility Agent notifying the Borrower, the Available Commitment
of that Senior Lender will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower shall repay that Senior Lender's participation
in the Advances made to that Borrower on the last day of the Interest Period for each Advance occurring after the Facility Agent has
notified the Borrower or, if earlier, the date specified by the Senior Lender in the notice delivered to the Facility Agent (being no
earlier than the last day of any applicable grace period permitted by law) and that Senior Lender's corresponding Commitment shall
be cancelled in the amount of the participation repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Voluntary Cancellation

The Borrower may, if it gives the Facility Agent, the Collateral Agent and the Lead Bank not less than (a) 30 days'; or (b) from the date falling three (3) calendar years from the Closing Date, 15 days' (or, in each case, such shorter period as the Lead Bank may agree) prior notice, cancel the Facility in whole or in part (being a minimum amount of $500,000) on any Business Day, *provided that* the Borrower has provided evidence to the Lead Bank (to its satisfaction and in its sole discretion) that there will be sufficient Available Interest Proceeds on the following Payment Date for items (a) to (e) (inclusive) of the Interest Proceeds Priority of Payments to be paid in full. Any cancellation under this Clause 8.2 (*Voluntary Cancellation*) shall reduce the Commitments of the Senior Lenders rateably under the Facility.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Optional Prepayment

The Borrower may, if it gives the Facility Agent, the Collateral Agent and the Lead Bank not less than 5 Business Days' (or such shorter period as the Lead Bank may agree) prior notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepay and cancel the Facility in whole or in part (being a minimum
amount of $500,000) on any Business Day, together with any applicable Prepayment Fee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepay (but not cancel) the Facility in part (being a minimum amount
of $500,000) on any Business Day for an amount the prepayment of which would not result in the aggregate amount of prepayments made pursuant
to this Clause 8.3(b) (*Optional Prepayment*) in respect of each 12-month period (or prior to the 12-month anniversary of the Closing
Date, the entirety of the period) commencing from the Closing Date to exceed 20% of the Commitment;

*provided that*, in each case, the Borrower has provided evidence to the Lead Bank (to its satisfaction and in its sole discretion) that there will be sufficient Available Interest Proceeds on the following Payment Date for items (a) to (e) (inclusive) of the Interest Proceeds Priority of Payments to be paid in full.

 

Any cancellation under Clause 8.3(a) (*Optional Prepayment*) shall reduce the Commitments of the Senior Lenders rateably under the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Right of replacement or repayment and cancellation in relation to
a single Senior Lender

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(i) any sum payable to any Senior Lender by a Facility Obligor is required
to be increased under paragraph (c) of Clause 13.2 (*Tax gross-up*); 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;(ii) any Senior Lender claims indemnification from the Borrower under
Clause 13.3 (*Tax indemnity*), Clause 14 (*Increased Costs*) or Clause 15 (*Other Indemnities*),

in each case, the Borrower may, and in the case of (i) or (ii) above, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent and the Lead Bank notice of cancellation of the Commitment(s) of that Senior Lender and its intention to procure the repayment of that Senior Lender's participation in the Advances or give the Facility Agent notice of its intention to replace that Senior Lender in accordance with paragraph (d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice of cancellation referred to in paragraph
(a) above, the Commitment(s) of that Senior Lender shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the first Payment Date after the Borrower has given notice of
cancellation under paragraph (a) above, the Borrower shall repay that Senior Lender's participation in each outstanding Advance.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(i) any of the circumstances set out in paragraph (a) above apply to
a Senior Lender; 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;(ii) the Borrower becomes obliged to pay any amount in accordance with
Clause 8.1 (*Illegality*) to any Senior Lender,

the Borrower may, on 20 Business Days' prior notice to that Senior Lender (with a copy to the Facility Agent and the Lead Bank), replace that Senior Lender by requiring that Senior Lender to (and, to the extent permitted by law, that Senior Lender shall) transfer pursuant to Clause 25 (*Changes to the Senior Lenders*) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which confirms its willingness to assume and does assume all the obligations of the transferring Senior Lender in accordance with Clause 25 (*Changes to the Senior Lenders*) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Senior Lender's participation in the outstanding Advances and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The replacement of a Senior Lender pursuant to paragraph (d) above
shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have no right to replace the Facility Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&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) none of the Facility Agent, the Collateral Agent, the Collateral
Administrator or any Senior Lender shall have any obligation to find a replacement Senior Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&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 no event shall the Senior Lender replaced under paragraph (d)
above be required to pay or surrender any of the fees received by such Senior Lender pursuant to the Finance Documents; 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;(iv) the Senior Lender shall only be obliged to transfer its rights and
obligations pursuant to paragraph (d) above once it is satisfied that it has complied with all necessary "know your customer"
or other similar checks under all applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Senior Lender shall perform the checks described in paragraph
(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the
Borrower when it is satisfied that it has complied with those checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Right of cancellation in relation to a Defaulting Lender

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Senior Lender becomes a Defaulting Lender, the Borrower may,
at any time whilst the Senior Lender continues to be a Defaulting Lender, give the Facility Agent five Business Days' notice of
cancellation of the Available Commitment of that Senior Lender.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the notice referred to in paragraph (a) above becoming effective,
the Available Commitment of the Defaulting Lender shall be immediately reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Agent shall as soon as practicable after receipt of
a notice referred to in paragraph (a) above, notify all the Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Replacement of a Defaulting Lender

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, at any time a Senior Lender has become and continues
to be a Defaulting Lender, by giving 10 Business Days' prior written notice to the Facility Agent, the Lead Bank and such Senior
Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&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) replace such Senior Lender by requiring such Senior Lender to (and,
to the extent permitted by law, such Senior Lender shall) transfer pursuant to Clause 25 (*Changes to the Senior Lenders*) all (and
not part only) of its rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require such Senior Lender to (and, to the extent permitted by law,
such Senior Lender shall) transfer pursuant to Clause 25 (*Changes to the Senior Lenders*) all (and not part only) of the undrawn
Commitment of the Senior Lender; 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;(iii) require such Senior Lender to (and, to the extent permitted by law,
such Senior Lender shall) transfer pursuant to Clause 25 (*Changes to the Senior Lenders*) all (and not part only) of its rights
and obligations in respect of the Facility,

to an Eligible Institution (a "**Replacement Lender**") which is reasonably acceptable to the Lead Bank (such Replacement Lender shall be deemed to be accepted by the Lead Bank if not expressly refused within 30 Business Days after the Lead Bank is notified of the potential replacement) and which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 25 (*Changes to the Senior Lenders*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer of rights and obligations of a Defaulting Lender pursuant
to this Clause 8.6 shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have no right to replace the Facility Agent or
Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&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) none of the Facility Agent, the Defaulting Lender or the Lead Bank
shall have any obligation to the Borrower to find a Replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than 10 Business Days after
the notice referred to in paragraph (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender be required to pay or surrender
to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender shall only be obliged to transfer its rights
and obligations pursuant to paragraph (a) above once it is satisfied that it has complied with all necessary "know your customer"
or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Defaulting Lender shall perform the checks described in paragraph
(b)(v) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the
Facility Agent and the Borrower when it is satisfied that it has complied with those checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice of cancellation or prepayment given by any Party under
this Clause 8 (*Prepayment and Cancellation*) shall be irrevocable and, unless a contrary indication appears in this Agreement,
shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation
or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any prepayment under this Agreement shall be made together with
accrued interest on the amount prepaid together with any applicable Break Costs and (if applicable) Prepayment Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless expressly provided to the contrary in this Agreement, any
part of the Facility which is repaid or prepaid may, during the Investment Period, be reborrowed in accordance with the terms of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No amount of the Available Facility cancelled under this Agreement
may be subsequently reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Facility Agent receives a notice under this Clause 8 (*Prepayment and Cancellation*) it shall promptly forward a copy of that notice to either the Borrower or the Senior Lenders, as appropriate.

**EXHIBIT 10.9**

**SECTION 5**

**COSTS OF UTILISATION**

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| | |
|:---|:---|
| **9** | **INTEREST** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Calculation of interest – Term Rate Advances

The rate of interest on each Term Rate Advance for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Term Reference Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Calculation of interest – Compounded Rate Advances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on each Compounded Rate Advance for any day
during an Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Margin; 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;(ii) Compounded Reference Rate for that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any day during an Interest Period for a Compounded Rate Advance
that is not an RFR Banking Day, the rate of interest on that Compounded Rate Advance for that day will be the rate applicable to the
immediately preceding RFR Banking Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Payment of interest

Following the Closing Date, on each Payment Date or Interim Payment Date (as applicable) the Borrower shall pay accrued interest for the immediately preceding Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Default interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Borrower fails to pay any amount payable by it under a Finance
Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before
and after judgment) at a rate which, subject to paragraph (b) below, is 2.0 per cent. per annum higher than the rate which would have
been payable if the overdue amount had, during the period of non-payment, constituted an Advance in the currency of the overdue amount
for successive Interest Periods, each of a duration of three months. Any interest accruing under this Clause 9.4 shall be made payable
by the Borrower pursuant to the Priorities of Payments.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any overdue amount consists of all or part of a Term Rate Advance
which became due on a day which was not a Payment Date or Interim Payment Date (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&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 first Interest Period for that overdue amount shall have a duration
equal to the unexpired portion of the current Interest Period relating to that Advance; 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;(ii) the rate of interest applying to the overdue amount during that
first Interest Period shall be 2.0 per cent. per annum higher than the rate which would have applied if the overdue amount had not become
due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default interest (if unpaid) arising on an overdue amount will be
compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due
and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Notification of rates of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facility Agent shall promptly notify the relevant Senior Lenders
and the Borrower of the determination of the rate of interest relating to a Term Rate Advance under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent shall, within two Business Days of a Compounded
Rate Interest Payment being determinable, notify:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower of that Compounded Rate Interest Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&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) each Senior Lender of the proportion of that Compounded Rate Interest
Payment which relates to that Senior Lender's participation in the relevant Compounded Rate Advance; 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;(iii) the Senior Lenders and the Borrower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each applicable rate of interest relating to the determination of
that Compounded Rate Interest Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent it is then determinable, the Market Disruption Rate
(if any) relating to the relevant Compounded Rate Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Agent shall promptly notify the Borrower of each Funding
Rate relating to an Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Facility Agent shall promptly notify the Senior Lenders and
the Borrower of the determination of a rate of interest relating to a Compounded Rate Advance to which Clause 11.3 (*Cost of funds*)
applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Clause 9.5 (*Notification of rates of interest*) shall
not require the Facility Agent to make any notification to any Party on a day which is not a Business Day.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Rate Switch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, on and from the Rate Switch Date
for a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&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) use of the Compounded Reference Rate will replace the use of the
Term Reference Rate for the calculation of interest for Advances in that Rate Switch Currency; 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;(ii) any Advance or Unpaid Sum in that Rate Switch Currency shall be
a "Compounded Rate Advance" and Clause 9.2 (*Calculation of interest – Compounded Rate Advances*) above shall
apply to each such Advance or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Rate Switch Date for a Rate Switch Currency falls before
the last day of an Interest Period for a Term Rate Advance in that currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Advance shall continue to be a Term Rate Advance for that Interest
Period and Clause 9.1 (*Calculation of interest – Term Rate Advances*) above shall continue to apply to that Advance for that
Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&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) Break Costs will continue to apply in relation to that Advance for
that Interest Period; 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;(iii) on and from the first day of the next Interest Period (if any) for
that Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that Advance shall be a "Compounded Rate Advance"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Clause 9.2 (*Calculation of interest – Compounded Rate Advances*)
above shall apply to that Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the occurrence of a Rate Switch Trigger Event for a Rate
Switch Currency, the Facility Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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) promptly upon becoming aware of the occurrence of that Rate Switch
Trigger Event, notify the Borrower and the Senior Lenders of that occurrence; 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;(ii) promptly upon becoming aware of the date of the Rate Switch Trigger
Event Date applicable to that Rate Switch Trigger Event, notify the Borrower and the Senior Lenders of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Facility Agent shall, promptly upon becoming aware of the occurrence
of the Rate Switch Date for a Rate Switch Currency notify the Borrower and the Senior Lenders of that occurrence.

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| | |
|:---|:---|
| **10** | **INTEREST PERIODS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Interest Periods

The "**Interest Period**" in respect of an Advance, each period from and including one Payment Date or Interim Payment Date (as applicable) to but excluding the next Payment Date or Interim Payment Date (as applicable) thereafter, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period in respect of such Advance shall commence
on and include its Utilisation Date;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Utilisation Date in respect of such Advance occurs on or
after a Determination Date but prior to the first Payment Date or Interim Payment Date (as applicable) thereafter, the initial Interest
Period in respect of such Advance shall end on but exclude the second Payment Date or Interim Payment Date (as applicable) after such
Utilisation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding any provision to the contrary, no such Interest
Period shall extend beyond the Facility Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Consolidation of Advances

If two or more Interest Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) relate to Advances in the same currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) end on the same date,

those Advances will be consolidated into, and treated as, a single Advance on the last day of the Interest Period. For the purposes of determining the Base Currency Amount of an Advance arising from any such consolidation, the FX Conversion Rate shall be deemed to be the weighted average of the FX Conversion Rate of the Advances that were consolidated (weighted by reference to their Base Currency Amounts immediately prior to consolidation).

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|:---|:---|
| **11** | **CHANGES TO THE CALCULATION OF INTEREST** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Interest calculation if no Primary Term Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Interpolated Primary Term Rate*: If no Primary Term Rate is
available for the Interest Period of a Term Rate Advance, the applicable Term Reference Rate shall be the Interpolated Primary Term Rate
for a period equal in length to the Interest Period of that Advance.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Historic Primary Term Rate*: If no Primary Term Rate is available
for the Interest Period of a Term Rate Advance and it is not possible to calculate the Interpolated Primary Term Rate, the applicable
Term Reference Rate shall be the Historic Primary Term Rate for that Term Rate Advance.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Interpolated Historic Primary Term Rate*: If, paragraph (b)
above applies but no Historic Primary Term Rate is available for the Interest Period of the Term Rate Advance, the applicable Term Reference
Rate shall be the Interpolated Historic Primary Term Rate for a period equal in length to the Interest Period for that Term Rate Advance.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Compounded Reference Rate*: If, in relation to a USD Advance,
paragraph (c) above applies but no Interpolated Primary Term Rate is available for the Interest Period then:

 

&nbsp;&nbsp;&nbsp;&nbsp;&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) there shall be no Term Reference Rate for that USD Advance for that
Interest Period and Clause 9.1 (*Calculation of interest – Term Rate Advances*) will not apply to that USD Advance for that
Interest Period; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that USD Advance shall be a "Compounded Rate Advance"
for that Interest Period and Clause 9.2 (*Calculation of interest – Compounded Rate Advances*) and Part II-B (*Dollars – Compounded Rate Advances*) of Schedule 20 (*Reference Rate Terms*) shall apply to that USD Advance for that Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If paragraph (d) above applies and no later than the Business Day
prior to the Determination Date immediately preceding the end of the applicable Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Term SOFR is available, then interest on the Advance shall revert
to being calculated in accordance with Clause 9.1 (*Calculation of interest – Term Rate Advances*) and the Interest Period
for the applicable Advance shall be determined in accordance with Clause 10.1 (*Interest Periods*); 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;(ii) Term SOFR is not available, then the Advance shall continue to be
a "Compounded Rate Advance" for successive Interest Periods until such time as Term SOFR is available to be applied in accordance
with this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Market disruption

If, before the time specified in respect of that currency in Schedule 20 (*Reference Rate Terms*), the Lead Bank receives notifications from a Senior Lender or Senior Lenders that the cost to it of funding its participation in that Advance from whatever source it may reasonably select would be in excess of the Term Reference Rate or the Compounded Reference Rate, as applicable, then Clause 11.3 (*Cost of funds*) shall apply to that Advance for the relevant Interest Period and notice thereof shall be provided to the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Cost of funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Clause 11.3 applies to an Advance for an Interest Period
Clause 9.1 (*Calculation of interest – Term Rate Advances*) or Clause 9.2 (*Calculation of interest – Compounded Rate Advances*), as applicable, shall not apply to that Advance for that Interest Period and the rate of interest on each Senior Lender's
share of the relevant Advance for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 applicable Margin; 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;(ii) the rate notified to the Lead Bank, the Facility Agent and the Borrower
by that Senior Lender as soon as practicable and in any event within five Business Days of the first day of that Interest Period (or,
if earlier, on the date falling 10 Business Days before the date on which interest is due to be paid in respect of that Interest Period),
to be that which expresses as a percentage rate per annum the cost to the relevant Senior Lender of funding its participation in that
Advance from whatever source it may reasonably select.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Clause 11.3 applies and the Lead Bank or the Borrower so
requires, the Lead Bank and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing
a substitute basis for determining the rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any alternative basis agreed pursuant to paragraph (b) above shall,
with the prior consent of all the Senior Lenders and the Borrower, be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Notification to Borrower

If this Clause 11 (*Changes to the calculation of interest*) applies, the Lead Bank shall, as soon as is practicable (and in no event later than one Business Day after the occurrence thereof), notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Break Costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an amount is specified as Break Costs in the Reference Rate Terms
for an Advance or Unpaid Sum, each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party
its Break Costs (if any) attributable to all or any part of that Advance or Unpaid Sum being paid by that Borrower on a day prior to
the last day of an Interest Period for that Advance or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Senior Lender shall, as soon as reasonably practicable after
a demand by the Borrower or the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period
in respect of which they become, or may become, payable.

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| | |
|:---|:---|
| **12** | **FEES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Commitment fee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay to each Senior Lender a fee (the "**Commitment Fee**") in the Base Currency computed at the rate of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) if the Aggregate Outstanding Senior Loan Amount divided by the Total
Commitments is less than 50 per cent., 0.80 per cent. per annum; 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;(ii) if the Aggregate Outstanding Senior Loan Amount divided by the Total
Commitments is less than 70 per cent., 0.70 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&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) if the Aggregate Outstanding Senior Loan Amount divided by the Total
Commitments is greater than or equal to 70 per cent., 0.65 per cent. per annum;

in each case, on the basis of a 360 day year, accruing daily (actual/360) on an amount equal to the Commitment of such Senior Lender on such day minus the participation of that Senior Lender in the Aggregate Outstanding Senior Loan Amount on such day (or, if such amount changes during the course of such day, the highest level thereof during such day).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued Commitment Fee is payable in arrear on each Payment
Date or Interim Payment Date (as applicable) for the period from and including the Payment Date or Interim Payment Date (as applicable)
immediately preceding such Payment Date or Interim Payment Date (as applicable) (or, if there is none, the date of this Agreement) to
but excluding such Payment Date or Interim Payment Date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Product fee

The Borrower shall pay to the Arranger a product fee (the "**Product Fee**") in the Base Currency in equal quarterly instalments over the Investment Period (provided that the Investment Period End Date is the Scheduled Investment Period End Date) in accordance with the Product Fee Letter. The Product Fee may be deducted from the Advances and paid to the Arranger on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Prepayment fee

If the Borrower cancels the Facility, in whole or in part pursuant to Clause 8.2 (*Voluntary cancellation*) or cancels and prepays the Facility, in whole or in part pursuant to Clause 8.3(a) (*Optional Prepayment*), prior to the date falling 24 calendar months following the Closing Date, the Borrower shall pay to the Senior Lenders on a *pro rata* basis a fee (a "**Prepayment Fee**") in the Base Currency equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such prepayment occurs during the period from the Closing Date
to (and excluding) the date falling 12 calendar months following the Closing Date, the product of: (A) 2.50 per cent. *multiplied by* (B) the amount of the Facility cancelled and prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such prepayment occurs during the period from (and including)
the date falling 12 calendar months following the Closing Date to (and excluding) the date falling 24 calendar months following the Closing
Date, the product of: (A) 1.25 per cent. *multiplied by* (B) the amount of the Facility cancelled and prepaid,

*provided that* no Prepayment Fee shall be payable in respect of (x) the cancellation of undrawn commitments and (y) a prepayment made pursuant to Clause 8.3(b) (*Optional Prepayment*) and *provided further* that no Prepayment Fee shall be payable in respect of prepayments if a Senior Lender:

 

&nbsp;&nbsp;&nbsp;&nbsp;&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) fails to fund an Advance on the terms and subject to the conditions
set out herein, or rejects a valid Utilisation Request;

&nbsp;&nbsp;&nbsp;&nbsp;&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) defaults on any of its material obligations pursuant to the terms
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) seeks compensation of Increased Costs pursuant to Clause 14 (*Increased Costs*); or

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) requires more expansive compliance in respect of the Securitisation
Regulations than as provided for pursuant to the terms of this Agreement,

in each case subject to the applicable grace periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Facility Agent fee

The Borrower shall pay to the Facility Agent an agency fee in the amount and at the times agreed in the Agent Fee Letter, subject to the Priorities of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Collateral Agent fee

The Borrower shall pay to the Collateral Agent a collateral agent fee in the amount and at the times agreed in the Collateral Agent Fee Letter, subject to the Priorities of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Custodian fees

The Borrower (or another party on its behalf) shall pay to the Custodian a fee in the amount and times agreed in respect of the Custody Fees, subject to the Priorities of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Account Bank fee

The Borrower (or another party on its behalf) shall pay to the Account Bank a fee in the amount and the times agreed in respect of Account Bank Fees, subject to the Priorities of Payments.

**EXHIBIT 10.9**

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

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| | |
|:---|:---|
| **13** | **TAX GROSS UP AND INDEMNITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Construction

Unless a contrary indication appears, in this Clause 13 a reference to "determines" or "determined" means a determination made in the absolute discretion acting in good faith of the person making the determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Tax gross-up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Facility Obligor shall make all payments to be made by it without
any Tax Deduction, unless a Tax Deduction is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Facility Obligor shall promptly upon becoming aware that it
must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly.
Similarly, a Senior Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Senior Lender.
If the Facility Agent receives such notification from a Senior Lender it shall notify each Facility Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by a Facility Obligor
from a payment under a Finance Document to a Finance Party, if such Tax is an Indemnified Tax, the amount of the payment due from that
Facility Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would
have been due if no Tax Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Facility Obligor is required to make a Tax Deduction, that
Facility Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed
and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within thirty days of making either a Tax Deduction or any payment
required in connection with that Tax Deduction, the Facility Obligor making that Tax Deduction shall deliver to the Facility Agent for
the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made
or (as applicable) any appropriate payment paid to the relevant taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Senior Lender and each Facility Obligor which makes a payment
to which that Senior Lender is entitled shall co-operate in good faith completing any procedural formalities necessary for the Borrower
to make that payment without a Tax Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Tax indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall indemnify each of the Senior Lenders and the
Facility Agent, within three Business Days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Clause 13 (*Tax gross up and indemnities*)) payable or
paid by such Senior Lender or Facility Agent or required to be withheld or deducted from a payment to such Senior Lender or Facility
Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Senior Lender (with a copy to the Facility Agent), or by the Facility Agent on behalf of a Senior Lender, shall be conclusive
absent manifest error.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above shall not apply if and to the extent that a
loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&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) is compensated for by an increased payment under Clause 13.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&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) would have been compensated for by an increased payment under Clause
13.2 (*Tax gross-up*) but was not so compensated because such loss, liability or cost is an Excluded Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&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) is compensated for by Clause 13.6 (*Stamp taxes*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) would have been compensated for by an increased payment under Clause
13.6 (*Stamp taxes*) but was not so compensated solely because any of the exceptions set out therein applied; 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;(v) relates to a FATCA Deduction required to be made by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Senior Lender making, or intending to make, a claim under paragraph
(a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the
Facility Agent shall promptly notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Senior Lender shall, on receiving a payment from the Borrower
under this Clause 13.3, notify the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Tax Credit

If a Facility Obligor makes a Tax Payment and the relevant Finance Party determines in its absolute discretion acting in good faith that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to an increased payment of which that
Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Facility Obligor which that Finance Party reasonably determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Facility Obligor.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Status of Senior Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Senior Lender that is entitled to an exemption from or reduction
of withholding Tax with respect to payments made under any Finance Document shall deliver to the Facility Obligors and the Facility Agent,
at the time or times reasonably requested by a Facility Obligor or the Facility Agent, such properly completed and executed documentation
reasonably requested by a Facility Obligor or the Facility Agent as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Senior Lender, if reasonably requested by a Facility Obligor or the Facility Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by the Facility Obligor or the Facility Agent as
will enable the Facility Obligor or the Facility Agent to determine whether or not such Senior Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Clause 13.5(b)(i) and (b)(ii) below) shall not be required
if in the Senior Lender's reasonable judgment such completion, execution or submission would subject such Senior Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Senior Lender that is a U.S. Person shall deliver to the Facility
Obligors and the Facility Agent on or about the date on which such Senior Lender becomes a Senior Lender under this Agreement (and from
time to time thereafter upon the reasonable request of a Facility Obligor or the Facility Agent), executed copies of IRS Form W-9 certifying
that such Senior Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Senior Lender that is not a U.S. Person shall, to the extent
it is legally entitled to do so, deliver to the Facility Obligors and the Facility Agent (in such number of copies as shall be requested
by the recipient) on or about the date on which such Senior Lender becomes a Senior Lender under this Agreement (and from time to time
thereafter upon the reasonable request of a Facility Obligor or the Facility Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of a Senior Lender claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to payments of interest under any Finance Document, executed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
"interest" article of such tax treaty and (y) with respect to any other applicable payments under any Finance Document, IRS
Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business
profits" or "other income" article of such tax treaty;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a Senior Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Schedule 24, Part A to the effect
that such Senior Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder"
of a Facility Obligor or Parent within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation"
related to a Facility Obligor or Parent described in Section 881(c)(3)(C) of the Code (a "**U.S. Tax Compliance Certificate** ")
and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent a Senior Lender is not
the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S.
Tax Compliance Certificate substantially in the form of Schedule 24, Part B or Schedule 24, Part C, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable; <u>provided</u> that if the Senior Lender is
a partnership and one or more direct or indirect partners of such Senior Lender are claiming the portfolio interest exemption, such Senior
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Schedule 24, Part D on behalf of each such direct and
indirect partner; 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;(iii) any Senior Lender that is not a U.S. Person shall, to the extent
it is legally entitled to do so, deliver to the Facility Obligors and the Facility Agent (in such number of copies as shall be requested
by the recipient) on or about the date on which such Senior Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of a Facility Obligor or the Facility Agent), executed copies of any other form prescribed by applicable
law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the Facility Obligor or the Facility Agent to determine the withholding
or deduction required to be made.

Each Senior Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Facility Obligors and the Facility Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Stamp taxes

The Borrower shall pay within three Business Days of demand and hereby indemnifies each Secured Party against any cost, loss or Liability that such Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document except, in the case of the Senior Lenders, those payable on or by reference to or in consequence of any transfer of the whole or part of the rights of a Senior Lender under a Finance Document (unless such transfer is: (i) made at the request of the Borrower; (ii) in consequence of an Event of Default; (iii) in connection with establishing title for the purposes of the transaction contemplated by the Finance Documents; or (iv) as a result of Clause 16 (*Mitigation by the Senior Lenders*)).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party (but in the case of the
Collateral Agent, only following enforcement of the Transaction Security) shall, within ten Business Days of a reasonable request by
another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to that other Party such forms, documentation and other information
relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with
FATCA; 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;(iii) supply to that other Party such forms, documentation and other information
relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any similar
law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to paragraph 13.8(a)(i)
above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that
Party shall notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (a) above shall not oblige any Finance Party to do anything,
and subparagraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute
a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any law 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;(ii) any fiduciary duty; 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;(iii) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm whether or not it is a FATCA Exempt
Party or to supply forms, documentation or other information requested in accordance with sub-paragraph (a)(i) or (ii) above (including,
for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents
(and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation,
forms, documentation or other information.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 FATCA Deduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may make any FATCA Deduction it is required to make by
FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect
of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall promptly, upon becoming aware that it must make
a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making
the payment and, in addition, shall notify the Facility Obligor and the Facility Agent and the Facility Agent shall notify the Senior
Lenders.

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| | |
|:---|:---|
| **14** | **INCREASED COSTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Increased Costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 14.3 (*Exceptions*), the Borrower shall pursuant
to the Priorities of Payment, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation after the date of this Agreement; 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;(ii) compliance with any law or regulation made after the date of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement "**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a reduction in the rate of return from the Facility or on a Finance
Party's (or its Affiliate's) overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&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) an additional or increased cost; 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;(iii) a reduction of any amount due and payable under any Finance Document;
in each case, which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that
Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Increased Cost claims

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Finance Party intending to make a claim pursuant to Clause 14.1
(*Increased Costs*) shall notify the Facility Agent, the Borrower and the Parent of the event giving rise to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall, as soon as practicable after a demand
by the Borrower or the Parent, provide a certificate confirming the amount of its Increased Costs, *provided* that each Finance
Party will not be obliged to divulge any confidential or sensitive information.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Exceptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 14.1 (*Increased costs*) does not apply to the extent
any Increased Cost is: (i) attributable to a Tax Deduction required by law to be made by the Borrower; (ii) attributable to a FATCA Deduction
required to be made by a Party; (iii) compensated for by Clause 13.3 (*Tax indemnity*) (or would have been compensated for under
Clause 13.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 13.3 (*Tax indemnity*) applied); (iv) compensated for by Clause 13.6 (*Stamp taxes*) (or would have been compensated for under Clause 13.6
(*Stamp taxes*) but was not so compensated solely because any, all or a combination of the exclusions set out therein applied);
or (v) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. Notwithstanding anything
to the contrary in this Clause 14, no Finance Party shall be entitled to any reimbursement or compensation unless (x) such Finance Party
is not a debt provider to borrowers under substantially similar facilities with substantially similar assets from whom such Finance Party
is entitled to seek such compensation or (y) such Finance Party is providing similar notices as described in Clause 14.2 (*Increased cost claims*) to borrowers under substantially similar facilities with substantially similar assets from whom such Finance Party is
entitled to seek such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure or delay on the part of any Finance Party to make a claim
pursuant to Clause 14.1 (*Increased costs*) shall not constitute a waiver of such Finance Party's right to make a claim; *provided* that the Borrower shall not be required to compensate a Finance Party pursuant to Clause 14.1 (*Increased costs*) for any Increased
Costs incurred more than 12 months prior to the date that such Finance Party notifies the Facility Agent, the Borrower and the Parent
of the change in law giving rise to such Increased Costs and of such Finance Party's intention to claim compensation therefor; *provided*, *further*, that, if the change in law giving rise to such Increased Costs is retroactive, then the 12-month period
referred to above shall be extended to include the period of retroactive effect thereof.

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| | |
|:---|:---|
| **15** | **OTHER INDEMNITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Currency indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any sum due from the Borrower under the Finance Documents (a
" **Sum** "), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency
(the "**First Currency**") in which that Sum is payable into another currency (the "**Second Currency** ")
for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) making or filing a claim or proof against the Borrower; 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;(ii) obtaining or enforcing an order, judgment or award in relation to
any litigation or arbitration proceedings, the Borrower shall as an independent obligation, pursuant to the Priorities of Payment, indemnify
each Secured Party to whom that Sum is due against any cost, loss or Liability arising out of or as a result of the conversion including
any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the
rate or rates of exchange available to that person at the time of its receipt of that Sum.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower waives any right it may have in any jurisdiction to
pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Other indemnities

The Borrower shall pay pursuant to the Priorities of Payment each Secured Party against any cost, loss or Liability incurred by that Secured Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default or the giving of notice under
Clause 24.15 (*Acceleration*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure by the Borrower to pay any amount due under a Finance
Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 30 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in an
Advance requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions
of this Agreement (other than by reason of gross negligence, fraud or wilful misconduct by that Secured Party alone); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Advance (or part of an Advance) not being prepaid in accordance
with a notice of prepayment given by the Borrower,

provided that this Clause 15.2 shall not apply to the extent any Increased Cost is (i) compensated for by Clause 13.3 (*Tax indemnity*) or Clause 14.1 (*Increased costs*) (or would have been compensated for under Clause 13.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 13.3 (*Tax indemnity*) or any of the exclusions in Clause 14.3 (*Exceptions*) applied) or (ii) is compensated for by Clause 13.6 (*Stamp taxes*) (or would have been compensated for under Clause 13.6 (*Stamp taxes*) but was not so compensated solely because any, all or a combination of the exclusions set out therein applied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Indemnity to the Facility Agent

The Borrower hereby indemnifies the Facility Agent against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any cost, loss or liability incurred by the Facility Agent (acting
reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) investigating any event which it reasonably believes is a Default;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) acting or relying on any notice, request or instruction which it
reasonably believes to be genuine, correct and appropriately authorised but which is in fact not genuine, correct and appropriately authorised;
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;(iii) instructing lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts as permitted under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any cost, loss or liability incurred by the Facility Agent (otherwise
than by reason of the Facility Agent's fraud, gross negligence or wilful misconduct) in acting as Facility Agent under the Finance
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Indemnity to the Collateral Agent

The Borrower hereby indemnifies the Collateral Agent and every Receiver and Delegate against any cost, loss or Liability incurred by any of them as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acting or relying on any notice, request or instruction which it
reasonably believes to be genuine and appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the taking, holding, protection or enforcement of the Transaction
Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the exercise of any of the rights, powers, discretions, authorities
and remedies vested in the Collateral Agent and each Receiver and Delegate by the Finance Documents or by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure by the Borrower to comply with its obligations under
Clause 17 (*Costs and Expenses*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any default by the Borrower in the performance of any of the obligations
expressed to be assumed by it in the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) instructing lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts as permitted under this Agreement or any other Finance Document in respect of the proper performance
of its functions under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) acting as Collateral Agent, Receiver or Delegate under the Finance
Documents or which otherwise relates to any of the Security Property (otherwise, in each case, than by reason of the relevant Collateral
Agent's, Receiver's or Delegate's gross negligence or wilful misconduct, having regard to the provisions of the Finance
Documents conferring on the Collateral Agent any trusts, powers, authorities or discretions).

The Collateral Agent and every Receiver and Delegate may, subject to the applicable Priorities of Payment, indemnify itself out of the Borrower Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 15.4 (*Indemnity to the Collateral Agent*) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The obligations of the Borrower under Clauses 15.2 (*Other indemnities*),
15.3 (*Indemnity to the Facility Agent*) and 15.4 (*Indemnity to the Collateral Agent*) shall survive the termination of this
Agreement and/or the termination of the appointment of the Collateral Agent.

**EXHIBIT 10.9**

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| | |
|:---|:---|
| **16** | **MITIGATION BY THE SENIOR LENDERS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Mitigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Senior Lender shall, in consultation with the Borrower, take
all reasonable steps to mitigate any circumstances which arise and which would result in the Facility ceasing to be available or any
amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (*Illegality*), Clause 13 (*Tax gross up and indemnities*) or Clause 14 (*Increased costs*) including (but not limited to) transferring its rights and obligations
under the Finance Documents to another Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not in any way limit the obligations of
the Borrower under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Limitation of liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall indemnify each Senior Lender, pursuant to the
Priorities of Payments, for all costs and expenses properly incurred by that Senior Lender as a result of steps taken by it under Clause
16.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Senior Lender is not obliged to take any steps under Clause 16.1
(*Mitigation*) if, in the opinion of that Senior Lender (acting reasonably), to do so might be materially prejudicial to it.

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| | |
|:---|:---|
| **17** | **COSTS AND EXPENSES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Transaction expenses

The Borrower shall, on the Closing Date, pay each of the Facility Agent, the Custodian, the Account Bank, each Senior Lender, the Lead Bank and the Collateral Agent the amount of all documented costs and expenses (including legal fees and expenses) properly incurred by any of them in connection with the negotiation, preparation, printing, execution, syndication and perfection of this Agreement and any other documents referred to in this Agreement or in a Security Document and delivered on the Closing Date; and thereafter, subject to any agreed caps, the Borrower shall, pursuant to the Priorities of Payment, pay each of the Agent, the Custodian, the Account Bank, each Senior Lender, the Lead Bank and the Collateral Agent the amount of all documented costs and expenses (including legal fees and expenses) properly incurred by any of them (and, in the case of the Collateral Agent, by any Receiver or Delegate) incurred by them after the Closing Date in connection with the negotiation, preparation, printing, execution, syndication and perfection of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement and any other documents referred to in this Agreement
or in a Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the date of this Agreement.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Amendment costs

Subject to any agreed caps, the Borrower shall, pursuant to the Priorities of Payment, reimburse each of the Facility Agent, the Collateral Administrator, the Custodian, the Account Bank, the Collateral Agent, the Senior Lenders and the Lead Bank for the amount of all documented costs and expenses (including legal fees and expenses) properly incurred by such Person (and, in the case of the Collateral Agent, by any Receiver or Delegate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in responding to, evaluating, negotiating or complying with any
amendment, waiver or consent requested by the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in effecting an amendment to this Agreement, subject to, in the
case of the Senior Lenders and the Lead Bank, such amendment being commercially reasonable, pursuant to Clause 11 (*Changes to the Calculation of Interest*) or Clause 40.4 (*Replacement of Published Rate*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Enforcement and preservation costs

The Borrower shall, pursuant to the Priorities of Payment, pay to each Secured Party the amount of all documented costs and expenses (including legal fees and expenses and the fees and expenses of accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security and with any proceedings instituted by or against that Secured Party as a consequence of it taking or holding the Transaction Security, or enforcing those rights.

**EXHIBIT 10.9**

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

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| | |
|:---|:---|
| **18** | **REPRESENTATIONS AND WARRANTIES OF THE BORROWER** |

---

Each Borrower (as to itself) represents and warrants as set out in this Clause 18 to each Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Organisation and powers

The Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a limited liability company duly formed and validly existing
under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has the power to own its assets and carry on its business as it
is being conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) in the case of PG BDC Finance, is treated as a disregarded entity
of the Parent for US federal income tax purposes, and (ii) in the case of PG BDC Revolver, will be treated as a corporation for US federal
income tax purposes beginning no later than the effective date of Parent's election to be treated as a regulated investment company
for US federal income tax purposes (and will be treated as a disregarded entity of the Parent for US federal income tax purposes at all
times prior to being treated as a corporation for US federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Non-conflict with other obligations

The entry into and performance by the Borrower of this Agreement and any other Finance Document to which it is a party, and the performance of the transactions contemplated thereby do not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower's Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Law applicable to the Borrower in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any of its assets
or constitute an event of default or termination event (however described) under any such agreement or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Power and authority

The Borrower has the power to enter into and perform, and has taken all necessary action to authorise its entry into and performance of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 Due Execution

Each Finance Document to which the Borrower is a party has been duly executed and delivered by the Borrower.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 Validity and admissibility in evidence

All Authorisations required or desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply
with its obligations in the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Finance Documents to which it is a party admissible
in evidence in its jurisdiction of incorporation,

have been obtained or effected and are in full force and effect, except those the failure of which to obtain or effect would not reasonably be expected to result in a Material Adverse Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 Enforceability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations expressed to be assumed by the Borrower in each
Finance Document to which the Borrower is party are, subject to the Legal Reservations and the Perfection Requirements, legal, valid,
binding and enforceable obligations of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Legal Reservations and Perfection Requirements, the
Security Agreement creates a valid Security Interest and is not liable to be avoided or otherwise set aside on the liquidation or administration
of the Borrower or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 Governing law and enforcement

Any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submission under the Finance Documents to which it is a party to
the jurisdiction to which it is stated to be subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agreement as to the governing law of any such Finance Document,

is legal, valid and binding and will be recognised and enforced under the laws of its Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 Taxation

The Borrower has filed all tax returns (if any) in a timely manner which are required to be filed by it, and has paid all taxes (if any) due pursuant to such returns or pursuant to any assessment made against it or any of its property and assets or any other taxes, fees or other charges imposed on it or any of its property and assets by any taxing authority (other than those taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower), in each case, other than those where the failure to so file or pay would not reasonably be expected to result in a Material Adverse Effect; no material tax lien has been filed; and no material claim is being asserted, in each case other than claims asserted for taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings, and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower with respect to any such tax lien, tax, fee or other charge.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 No Default or Material Adverse Effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance has occurred and is continuing which
would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 Information

Any information (other than projections, forward-looking statements general economic data or industry information) provided by or on behalf of the Borrower in writing to the Secured Parties which has been uploaded to the VDR or otherwise provided in accordance with the Finance Documents (including, for the avoidance of doubt, any Portfolio Information or other information relating to a Collateral Obligation, any Related Security or any Obligor), in each case was (after taking into account all updates, modifications and supplements to such information), when taken as a whole, as of the date such information is provided, true and accurate in all material respects (or, in the case of information relating to third parties, true and correct in all material respects to the actual knowledge of the Borrower (unless otherwise notified to the applicable Secured Parties)) and did not contain any material misstatement of fact or omit to state any material fact which made the statements therein, when taken as a whole, in light of the circumstances under which such information was furnished, materially misleading (or, in the case of information relating to third parties, does not omit to state such a fact to the actual knowledge of the Borrower (unless otherwise notified to the applicable Secured Parties)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 No other business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower has not traded or carried on any business since the
date of its formation except for:

&nbsp;&nbsp;&nbsp;&nbsp;&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 ownership and maintenance of its interests in the Collateral
Obligations (including, in respect of any Collateral Obligation that is a Participation, any related participation documentation);

&nbsp;&nbsp;&nbsp;&nbsp;&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) entry into the intercompany loan between the Borrower and a PG Affiliate,
which shall for the avoidance of doubt, be repaid in full on or promptly following the first Utilisation Date; 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;(iii) the incurrence of obligations under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower has no Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&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) does not have, and has not had, any employees; 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;(ii) does not have any obligation in respect of any retirement benefit
or occupational pension scheme.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the date of this Agreement, the Borrower's capitalisation
consists only of the membership interests held by the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower has not made any distributions and has no other liabilities
other than (i) those permitted or contemplated by the Finance Documents and (ii) the intercompany loan between the Borrower and a PG
Affiliate, which shall for the avoidance of doubt, be repaid in full on or promptly following the first Utilisation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 Pari passu ranking

The Borrower's payment obligations under the Finance Documents rank at least *pani passu* with the claims of all its other unsecured and unsubordinated creditors, except for those creditors whose claims are mandatorily preferred by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 No proceedings pending or threatened

No litigation, arbitration or administrative proceedings or investigations of or before any court, arbitral body or agency which are reasonably likely to be adversely determined have been started or threatened against the Borrower in writing and, which if adversely determined, would reasonably be expected to result in a Material Adverse Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 Arm's length transactions

Each Finance Document to which the Borrower is a party is being entered into by the Borrower in good faith for the benefit of the Borrower and on arm's length commercial terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18 Sources of funding

All its activities are financed solely through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrowing under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or subscription of any equity interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amounts received in respect of the Collateral Obligations acquired
or originated by the Borrower in accordance with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 Sanctions

Neither the Borrower nor, to the best knowledge and belief of the Borrower, any director, officer, agent or representative thereof or an Affiliate acting on its behalf and in connection with the business of the Borrower, is a Sanctioned Person. The Borrower has instituted and maintained policies and procedures designed to promote and achieve compliance with Sanctions. This Clause 18.19 shall not apply to the extent it would result in a breach of Commission Delegated Regulation (EU) 2018/1100.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20 Anti-Corruption Law; Anti-Money Laundering Laws

The Borrower and, to the best knowledge of the Borrower, any director, officer, agent or representative thereof or an Affiliate acting on its behalf and in connection with the business of the Borrower, has conducted its business in material compliance with Anti-Corruption Laws and Anti-Money Laundering Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.21 ERISA Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Borrower nor, except as would not reasonably be expected
to result in material liability to the Borrower, any ERISA Affiliate, has during the past six years maintained, contributed to or had
an obligation to contribute to any Plan or Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower is not and is not acting on behalf of, and will not
be and will not act on behalf of any Benefit Plan Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 Permitted Indebtedness

Other than Permitted Indebtedness, the Borrower has no other Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 Investment Company Act

The Borrower is not, nor is required to be, registered as an "investment company" under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.24 Eligibility Criteria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Collateral Obligation is an Eligible Obligation save to the
extent the Borrower has notified the Lead Bank and the Collateral Administrator that such Collateral Obligation is an Ineligible Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Restructured Obligation satisfied the Eligibility Criteria
on the relevant Restructuring Date unless the Borrower has notified the Collateral Administrator, the Lead Bank and the Collateral Administrator
that the Eligibility Criteria were not so satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.25 Insolvency

No Insolvency Event has occurred in respect of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.26 Ranking

Subject to any applicable Perfection Requirements, each Security Interest created under a Security Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the Legal Reservations, has or will have the ranking
in priority which it is expressed to have in such Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not subject to any prior ranking or *pari passu* ranking
Security Interest, except for any Permitted Security Interest.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27 Legal and beneficial ownership

The Borrower is the sole legal and beneficial owner of the respective assets over which it purports to grant Security Interests under the Security Documents (disregarding any Security Interest created or permitted by the Finance Documents) (save to the extent the interests of the Borrower are held through a security agent or trustee or held through rights against the Custodian by virtue of holding any Collateral Obligations in the Custody Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.28 No other Security Interest

No Security Interest exists over all or any of the present or future assets of the Borrower other than as permitted by the Finance Documents, except for any Permitted Security Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.29 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.30 Times when representations made

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties made under this Clause 18 are
made by the Borrower on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower Repeating Representations are deemed to be made by
the Borrower by reference to the facts and circumstances then existing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each Utilisation Request and each Utilisation Date;
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;(ii) (excluding the representation in Clause 18.23 (*Investment Company Act*)) the first day of each Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representation in Clause 18.12 (*Information*) shall be
given on the date information is uploaded to the VDR by the Borrower (or on its behalf) or otherwise provided by the Borrower (or on
its behalf) to a Finance Party in accordance with the Finance Documents in respect of the information so provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The representations in Clause 18.23 (*Eligibility Criteria*)
shall also be given in respect of a Collateral Obligation on each Eligibility Criteria Test Date in respect of such Collateral Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each representation and warranty deemed to be made after the date
of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date such representation or
warranty is deemed to be made.

**EXHIBIT 10.9**

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| | |
|:---|:---|
| **19** | **REPRESENTATIONS AND WARRANTIES OF THE PARENT** |

---

The Parent represents and warrants as set out in this Clause 19 to each Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Organisation and powers

The Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a limited liability company duly formed and validly existing
under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has the power to own its assets and carry on its business as it
is being conducted. 19.2 Non-conflict with other obligations

The entry into and performance by the Parent of this Agreement and any other Finance Document to which it is a party, and the performance of the transactions contemplated thereby do not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Parent's Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Law applicable to the Parent in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any of its assets
or constitute an event of default or termination event (however described) under any such agreement or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Power and authority

The Parent has the power to enter into and perform, and has taken all necessary action to authorise its entry into and performance of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 Due Execution

Each Finance Document to which the Parent is a party has been duly executed and delivered by the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 Validity and admissibility in evidence

All Authorisations required or desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply
with its obligations in the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Finance Documents to which it is a party admissible
in evidence in its jurisdiction of incorporation,

have been obtained or effected and are in full force and effect, except those the failure of which to obtain or effect would not reasonably be expected to result in an event or circumstance has occurred and is continuing which would reasonably be expected to result in a material adverse effect on the ability of the Parent to perform its obligations under the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 Enforceability

The obligations expressed to be assumed by the Parent in each Finance Document to which the Parent is party are, subject to the Legal Reservations and the Perfection Requirements, legal, valid, binding and enforceable obligations of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 Governing law and enforcement

Any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submission under the Finance Documents to which it is a party to
the jurisdiction to which it is stated to be subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agreement as to the governing law of any such Finance Document,

is legal, valid and binding and will be recognised and enforced under the laws of its Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9 Sanctions

Neither the Parent nor, to the best knowledge and belief of the Parent, any director, officer, employee, agent or representative thereof or an Affiliate acting on its behalf and in connection with the business of the Parent, is a Sanctioned Person. The Parent has instituted and maintained policies and procedures designed to promote and achieve compliance with Sanctions. This Clause 19.9 shall not apply to the extent it would result in a breach of Commission Delegated Regulation (EU) 2018/1100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 Anti-Corruption Law; Anti-Money Laundering Laws

The Parent and, to the best knowledge of the Parent, any director, officer, employee, agent or representative thereof or an Affiliate acting on its behalf and in connection with the business of the Parent, has conducted its business in material compliance with Anti-Corruption Laws and Anti-Money Laundering Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11 No proceedings pending or threatened

No litigation, arbitration or administrative proceedings or investigations of or before any court, arbitral body or agency which are reasonably likely to be adversely determined have been started or threatened against the Parent in writing and, which if adversely determined, would reasonably be expected to result in a material adverse effect on (i) the business or financial condition of the Parent taken as a whole; (ii) the ability of the Parent to perform its obligations under the Finance Documents; or (iii) the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purporting to be granted pursuant to any of the Finance Documents or the rights or remedies of any Secured Party under any of the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 Insolvency

No Insolvency Event has occurred in respect of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 Times when representations made

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties made under this Clause 19 are
made by the Parent on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent Repeating Representations are deemed to be made by the
Parent by reference to the facts and circumstances then existing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each Utilisation Request and each Utilisation Date;
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;(ii) the first day of each Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each representation and warranty deemed to be made after the date
of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date such representation or
warranty is deemed to be made.

---

| | |
|:---|:---|
| **20** | **INFORMATION UNDERTAKINGS** |

---

The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. For the avoidance of doubt, any information provided to the Lead Bank pursuant to this Clause 20 may be shared with the Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Information – miscellaneous

The Borrower shall supply to the Facility Agent, the Senior Lenders and the Lead Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly on becoming aware of them, the details of any litigation,
arbitration or administrative proceedings or investigations which are current, formally threatened in writing or pending against:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower which, if adversely determined, would be in an amount
of not less than $5,000,000 or which would reasonably be expected to result in a Material Adverse Event;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Parent which, if adversely determined, would be in an amount
of not less than $5,000,000 or which would reasonably be expected to result in a Material Adverse Event or have a material adverse effect
on the Parent,

in each case, to the extent such disclosure is permitted by law or any applicable confidentiality restrictions (*provided* that the Borrower shall, and shall procure that the Parent shall, without incurring material expenses, obtain such permission if disclosure may be permitted by making a request or obtaining an approval for disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly, and in any event within seven Business Days after receipt
thereof by the Borrower or the Parent, copies of each notice or other correspondence received from any regulatory body in any applicable
jurisdiction concerning any investigation by such regulatory body regarding financial or other operational results of any such entity
where any such investigation which would reasonably be expected to have a Material Adverse Effect on the Borrower and/or the Parent,
but only to the extent such disclosure is permitted by law or any applicable confidentiality restrictions (*provided* that the Borrower
shall, and shall procure that the Parent shall, without incurring material expenses, obtain such permission if disclosure may be permitted
by making a request or obtaining an approval for disclosure);

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly notify, to the extent not otherwise disclosed to such Parties
(including by way of information provided in any Payment Date Report), of any material adverse change in the Borrower's business
or financial condition (consolidated if applicable) (and other than any change resulting from the repayment, prepayment or sale of the
Collateral Obligations by the Borrower) since the date of the Borrower's unaudited financial statements and audited (consolidated,
if applicable) financial statements most recently delivered to such Parties were drawn up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such further information regarding the financial condition of the
Borrower and the Parent and the assets of the Borrower and the Parent as the Facility Agent may reasonably request that is within the
possession of the Borrower or may be obtained with neither undue burden nor expense and is not subject to confidentiality restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly by email and in any event no later than seven Business
Days of the granting thereof, details of any waivers by the requisite percentage of lenders or holders in respect of or in connection
with the Underlying Instruments in respect of a Collateral Obligation which would have a material impact on the Collateral Obligations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly by email and in any event no later than seven Business
Days of becoming aware of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) default; 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;(ii) any circumstance which results in a Collateral Obligation becoming
a Defaulted Obligation or a Restructured Obligation,

by any Obligor under the Underlying Instruments in respect of a Collateral Obligation, the details of such default and/or circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 Notice of untrue, inaccurate or misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly notify
the Facility Agent and the Lead Bank upon a Responsible Officer of the Borrower becoming aware that any representation or statement made
or deemed to be made by the Borrower or the Parent in the Finance Documents or any information provided by the Borrower and/or the Parent
to the Secured Parties which has been uploaded to the VDR or has been provided in accordance with the Finance Documents, is or proves
to have been untrue, inaccurate or misleading in any material respect when made or deemed to be made or provided or, where applicable,
as of the date at which such information speaks. Following a notification in accordance with this paragraph, the Borrower shall use commercially
reasonable efforts to update such information and/or correct any inaccuracies in respect thereof (*provided* that
where the Borrower has received information from a third party which proves to have been untrue, inaccurate or misleading in any material
respect, the Borrower shall request the relevant third party to update and/or correct such information and shall provide such updated
and/or corrected information to the Lead Bank promptly upon its receipt).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall promptly notify the
Facility Agent and the Lead Bank upon a Responsible Officer of the Parent becoming aware that any representation or statement made or
deemed to be made by the Parent in the Finance Documents or any information provided by the Parent to the Secured Parties which has been
uploaded to the VDR or has been provided in accordance with the Finance Documents, is or proves to have been untrue, inaccurate or misleading
in any material respect when made or deemed to be made or provided or, where applicable, as of the date at which such information speaks.
Following a notification in accordance with this paragraph, the Parent shall use commercially reasonable efforts to update such information
and/or correct any inaccuracies in respect thereof (*provided* that where the Parent has received
information from a third party which proves to have been untrue, inaccurate or misleading in any material respect, the Parent shall request
the relevant third party to update and/or correct such information and shall provide such updated and/or corrected information to the
Lead Bank promptly upon its receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 Notice of Default or Event of Default

The Borrower will give the Lead Bank, the Collateral Agent, the Collateral Administrator and the Facility Agent notice in writing forthwith upon obtaining actual knowledge of the occurrence of any Default or Event of Default and specifying the same and the steps, if any, being taken to remedy it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 Financial statements: Borrower

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower (or another party on its behalf) shall provide to the
Facility Agent and the Lead Bank within 180 calendar days of the end of each fiscal year (commencing with the fiscal year ending 31 December
2024), its annual unaudited financial statements for such fiscal year and shall use reasonable efforts to procure that each of its financial
statements are prepared using GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not amend its financial year end without the
prior written consent of the Lead Bank (which consent shall not be unreasonably withheld, conditioned or delayed).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 Other financial information: Borrower

The Borrower shall provide (or shall procure that, in the case of paragraphs (a) and (b) below, the Collateral Administrator shall provide on its behalf) to the Facility Agent and the Lead Bank the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Payment Date Report with respect to each Payment Date or Interim
Payment Date (as applicable) not later than three Business Days prior to such Payment Date or Interim Payment Date (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Portfolio Monitoring Report on each of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&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) as soon as such report is available following the end of each calendar
quarter and in any case within ten Business Days of the end of such calendar 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of each Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of inclusion of a Collateral Obligation in the Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&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) each date of disposal of an Eligible Obligation by the Borrower;
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;(v) each date of repayment or prepayment in full of the principal amount
of a Collateral Obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on each Calculation Date, a Borrower Compliance Certificate substantially
in the form appended to Schedule 19 (*Form of Borrower Compliance Certificate*) signed by a Responsible Officer of the Borrower
certifying (amongst other things) compliance with the Portfolio Profile Tests, the Sequential Amortisation Tests and the Senior Loan
Tests.

On each Determination Date, the Borrower shall instruct the Collateral Administrator to calculate the amounts to be disbursed pursuant to the Priorities of Payments and shall procure disbursement of such amounts in accordance with the terms of this Agreement. The Collateral Administrator shall assist the Borrower to compile a Payment Date Report setting out such amounts in the form as required pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 Financial Statements: Parent

The Parent (or another party on its behalf) shall provide the Facility Agent and the Lead Bank within 180 calendar days of the end of each fiscal year (commencing with the fiscal year ending 31 December 2024), its annual audited financial statements for such fiscal year which, in each case, fairly represents its financial condition (consolidated or otherwise) as at the date to which those financial statements were drawn up and shall use reasonable efforts to procure that each set of its financial statements are prepared using GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 Further Documentation

The Borrower shall, without incurring material expenses, give or procure to be given to the Secured Parties such opinions, certificates, information and evidence as the Lead Bank shall reasonably require and in such form as any of them shall reasonably require for the purposes of the discharge or exercise of the duties, trusts, powers, authorities and discretions, as applicable, vested to any of them under the Finance Documents or by operation of law; *provided that* to the extent any opinions contain restrictions on disclosure, the Borrower shall provide reasonable assistance to any relevant Secured Party in seeking such disclosure but only to the extent such disclosure is permitted by law or any applicable confidentiality restrictions (*provided that* the Borrower shall, and shall procure that the Parent shall, without incurring material expenses, obtain such permission if disclosure may be permitted by making a request or obtaining an approval for disclosure).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8 "Know your customer" checks

The Borrower shall promptly on the request of any Secured Party supply to that Secured Party any documentation or other evidence which is reasonably requested by that Secured Party (whether for itself, on behalf of any Secured Party or any prospective Senior Lender) to enable a Secured Party or prospective Secured Party to carry out and be satisfied with the results of any "know your customer" checks or other similar checks required under any applicable law, regulation or internal policy in respect of the transactions contemplated by the Finance Documents. Any: (i) change in law; or (ii) change in the status of the Borrower or PG Group resulting in a requirement for a provision of any further documentation or evidence shall be deemed to be a reasonable reason for requesting any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.9 Use of VDR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower and the Parent may satisfy their respective obligations
under this Agreement to deliver any information to the Senior Lenders by (i) posting this information onto the VDR; or (ii) email to
the relevant address(es) as set out in Clause 36.2 (*Addresses*), *provided that* any Utilisation Requests or notices under
Clause 20.2 (*Notice of untrue, inaccurate or misleading information*), Clause 20.3 (*Notice of Default or Event of Default*)
must be delivered by email only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) each Senior Lender is supplied with the address of and any relevant
password specifications for the VDR and, in respect of any New Senior Lender, the Borrower shall procure that such details are provided
within three Business Days upon request in writing (which may be by way of email);

&nbsp;&nbsp;&nbsp;&nbsp;&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) any information posted to the VDR shall remain available to each
Senior Lender for the entire term of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any new information which is required to be provided under this
Agreement is either (A) posted onto the VDR; or (B) delivered by email to the relevant address(es) as set out in Clause 36.2 (*Addresses*);
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;(iv) any amendments to any existing information which has been provided
under this Agreement and posted onto the VDR or delivered by email, is either (A) posted onto the VDR; or (B) delivered by email to the
relevant address(es) as set out in Clause 36.2 (*Addresses*).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, promptly upon a Responsible Officer of the Borrower
becoming aware of the occurrence of any of the following events, notify the Senior Lenders (and, where applicable, procure that the Senior
Lenders are provided with the relevant information) 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;(i) the VDR cannot be accessed due to technical failure;

&nbsp;&nbsp;&nbsp;&nbsp;&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 password specifications for the VDR change;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any new information (other than Pre-Funding Information, Post-Funding
Information and Required Reporting (other than limb (d))) which is required to be provided under this Agreement is posted onto the VDR;
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;(iv) the Borrower becomes aware that the VDR or any information posted
onto the VDR is or has been infected by any electronic virus or similar software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Borrower notifies the Senior Lenders under paragraph (c)
above, all information to be provided by the Borrower and the Parent under this Agreement after the date of that notice shall be supplied
in paper form or by email (or in such other form as may be agreed between the Lead Bank and the Borrower) unless and until the Lead Bank
and each Senior Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, all notices to
the Facility Agent, Collateral Agent and Collateral Administrator shall be provided to it in accordance with the provisions of Clause
36 (*Notices*) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10 Audits

The Facility Agent and the Senior Lender(s) may, annually and at the sole cost and expense of the Senior Lenders with the reasonable assistance of the Borrower in relation to any other occurrence during such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage an independent nationally recognised accounting firm or an
independent audit and consulting firm specialising in securitisation transactions reasonably satisfactory to the Facility Agent, to enter
the premises of the Borrower and any Person to whom the Borrower delegates all or any portion of its duties under any Finance Document
to which it is a party during normal office hours and examine and audit the books, records and accounts of the Borrower and such other
person solely relating to the business, financial condition and operations of the Borrower and the Borrower's and such other person's
performance under the Finance Documents to which it is party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) permit such firm to discuss the Borrower's affairs and finances
with the officers, partners, employees and accountants of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cause such firm to provide to the Facility Agent and each Senior
Lender, a report in respect of the foregoing, which shall be in form and scope reasonably satisfactory to the Facility Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise such firm to discuss such affairs, finances and performance
with representatives of the Facility Agent and each Senior Lender and their designees; provided, however, that, so long as no Event of
Default has occurred and is continuing, the Facility Agent and the Senior Lenders shall use reasonable efforts to coordinate their inspections
as a single group.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 Agreed upon procedures

The Lead Bank may, annually (at the cost of the Senior Lenders, to be apportioned between the Senior Lenders on a *pro rata* basis proportional to each Senior Lender's Commitment as a share of the Total Commitment) appoint an independent nationally recognised accounting firm or an independent audit and consulting firm (with the consent of the Borrower (acting reasonably and provided that the Borrower must agree to at least one nationally recognised firm)) to conduct agreed upon procedures for the purpose of producing an AUP Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.12 Business Development Company Status

The Parent shall promptly notify the Facility Agent, Lead Bank and Lenders upon becoming a Business Development Company.

---

| | |
|:---|:---|
| **21** | **GENERAL UNDERTAKINGS** |

---

The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Authorisations

The Borrower shall promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain, comply with and do all that is necessary to maintain in
full force and effect in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supply, on request, to the extent reasonably available to the Borrower,
certified copies to the Lead Bank of, any Authorisation required under any law or regulation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enable it to perform its obligations under the Finance Documents
and to ensure the legality, validity, enforceability or admissibility in evidence in each Relevant Jurisdiction of any Finance Document;
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;(ii) own its assets and carry on its business as it is being conducted
except where failure to obtain and/or maintain such Authorisation would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Compliance with laws

The Borrower shall comply with and adhere to, in all material respects with all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 [Reserved].

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 Constitutional Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall at all times observe and comply with its Constitutional
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not amend, replace or restate its Constitutional
Documents without the consent of the Lead Bank unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is required to do so in accordance with, or in order to comply
with the requirements of, applicable law or regulation or in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is required to do so in order to evidence any amendments to its
shares or share premium following a capital call from the Parent; 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;(iii) such amendment, replacement or restatement is minor, administrative
or corrective in nature,

and, in each case would not have a material adverse effect on the interests of the Senior Lenders under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall provide a copy of any amendment, replacement
or restatement of any of its Constitutional Documents promptly to the Collateral Agent, the Lead Bank and the Facility Agent following
the occurrence of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 Pari passu ranking

The Borrower shall ensure that its payment obligations under the Finance Documents at all times rank at least *pari passu* with the claims of all its other unsecured and unsubordinated creditors, except for those creditors whose claims are mandatorily preferred by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 Negative pledge

In this Clause 21.6, "**Quasi-Security**" means an arrangement or transaction described in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not create or permit to subsist any Security
Interest over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&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) sell, transfer or otherwise dispose of any of its assets on terms
whereby they are or may be leased to or re-acquired by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&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) sell, transfer or otherwise dispose of any of its receivables on
recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a
bank or other account may be applied, set-off or made subject to a combination of accounts; 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;(iv) enter into any other preferential arrangement having a similar effect,
in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing
the acquisition of an asset.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to any Security Interest
or (as the case may be) Quasi-Security, listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any lien arising by operation of law and in the ordinary course
of trading; 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;(iii) any Permitted Security Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 Restrictions

The Borrower shall not, for as long as any obligations owing to the Finance Parties remain outstanding, without the prior consent in writing of the Lead Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than as contemplated by the Finance 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;(i) engage in any business (including originating and purchasing Collateral
Obligations) and in respect of such business shall not engage in any activity other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) acquiring and holding any property, assets or rights that are capable
of being effectively secured in favour of the Collateral Agent or that are capable of being held by the Borrower for and on behalf of
the Collateral Agent under the Security 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) entering into, exercising its rights and performing its obligations
under or enforcing its rights under the Finance Documents to which it is a party, as applicable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) performing any act incidental to or necessary or advisable in connection
with any of the above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agree to any amendment to any provision of, or grant any waiver,
release or consent under the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) convey or transfer all or a substantial part of its properties or
assets (in one or a series of transactions) to any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permit or consent to any of the following occurring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) its bank accounts and the debts represented thereby being co-mingled
with those of any other person or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) its assets or revenues being co-mingled with those of any other
person or entity;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) incur any Financial Indebtedness (other than Permitted Indebtedness)
or Subordinated Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&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) have any employees;

&nbsp;&nbsp;&nbsp;&nbsp;&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) enter into any corporate reconstruction, amalgamation, demerger,
merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&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) issue any equity interests unless such are pledged in accordance
with the Pledge 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;(ix) enter into any lease in respect of, or own, premises;

&nbsp;&nbsp;&nbsp;&nbsp;&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) enter into side arrangements or letters with investors or third
parties that contain provisions that would be materially prejudicial to any Senior Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&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) guarantee or become obligated for the debts of any other entity
or hold out its credit as being available to satisfy the obligations of any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) establish any offices, branches or other establishment outside the
State of Delaware; 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;(xiii) either: in respect of the Collateral Administrator, the Custodian
or the Account Bank, terminate its appointment under the Collateral Administration Agreement, the Custody Agreement or the Account Control
Agreement, as applicable, or release it from any of its obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into any hedge transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any agreement or contract with any person save for those
contemplated by (or ancillary to, or in furtherance of):

&nbsp;&nbsp;&nbsp;&nbsp;&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 Finance Documents; 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;(ii) the Underlying Instruments. 21.8 Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower shall not open or maintain any bank accounts other
than the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall operate the Accounts in accordance with the Finance
Documents and shall ensure at all times that the Accounts are not overdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 Books of Account

The Borrower shall at all times keep proper books of account and maintain the same separate from those of any other person or entity and allow the Facility Agent and any person appointed by the Facility Agent to whom the Borrower shall have no reasonable objection free access to such books of account at all reasonable times during normal business hours and, prior to the occurrence of an Event of Default, upon the giving of at least five Business Days' notice.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.10 Corporate Structure

The Borrower shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cease, or make any changes to, its present method of conducting
business where such change has a material adverse effect on the Senior Lenders without the prior written consent of the Facility Agent
(not to be unreasonably withheld or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any changes to its corporate structure, operations, strategy
or corporate governance where such change has a material adverse effect on the Senior Lenders without the prior written consent of the
Facility Agent (not to be unreasonably withheld or delayed); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) establish any Subsidiary without the consent of the Lead Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11 ERISA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&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) become a Benefit Plan Investor at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&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) sponsor, maintain, or contribute to, any Plan; 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;(iii) except as would not reasonably be expected to result in a Material
Adverse Event, permit any ERISA Affiliate to permit the occurrence of any ERISA Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall give each Senior Lender prompt written notice
of any ERISA Event that, alone or together with all other ERISA Events that have occurred, would reasonably be expected to result in
a Material Adverse Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12 Anti-Corruption Laws and Anti-Money Laundering Laws

The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply with all applicable Anti-Corruption Laws and Anti-Money Laundering
Laws in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain policies and procedures reasonably designed to ensure compliance
with Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure it does not directly or, to the best of its knowledge, indirectly,
use any of the Advances in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 Market standard dealings

The Borrower shall not enter into any material transaction (as determined by the Borrower) with its Affiliates or another member of the PG Group or any Affiliate thereof other than those which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are documented under the Finance Documents or the terms of business
any Approved Valuation Agent (in respect of Market Values to be provided to the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are on arm's length terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not directly or, to the best of its knowledge,
indirectly, use the proceeds of the Advances (or lend, contribute or otherwise make available such proceeds to any person) in any manner
that would reasonably be expected to result in any person being in violation of any Sanctions (including without limitation as a result
of the proceeds of the Advances being used to fund or facilitate any activities or business of, with or related to (or otherwise to make
funds available to or for the benefit of) any person who is a Sanctioned Person or located in a Sanctioned Country).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall ensure that (A) no person that is a Sanctioned
Person will have any legal or beneficial interest in any funds repaid or remitted by it to any Secured Party in connection with the Finance
Documents and (B) it shall not use any revenue or benefit derived from any activity or dealing with a Sanctioned Person for the purpose
of discharging amounts owing to any Secured Party in respect of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall implement and maintain appropriate safeguards
designed to prevent any action that would be contrary to paragraph (a) or (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall supply to the Lead Bank details of any material
claim, action, suit, proceedings or investigation against it with respect to Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall not acquire or otherwise hold an equity interest
in any Obligor (including, but not limited to, as a result of any debt for equity swap in respect of a Collateral Obligation) without
having obtained prior written confirmation (such confirmation not to be unreasonably withheld or delayed) from each of the Senior Lenders,
the Facility Agent and the Collateral Agent that the holding of such equity interest by the Borrower would, in its reasonable opinion,
be in compliance with any policy such party may have at that time in respect of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is acknowledged and agreed that the provisions of this Clause
21.14 (*Sanctions*) are sought and given unless and to the extent that do so would be impermissible pursuant to Commission Delegated
Regulation (EU) 2018/1100.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.15 Taxation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall ensure the filing on a timely basis in the appropriate
office of any tax forms and the Borrower must pay or discharge, or cause to be paid or discharged, on a timely basis, all material taxes,
assessments and other governmental charges levied or imposed upon it or upon its income, profits, property or assets, in each case, to
the extent the Borrower is liable for such amounts, except where (i) the amount or validity of such obligations is currently being contested
in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of
the Borrower or (ii) failure to file such forms or pay such amounts would not result in a material adverse effect under this Agreement,
individually, or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) PG BDC Finance shall at all times continue to be treated as
a disregarded entity of the Parent for US federal income tax purposes and (ii) PG BDC Revolver shall elect to be treated as a corporation
for US federal income tax purposes, with effect on or prior to the effective date of Parent's election to be treated as a regulated
investment company for US federal income tax purposes, and shall at all times continue to be treated as a corporation for US federal
income tax purposes thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.16 Separateness

The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay its own operating expenses and liabilities from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not commingle its assets with the assets of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintain bank accounts separate from any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at all times hold itself out to the public and all other Persons
as a company separate from all other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) file its own tax returns separate from those of any other Person,
except to the extent it is not required to file tax returns under applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) conduct its business in its own name and comply with all organisational
formalities necessary to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not enter into any transaction with an Affiliate, except on commercially
reasonable terms similar to those available to unaffiliated parties in an arm's-length transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) use separate invoices bearing its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) correct any known misunderstanding regarding its separate identity
and not identify itself as a department or division of any other Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not buy, or hold any evidence of, Financial Indebtedness of any
Affiliate except as expressly contemplated in the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.17 Dividends and Share Redemption

The Borrower shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare, make or pay any dividend, charge, fee or other distribution
(or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its equity interests
(or any class of its equity interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) repay or distribute any dividend or share premium reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay any management, advisory or other fee to or to the order of
any of the shareholders of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) redeem, repurchase, defease, retire or repay any of its share capital
or resolve to do so,

other than: (i) in connection with a Permitted Distribution; or (ii) to the extent expressly permitted in the Priorities of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.18 Further Assurances

The Borrower shall promptly upon the reasonable request of the Collateral Agent, at the Borrower's expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent's Security Interest in the Portfolio granted by the Borrower for the benefit of the Secured Parties free and clear of any Security Interests (other than Permitted Security Interests). At the reasonable request of the Collateral Agent, the Borrower shall promptly take, at the Borrower's expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under the Transaction Security in favour of the Secured Parties in the Portfolio, including all actions which are necessary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enable the Secured Parties to enforce their rights and remedies
under the Transaction Security and the other Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry out the terms of, the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 Conflicts of Interest

Where a Collateral Obligation is a loan to an Obligor in which the Borrower or an Affiliate of the Borrower has an equity interest, the Borrower shall refrain from exercising its rights (including any voting rights) in respect of such Collateral Obligation in a manner that would be materially adverse to the Borrower's interest in such Collateral Obligation, <u>provided</u> that the Borrower shall not be restricted from exercising its rights (including any voting rights) in a manner that is consistent with the majority of other creditors in respect of such Collateral Obligation.

**EXHIBIT 10.9**

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| | |
|:---|:---|
| **22** | **PORTFOLIO UNDERTAKINGS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Disposals and acquisitions

The Borrower may not, either in a single transaction or in a series of transactions and whether related or not, dispose of or acquire any Collateral Obligations except in accordance with the Investment Requirements or as otherwise expressly permitted by the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 Portfolio management

The Borrower shall not, and shall procure that no person shall on its behalf, consent to any amendment, grant any waiver, cast any vote or provide any consent in respect of a Collateral Obligation at any time an Event of Default is continuing or if the Facility Agent (acting at the direction of the Majority Senior Lenders) has taken any action under Clause 24.15 (*Acceleration*) without the consent of the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 Enforcement in respect of the Collateral Obligations

Subject to the Security Documents, the Borrower will take such steps as are reasonable to enforce all its rights in respect of the Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 Portfolio Information

The Borrower shall provide the Portfolio Information to the Facility Agent at the times set out in Schedule 16 (*Portfolio Information*) and, to the extent such information is not available at such time, the Borrower shall use reasonable commercial efforts to promptly obtain such missing information and provide this information to the Facility Agent as soon as it is available, in each case, provided that any such Portfolio Information is not subject to any confidentiality restrictions (whether applicable by law, contract or otherwise), provided that in respect of paragraphs 3(e) and 5 of Schedule 16 (*Portfolio Information*), such information shall be provided by the Collateral Administrator on behalf of the Borrower and as instructed by the Borrower pursuant to and subject to the terms of the Collateral Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 Structured Finance Securities

The Borrower shall not hold or invest in any Structured Finance Security at any time other than as may be received in a restructuring of a Collateral Obligation; *provided* that the Borrower shall dispose of such Structured Finance Security as soon as reasonably possible following receipt of such Structured Finance Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 Receipts

The Borrower shall procure that amounts (including all receipts due to it in respect of Collateral Obligations) are paid into and out of each of the relevant bank accounts only in accordance with the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 Information – Eligibility Criteria and Restructured Obligation
Criteria

In respect of any Collateral Obligation the Borrower shall notify the Facility Agent and the Lead Bank as soon as reasonably practicable upon a Responsible Officer of the Borrower becoming aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Collateral Obligation was at any time an Eligible Obligation,
such Collateral Obligation ceasing to be an Eligible Obligation and becoming an Ineligible Obligation instead;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Collateral Obligation was at any time an Eligible Obligation,
such Collateral Obligation becoming a Restructured Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Material Modification.

In each case, the Borrower shall describe in reasonable detail such event and, in respect of paragraph (a) or (b) above, where the Borrower contemplates taking any steps in connection therewith, such steps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 Participations

The Borrower shall not agree to grant sub-participations in respect of Collateral Obligations without the prior written consent of the Lead Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 Delayed Drawdown Obligations and Revolving Obligations

The Borrower shall satisfy all payment obligations under Delayed Drawdown Obligations and Revolving Obligations or other payments due and payable by it in respect of any Collateral Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 Changes to rights

Save as expressly permitted by the Finance Documents, the Borrower shall not take or knowingly allow the taking of any action on its behalf which may result in the rights attaching to any of the Collateral Obligations being altered in a manner which is adverse to the interests of the Secured Parties and/or the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 Other obligations in respect of the Collateral Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Borrower becomes aware of any request for information made
under any law or regulation or by any listing or other authority or which are made under the Underlying Instruments, it shall promptly
comply with such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall comply with all other conditions and obligations
assumed by it in respect of any Collateral Obligation and Related Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Collateral Obligation becomes a Restructured Obligation, the
Borrower shall request a Market Value in respect of such Collateral Obligation as soon as reasonably practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall notify the Obligors, agent banks, facility agents
or equivalent under the Collateral Obligations to make payments on the relevant Collateral Obligation into the Cash Account for credit
to the Principal Ledger within 15 days of the settlement of such Collateral Obligation.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 Restrictions on Purchases from Affiliates

The Borrower shall not acquire any Collateral Obligations from an Affiliate or a PG Affiliate.

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| | |
|:---|:---|
| **23** | **SECURITISATION REGULATIONS REQUIREMENTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Retention Requirements

The Parent hereby agrees, represents, warrants and irrevocably and unconditionally undertakes, for the benefit of the Collateral Agent, the Facility Agent, the Borrowers, the Lead Bank and the Senior Lenders, for so long as any Commitments or Advances under this Agreement remain outstanding, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will hold and retain, as originator, on an on-going basis, a
material net economic interest in the form specified in Article 6(3)(d) of the Securitisation Regulations (retention of the first loss
tranche and, where such retention does not amount to 5% of the nominal value of the securitised exposures, if necessary, other tranches
having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred
or sold to investors, so that the retention equals in total not less than 5% of the nominal value of the securitised exposures) by it
holding the entire ownership interests in each Borrower (the "**Retention Interest** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will not and will procure that its Affiliates do not sell, hedge
or otherwise mitigate its credit risk directly or indirectly under or associated with the Retention Interest, respectively, except to
the extent permitted in accordance with each of the Retention Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the reasonable request of the Lead Bank, each Borrower and
the Parent will take such further action, provide such information and enter into such other agreements as may reasonably be required
to satisfy either of the Retention Requirements as in force as of the Closing Date (in each case at the cost and expense of the party
seeking such information) and, solely as regards the provision of information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent the Parent has actual knowledge of such information
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;(ii) subject to any legal, regulatory or duty of confidentiality requirements
and limitations applicable to the Parent in respect of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it shall confirm its continuing compliance with the undertakings
set out in paragraphs (a) and (b) above: (i) upon the written request by or on behalf of the Facility Agent (acting at the direction
of the Senior Lenders) or the Borrowers and (ii) the Collateral Administrator on the last Business Day of each Collection Period (for
the purposes of inclusion of such confirmation in each Payment Date Report);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is, and undertakes to be, an "originator" as defined
in the Securitisation Regulations and after giving effect to the acquisition of any Collateral Obligation, together with the acquisition
of any other Collateral Obligation to be acquired on the same date, the aggregate outstanding principal amount of Collateral Obligations
held by the Borrowers that are Originated Collateral Obligations is in excess of 50% of the aggregate outstanding principal amount of
Collateral Obligations held by the Borrowers;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it established the securitisation transaction contemplated by the
Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has not been established and does not operate for the sole purpose
of securitising exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Originated Collateral Obligations which are held by the Borrowers
were originated by the application of the same sound and well-defined criteria for credit granting which the Parent applies to any non-securitised
exposures and, to this end, the same clearly established processes for approving and, where relevant, amending, renewing and refinancing
credits shall be applied to the Originated Collateral Obligations which are held by the Borrowers and the Parent shall have effective
systems in place to apply such criteria and processes in order to ensure that credit-granting is based on a thorough assessment of each
Obligor's creditworthiness taking appropriate account of factors relevant to verifying the prospect of the Obligor and their obligations
under or in connection with an Originated Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Parent ceases to hold the Retention Interest in accordance with
paragraph (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parent fails to comply with the undertaking set out in paragraph
(b) above in any way; 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;(iii) any of the representations or undertakings of the Parent contained
in this Clause 23.1 fails to be true on any date,

the Parent will promptly notify the Collateral Agent, the Facility Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 Acknowledgement of Receipt of Underlying Documentation

By entering into this Agreement, the Original Senior Lender acknowledges (for the avoidance of doubt, without assuming any liability for such acknowledgement) receipt of all underlying documentation that is essential for understanding the transaction constituted by the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Provision of Transaction Summary

On or prior to the date of this Agreement, the Borrowers have provided the Original Senior Lender with the Transaction Summary. If requested, the Borrowers shall make copies of the Transaction Summary available to Relevant Recipients via the Reporting Website to the extent required by the Transparency Requirements.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 Designation for purposes of Transparency Requirements

The Borrowers hereby agree to be designated as the reporting entities required to fulfil the Transparency Requirements and agree, for so long as any Commitments or Advances under this Agreement remain outstanding, to make available to the Lead Bank, the Senior Lenders and the Competent Authorities and, upon requests therefor, potential Senior Lenders, the documents, reports and information necessary to fulfil any applicable reporting obligations under the Transparency Requirements, including any Transparency Reports (as defined below) and any information required pursuant to Article 7(1)(g) of the Securitisation Regulations without delay. The Borrowers will assume all costs of complying with the Transparency Requirements (including all properly incurred costs and expenses (including legal fees) of all parties incurred for this purpose) and such costs shall constitute Administrative Expenses. The Borrowers shall be entitled to appoint agents to assist it in preparing, compiling and publishing the Transparency Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 Transparency Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as any Commitments or Advances under this Agreement
remain outstanding, the Borrowers shall make available to the Lead Bank and each Senior Lender and, upon request, via the Reporting Website
to any other Relevant Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a Portfolio Report in the form published as at the date hereof on
the website <u>https://eurlex.europa.eu/legalcontent/EN/TXT/PDF/?uri=OJ:L:2020:28</u> 9:FULL&from=EN and the website <u>https://www.fca.org.uk/markets/securitisation</u> as Annex IV or, such updated form published by the European Securities and Markets Authority and/or the UK Financial Conduct Authority;
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;(ii) an Investor Report in the form published as at the date hereof on
the website <u>https://eurlex.europa.eu/legalcontent/EN/TXT/PDF/?uri=OJ:L:2020:28</u> 9:FULL&from=EN and the website <u>https://www.fca.org.uk/markets/securitisation</u> as Annex XII or, such updated form published by the European Securities and Markets Authority and/or the UK Financial Conduct Authority,

together, the "**Transparency Reports**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transparency Reports shall be published (i) with regard to the
first Transparency Reports, no later than the date falling 3 months following the Closing Date; and (ii) with regard to each subsequent
Transparency Report, no later than one month following each Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 Acknowledgement

Each of the Parties agrees and acknowledges that none of the Senior Lenders, the Lead Bank, the Facility Agent, the Account Bank, the Custodian, the Collateral Administrator or the Collateral Agent shall be responsible for and shall have no obligation to assist any other Party in connection with compliance with any requirement of the Securitisation Regulations or either of them applicable to such other Party.

**EXHIBIT 10.9**

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| | |
|:---|:---|
| **24** | **EVENTS OF DEFAULT** |

---

Each of the events or circumstances set out in this Clause 24 is an Event of Default (save for Clauses 24.15 (*Acceleration*) and 24.16 (*Liquidation Procedure*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 Non-payment

The Borrower fails to pay in the currency required hereunder any amount (other than principal) due and payable when due under the terms of the Finance Documents and such failure is not cured within five (5) Business Days (or, in respect of failure due to an administrative error, seven (7) Business Days) after the same becomes due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 Non-payment of principal and other payment obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower fails to pay in the currency required hereunder, other
than with respect to the Facility Maturity Date, any amount of principal when the same becomes due and payable hereunder or under any
other Finance Document within five (5) Business Days (or, in respect of failure due to an administrative error, seven (7) Business Days)
after the same becomes due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower fails to pay in the currency required hereunder all
outstanding obligations under the Finance Documents on the Facility Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 Breach of non-payment obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, the Borrower or the Parent does
not comply with any of its obligations under the Finance Documents (save where such noncompliance constitutes an Event of Default pursuant
to another provision of this Clause 24 (*Events of Default*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above shall occur if the
failure to comply is capable of remedy (and is remedied within 30 calendar days of the earlier of):

&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower or the Parent, as applicable, receiving from the Facility
Agent or the Lead Bank written notice of the failure to comply; 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;(ii) the Borrower or the Parent, as applicable, becoming aware of the
failure to comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 Misrepresentation

Any representation, warranty or statement made or deemed to be made by the Borrower or the Parent in the Finance Documents or in any other document delivered by or on behalf of the Borrower or the Parent under or in connection with any Finance Document (other than a representation made by the Borrower pursuant to Clause 18.23 (*Eligibility Criteria*)) is or proves to have been incorrect or misleading in any material respect when made or deemed to be made, *provided* that there shall be no Event of Default if the circumstances giving rise to the misrepresentation, breach of warranty or misstatement are capable of remedy and are remedied within 15 Business Days of the earlier of:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower or the Parent, as applicable, receiving written notice
from the Lead Bank of the misrepresentation, breach of warranty or misstatement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower or the Parent, as applicable, becoming aware of the
failure to comply becoming aware of the misrepresentation, breach of warranty or misstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 Insolvency Event

The occurrence of an Insolvency Event in respect of the Borrower or the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 Investment Company Act

The Borrower shall become required to register as an "investment company" within the meaning of the Investment Company Act or the arrangements contemplated by the Finance Documents shall require registration as an "investment company" within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.7 Cessation of business

The Borrower or the Parent ceases, or threatens to cease, to carry on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8 Repudiation and Rescission

The Borrower or the Parent rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any Security Interest thereunder or evidences an intention to rescind or repudiate a Finance Document or any Security Interest thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9 Breach of EOD LTV Test

The EOD LTV Test is not satisfied as of any date of determination, *provided* that such non-satisfaction has continued for not less than five (5) Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10 Illegality

An Illegality Event has occurred and continued for a period of not less than five (5) Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 Change of Control

The occurrence of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.12 Manager Event of Default

The occurrence of a Manager Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 Breach of Risk Retention Requirements

The Parent fails to comply with its obligations pursuant to Clause 23.1 (*Retention Requirements*) and such failure continues for a period of 30 calendar days following the earlier of the Borrower or the Parent, as applicable, becoming aware of such failure to comply.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.14 Business Development Company Status

On and after the BDC Covenant Compliance Start Date, the Parent fails to maintain its status as a Business Development Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.15 Acceleration

On and at any time after the occurrence of an Event of Default and for so long as it is continuing, the Facility Agent shall (if so directed by the Supermajority Senior Lenders) by written notice (the "**Acceleration Notice**") to the Borrower (with a copy to the Collateral Agent, the Collateral Administrator, the Custodian and Account Bank) exercise any of the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Commitments whereupon they shall immediately be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare that all or part of the Advances, together with accrued
interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall
become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declare that all or part of the Advances be payable on demand, whereupon
they shall immediately become payable on demand by the Facility Agent on the instructions of the Supermajority Senior Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) direct the Collateral Agent to exercise any or all of its rights,
remedies, powers or discretions under the Finance Documents; and/or direct the Borrower to sell any Collateral Obligation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take any other action available to the Facility Agent under the
Finance Documents (including, for the avoidance of doubt, directing the enforcement of any Security Interest under the Finance Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.16 Liquidation Procedure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of paragraph (e) below, in the event that
the Collateral Agent is instructed to sell any Collateral Obligations in the Portfolio following an acceleration pursuant to Clause 24.15
(*Acceleration*) (for the purposes of this Clause 24.16, the "**Seller**") it shall follow the procedure set out
below, with any costs and expenses incurred by the Seller pursuant to this Clause 24.16 being payable by the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&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) prior to the sale of any Collateral Obligation, the Seller shall
give the Parent and/or an Affiliate thereof written notification of its intention to sell the Collateral Obligations (a "**Notification of Sale** "), and following the receipt of such Notification of Sale, the Parent and/or its Affiliates shall have three (3) Business
Days in which they shall have the right to irrevocably commit to purchase in writing any or all Collateral Obligations at a price not
less than the most recently calculated Market Value of such Collateral Obligation (unless otherwise agreed with the Seller (acting on
the instructions of the Supermajority Senior Lenders)) with such price to be paid not later than five (5) Business Days following receipt
of the Notification of Sale (such commitments to purchase, individually, the "**PG Bids**" and, collectively, the "**PG Portfolio Bid** "), *provided* that a commitment to purchase from the Parent and/or an Affiliate thereof only constitutes
a PG Bid if:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Parent or Affiliate, as applicable, is not subject to any Insolvency
Event or any cashflow or balance sheet insolvency, commencement of negotiations with a view to the general readjustment or rescheduling
of its indebtedness or any other steps having been taken pre-insolvency of a similar nature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount of the PG Portfolio Bid, if received, would result in
the Senior Lenders and the Arranger receiving all amounts due and payable in accordance with the provisions of paragraph 1.3 (*Post-Default Priority of Payments*) of Schedule 6 (*Priorities of Payment*), including: (I) all interest; (II) all indemnities, fees, Break
Costs and Increased Costs; (III) all outstanding Advances; and (IV) any other amount due and payable,

and, if (I) PG Bids satisfying the conditions at (A) and (B) above are not received on or prior to the third (3rd) Business Day following the Notification of Sale or (II) the purchase price of the Collateral Obligations the subject of the PG Bids are not received by the Collateral Agent on or prior to the fifth (5th) Business Day following the Notification of Sale, the Parent and/or its Affiliates shall be deemed to have failed to exercise their purchase right as set out in this paragraph (i);

&nbsp;&nbsp;&nbsp;&nbsp;&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) if the Parent and/or its Affiliates fail to exercise the purchase
right set out in paragraph (i), the Seller shall solicit at least four (4) bids from third parties (two (2) of which must be Eligible
Dealers) for any Collateral Obligations constituting the Portfolio on a Collateral Obligation-by-Collateral Obligation basis (such bid,
a "**Third Party Collateral Obligation Bid**") and a bid for the Portfolio of Collateral Obligations in aggregate ((a
" **Third Party Portfolio Bid** "), any Third Party Collateral Obligation Bid and/or any Third Party Portfolio Bid received
from the same third party being together, the "**Third Party Bid** "), *provided* that the Seller shall have the right
to disregard any bid if the Seller determines in its reasonable discretion either that such bid is not *bona fide* or that such
party is unable to consummate (or cause the consummation of) the sale to such bidder;

&nbsp;&nbsp;&nbsp;&nbsp;&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) having solicited Third Party Bids (whether or not any such Third
Party Bids have been received), the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) notify the Senior Lenders of the amounts (or the deemed amounts,
if applicable) of the Third Party Bids received (in each case, if any and on an anonymous basis); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solicit from the Senior Lenders (or an entity or person nominated
or designated by any Senior Lender that is an Affiliate of that Senior Lender) a submission, if it so chooses, of a bid matching the
highest of any Third Party Collateral Obligation Bid for any Collateral Obligation constituting the Portfolio (a "**Senior Lender Collateral Obligation Bid**") and/or a bid matching the highest of any Third Party Portfolio Bid (a "**Senior Lender Portfolio Bid** ", the Senior Lender Collateral Obligation Bid and/or the Senior Lender Portfolio Bid from the same Senior Lender being
together, the "**Senior Lender Bid**") (and if on the fifth Business Day after soliciting bids from the Senior Lenders
that a Senior Lender does not provide any bid matching the highest of any Third Party Bid, that Senior Lender's Senior Lender Bid
shall be deemed to be zero); and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) having solicited Third Party Bids and Senior Lender Bids, the Seller
shall determine the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 sum of the aggregate of the highest of each Third Party Collateral
Obligation Bid (if any) in respect of each Collateral Obligation (on a Collateral Obligation-by-Collateral Obligation basis); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the highest (if any) Third Party Portfolio Bid received,

*provided* that the Seller's determination will be subject to the following: (i) if there is no Third Party Collateral Obligation Bid received in respect of any Collateral Obligation, the value of that Collateral Obligation shall be deemed to be zero for purposes of the Seller determining the higher of the Third Party Portfolio Bid and the aggregate Third Party Collateral Obligation Bids; and (ii) if amounts determined in paragraphs (A) and (B), above, are equal, the highest Third Party Portfolio Bid shall be deemed to be the higher amount.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) having determined the higher of the Third Party Collateral Obligation
Bids and the Third Party Portfolio Bids in accordance with paragraph (iv) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the Third Party Portfolio Bid is determined by the Seller to
be the higher amount, the Seller shall notify the relevant third party and the Senior Lenders of such and, to the extent any Senior Lenders
have provided a matching Senior Lender Portfolio Bid, the Senior Lender(s) having provided such matching bid shall be selected as the
successful bidder, otherwise the third party having provided the highest Third Party Portfolio Bid shall be selected as the successful
bidder and the Seller shall notify the successful and unsuccessful parties that have provided such bids, *provided* that where matching
Senior Lender Portfolio Bids are provided by more than one Senior Lender, the Seller shall accept the matching Senior Lender Portfolio
Bids on a *pro rata* basis to such Senior Lenders' proportion of Total Commitment held between such Senior Lenders as the
successful bid; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) otherwise, where the Third Party Portfolio Bid is not selected as
the higher amount, the Seller shall select the highest of any Third Party Collateral Obligation Bids provided in respect of each Collateral
Obligation (to the extent there has been a Third Party Collateral Obligation Bid in respect a Collateral Obligation) as the higher bid
and, to the extent any Senior Lenders have provided a matching Senior Lender Collateral Obligation Bid, the Senior Lender(s) having provided
such matching bid shall be selected as the successful bidder in respect of such Collateral Obligation, otherwise the third party having
provided the highest Third Party Collateral Obligation Bid shall be selected as the successful bidder and the Seller shall notify the
successful and unsuccessful parties that have provided such bids, *provided* that where matching Senior Lender Collateral Obligation
Bids are provided by more than one Senior Lender, the Seller shall accept the matching Senior Lender Collateral Obligation Bids in respect
of each Collateral Obligation on a *pro rata* basis to such Senior Lenders' proportion of Total Commitment held between such
Senior Lenders as the successful bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the process described in paragraphs (a)(i) to (a)(v), inclusive,
shall fail to sell any Collateral Obligation, the Seller shall repeat the procedures set out in paragraphs (a)(ii) to (a)(v), inclusive,
an additional two times in respect of any unsold Collateral Obligations only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Seller has completed the liquidation procedures as
set out in paragraphs (a) and (b) above and one or more Collateral Obligations have not been sold, the Collateral Agent (or any Receiver
on its behalf) shall (as directed by the Facility Agent acting on the instructions of the Supermajority Senior Lenders) realise such
Collateral Obligation(s) in accordance with the provisions of Article VI (*Remedies*) and the other provisions of the Security Agreement
and upon such realisation any security will be released subject to and in accordance with the provisions of the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other obligations to provide information in
the Finance Documents, the Borrower will make commercially reasonable efforts to provide any additional information available to it to
bidders (or potential bidders) on a timely basis as may be requested in respect of any Collateral Obligation in accordance with the procedures
set out in this Clause 24.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Collateral Agent acting on the instructions of the Facility
Agent (acting on the instructions of the Supermajority Senior Lenders) may appoint:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Lead Bank to run part or all of the liquidation procedure; 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;(ii) where the Lead Bank is unable or unwilling to run part or all of
the liquidation procedure, any other party,

**EXHIBIT 10.9**

to run part or all of the liquidation procedure set out in this Clause 24.16 on its behalf and the definition of "Seller" as used in this Clause 24.16 shall include any such party. The Senior Lenders shall be deemed to have approved the appointment of any such person by the Collateral Agent. The Collateral Agent shall not be required to monitor or supervise any such person and shall not be responsible for any liabilities caused by any act or omission of any such person (unless such liabilities have resulted from the Collateral Agent's fraud, gross negligence or wilful misconduct, having regard to the provisions of the Finance Documents conferring on the Collateral Agent any trusts, powers, authorities or discretions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.17 ERISA

The Borrower becomes a Benefit Plan Investor.

**EXHIBIT 10.9**

**SECTION 9**

**CHANGES TO PARTIES**

---

| | |
|:---|:---|
| **25** | **CHANGES TO THE SENIOR LENDERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 Assignments and transfers by the Senior Lenders

Subject to this Clause 25, a Senior Lender (the "**Existing Senior Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer by novation any of its rights and obligations,

to (i) another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets which, in each case, is not a Competitor; or (ii) any member of the PG Group (the "**New Senior Lender**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 Borrower consent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consent of the Borrower is required for an assignment or transfer
by an Existing Senior Lender, unless the assignment or transfer is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to another Senior Lender or an Affiliate of any Senior Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&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) made at a time when a Major Event of Default is continuing; 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;(iii) to any member of the PG Group,

*provided that* in the case of a transfer under (ii), the Existing Senior Lender shall notify the Borrower at least 10 Business Days prior to such date of assignment or transfer.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consent of the Borrower to an assignment or transfer must not
be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent 15 Business Days after the Existing Senior
Lender has requested it unless consent is expressly refused by the Borrower within that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Other conditions of assignment or transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An assignment will only be effective on:

&nbsp;&nbsp;&nbsp;&nbsp;&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) receipt by the Facility Agent (whether in the Assignment Agreement
or otherwise) of written confirmation from the New Senior Lender (in form and substance satisfactory to the Facility Agent) that the
New Senior Lender will assume the same obligations to the other Finance Parties as it would have been under if it was an Original Senior
Lender; 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;(ii) performance by the Facility Agent, the Collateral Agent, the Custodian,
the Collateral Administrator and the Account Bank of all necessary "know your customer" or other similar checks under all
applicable laws and regulations in relation to such assignment to a New Senior Lender, the completion of which the Facility Agent shall
promptly notify to the Existing Senior Lender and the New Senior Lender, the Borrower, the Collateral Agent, the Custodian, the Collateral
Administrator and the Account Bank.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain a register for the recordation of the names and addresses of the Senior Lenders, and the Commitments and
principal amounts (and stated interest) of the obligations owing to each Senior Lender pursuant to the terms hereof from time to time
(the "**Register** "). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Facility
Agent and the Senior Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Senior
Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Senior Lender,
at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Senior Lender
sells a participation interest in any rights hereunder, the Facility Agent shall, acting solely for this purpose as a non-fiduciary agent
of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated
interest) of each participant's interest in the Advances or other obligations under the Finance Documents (the "**Participant Register** "); <u>provided</u> that the Facility Agent shall have no obligation to disclose
all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's
interest in any commitments, loans, letters of credit or its other obligations under any Finance Document) to any Person except to the
extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and the Facility Agent shall treat each Person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower agrees that any purchaser of a participation interest
in any rights hereunder shall be entitled to the benefits of Clauses 13 (*Tax gross up and indemnities*) and 14 (*Increased Costs*)
(subject to the requirements and limitations therein to the same extent as if it were a Senior Lender and had acquired its interest by
assignment pursuant to this Clause 25); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) such purchaser agrees to be subject to the provisions of Clause
8.4 (*Right of replacement or repayment and cancellation in relation to a single Senior Lender*) as if it were an assignee under
this Clause 25; 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;(ii) such purchaser is only entitled to receive payment under Clauses
13 (*Tax gross up and indemnities*) and 14 (*Increased Costs*) to the same extent as the participating Senior Lender would
have been had the purchase of the participation interest not occurred.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any assignment or transfer by a Senior Lender under this Section
25, will only be effective if the applicable procedure set out in Clause 25.6 (*Procedure for transfer*) or Clause 25.7 (*Procedure for assignment*), as applicable, is complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(i) a Senior Lender assigns or transfers any of its rights or obligations
under the Finance Documents or changes its Facility Office; 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;(ii) as a result of circumstances existing at the date the assignment,
transfer or change occurs, the Borrower would be or becomes obliged to make a payment under Clauses 13 (*Tax gross up and indemnities*)
or 14 (*Increased Costs*),

then the New Senior Lender or Senior Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Senior Lender or Senior Lender acting through its previous Facility Office would have been had the assignment, transfer or other change or change of Facility Office not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each New Senior Lender, by executing the relevant Transfer Certificate
or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment
or waiver that has been approved by or on behalf of the requisite Senior Lender or Senior Lenders in accordance with this Agreement on
or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by
that decision to the same extent as the Existing Senior Lender would have been had it remained a Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary set forth herein or in
any other Finance Document, each Lender hereunder, and each participant, must at all times be a "qualified purchaser" as
defined in the Investment Company Act (a "**Qualified Purchaser** "). Each Lender severally represents to the Borrower,
(i) on the date that it becomes a party to this Agreement (whether by being a signatory hereto or by entering into an Assignment Agreement)
and (ii) on each date on which it makes an Advance hereunder, that it is a Qualified Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 Assignment or transfer fee

The New Senior Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $5,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 Limitation of responsibility of Existing Senior Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly agreed to the contrary, an Existing Senior Lender
makes no representation or warranty and assumes no responsibility to a New Senior Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&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 legality, validity, effectiveness, adequacy or enforceability
of the Finance Documents or any other documents;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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 financial condition of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the performance and observance by the Borrower of its obligations
under the Finance Documents or any other documents; 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;(iv) the accuracy of any statements (whether written or oral) made in
or in connection with any Finance Document or any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Senior Lender confirms to the Existing Senior Lender and
the other Finance Parties that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation
and assessment of the financial condition and affairs of the Borrower and its related entities in connection with its participation in
this Agreement and has not relied exclusively on any information provided to it by the Existing Senior Lender in connection with any
Finance Document; 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;(ii) will continue to make its own independent appraisal of the creditworthiness
of the Borrower and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is
in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Senior Lender
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-transfer or re-assignment from a New Senior Lender of
any of the rights and obligations assigned or transferred under this Clause 25; 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;(ii) support any losses directly or indirectly incurred by the New Senior
Lender by reason of the non-performance by the Borrower of its obligations under the Finance Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 Procedure for transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 25.3 (*Other Conditions of assignment or transfer*) a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise
duly completed Transfer Certificate delivered to it by the Existing Senior Lender and the New Senior Lender. The Facility Agent shall,
subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer
Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent shall only be obliged to execute a Transfer Certificate
delivered to it by the Existing Senior Lender and the New Senior Lender once it is satisfied that the Facility Agent, the Custodian,
the Account Bank, the Collateral Administrator and the Collateral Agent, as may be reasonably required by them in accordance with their
then-applicable procedures, have complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to such transfer.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Clause 25.10 (*Pro rata interest settlement*), on
the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that in the Transfer Certificate the Existing Senior
Lender seeks to transfer by novation its rights and obligations under the Finance Documents the Borrower and the Existing Senior Lender
shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another
under the Finance Documents shall be cancelled (being the "**Discharged Rights and Obligations** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Borrower and the New Senior Lender shall assume obligations
towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as
the Borrower and the New Senior Lender have assumed and/or acquired the same in place of the Borrower and the Existing Senior Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Facility Agent, the New Senior Lender and the other Finance
Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had
the New Senior Lender been an Original Senior Lender with the rights and/or obligations acquired or assumed by it as a result of the
transfer and to that extent the Facility Agent, the Existing Senior Lender and the other Finance Parties shall each be released from
further obligations to each other under the Finance Documents; 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;(iv) the New Senior Lender shall become a Party as a "Senior Lender".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7 Procedure for assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 25.3 (*Other Conditions of assignment or transfer*) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes
an otherwise duly completed Assignment Agreement delivered to it by the Existing Senior Lender and the New Senior Lender. The Facility
Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute
that Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent shall only be obliged to execute an Assignment
Agreement delivered to it by the Existing Senior Lender and the New Senior Lender once it is satisfied the Facility Agent, the Custodian,
the Account Bank, the Collateral Administrator and the Collateral Agent, as may be reasonably required by them in accordance with their
then-applicable procedures, have complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to such assignment.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Clause 25.10 (*Pro rata interest settlement*), on
the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Existing Senior Lender will assign absolutely to the New Senior
Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment 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;(ii) the Existing Senior Lender will be released by the Borrower and
the other Finance Parties from the obligations owed by it (the "**Relevant Obligations**") and expressed to be the subject
of the release in the Assignment 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;(iii) the New Senior Lender shall become a Party as a "Senior Lender"
and will be bound by obligations equivalent to the Relevant Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Senior Lenders may utilise procedures other than those set out in
this Clause 25.7 to assign their rights under the Finance Documents (but not without the consent of the Borrower or unless in accordance
with Clause 25.6 (*Procedure for transfer*), to obtain a release by the Borrower from the obligations owed to the Borrower by the
Senior Lenders nor the assumption of equivalent obligations by a New Senior Lender) *provided* that they comply with the conditions
set out in Clause 25.3 (*Other Conditions of assignment or transfer*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.8 Copy of Transfer Certificate or Assignment Agreement to Borrower

The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate or Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.9 Security or declaration of trust over Senior Lenders' rights

In addition to the other rights provided to Senior Lenders under this Clause 25, each Senior Lender may without consulting with or obtaining consent from the Borrower, at any time charge, assign or otherwise create a Security Interest or declare a trust in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document in connection with securing or otherwise providing credit support for obligations of that Senior Lender where the ultimate beneficiary or beneficiaries of such security or credit support (including, for the avoidance of doubt, indirectly through a trustee and/or custodian) are not a Competitor including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security Interest or declaration
of trust in connection with securing or otherwise providing credit support for obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security Interest or declaration
of trust granted in connection with securing or otherwise providing credit support for obligations owed, or securities issued, by that
Senior Lender,

except that no such charge, assignment, Security Interest or declaration of trust shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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) release a Senior Lender from any of its obligations under the Finance
Documents or substitute the beneficiary of the relevant charge, assignment, Security Interest or declaration of trust for the Senior
Lender as a party to any of the Finance Documents; 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;(ii) require any payments to be made by the Borrower other than or in
excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Senior Lender
under the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 Pro rata interest settlement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Facility Agent has notified the Senior Lenders that it is
able to distribute interest payments on a "*pro rata* basis" to Existing Senior Lenders and New Senior Lenders then
(in respect of any transfer pursuant to Clause 25.5 (*Limitation of responsibility of Existing Senior Lenders*) or any assignment
pursuant to Clause 25.6 (*Procedure for transfer*) the Transfer Date of which, in each case, is after the date of such notification
and is not on the last day of an Interest Period):

&nbsp;&nbsp;&nbsp;&nbsp;&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) any interest or fees in respect of the relevant participation which
are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Senior Lender up to but
excluding the Transfer Date ()"**Accrued Amounts**") and shall become due and payable to the Existing Senior Lender (without
further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six months,
on the next of the dates which falls at six monthly intervals after the first day of that Interest Period); 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;(ii) the rights assigned or transferred by the Existing Senior Lender
will not include the right to the Accrued Amounts so that, for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when the Accrued Amounts become payable, those Accrued Amounts will
be payable for the account of the Existing Senior Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount payable to the New Senior Lender on that date will be
the amount which would, but for the application of this Clause 25.10, have been payable to it on that date, but after deduction of the
Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 25.10 references to "**Interest Period** "
shall be construed to include a reference to any other period for accrual of fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Existing Senior Lender which retains the right to the Accrued
Amounts pursuant to this Clause 25.10 but which does not have a Commitment shall be deemed not to be a Senior Lender for the purposes
of ascertaining whether the agreement of any specified group of Senior Lenders has been obtained to approve any request for a consent,
waiver, amendment or other vote of Senior Lenders under the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.11 Preservation of security interests.

In the event that a transfer, assignment, novation or amendment of the rights and/or the obligations under this Agreement and any other Finance Documents, all security interests, guarantees and privileges created under or in connection with the Finance Documents shall automatically and without any formality be preserved for the benefit of any assignee, any transferee, the new Senior Lender, new Collateral Agent, new Facility Agent and the Secured Parties.

---

| | |
|:---|:---|
| **26** | **CHANGES TO THE BORROWER** |

---

The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents in any manner whatsoever other than the assignment by way of security made pursuant to the Security Documents.

**SECTION 10**

**THE FINANCE PARTIES**

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| | |
|:---|:---|
| **27** | **ROLE OF THE FACILITY AGENT, THE COLLATERAL AGENT, THE CUSTODIAN AND THE ACCOUNT BANK** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 The Facility Agent, the Collateral Agent, the Custodian and the
Account Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Senior Lender appoints the Facility Agent to act as its agent
under and in connection with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Agent declares that it holds the Security Property
for the benefit of the Secured Parties on the terms contained in this Agreement and the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Senior Lenders authorises the Facility Agent and the
Collateral Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions
specifically given to the Facility Agent or Collateral Agent (as applicable) under or in connection with the Finance Documents together
with any other incidental rights, powers, authorities and discretions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) State Street Bank and Trust Company is hereby appointed as the Custodian
and hereby agrees to perform the duties and responsibilities of the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) State Street Bank and Trust Company has been appointed as the Account
Bank pursuant to the Account Control Agreement and hereby agrees to perform the duties and responsibilities of the Account Bank hereunder
and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 Enforcement through Collateral Agent only

The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Security Documents except through the Collateral Agent.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Facility Agent and Collateral Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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) unless expressly provided to the contrary in a Finance Document,
exercise or refrain from exercising any right, power, authority or discretion vested in such Party (as applicable) in accordance with
any instructions given to it by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all Senior Lenders if the relevant Finance Document stipulates the
matter is an all Senior Lender decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Supermajority Senior Lenders, if the relevant Finance Document
stipulates the matter is a Supermajority Senior Lender decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in all other cases, the Majority Senior Lenders; 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;(ii) not be liable for any act (or omission) if it acts (or refrains
from acting) in accordance with paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance
Party or group of Finance Parties, from that Finance Party or group of Finance Parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Facility Agent and the Collateral Agent shall be entitled
to request instructions, or clarification of any instruction, from the Majority Senior Lenders (or, if the relevant Finance Document
stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance
Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion provided
for in any Finance Document and the Facility Agent or the Collateral Agent (as applicable) may refrain from acting unless and until it
receives any such instructions or clarification that it has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any instructions under this Agreement or any other Finance Document
given to the Collateral Agent by the Senior Lenders, the Supermajority Senior Lenders or the Majority Senior Lenders shall be given to
the Collateral Agent by the Facility Agent acting on behalf of the Senior Lenders, the Supermajority Senior Lenders or the Majority Senior
Lenders, as the case may be. The Collateral Agent is not to be liable to any Secured Party for any action it takes where it acts on the
instructions of the Facility Agent (on behalf of the Senior Lenders, the Supermajority Senior Lenders or the Majority Senior Lenders,
as applicable) in the exercise of any right, power or discretion or any matter not expressly provided for in the Finance Documents and
may assume without enquiry or liability that the Facility Agent has been duly instructed by the Senior Lenders, the Supermajority Senior
Lenders or Majority Senior Lenders, as applicable, to give such instruction. Any instructions of the Facility Agent (on behalf of the
Senior Lenders, the Supermajority Senior Lenders or Majority Senior Lenders, as applicable) will be binding on all Secured Parties The
Collateral Agent shall carry out all dealings with the Senior Lenders through the Facility Agent and shall deliver to the Facility Agent
any notice or other communication required to be delivered by the Collateral Agent to the Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&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) where expressly provided to the contrary in a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&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) where a Finance Document requires the Facility Agent or the Collateral
Agent to act in a specified manner or to take a specified action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of any provision which protects the Facility Agent's
or Collateral Agent's own position in its personal capacity including, without limitation (to the extent applicable), Clause 27.5
(*No fiduciary duties*) to Clause 27.10 (*Exclusion of liability*), Clause 27.13 (*Confidentiality*) to Clause 27.21 (*Custodians and nominees*), Clause 27.22 (*Account banks and nominees*) and Clause 27.25 (*Acceptance of title*);

&nbsp;&nbsp;&nbsp;&nbsp;&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 respect of the exercise of the Collateral Agent's discretion
to exercise a right, power or authority to apply amounts received by it in accordance with the applicable Priorities of Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Facility Agent or the Collateral Agent (as applicable) may refrain
from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification
and/or security and/or prefunding that it may in its discretion require (which may be greater in extent than that contained in the Finance
Documents and which may include payment in advance) for any cost, loss or Liability under any applicable law or howsoever caused which
it may incur in complying with those instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Without prejudice to the remainder of this Clause 27.3 (*Instructions*),
in the absence of instructions or where the exercise of that discretion is subject to paragraph (e)(iv) above, each of the Facility Agent
and the Collateral Agent may but shall not be required to act (or refrain from acting) as it considers to be in the best interest of
(in the case of the Facility Agent) the Senior Lenders and (in the case of the Collateral Agent) the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Facility Agent is not authorised to act on behalf of a Senior
Lender (without first obtaining that Senior Lender's consent) in any legal or arbitration proceedings relating to any Finance Document
except any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents
or enforcement of the Transaction Security or Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 Duties of the Facility Agent and Collateral Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The duties of the Facility Agent and the Collateral Agent under
the Finance Documents are solely mechanical and administrative in nature. For purposes of clarity, and notwithstanding any language to
the contrary herein, phrases such as "satisfactory to the Facility Agent," "approved by the Facility Agent,"
"acceptable to the Facility Agent," "as determined by the Facility Agent," "in the Facility Agent's
discretion," "selected by the Facility Agent," "elected by the Facility Agent," "requested by the
Facility Agent," and phrases of similar import that authorize and/or permit the Facility Agent or the Collateral Agent to approve,
disapprove, determine, act or decline to act in its discretion shall be subject to the Facility Agent or Collateral Agent receiving written
direction from the Senior Lenders, the Supermajority Senior Lenders, or the Majority Senior Lenders, as applicable, to take such action
or to exercise such rights (it being understood that nothing contained in this Agreement or any other Finance Document shall impose a
duty on the Facility Agent or the Collateral Agent to make any such determination or exercise any discretion or take any action independent
of such written direction).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, each of the Facility Agent and the
Collateral Agent shall promptly forward to a Senior Lender the original or a copy of any document which is delivered to the Facility
Agent or the Collateral Agent (as applicable) for that Senior Lender by the Borrower. The Facility Agent shall promptly forward to the
Borrower the original or a copy of any document which is delivered to the Facility Agent for the Borrower by any Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to Clause 25.8 (*Copy of Transfer Certificate or Assignment Agreement to Borrower*), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of any information provided to the Facility Agent under
Clause 20 (*Information Undertakings*) the Facility Agent shall promptly transmit such information to each Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Facility Agent nor the Collateral Agent is obliged to
review or check the adequacy, accuracy, validity or completeness of any document it forwards to another Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Facility Agent receives notice from a Party referring to
any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other
Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Facility Agent is aware of the non-payment of any principal,
interest, or other fee payable to a Senior Lender under this Agreement, it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Facility Agent shall provide to the Borrower, within three Business
Days of a request by the Borrower (but no more frequently than once per calendar month), a list (which may be in electronic form) setting
out the names of the Senior Lenders as at that Business Day and their respective Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Facility Agent and the Collateral Agent shall have only
those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is a party (and no others shall
be implied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 No fiduciary duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in any Finance Document constitutes:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Facility Agent as a trustee or fiduciary of any person, nor
as an agent of any person other than the Senior Lenders; 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;(ii) the Collateral Agent as an agent, trustee or fiduciary of the Borrower
or the Parent.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Facility Agent or the Collateral Agent shall be bound
to account to any other Finance Party or any Secured Party for any sum or the profit element of any sum received by it for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 Business with the Borrower

The Facility Agent and the Collateral Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with the Borrower or an Affiliate of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7 Rights and discretions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Facility Agent and the Collateral Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&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) rely on any representation, communication, notice or document believed
by it to be genuine and appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&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) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any instructions received by it from any one or more of the Senior
Lenders, the Supermajority Senior Lenders, the Majority Senior Lenders, any Finance Party or any group of Finance Parties are duly given
in accordance with the terms of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless it has actually received written notice of revocation, that
those instructions have not been revoked; 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;(iii) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to any matter of fact or circumstance which might reasonably
be expected to be within the knowledge of that person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the effect that such person approves of any particular dealing,
transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Facility Agent and the Collateral Agent may assume (unless
it has actually received written notice to the contrary in its capacity as facility agent or collateral agent for the Finance Parties
or Secured Parties) that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default has occurred (unless, in the case of the Facility Agent,
it has actual knowledge of a Default arising under Clauses 24.1 (*Nonpayment*) or Clause 24.2 (*Non-payment of Principal and other payment obligations*)); 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;(ii) any right, power, authority or discretion vested in any Party or
any group of Finance Parties has not been exercised and each Party is complying with its obligations under the Finance Documents.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Facility Agent and the Collateral Agent may engage and
pay for (at the cost of the Borrower) the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional
advisers or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of paragraph (c) above or paragraph
(e) below, each of the Facility Agent and the Collateral Agent may at any time engage and pay for (at the cost of the Borrower) properly
incurred fees and costs of the services of any lawyers to act as independent counsel to the Facility Agent or Collateral Agent (as applicable),
(and so separate from any lawyers instructed by the Senior Lenders) if the Facility Agent or Collateral Agent (as applicable), in its
opinion deems this to be desirable in connection with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Facility Agent and the Collateral Agent may rely on
the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained
by the Facility Agent or by the Collateral Agent or by any other Party and whether or not such advice is addressed to the Facility Agent
or the Collateral Agent) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability
whatsoever arising as a result of its so relying, even if such advice or services are subject to limitation of liability, whether by
majority cap or otherwise limited in scope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the Facility Agent and the Collateral Agent may act in relation
to the Finance Documents and the Security Property through its officers, employees and agents and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&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) be liable for any error of judgment made by any such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be bound to supervise, or be in any way responsible for any Liability
incurred by reason of misconduct, omission or default on the part, of any such person,

unless such error or such loss was directly caused by the Facility Agent's or the Collateral Agent's (as applicable) fraud, gross negligence or wilful misconduct, having regard to the provisions of the Finance Documents conferring on the Collateral Agent any trusts, powers, authorities or discretions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless a Finance Document expressly provides otherwise each of the
Facility Agent and the Collateral Agent may disclose to any other Party any information it reasonably believes it has received as facility
agent or collateral agent, as applicable, under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Reserved].

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of any Finance Document to the
contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&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) none of the Facility Agent or the Collateral Agent is obliged to
do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law, directive or regulation of
any agency, or its internal policies relating to "know your client" or anti-money laundering procedures or a breach of a
fiduciary duty or duty of confidentiality; 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;(ii) the Facility Agent or the Collateral Agent, as applicable, may without
liability (save in the case of its fraud, gross negligence or wilful misconduct, having regard to the provisions of the Finance Documents
conferring on the Facility Agent or the Collateral Agent, as applicable, any powers, authorities or discretions) do anything which is,
in its opinion, necessary to comply with any aforementioned law, directive, regulation or policy and shall use its reasonable efforts
to notify the Borrower in writing accordingly unless it is contrary to any law, regulation or court order of any jurisdiction to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any provision of any Finance Document to the contrary,
none of the Facility Agent or the Collateral Agent is obliged to expend or risk its own funds or otherwise incur any financial liability
in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it
has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably
assured to it or against which it is not indemnified and/or secured and/or prefunded to its satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8 Responsibility for documentation

None of the Facility Agent or the Collateral Agent, is responsible or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy or completeness of any information (whether
oral or written) supplied by the Facility Agent, the Collateral Agent, the Borrower or any other person in or in connection with any
Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangements or document entered into,
made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability
of any Finance Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any determination as to whether any information provided or to be
provided to any Finance Party or Secured Party is non-public information the use of which may be regulated or prohibited by applicable
law or regulation relating to insider dealing or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) investigating the accuracy or sufficiency of any opinions, searches
or valuations given or required to be given in relation to the Security Interests under the Security Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the creditworthiness or solvency of the Borrower.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 No duty to monitor

None of the Facility Agent or the Collateral Agent shall be bound to enquire, monitor or take any steps to ascertain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its
obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.10 Exclusion of liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting paragraph (b) below (and without prejudice to any
other provision of any Finance Document excluding or limiting the liability of the Facility Agent, the Collateral Agent or any Receiver
or Delegate), none of the Facility Agent, the Collateral Agent nor any Receiver or Delegate will be liable (other than as a result of
its gross negligence, wilful misconduct or fraud) for:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any damages, costs or losses to any person, any diminution in value,
or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or
the Security Property, having regard to the provisions of the Finance Documents conferring on the Collateral Agent any trusts, powers,
authorities or discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&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) exercising, or not exercising, any right, power, authority or discretion
given to it by, or in connection with, any Finance Document, the Security Property or any other agreement, arrangement or document entered
into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any shortfall which arises on the enforcement or realisation of
the Security Property;

&nbsp;&nbsp;&nbsp;&nbsp;&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) without prejudice to the generality of paragraphs (i) to (iii) above,
any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the general risks of investment in, or the holding of assets in,
any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; epidemics, natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Facility Agent in the case of any officers, employees or agents
of the Facility Agent; 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;(ii) the Collateral Agent, that Receiver or Delegate (as applicable)
in the case of any officers, employees or agents of the Collateral Agent, that Receiver or a Delegate,

may take any proceedings against any officer, employee or agent of the Facility Agent, the Collateral Agent, a Receiver or a Delegate, in respect of any claim it might have against the Facility Agent, the Collateral Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Facility Agent, the Collateral Agent, a Receiver or a Delegate may rely on this Clause 27.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Facility Agent nor the Collateral Agent shall be liable
for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by
the Facility Agent or the Collateral Agent (as applicable) if the Facility Agent or the Collateral Agent (as applicable) has taken all
necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Facility Agent or the Collateral Agent (as applicable) for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Facility Agent or the
Collateral Agent to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any "know your customer" or other checks in relation
to any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by
this Agreement might be unlawful for any Finance Party,

on behalf of any Finance Party and each Finance Party confirms to the Facility Agent and the Collateral Agent that it is solely responsible for any such checks and that it may not rely on any statement in relation to such checks made by the Facility Agent and the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding
or limiting the liability of the Facility Agent, the Collateral Agent, any Receiver or Delegate, any liability of the Facility Agent,
the Collateral Agent, any Receiver or Delegate arising under or in connection with any Finance Document or the Security Property shall
be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference
to the date of default of the Facility Agent, the Collateral Agent, Receiver or Delegate or, if later, the date on which the loss arises
as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent, the Collateral
Agent, any Receiver or Delegate at any time which increase the amount of that loss. In no event shall the Facility Agent, the Collateral
Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving,
or for special, punitive, indirect or consequential damages, whether or not foreseeable and whether or not the Facility Agent, the Collateral
Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages and regardless of the form of action.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 Resignation of the Facility Agent and the Collateral Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Facility Agent and the Collateral Agent may resign without
giving reason therefor and without being responsible for any liabilities or costs occasioned in connection with such resignation incurred
in connection with such resignation and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and
the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Facility Agent or the Collateral Agent may resign
(without giving reason and without being responsible for any liabilities incurred in connection with such resignation other than as a
result of its gross negligence, fraud or wilful misconduct) by giving at least 30 calendar days' notice to the other Finance Parties
and the Borrower, in which case the Majority Senior Lenders (after consultation with the other Finance Parties and the Borrower) may
appoint a successor Facility Agent or Collateral Agent (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Senior Lenders have not appointed a successor Facility
Agent or Collateral Agent (as applicable) in accordance with paragraph (b) above within 20 calendar days after notice of resignation
was given, the retiring Facility Agent or Collateral Agent (as applicable) (after consultation with the other Finance Parties and the
Borrower) may appoint (at the cost of the Borrower) a successor Facility Agent or Collateral Agent (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The retiring Facility Agent or Collateral Agent (as applicable)
shall make available to the successor Facility Agent or Collateral Agent (as applicable) such documents and records and provide such
assistance as the successor Facility Agent or Collateral Agent may reasonably request for the purposes of performing its functions as
Facility Agent or Collateral Agent (as applicable) under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The resignation notice of the Facility Agent or the Collateral Agent
(as applicable) shall only take effect upon:

&nbsp;&nbsp;&nbsp;&nbsp;&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 appointment of a successor; 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;(ii) (in the case of the Collateral Agent) the transfer of the Security
Property to that successor;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the appointment of a successor, the retiring Facility Agent
or Collateral Agent (as applicable) shall be discharged from any further obligation in respect of the Finance Documents (other than its
obligations under paragraph (b) of Clause 27.27 (*Winding up of trust*) and (e) above) but shall remain entitled to the benefit
of Clause 15.3 (*Indemnity to the Facility Agent*), Clause 15.4 (*Indemnity to the Collateral Agent*) and this Clause 27 (and
any fees for the account of the retiring Facility Agent or Collateral Agent (as applicable) shall cease to accrue from (and shall be
payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as
they would have had if such successor had been an original Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) After consultation with the Borrower, the Majority Senior Lenders
may, by giving at least 30 calendar days' notice to the Facility Agent or Collateral Agent (as applicable), require it to resign
in accordance with paragraph (b) above. In this event, the Facility Agent or Collateral Agent (as applicable) shall resign in accordance
with paragraph (b) above but the costs referred to in paragraph (d) above shall be for the account of the Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Facility Agent shall resign in accordance with paragraph (b)
above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c)
above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility
Agent under the Finance Documents, either:

---

| | |
|:---|:---|
| () | the Facility Agent fails to respond to a request under Clause 13.8 (*FATCA Information*) and the Borrower or a Senior Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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 information supplied by the Facility Agent pursuant to Clause
13.8 (*FATCA Information*) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or
after that FATCA Application Date; 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;(iii) the Facility Agent notifies the Borrower and the Senior Lenders
that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) the Borrower or a Senior Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Borrower or that Senior Lender, by notice to the Facility Agent, requires it to resign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.12 Resignation and replacement of the Lead Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lead Bank (after consultation with the Borrower) may resign
and appoint one of its Affiliates as successor by giving notice to the Facility Agent, the Collateral Agent, the Senior Lenders and the
Borrower.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lead Bank may:

&nbsp;&nbsp;&nbsp;&nbsp;&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) resign by giving 30 calendar days' notice to the Facility
Agent, the Senior Lenders and the Borrower, in which case the Majority Senior Lenders may appoint a successor Lead Bank by giving notice
to the Facility Agent, the Collateral Agent, the other Senior Lenders and the Borrower; 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;(ii) be replaced by the Majority Senior
Lenders on 30 calendar days' notice to the Lead Bank, copied to the Facility Agent, the Collateral Agent and the Borrower; *provided* that NatWest Markets Plc (or any Affiliate thereof) may only be replaced as the Lead Bank pursuant
to this sub-paragraph (ii) if the aggregate Commitment of NatWest Markets Plc and any Affiliates thereof is less than 20% of the Total
Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a successor Lead Bank has not been appointed in accordance with
paragraph (b) above within 30 calendar days after notice of resignation is given, the retiring Lead Bank may appoint a successor Lead
Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the applicable Lead Bank's resignation or replacement
hereunder, the provisions of this Agreement shall continue in effect for the benefit of such retiring Lead Bank in respect of any actions
taken or omitted to be taken by it while acting as the Lead Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the above provisions of this Clause 27.12, at any
time where there is no party appointed as the Lead Bank, the Majority Senior Lenders may exercise any discretion or any right, power
or authority under the Finance Documents afforded to the Lead Bank in place of the Lead Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.13 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as agent or trustee for the Senior Lenders, the Secured
Parties or the Borrower (as applicable), the Facility Agent, the Custodian, the Account Bank, the Collateral Administrator or Collateral
Agent (as applicable) shall be regarded as acting through its agency or trustee division (as applicable) which shall be treated as a
separate entity from any other of its divisions or departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of
the Facility Agent, the Custodian, the Account Bank, the Collateral Administrator or Collateral Agent, it may be treated as confidential
to that division or department and the Facility Agent, the Custodian, the Account Bank, the Collateral Administrator or Collateral Agent
(as applicable) shall not be deemed to have notice of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a division or department of the Facility Agent, the Custodian,
the Account Bank, the Collateral Administrator or Collateral Agent receives any information in its capacity as such it may not pass such
information to any other division or department of such Finance Party without the consent of the Borrower.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 Relationship with the other Finance Parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facility Agent may treat the person shown in its records as
a Senior Lender at the opening of business (in the place of the Facility Agent's principal office as notified to the Finance Parties
from time to time) as a Senior Lender acting through its Facility 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;(i) entitled to or liable for any payment due under any Finance Document
on that day; 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;(ii) entitled to receive and act upon any notice, request, document or
communication or make any decision or determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Senior Lender to the contrary in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Senior Lender may by notice to the Facility Agent appoint a
person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Senior Lender
under the Finance Documents. Such notice shall contain the address, email address and/or any other information required to enable the
transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is
to be made) and be treated as a notification of a substitute address or email address (or such other information), department and officer
by that Senior Lender for the purposes of Clause 36.2 (*Addresses*) and the Facility Agent shall be entitled to treat such person
as the person entitled to receive all such notices, communications, information and documents as though that person were that Senior
Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Finance Party shall supply the Collateral Agent with any information
that the Collateral Agent may specify as being necessary or desirable to enable the Collateral Agent to perform its functions as Collateral
Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.15 Credit appraisal by the Senior Lenders

Without affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Senior Lender confirms to the Facility Agent and the Collateral Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document (and the Facility Agent and Collateral Agent shall have no responsibility or liability in relation thereto) including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability
of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Finance Party has recourse, and the nature and extent
of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Security Property,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document or the Security Property;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy or completeness of any information provided
by the Facility Agent, the Collateral Agent, any Party or by any other person under or in connection with any Finance Document, the transactions
contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the right or title of any person in or to, or the value or sufficiency
of any part of, the Security Assets, the priority of any of the Transaction Security or the existence of any Security Interest affecting
the Security Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 Facility Agent's and Collateral Agent's management time

Any amount payable to the Facility Agent or Collateral Agent under Clause 15.3 (*Indemnity to the Facility Agent*), Clause 15.4 (*Indemnity to the Collateral Agent*) and Clause 17 (*Costs and expenses*) shall include the costs of investigating a Default or after any Default, the cost of utilising the management time or other resources of the Facility Agent or Collateral Agent (as applicable) and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent or Collateral Agent (as applicable) may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent or Collateral Agent under Clause 12 (*Fees*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17 Deduction from amounts payable by the Facility Agent

If any Senior Lender owes an amount to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Senior Lender, deduct an amount not exceeding that amount from any payment to that Senior Lender which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Senior Lender shall be regarded as having received any amount so deducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.18 No responsibility to perfect Transaction Security

The Collateral Agent shall not be liable for any failure to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the deposit with it of any deed or document certifying,
representing or constituting the title of the Borrower to any of the Borrower Security Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain any licence, consent or other authority for the execution,
delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) register, file or record or otherwise protect any of the Transaction
Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution
of any Finance Document or of the Transaction Security:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take, or to require the Borrower or the Parent, as applicable, to
take, any step to perfect its title to any of the Security Property or to render the Transaction Security effective or to secure the
creation of any ancillary security under any law or regulation or to monitor or maintain the Transaction Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) require any further assurance in relation to any Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 Reliance and engagement letters

Each Finance Party and Secured Party confirms that each of the Facility Agent and the Collateral Agent (as applicable) has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Facility Agent or the Collateral Agent) the terms of any reliance letter or engagement letter relating to due diligence reports or certificates required under this Agreement provided by any third party and to bind it in the respect of such reports or letter and to sign such letters on its behalf and further confirming that it accepts the terms and qualifications set out in such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.20 Insurance by Trustee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Agent shall not be obliged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to insure any of the Security Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to require any other person to maintain any insurance; 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;(iii) to verify any obligation to arrange or maintain insurance contained
in any Finance Document,

and the Collateral Agent shall not be liable for any damages, costs, Liabilities or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Collateral Agent is named on any insurance policy as an
insured party, it shall be named as first loss payee only and it shall not be liable for any damages, costs, Liabilities or losses to
any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any
other information of any kind, unless the Majority Senior Lenders request it to do so in writing and the Collateral Agent fails to do
so within 14 days after receipt of that request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.21 Custodians and nominees

The Collateral Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset granted to it as the Collateral Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the facility established under this Agreement and the Collateral Agent shall not be responsible for any loss, Liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission, act or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person, *provided* that such appointment is made with due care, skill and diligence in the selection process.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.22 Account banks and nominees

The Collateral Agent may appoint and pay any person to act as an account bank or nominee on any terms in relation to any asset granted to the Collateral Agent (acting reasonably and in good faith) may determine and the Collateral Agent shall not be responsible for any loss, Liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission, act or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person, *provided* that such appointment is made with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.23 Delegation by the Collateral Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Collateral Agent, any Receiver and any Delegate may,
at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion
vested in it in its capacity as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That delegation may be made upon any terms and conditions (including
the power to sub-delegate) and subject to any restrictions that the Collateral Agent, that Receiver or that Delegate (as the case may
be) may, in its discretion, think fit in the interests of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Collateral Agent nor any Receiver or Delegate shall
be bound to supervise, or be in any way responsible for any damages, costs, Liabilities or losses incurred by reason of any misconduct,
omission, act or default on the part of, any such delegate or sub-delegate, *provided* that such appointment is made with due care,
skill and diligence in the selection process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.24 Additional Collateral Agents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Agent may at any time appoint (and subsequently remove)
any person to act as a separate trustee or as a co-trustee jointly with it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if it considers that appointment to be in the interests of the Secured
Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&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) for the purposes of conforming to any legal requirement, restriction
or condition which the Collateral Agent deems to be relevant; 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;(iii) for obtaining or enforcing any judgment in any jurisdiction,

and the Collateral Agent shall give prior notice to the Borrower and the Finance Parties of that appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any person so appointed shall have the rights, powers, authorities
and discretions (not exceeding those given to the Collateral Agent under or in connection with the Finance Documents) and the duties,
obligations and responsibilities that are given or imposed by the instrument of appointment.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The remuneration that the Collateral Agent may pay to that person,
and any costs and expenses incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of
this Agreement, be treated as costs and expenses incurred by the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.25 Acceptance of title

The Collateral Agent shall be entitled to accept without enquiry or liability, and shall not be obliged to investigate, any right and title that the Borrower may have to any of the Security Property and shall not be liable for, or bound to require the Borrower to remedy, any defect in its right or title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.26 Merger and Consolidation

Any corporation into which the Collateral Agent or Facility Agent may be merged or converted, or any corporation with which the Collateral Agent or Facility Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent or Facility Agent shall be a party, or any corporation, including affiliated corporations, to which the Collateral Agent or Facility Agent shall sell or otherwise transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all or substantially all of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all or substantially all of its corporate trustee business,

shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Collateral Agent or Facility Agent (as applicable) under the Finance Documents without the execution or filing of any paper or any further act on the part of the Parties and after the said effective date all references in the Finance Documents to the Collateral Agent or Facility Agent (as applicable) shall be deemed to be references to such successor corporation. The Collateral Agent or Facility Agent (as applicable) shall give written notice of any such merger, conversion, consolidation or transfer to the other Parties as soon as reasonably practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.27 Winding up of trust

If the Collateral Agent, with the approval of the Facility Agent, determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the Secured Liabilities and all other obligations secured
by the Security Documents have been fully and finally discharged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Secured Party is under any commitment, obligation or liability
(actual or contingent) to make advances or provide other financial accommodation to the Borrower pursuant to the Finance Documents,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&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 trusts set out in this Agreement shall be wound up and the Collateral
Agent shall release, without recourse, representation or warranty, all of the Transaction Security and the rights of the Collateral Agent
under each of the Security Documents; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Collateral Agent which has resigned pursuant to Clause 27.11
(*Resignation of the Facility Agent and the Collateral Agent*) shall release, without recourse, representation or warranty, all
of its rights under each Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.28 Powers supplemental to Trustee Acts

The rights, powers, authorities and discretions given to the Collateral Agent under or in connection with the Finance Documents shall be supplemental and in addition to any which may be vested in the Collateral Agent by law or regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.29 Payments to the Facility Agent and Collateral Agent

All amounts payable to the Facility Agent and the Collateral Agent each for its own account hereunder shall be payable by the Borrower without set-off, counterclaim, deduction or withholding unless required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.30 Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower covenants and represents that neither it nor any of
its Affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government, (including,
without limitation, OFAC), the United Nations Security Council, the European Union or HM Treasury (collectively "**Sanctions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower covenants and represents that neither it nor any of
its Affiliates, subsidiaries, directors or officers will use any payments made pursuant to this Agreement, (i) to fund or facilitate
any prohibited activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of
Sanctions, (ii) to fund or facilitate any prohibited activities of or business with any country or territory that is the target or subject
of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above will not apply if and to the extent
that they are or would be unenforceable by reason of breach of (i) any provision of Council Regulation (EC) No 2271/96 of 22 November
1996 (or any law or regulation implementing such Regulation in any member state of the EU), (ii) Council Regulation (EC) No 2271/96 of
22 November 1996 as it forms part of UK domestic law by virtue of the EUWA, as amended or (iii) any similar blocking or anti-boycott
law in the United Kingdom (the "**Regulations** "). However, if the aforementioned Regulations purport to make compliance
with any portion of this Clause unenforceable by the Borrower, the Borrower will refrain from taking any measures which violate Sanctions
applicable thereto.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.31 Limitation of liability of the Lead Bank

Each party hereto acknowledges and agrees that the Lead Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) owes no duties to the Senior Lenders or any other party hereto;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be liable to the Senior Lenders or any other party hereto
for any action or inaction taken by it.

---

| | |
|:---|:---|
| **28** | **[RESERVED]** |

---

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| | |
|:---|:---|
| **29** | **CONDUCT OF BUSINESS BY THE FINANCE PARTIES** |

---

No provision of this Agreement other than Clause 13.4 (*Tax Credit*), Clause 13.5 (*Status of Senior Lenders*) and Clause 13.8 (*FATCA information*) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs
(tax or otherwise) in whatever manner it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief,
remission or repayment available to it or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to
its affairs (tax or otherwise) or any computations in respect of Tax.

---

| | |
|:---|:---|
| **30** | **SHARING AMONG THE FINANCE PARTIES** |

---

If a Finance Party (a "**Recovering Finance Party**") receives or recovers (including by way of set-off) any amount from the Borrower other than in accordance with Clause 34 (*Payment and Account Mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three Business Days,
notify details of the receipt or recovery to the Facility Agent (or, following a Declared Default, the Collateral Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Facility Agent (or, following a Declared Default, the Collateral
Agent) shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had
the receipt or recovery been received or made by the Custodian or the Account Bank and distributed in accordance with Clause 34 (*Payment and Account Mechanics*), without taking account of any Tax which would be imposed on the Custodian or the Account Bank in relation
to the receipt, recovery or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of
demand by the Facility Agent (or, following a Declared Default, the Collateral Agent), pay to the Facility Agent (or, following a Declared
Default, the Collateral Agent) an amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount
which the Facility Agent (or, following a Declared Default, the Collateral Agent) determines may be retained by the Recovering Finance
Party as its share of any payment to be made, in accordance with Clause 34 (*Payment and Account Mechanics*).

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **31** | **PARENT TURNOVER OF NON-PERMITTED RECOVERIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 Payments to Parent

The Parent agrees that it will not receive any payment from the Borrower (or from any other Party on behalf of the Borrower pursuant to the Finance Documents) other than in accordance with the Priorities of Payments or as otherwise provided in the Finance Documents.

---

| | |
|:---|:---|
| **32** | **[RESERVED]** |

---

---

| | |
|:---|:---|
| **33** | **[RESERVED]** |

---

**EXHIBIT 10.9**

**SECTION 11**

**ADMINISTRATION**

---

| | |
|:---|:---|
| **34** | **PAYMENT AND ACCOUNT MECHANICS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 No set-off by the Borrower

All payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 Payments to the Facility Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which the Borrower or a Senior Lender is required
to make a payment under a Finance Document the Borrower or Senior Lender shall make the same available to the Facility Agent (unless
a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility
Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment shall be made to such account in the principal financial
centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or
London, as specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 Distributions by the Facility Agent

Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 34.5 (*Clawback and pre-funding*) and Clause 34.4 (*Distributions to the Borrower*) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Senior Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4 Distributions to the Borrower

The Facility Agent may (with the consent of the Borrower or in accordance with Clause 35 (*Set-off*)) apply any amount received by it for the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.5 Clawback and pre-funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Facility Agent under the Finance
Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related
exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless paragraph (c) below applies, if the Facility Agent pays an
amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to
whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to
the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated
by the Facility Agent to reflect its cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Facility Agent has notified the Senior Lenders that it is
willing to make available amounts for the account of a Borrower before receiving funds from the Senior Lenders then if and to the extent
that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Senior Lender in respect of a
sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Facility Agent shall notify the Borrower of that Senior Lender's
identity and the Borrower shall on demand refund it to the Facility Agent; 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;(ii) the Senior Lender by whom those funds should have been made available
or, if that Senior Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Facility Agent
the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a
result of paying out that sum before receiving those funds from that Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.6 Business Days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under the Finance Documents which is due to be made
on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any rules specified as "Business Day Conventions" in
the applicable Reference Rate Terms for an Advance or Unpaid Sum shall apply to each Interest Period for that Advance or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During any extension of the due date for payment of any principal
or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.7 Currency of account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) to (e) below, the Base Currency is the
currency of account and payment for any sum due from the Borrower under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of an Advance or Unpaid Sum or a part of an Advance
or Unpaid Sum shall be made in the currency in which that Advance or Unpaid Sum is denominated, pursuant to this Agreement, on its due
date.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment of interest shall be made in the currency in which
the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each payment in respect of costs, expenses or Taxes shall be made
in the currency in which the costs, expenses or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amount expressed to be payable in a currency other than the
Base Currency shall be paid in that other currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 Change of currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise prohibited by law, if more than one currency or
currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any reference in the Finance Documents to, and any obligations arising
under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that
country designated by the Facility Agent (after consultation with the Borrower); 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;(ii) any translation from one currency or currency unit to another shall
be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other,
rounded up or down by the Facility Agent (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a change in any currency of a country occurs, this Agreement
will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended
to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.9 Priorities of Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Application of Interest Proceeds

On each Payment Date or Interim Payment Date (as applicable) if no Event of Default has occurred and is continuing, the Borrower shall direct the Account Bank to disburse amounts standing to the credit of the Cash Accounts in respect of Available Interest Proceeds in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&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 order of priority set out in paragraph 1.1 (*Application of Available Interest Proceeds*) of Schedule 6 (*Priorities of Payments*) (such order of priority being the "**Interest Proceeds Priority of Payments** ");

&nbsp;&nbsp;&nbsp;&nbsp;&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) paragraph 2 (*FX Conversion*) of Schedule 6; 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;(iii) the terms of Clause 34.12 (*Interest Ledgers*).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Application of Principal Proceeds

On each Payment Date or Interim Payment Date (as applicable) if no Event of Default has occurred and is continuing, the Borrower shall direct the Account Bank to disburse amounts standing to the credit of the Cash Accounts in respect of Available Principal Proceeds in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&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 order of priority set out in paragraph 1.2 (*Application of Available Principal Proceeds*) of Schedule 6 (*Priorities of Payments*) (such order of priority being the "**Principal Proceeds Priority of Payments** ");

&nbsp;&nbsp;&nbsp;&nbsp;&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) paragraph 2 (*FX Conversion*) of Schedule 6; 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;(iii) the terms of Clause 34.11 (*Principal Ledgers*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Post-Default Priority of Payments

If an Event of Default has occurred and is continuing, Available Interest Proceeds, Available Principal Proceeds and the net proceeds of any enforcement of any Security Interest shall, notwithstanding any appropriation of all or part of them by the Borrower, be credited to the relevant Cash Account and the Collateral Agent (at the direction of the Lead Bank) (as applicable) shall direct the Account Bank to make distributions in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&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 order of priority set out in paragraph 1.3 (*Post-Default Priority of Payments*) of Schedule 6 (*Priorities of Payments*) (such order of priority being the "**Post-Default Priority of Payments**") on the applicable date of distribution but in each case only to the extent that all payments of a higher priority
have been made in full;

&nbsp;&nbsp;&nbsp;&nbsp;&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) paragraph 2 (*FX Conversion*) of Schedule 6 (*Priorities of Payments*); 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;(iii) the terms of Clause 34.10 (*Accounts – general*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10 Accounts - general

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall, prior to the date of this Agreement, procure
the establishment of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Cash Accounts denominated in USD, EUR, GBP, CAD and AUD with
the Account Bank; 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;(ii) the Custody Account with the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Clauses 34.11 (*Principal Ledgers*) and 34.12
(*Interest Ledgers*), to the extent an amount is credited to the wrong Account by mistake or an Obligor makes a single payment that
is contemplated by this Agreement to be split between two or more Accounts, the Borrower shall, as soon as reasonably practicable after
becoming aware of the same, procure that such mistake is rectified or that such received payment is split as necessary to reflect the
crediting of Accounts otherwise contemplated by this Agreement.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.11 Principal Ledgers

The Borrower will procure that the following amounts ("**Principal Proceeds**") are paid into the Cash Account denominated in the currency of such amounts (or if there is no such Cash Account, promptly converted into the Base Currency and paid into the USD Cash Account for credit to the Principal Ledger):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all principal payments received in respect of any Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all interest and other amounts received in respect of any Defaulted
Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all premiums (excluding prepayment premiums) receivable upon redemption
of any Collateral Obligation at maturity or otherwise or upon exercise of any put or call option in respect thereof which is above the
principal amount outstanding of any Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all fees and commissions received in connection with any Defaulted
Obligation or the work-out or restructuring of any Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Sale Proceeds received in respect of a Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Purchased Accrued Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all amounts representing the element of deferred interest (excluding,
in respect of a PIK Obligation or a PIK Toggle Obligation, any interest permitted to be deferred or capitalised thereunder pursuant to
the terms of its Underlying Instruments) in any payments received in respect of any Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all amounts transferred to the relevant Cash Account for credit
to the Principal Ledger from any other Account pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other amounts received by the Borrower which are not otherwise
required to be paid into another Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all amounts retained for the purposes of acquisition of Collateral
Obligations pursuant to the Priorities of Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the proceeds of Advances,

in each case excluding Trading Gains that the Borrower elects to credit to the Interest Ledgers on the Cash Accounts.

The Borrower shall procure payment of the following amounts (and shall ensure that payment of no other amount is made, save to the extent otherwise permitted) from amounts standing to the credit of the Principal Ledgers:

&nbsp;&nbsp;&nbsp;&nbsp;&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) on each Payment Date or Interim Payment Date (as applicable) all
amounts standing to the credit of the Principal Ledgers to the extent required for disbursement pursuant to the Principal Proceeds Priority
of Payments save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in respect of a Payment Date or Interim Payment Date (as applicable),
amounts deposited after the end of the related Collection Period; and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in respect of a Payment Date or Interim Payment Date (as applicable)
and during the Investment Period, any Principal Proceeds deposited prior to the end of the related Collection Period to the extent such
Principal Proceeds are permitted to be and have been designated for investment by the Borrower for a period beyond such Payment Date
or Interim Payment Date (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&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) on any Business Day in connection with a conversion that has been
effected to cure an Expected Currency Shortfall;

&nbsp;&nbsp;&nbsp;&nbsp;&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) on any Business Day payment of any due and unpaid Product Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&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 accordance with the terms of, and to the extent permitted under,
the Finance Documents, on any Business Day for use in the prepayment of the Facility by the Borrower, *provided that*, such use
may only be permitted on no more than eight (8) occasions in any calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in accordance with the terms of, and
to the extent permitted under, the Finance Documents in the acquisition of, or advancing of funds under, Collateral Obligations including
any accrued interest thereon designated to be purchased or originated with Principal Proceeds  ***provided*** that,
if any such acquisition is to be funded in whole or in part using the proceeds of Advances, such payments may only be made during the
Investment Period; *provided*, *further*, that Principal Proceeds in one Funding Currency may only be used to acquire, or advance
funds under, a Collateral Obligation denominated in the same Funding Currency.

The Borrower may at any time instruct the Account Bank to convert amounts standing to the credit of the relevant Cash Account from one Funding Currency to another.

The Borrower shall provide instructions to the Custodian to procure the disbursement of amounts standing to the credit of the relevant Cash Account, in each case in accordance with the Priorities of Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12 Interest Ledgers

The Borrower will procure that the following amounts ("**Interest Proceeds**") are paid into the Cash Account (for credit to the Interest Ledger) denominated in the currency of such amounts (or if there is no such Interest Ledger, promptly converted into the Base Currency and paid into the USD Cash Account for credit to the USD Interest Ledger):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cash payments of interest in respect of the Collateral Obligations
(other than any Purchased Accrued Interest or any amounts representing deferred interest in respect of any Collateral Obligation), together
with all amounts received (A) by the Borrower by way of gross-up in respect of such interest and (B) in respect of a claim under any
applicable double taxation treaty unless (and to the extent that) the Borrower has already been reimbursed by way of gross-up (including
any interest received in respect of any Defaulted Obligations);

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all accrued interest included in the proceeds of sale of any Collateral
Obligation designated by the Borrower as Interest Proceeds;

*provided* that no such designation may be made in respect of:

 

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Purchased Accrued Interest; 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;(ii) any amounts representing deferred interest received in respect of
any Collateral Obligation together with all amounts received by the Borrower by way of gross-up in respect of such interest and in respect
of a claim under any applicable double taxation treaty in accordance with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all amendment and waiver fees, late payment fees, commitment fees,
syndication fees, prepayment premiums and all other fees and commissions received in connection with any Collateral Obligations, including,
without limitation, upon purchase or sale thereof, in each case, to the extent not constituting Principal Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amounts of interest in respect of the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in respect of a PIK Obligation or a PIK Toggle Obligation, any interest
permitted to be deferred or capitalised thereunder pursuant to the terms of its Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Trading Gains that the Borrower elects to credit to the Interest
Ledger on that Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all amounts credited to the Interest Ledger from any other ledger
or Account pursuant to this Agreement.

The Borrower shall procure payment of the following amounts (and shall ensure that payment of no other amount is made, save to the extent otherwise permitted) out of amounts standing to the credit of the Interest Ledgers:

&nbsp;&nbsp;&nbsp;&nbsp;&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) on each Payment Date or Interim Payment Date (as applicable) all
amounts standing to the credit of the Interest Ledgers to the extent required for disbursement pursuant to the Interest Proceeds Priority
of Payments, save in respect of any Payment Date or Interim Payment Date (as applicable) for amounts deposited after the end of the related
Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&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) on any Business Day in connection with a conversion that has been
effected to cure an Expected Currency Shortfall;

&nbsp;&nbsp;&nbsp;&nbsp;&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) at any time any amount representing interest received in respect
of a Collateral Obligation and accrued at the time of acquisition thereof that the Borrower is required to pay to the seller thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in accordance with the terms of, and to the extent permitted under,
the Finance Documents, upon two (2) Business Days' notice by the Borrower to the Lead Bank, on any Business Day, any amounts for
payment to the Borrower (which the Borrower may in its sole discretion distribute to the Parent as a dividend) necessary to pay expenses,
hedging costs and management fees incurred by the Parent, *provided that*, such use may only be permitted if the following conditions
are satisfied as of such date, after giving effect to the transfer:

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each of the Senior Loan Tests and the Sequential Amortisation Tests
is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no material adverse change to the Aggregate Borrowing Base is expected
to occur prior to the following Determination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the maximum aggregate amount (on a quarterly basis) may not exceed
1.0 per cent. of the Aggregate Outstanding Senior Loan Amount (calculated as of the prior Determination Date), or such other amount as
may be agreed to by the Majority Senior Lenders with their prior written consent,

(together, the "**Intra-Period Distribution Conditions**"); 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;(v) on any Business Day to make a Permitted Distribution.

The Borrower shall provide instructions to the Account Bank to procure the disbursement of amounts standing to the credit of the Interest Ledgers, in each case in accordance with the Priorities of Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.13 Interim Payment Dates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designation of Interim Payment Date

On not more than two (2) occasions in aggregate with any Permitted Distributions during any calendar year and with at least seven Business Days' prior written notice thereof to the Lead Bank (with a copy to the Collateral Administrator), the Borrower may request that Available Interest Proceeds and Available Principal Proceeds be applied pursuant to the applicable Priorities of Payments on any Business Day which is not a Payment Date (an "**Interim Payment Date**") by providing to the Lead Bank (with a copy to the Collateral Administrator) a written request (such request, an "**IDD Request**") specifying the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed determination date for such Interim Payment Date (the
" **Interim Determination Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&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 Interim Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&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) confirmation that each of the following conditions have been or
will be satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amounts that will remain on deposit in the Cash Accounts (after
giving effect to such distribution) together with any amounts due to be received on the Collateral Obligations prior to the next succeeding
Payment Date will be sufficient to make all required payments pursuant to clauses (a) through (j) of the Interest Proceeds Priorities
of Payment and clauses (a) through (d) of the Principal Proceeds Priorities of Payment on the next succeeding Payment Date (as certified
by the Borrower via the Portfolio Monitoring Report to the satisfaction of the Lead Bank); and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default or Event of Default has occurred and is continuing (or
would occur as a result of the designation of such Interim Payment Date) and the Sequential Amortisation Tests are satisfied both prior
and after giving effect to such Interim Payment Date.

Upon receipt of a duly completed IDD Request, the Lead Bank shall notify the Facility Agent and the Collateral Administrator of the proposed Interim Determination Date and thereafter such date shall be treated as an Interim Determination Date for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provision of Information on Interim Determination Date

On the Interim Determination Date, the Borrower shall deliver the following (the "**IDD Documents**") to the Lead Bank, the Facility Agent and the Collateral Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a duly completed Portfolio Monitoring Report; 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;(ii) written confirmation that each of the conditions specified in Clause
34.13(a)(iii) are satisfied and will continue to be satisfied both before and after the application of funds on the Interim Payment Date.

Upon receipt of the IDD Documents, the Lead Bank shall confirm to the Borrower and the Facility Agent that the requirements of this Clause 34.13(b) (*Provision of Information on Interim Determination Date*) have been satisfied, that the proposed Interim Payment Date should be designated as an Interim Payment Date and that the Borrower should procure the application of Available Interest Proceeds and Available Principal Proceeds in accordance with the applicable Priority of Payments on such Interim Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.14 Collateral Obligations and Custody Account

The Borrower shall procure that all Collateral Obligations in the form of a security cleared in a clearing system shall be held in the Custody Account and that any monies deriving therefrom are credited to the applicable Cash Account(s) directly or promptly following their receipt into the Custody Account.

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|:---|:---|
| **35** | **SET-OFF** |

---

The Finance Parties may not combine, consolidate or merge all or any of the Borrower's accounts with, and liabilities to, the Finance Parties and not to set off or transfer any sum standing to the credit of any such accounts in or towards satisfaction of any of the Borrower's liabilities under the Finance Documents save for any set-off expressly permitted by the Finance Documents. If the obligations in respect of a set-off are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **36** | **NOTICES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 Communications in writing

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by email or letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2 Addresses

The address and email (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is at set out below:

**Borrowers**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Partners Group BDC Finance I, LLC

---

| | |
|:---|:---|
| Address: | c/o Partners Group USA, Inc. |
|  | 1114 Avenue of the Americas, 37th Floor |
|  | New York, New York 10036 |
| Attention: | Company Services |
| Email: | <u>pgadmin@partnersgroup.com</u>; |
|  | <u>loanmanagement@partnersgroup.com</u> (in respect of loan operations) |

---

---

| | |
|:---|:---|
| With a copy to: | With a copy to: |
| Address: | c/o Partners Group AG |
|  | Zugerstrasse 57 |
|  | CH-6341 Baar-Zug |
|  | Switzerland |
| Attention: | Treasury Team |
| Email: | <u>pgadmin@partnersgroup.com</u>; <u>pgadmin.SPI@partnersgroup.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Partners Group Revolver Pooling BDC, LLC

---

| | |
|:---|:---|
| Address: | c/o Partners Group USA, Inc. |
|  | 1114 Avenue of the Americas, 37th Floor |
|  | New York, New York 10036 |
| Attention: | Company Services |
| Email: | <u>pgadmin@partnersgroup.com</u>; |
|  | <u>loanmanagement@partnersgroup.com</u> (in respect of loan operations) |

---

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| With a copy to: | With a copy to: |
| Address: | c/o Partners Group AG |
|  | Zugerstrasse 57 |
|  | CH-6341 Baar-Zug |
|  | Switzerland |
| Attention: | Treasury Team |
| Email: | <u>pgadmin@partnersgroup.com</u>; <u>pgadmin.SPI@partnersgroup.com</u> |
| **Facility Agent**: | **Facility Agent**: |
| State Street Bank and Trust Company | State Street Bank and Trust Company |
| Address: | 1776 Heritage Drive – Mail Stop: JAB0527 |
|  | North Quincy, Massachusetts 02171 |
| Attention: | Structured Trust & Analytics |
| Email: | <u>StructuredTrustandAnalytics@StateStreet.com</u> |
| **Collateral Agent**: | **Collateral Agent**: |
| State Street Bank and Trust Company | State Street Bank and Trust Company |
| Address: | 1776 Heritage Drive – Mail Stop: JAB0527 |
|  | North Quincy, Massachusetts 02171 |
| Attention: | Structured Trust & Analytics |
| Email: | <u>StructuredTrustandAnalytics@StateStreet.com</u> |
| **Senior Lender, Arranger and Lead Bank**: | **Senior Lender, Arranger and Lead Bank**: |
| NatWest Markets Plc | NatWest Markets Plc |
| Address: | 250 Bishopsgate |
|  | London EC2M 4AA |
|  | United Kingdom |
| Attention: | CLO Structuring Desk |
| Email: | <u>NWMPrivateFinanceFacilitySupport@natwestmarkets.com</u>; |
| with a copy to: | with a copy to: |
|  | <u>secsupportconduit@natwestmarkets.com</u> |

---

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **Account Bank, Custodian and Collateral Administrator**: | **Account Bank, Custodian and Collateral Administrator**: |
| State Street Bank and Trust Company | State Street Bank and Trust Company |
| Address: | 1776 Heritage Drive – Mail Stop: JAB0527 |
|  | North Quincy, Massachusetts 02171 |
| Attention: | Structured Trust & Analytics |
| Email: | <u>StructuredTrustandAnalytics@StateStreet.com</u> |
| **Parent**: |  |
| Partners Group Lending Fund, LLC | Partners Group Lending Fund, LLC |
| Address: | 1114 Avenue of the Americas, 37<sup>th</sup> Floor |
|  | New York, New York 10036 |
| Attention: | Company Services |
| Email: | <u>pgadmin@partnersgroup.com</u>; |
|  | <u>loanmanagement@partnersgroup.com</u> (in respect of loan operations) |
| With a copy to: | With a copy to: |
| Address: | c/o Partners Group AG |
|  | Zugerstrasse 57 |
|  | CH-6341 Baar-Zug |
|  | Switzerland |
| Attention: | Treasury Team |
| Email: | <u>pgadmin@partnersgroup.com</u>; <u>pgadmin.SPI@partnersgroup.com</u> |

---

or any substitute address, email address or department or officer as the Party may notify to the other Parties by not less than five Business Days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 Delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to
another under or in connection with the Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&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) if by way of email, on the date of dispatch; 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;(ii) if by way of letter, when it has been left at the relevant address
or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address;

and, if a particular department or officer is specified as part of its address details provided under Clause 36.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Facility
Agent, the Collateral Administrator, the Custodian, the Account Bank or the Collateral Agent will be effective only when actually received
by the Facility Agent, the Collateral Administrator, the Custodian, the Account Bank or the Collateral Agent and then only if it is expressly
marked for the attention of the department or officer identified with the Facility Agent's, the Collateral Administrator's,
the Custodian's, the Account Bank's or the Collateral Agent's notice details above (or any substitute department or
officer as the Facility Agent, the Collateral Administrator, the Custodian, the Account Bank or the Collateral Agent shall specify for
this purpose).

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices between the Senior Lenders and the Borrower shall be
sent through the Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document which becomes effective, in accordance
with paragraphs (a) to (c) above, after 5.00 pm local time in the place of receipt shall be deemed only to become effective on the following
day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 Notification of address and email address

Promptly upon changing its address or email address, the Facility Agent shall notify the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 Electronic communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (e) below, any communication to be made between
any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including,
without limitation, by way of posting to a secure website) if those two Parties notify each other in writing of their electronic mail
address and/or any other information required to enable the transmission of information by that means; *provided* that any communications
to the Facility Agent by electronic means shall be of a .pdf (or other similar file) of an executed document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such electronic communication as specified in paragraph (a)
above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case
of any electronic communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent
shall specify for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any electronic communication which becomes effective, in accordance
with paragraph (b) above, after 5.00 pm in the place in which the Party to whom the relevant communication is sent or made available
has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference in a Finance Document to a communication being sent
or received shall be construed to include that communication being made available in accordance with this Clause 36.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Facility Agent agrees to accept and act upon instructions, certifications
or directions or similar communications pursuant to this Agreement sent by unsecured email or other similar unsecured electronic methods.
If such person elects to give the Facility Agent instructions by an electronic method and the Facility Agent in its discretion elects
to act upon such instructions, the Facility Agent's reasonable understanding of such instructions shall be deemed controlling.
The Facility Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Facility Agent's
reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent
written instruction. Any person providing such instructions acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with
its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.6 English language

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document
must be in English.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance
Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; 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;(ii) if not in English, and if so required by the Facility Agent or the
Collateral Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document
is a constitutional, statutory or other official document.

---

| | |
|:---|:---|
| **37** | **CALCULATIONS AND CERTIFICATES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 Accounts

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are *prima facie* evidence of the matters to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 Certificates and Determinations

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.3 Day count convention and interest calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and the amount of any such interest, commission or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&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) on the basis of the actual number of days elapsed and a year of
360 days (and in the case of GBP, CAD and AUD, 365 days); 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;(ii) subject to paragraph (b) below, without rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of interest, commission or fee which is, or
becomes, payable by the Borrower under a Finance Document shall be rounded to two decimal places.

---

| | |
|:---|:---|
| **38** | **PARTIAL INVALIDITY** |

---

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

---

| | |
|:---|:---|
| **39** | **REMEDIES AND WAIVERS** |

---

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **40** | **AMENDMENTS AND WAIVERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 Required consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 40.2 (*All Senior Lender matters*), any term
of the Finance Documents may be amended or waived only in writing with the consent of the Majority Senior Lenders and the Borrower and
any such amendment or waiver will be binding on all Parties; *provided* that no term of any Finance Document which relates to the
rights or obligations of the Facility Agent, the Collateral Agent, the Collateral Administrator, the Custodian or the Account Bank may
be amended or waived without the prior written consent of the Facility Agent, the Collateral Agent, the Collateral Administrator, the
Custodian or the Account Bank, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent may effect, on behalf of any Senior Lender, any
amendment or waiver permitted by this Clause 40 (*Amendments and Waivers*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to the generality of paragraphs (c), (d) and (e)
of Clause 27.7 (*Rights and discretions*), the Facility Agent may engage, pay for and rely on the services of lawyers in determining
the consent level required for and effecting any amendment, waiver or consent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 All Senior Lender matters

An amendment, waiver or (in the case of the Transaction Security) a consent of, or in relation to, any term of a Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definitions of "**Lead Bank** ", "**Majority Senior Lenders**" or "**Supermajority Senior Lenders**" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance
Documents other than as provided for in the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin or a reduction in the amount of any payment
of principal, interest (including by way of a change to the definition of "Rate Switch CAS"), fees or commission payable
(including in each case by way of any amendment to or supplement of the Reference Rate Supplement or Compounding Methodology Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance
Documents;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment or the Available Facility, an extension
of the Investment Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrower other than in accordance with Clause 26
(*Changes to the Borrower*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Senior
Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any change to the definition of "Maximum Advance Rate"
or "Material Modification" or "Sequential Amortisation Test";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clause 24.16 (*Liquidation Procedure*), Clause 25 (*Changes to the Senior Lenders*), Clause 34 (*Payment and Account Mechanics*), Clause 30 (*Sharing among the Finance Parties*), this
Clause 40 (*Amendments and Waivers*), Clause 47 (*Governing Law*) or Clause 48.1 (*Jurisdiction*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any change to the definition of "Sanctioned Country",
"Sanctioned Person", "Sanctions", Clause 18.19 (*Sanctions*), Clause 19.9 (*Sanctions*) or Clause 21.14
(*Sanctions*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (other than as expressly permitted by the provisions of any Finance
Document) the nature or scope of:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Security Assets; 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;(ii) the manner in which the proceeds of enforcement of the Transaction
Security are distributed,

(except in the case of paragraph (i) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document), shall not be made, or given, without the prior consent of all the Senior Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.3 Excluded Commitments

If any Senior Lender (or the Facility Agent on its behalf) fails to respond to such a request or such a vote pursuant to this Clause 40 within 10 Business Days of that request being made, (unless, the Borrower and the Facility Agent agree to a longer time period in relation to any request):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Commitment(s) shall not be included for the purpose of calculating
the Total Commitment under the Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity)
of Total Commitment has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its status as a Senior Lender shall be disregarded for the purpose
of ascertaining whether the agreement of any specified group of Senior Lenders has been obtained to approve that request.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.4 Replacement of Published Rate

Subject to Clause 40.1 (*Required consents*), if a Published Rate Replacement Event has occurred in relation to any Published Rate for a currency which can be selected for an Advance, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the use of a Replacement Reference Rate in relation
to that currency in place of that Published Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) aligning any provision of any Finance Document to the use of that
Replacement Reference 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;(ii) enabling that Replacement Reference Rate to be used for the calculation
of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference
Rate to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) implementing market conventions applicable to that Replacement Reference
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;(iv) providing for appropriate fallback (and market disruption) provisions
for that Replacement Reference Rate; 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;(v) adjusting the pricing to reduce or eliminate, to the extent reasonably
practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate
(and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant
Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Facility Agent (acting on the instruction of the Majority Senior Lenders) and the Borrower.

---

| | |
|:---|:---|
| **41** | **CONFIDENTIAL INFORMATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 Confidentiality

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 41.2 (*Disclosure of Confidential Information*), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 Disclosure of Confidential Information

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and any of its or their officers, directors,
employees, legal advisers, auditors, valuation agents and Representatives such Confidential Information as that Finance Party shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of
its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall
be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information
or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than a Competitor, to (or through) whom it assigns or transfers
(or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds
(or which may potentially succeed) it as Facility Agent, Collateral Agent or Collateral Administrator and, in each case, to any of that
person's Affiliates, Representatives, professional advisers and valuation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other than a Competitor, with (or through) whom it enters into (or
may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or the Borrower and to any of that person's
Affiliates, Representatives, professional advisers and valuation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph
(b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents
on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause 27.14 (*Relationship with the other Finance Parties*));

&nbsp;&nbsp;&nbsp;&nbsp;&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) other than a Competitor, who invests in or otherwise finances (or
may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above
and to any of that person's Affiliates, Representatives, professional advisers and valuation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by
any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of
any relevant stock exchange or pursuant to any applicable law 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;(vi) to whom information is required to be disclosed in connection with,
and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&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) to whom or for whose benefit that Finance Party charges, assigns
or otherwise creates any Security Interest (or may do so) pursuant to Clause 25.9 (*Security or declaration of trust over Senior Lenders' rights*) or to whom or for whose direct or indirect benefit that Finance Party otherwise grants an interest in any of its rights under
the Finance Document, and in each case to any of that person's Affiliates, Representatives, professional advisers and valuation
agents;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) who is a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to a Rating Agency; 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;(x) with the consent of the Borrower, in each case, such Confidential
Information as that Finance Party shall consider appropriate 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii), (b)(iii) and (b)(ix)
above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there
shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations
to maintain the confidentiality of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the
person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance
Party, it is not practicable so to do in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to
whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance
Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph
(c) if the service provider to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any party that administers or enforces Sanctions (including the
governments and official institutions and agencies referenced in any of parts (a) to (g) (inclusive) of the definition of "Sanctions"),
such Confidential Information as may be appropriate for purposes of obtaining any licence.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.3 Entire agreement

Subject to Clause 42 (*Confidentiality of Funding Rates*), this Clause 41 constitutes the entire agreement between the parties in relation to the obligations of the Finance Parties under the Finance Documents regarding confidential information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.4 Inside information

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.5 Notification of disclosure

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information
made pursuant to paragraph (b)(v) of Clause 41.2 (*Disclosure of Confidential Information*) except where such disclosure is made
to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed
in breach of this Clause 41.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.6 Continuing obligations

The obligations in this Clause 41 are continuing and, in particular, shall survive and remain binding on each Party for a period of 12 months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Borrower under or in
connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Finance Party, the date on which such Finance Party
otherwise ceases to be a Finance Party.

---

| | |
|:---|:---|
| **42** | **CONFIDENTIALITY OF FUNDING RATES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 Confidentiality and disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facility Agent, the Collateral Administrator and the Borrower
agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b) and (c)
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent and the Collateral Administrator may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Funding Rate to the Borrower pursuant to Clause 9.5 (*Notification of rates of interest*); and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Funding Rate to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those
services if the service provider to whom that information is to be given has entered into a Confidentiality Undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Agent, the Collateral Administrator and the Borrower
may disclose any Funding Rate, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Affiliates and any of its or their officers, directors,
employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant
to this paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of
that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person to whom information is required or requested to be disclosed
by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules
of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given
is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement
to so inform if, in the opinion of the Facility Agent or the Borrower, as the case may be, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any person to whom information is required to be disclosed in connection
with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person
to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrower, as the case may be,
it is not practicable to do so in the circumstances; 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;(iv) any person with the consent of the relevant Senior Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2 Related obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facility Agent and the Borrower acknowledge that each Funding
Rate is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities
law relating to insider dealing and market abuse and the Facility Agent and the Borrower undertake not to use any Funding Rate for any
unlawful purpose.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility Agent and the Borrower agree (to the extent permitted
by law and regulation) to inform the relevant Senior Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&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) of the circumstances of any disclosure made pursuant to paragraph
(c)(ii) of Clause 42.1 (*Confidentiality and disclosure*) except where such disclosure is made to any of the persons referred to
in that paragraph during the ordinary course of its supervisory or regulatory function; 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;(ii) upon becoming aware that any information has been disclosed in breach
of this Clause 42.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 Failure to comply with clause

No Event of Default will occur under Clause 24.3 (*Breach of non-payment obligations*) by reason only of the Borrower's failure to comply with this Clause 42.

---

| | |
|:---|:---|
| **43** | **DISCLOSURE OF SENIOR LENDER DETAILS BY FACILITY AGENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 Supply of Senior Lender details to Borrower

The Facility Agent shall provide to the Borrower, within three Business Days of a request by the Parent (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Senior Lenders as at the date of that request, their respective Commitments, the address (and the department or officer, if any, for whose attention any communication is to be made) of each Senior Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other electronic means to and by each Senior Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Senior Lender for any payment to be distributed by the Facility Agent to that Senior Lender under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2 Supply of Senior Lender details to other Senior Lenders

If a Senior Lender (a "**Disclosing Senior Lender**") indicates to the Facility Agent that the Facility Agent may do so, the Facility Agent shall disclose that Senior Lender's name and Commitment to any other Senior Lender that is, or becomes, a Disclosing Senior Lender.

---

| | |
|:---|:---|
| **44** | **COUNTERPARTS** |

---

Each Finance Document may be executed in any number of counterparts, whether by hand, electronically or otherwise, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

**EXHIBIT 10.9**

---

| | |
|:---|:---|
| **45** | **INTEGRATION** |

---

This Agreement and the other Finance Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.

---

| | |
|:---|:---|
| **46** | **THIRD PARTY BENEFICIARIES** |

---

This Agreement is not intended to and shall not be construed to give any third party any interest or rights (including, without limitation, any third party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby.

**EXHIBIT 10.9**

**SECTION 12**

**GOVERNING LAW AND ENFORCEMENT AND LIMITED RECOURSE AND NON-PETITION**

---

| | |
|:---|:---|
| **47** | **GOVERNING LAW** |

---

THIS AGREEMENT AND THE OTHER FINANCE DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT (EXCEPT, AS TO ANY OTHER FINANCE DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

---

| | |
|:---|:---|
| **48** | **ENFORCEMENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.1 Jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF
AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT (OTHER THAN ANY FINANCE DOCUMENT THAT EXPRESSLY PROVIDES FOR SUBMISSION
TO ANY OTHER COURT), OR FOR RECOGNITION OF ENFORCEMENT OF ANY JUDGMENT WITH RESPECT THERETO, AND EACH PARTY HERETO AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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. NOTHING IN THIS AGREEMENT OR IN ANY OTHER FINANCE DOCUMENT SHALL AFFECT ANY RIGHT THAT THE FACILITY AGENT OR ANY LENDER MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT WITH REGARD TO THE ENFORCEMENT OF ITS
RIGHTS WITH RESPECT TO THE SECURITY AGAINST ANY PARTY HERETO OR ITS RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS CLAUSE.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.2 Service of process

EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN CLAUSE 36. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.3 Waiver of Jury Trial

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCE DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE.

---

| | |
|:---|:---|
| **49** | **LIMITED RECOURSE AND NON-PETITION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 No proceedings and limited recourse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties (other than the Borrower) to each Finance Document
hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will not institute, or join any other Person in instituting,
against the Borrower any proceeding of the type referred to in the definition of Insolvency Event but without prejudice to the Collateral
Agent's right to enforce and/or realise the Transaction Security pursuant to the Finance Documents, including appointing a Receiver;
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;(ii) notwithstanding anything contained in such Finance Document or in
any other Finance Document to the contrary, the obligations of the Borrower under the Finance Documents are solely the corporate obligations
of the Borrower and shall be payable solely to the extent of funds which are received by the Borrower pursuant to the Finance Documents
and available for such payment in accordance with the Priorities of Payment and shall be non-recourse other than with respect to such
available funds and, without limiting this Clause 49.1 (*No proceedings and limited recourse*), if ever and until such time as the
Borrower has sufficient funds to pay such obligation shall not constitute a claim against the Borrower;

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no recourse under any obligation, covenant or agreement of any party
contained in such Finance Document shall be had against any incorporator, stockholder, shareholder, officer, director, member, manager,
employee or agent of such party or any of their Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or
by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the obligations
of each such party under such Finance Document are solely the corporate obligations of such party, and that no personal liability whatsoever
shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any party hereto,
or any of their Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants
or agreements of such party contained in such Finance Document, or implied therefrom, and that any and all personal liability for breaches
by any party of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation,
of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition
of and in consideration for the execution of such Finance Document; *provided* that the foregoing shall not relieve any such Person
from any liability it might otherwise have as a result of grossly negligent or fraudulent actions taken or grossly negligent or fraudulent
omissions made by them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Secured Party agrees with the Borrower that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) notwithstanding any other provision of any Finance Document, all
obligations of the Borrower to such Secured Party are limited in recourse as set out below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it will have a claim only in respect of the Security Property and
will not have any claim, by operation of law or otherwise, against, or recourse to any of the Borrower's other assets or its contributed
capital;

&nbsp;&nbsp;&nbsp;&nbsp;&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) sums payable to such Secured Party in respect of the Borrower's
obligations to such Secured Party shall be limited to the lesser of (A) the aggregate amount of all sums due and payable to such Secured
Party and (B) the aggregate amounts received, realised or otherwise recovered by or for the account of the Borrower in respect of the
Security Property whether pursuant to enforcement of the Transaction Security or otherwise, net of any sums which are payable by the
Borrower in accordance with the applicable Priorities of Payment in priority or *pari passu* with sums payable to such Secured Party;
and

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&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) upon the Collateral Agent giving written notice to the Secured Parties
that it has been instructed by the Majority Senior Lenders that there is no reasonable likelihood of there being any further realisations
in respect of the Security Property (whether arising from an enforcement of the Security Property or otherwise), which would be available
to pay unpaid amounts outstanding to the Secured Parties, the Secured Parties shall have no further claim against the Borrower in respect
of any such unpaid amounts and such unpaid amounts shall be discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 Survival

The obligations in this Clause 49 are continuing and, in particular, shall survive termination of this Agreement.

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| | |
|:---|:---|
| **50** | **CONTRACTUAL RECOGNITION OF BAIL-IN** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.1 Notwithstanding any other term of any Finance Document or any other
agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any
other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and
acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including
(without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&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) a reduction, in full or in part, in the principal amount, or outstanding
amount due (including any accrued but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&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 conversion of all, or part of, any such liability into shares
or other instruments of ownership that may be issued to, or conferred on, it; 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;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Finance Document to the extent necessary
to give effect to any Bail-In Action in relation to any such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.2 In this Clause 50 (*Contractual recognition of bail-in*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Article 55 BRRD**" means Article 55 of Directive
2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Bail-In Action**" means the exercise of any Write-down
and Conversion Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Bail-In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to an EEA Member Country which has implemented, or which
at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule
from time to time; 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;(ii) in relation to the United Kingdom, the UK Bail-In Legislation.

**EXHIBIT 10.9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**EEA Member Country**" means any member state of
the European Union, Iceland, Liechtenstein and Norway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**EU Bail-In Legislation Schedule**" means the document
described as such and published by the Loan Market Association (or any successor person) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Resolution Authority**" means anybody which has
authority to exercise any Write-down and Conversion Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**UK Bail-In Legislation**" means Part 1 of the
United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound
or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration
or other insolvency proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In
Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
Schedule; 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;(ii) in relation to the UK Bail-In Legislation, any powers under that
UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution
or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of
such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares,
securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if
a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In
Legislation that are related to or ancillary to any of those powers.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

**EXHIBIT 10.9**

**PARENT**

Signed by

**PARTNERS GROUP LENDING FUND, LLC**

---

| |
|:---|
| /s/ Brian Igoe |
| Authorised Signatory |
| Name: Brian Igoe |
| /s/ Lan-Ping Wu |
| Authorised Signatory |
| Name: Lan-Ping Wu |

---

**BORROWERS**

Signed by

**PARTNERS GROUP BDC FINANCE I, LLC**

---

| |
|:---|
| /s/ Brian Igoe |
| Authorised Signatory |
| Name: Brian Igoe |
| /s/ Lan-Ping Wu |
| Authorised Signatory |
| Name: Lan-Ping Wu |

---

**EXHIBIT 10.9**

**PARTNERS GROUP REVOLVER POOLING BDC, LLC** 

By: Partners Group Lending Fund, LLC, its sole member

---

| |
|:---|
| /s/ Brian Igoe |
| Authorised Signatory |
| Name: Brian Igoe |
| /s/ Lan-Ping Wu |
| Authorised Signatory |
| Name: Lan-Ping Wu |

---

NWM/PG – Signature pages to the Facility Agreement (USD)

**EXHIBIT 10.9**

**FACILITY AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian peterson |
| Name: Brian Peterson | Name: Brian Peterson |
| Title: Vice President | Title: Vice President |

---

**NWM/PG – Signature pages to the Facility Agreement (USD)**

**EXHIBIT 10.9**

**COLLATERAL AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: Brian Peterson | Name: Brian Peterson |
| Title: Vice President | Title: Vice President |

---

**NWM/PG – Signature pages to the Facility Agreement (USD)**

**EXHIBIT 10.9**

**ARRANGER, ORIGINAL SENIOR LENDER AND LEAD BANK**

Executed by and on behalf of

**NATWEST MARKETS PLC**

---

| | |
|:---|:---|
| By: | /s/ Etienne Pecnard |
| Name: Etienne Pecnard | Name: Etienne Pecnard |
| Title: Authorised Signatory | Title: Authorised Signatory |

---

NWM/PG – Signature pages to the Facility Agreement (USD)

**EXHIBIT 10.9**

**ACCOUNT BANK, CUSTODIAN AND COLLATERAL ADMINISTRATOR**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: Brian Peterson | Name: Brian Peterson |
| Title: Vice President | Title: Vice President |

---

**NWM/PG – Signature pages to the Facility Agreement (USD)**

## Exhibit 10.10

**EXHIBIT 10.10**

**EXECUTION VERSION**

Dated 14 August, 2024

**PARTNERS GROUP BDC FINANCE I, LLC**<br> as Borrower

**PARTNERS GROUP REVOLVER POOLING BDC, LLC**

as Borrower

**STATE STREET BANK AND TRUST COMPANY**<br> as Facility Agent

**STATE STREET BANK AND TRUST COMPANY**<br> as Collateral Agent

**THE FINANCIAL INSTITUTIONS LISTED HEREIN**<br> as Senior Lenders

**NATWEST MARKETS PLC**<br> as Arranger and a Lead Bank

**STATE STREET BANK AND TRUST COMPANY**<br> as Account Bank, Custodian and Collateral Administrator

and

**PARTNERS GROUP LENDING FUND, LLC**

as Parent

**AMENDMENT AGREEMENT**

Cadwalader, Wickersham & Taft LLP

100 Bishopsgate

London, EC2N 4AG

Tel: +44 (0) 20 7170 8700

Fax: +44 (0) 20 7170 8600

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1 | DEFINITIONS AND INTERPRETATION | 1 |
| 2 | CONSENTS AND WAIVERS | 2 |
| 3 | AMENDMENTS | 3 |
| 4 | REFERENCES TO THE FINANCE DOCUMENTS | 3 |
| 5 | REPRESENTATIONS AND WARRANTIES | 3 |
| 6 | CONTINUING OBLIGATIONS AND NO PREJUDICE | 3 |
| 7 | INCORPORATION OF PROVISIONS FROM THE ORIGINAL FACILITY AGREEMENT | 4 |

---

-i-

**THIS AMENDMENT AGREEMENT** (this "**Agreement**") is executed on August 14, 2024:

**BETWEEN:**

**(1)** **PARTNERS GROUP BDC FINANCE I, LLC**, a Delaware limited liability company ()"**PG BDC Finance** ")
and **PARTNERS GROUP REVOLVER POOLING BDC, LLC**, a Delaware limited liability company ()"**PG BDC Revolver**" and, collectively
with PG BDC Finance, the "**Borrowers**" and each a "**Borrower** ");

**(2)** **STATE STREET BANK AND TRUST COMPANY**, as facility agent (the "**Facility Agent** ");

**(3)** **STATE STREET BANK AND TRUST COMPANY**, as the collateral agent for the benefit of the Secured Parties
(the "**Collateral Agent** ");

**(4)** **THE FINANCIAL INSTITUTIONS** listed in Part II of Schedule 1 (*The Original Parties*) of the
Original Facility Agreement as lenders (the "**Senior Lenders** ");

**(5)** **NATWEST MARKETS PLC**, as arranger (the "**Arranger**") and a lead bank (a "**Lead Bank** ");

**(6)** **STATE STREET BANK AND TRUST COMPANY**, as account bank, custodian and collateral administrator (respectively
in such capacities, the "**Account Bank** ", the "**Custodian**" and the "**Collateral Administrator** ");
and

**(7)** **PARTNERS GROUP LENDING FUND, LLC**, a Delaware limited liability company, as parent (the "**Parent** "),
collectively referred to as the "**Parties**" (or, individually, a "**Party** ").

**WHEREAS:**

(A) The Parties entered into a facility agreement dated February 14, 2024 (the "**Original Facility Agreement** ").

(B) The Parties wish to amend the Original Facility Agreement, subject to and in accordance with the requirements
and restrictions set out in clause 40.1 (*Required consents*) of the Original Facility Agreement, in the manner set out below.

(C) With effect from the date hereof (the "**Amendment Effective Date** "), the Original Facility
Agreement shall be amended in accordance with the terms of this Agreement:

**IT IS AGREED** as follows:

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 Definitions

In this Agreement:

"**Amended Facility Agreement**" means the Original Facility Agreement, as amended pursuant to and in accordance with the terms of this Agreement.

1.2 Interpretation

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) capitalised terms used and not otherwise defined herein shall have the meanings assigned to them in the
Original Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principles of construction set out in clause 1.2 (*Construction*)
of the Original Facility Agreement will have effect as if set out in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the recitals hereto form part of this Agreement and shall have effect as if set out in full in the body
of this Agreement and any reference to this Agreement includes the recitals hereto.

---

| | |
|:---|:---|
| **2** | **CONSENTS AND WAIVERS** |

---

2.1 Each of the Parties: (i) hereby consents (to the extent, if any, such consent is or may be required pursuant
to the Original Facility Agreement) to the terms of this Agreement and the execution and delivery of this Agreement by the other Parties;
and (ii) waives any notice required prior to or in connection with the amendments to the Original Facility Agreement.

2.2 Pursuant to clause 27.3 (*Instructions*)
of the Original Facility Agreement, the Senior Lender hereby instructs the Facility Agent to (i) concur in amending the Original Facility
Agreement on the terms set out in this Agreement and, in order to give effect thereto and to implement the same, forthwith to execute
this Agreement and to execute and do, all such other deeds, instruments, acts or things as may be necessary or appropriate to carry out
and to give effect to this Agreement and the amendment of the Original Facility Agreement and (ii) pursuant to clause 27.3(a) (*Instructions*)
of the Original Facility Agreement, instruct the Collateral Agent to concur in amending the Original Facility Agreement on the terms set
out in this Agreement and, in order to give effect thereto and to implement the same, forthwith to execute this Agreement and to execute
and do, all such other deeds, instruments, acts or things as may be necessary or appropriate to carry out and to give effect to this Agreement
and the amendment of the Original Facility Agreement.

2.3 Pursuant to the instruction from the Senior Lender in Clause 2.2 above and in accordance with clause 27.3(a)
(*Instructions*) of the Original Facility Agreement, the Facility
Agent hereby instructs the Collateral Agent to execute this Agreement.

2.4 The Parties hereto acknowledge and agree that (a) the Facility Agent is executing this Agreement pursuant
to the instruction from Senior Lender set out in Clause 2.2 above and (b) the Collateral Agent is executing this Agreement pursuant to
the instruction from the Facility Agent set out in Clause 2.3 above

2.5 Each of the Facility Agent and the Collateral Agent execute this Agreement in its capacity as facility
agent and collateral agent, as applicable, in the exercise of the powers and authority conferred and vested in it under the Original Facility
Agreement and the other Finance Documents. Each of the Facility Agent and the Collateral Agent will exercise its powers and authority
under this Agreement in the manner provided for in the Finance Documents and, in so acting, shall have the protections, immunities, rights,
powers, authorisations, indemnities and benefits conferred on it under and by the Finance Documents.

2.6 The Borrower hereby instructs the Account Bank, Custodian and Collateral Administrator to execute this
Agreement.

---

| | |
|:---|:---|
| **3** | **AMENDMENTS** |

---

Each of the Parties hereby agrees that, on the Amendment Effective Date, the Original Facility Agreement shall be amended as follows (where underlined text is used herein only for the purposes of identification of inserted text and lined out text is used herein only for the purposes of identification of deleted text):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amending the definition of "Interest Coverage Test" set out in Schedule 9 (*Senior Loan Tests*):

---

| | |
|:---|:---|
| "(b) | the "**Interest Coverage Test**" means the test which shall be satisfied if the Interest Coverage Ratio (as of the Calculation Date if such Calculation Date is a Determination Date, otherwise as of the prior Determination Date) is greater than 2.25 **<u>1.50</u>**; and" |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amending the definition of "Minimum Weighted Average Spread" set out in Schedule 11 (*The Weighted Average Spread Test*):

"The "**Minimum Weighted Average Spread**", as of any date of determination, means 4.50 **<u>4.25</u>** per cent."

---

| | |
|:---|:---|
| **4** | **REFERENCES TO THE FINANCE DOCUMENTS** |

---

From (and including) the Amendment Effective Date any reference in any Finance Document to the "Facility Agreement" shall be construed as a reference to the Amended Facility Agreement (and this Agreement shall constitute a "Finance Document" for the purpose of such definition).

---

| | |
|:---|:---|
| **5** | **REPRESENTATIONS AND WARRANTIES<sup>1</sup>** |

---

(a) The Borrower hereby represents and warrants to the Parties hereto that, as of the date hereof, (i) no
Event of Default has occurred and is continuing; and (ii) the representations and warranties of the Borrower contained in the Original
Facility Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that
is made as of a specific date).

(b) The Parent hereby represents and warrants to the Parties hereto that, as of the date hereof, (i) no Event
of Default has occurred and is continuing; and (ii) the representations and warranties of the Borrower contained in the Original Facility
Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made
as of a specific date).

<sup>1</sup> Note to Borrower/Parent – please could the corporate authorisations of the Borrowers & Parent to enter into these amendments be provided for the purposes of NWM's CP requirements.

---

| | |
|:---|:---|
| **6** | **CONTINUING OBLIGATIONS AND NO PREJUDICE** |

---

Each of the Parties hereto hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provisions of the Finance Documents shall, save as amended pursuant to this Agreement, continue in
full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Original Facility Agreement shall be read and construed as one document with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any references in the Finance Documents to the provisions of the Original Facility Agreement shall be
construed to mean the provisions of the Amended Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the security granted pursuant to the Security Documents shall continue in full force and effect as continuing
security for the payment of all Secured Liabilities and, for the avoidance of doubt, has not been discharged, diminished and/or replaced
in any way by the amendment of the Original Facility Agreement pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as provided herein, this Agreement shall not affect any rights or obligations of any of the Parties
which have arisen or accrued under the provisions of any of the Finance Documents prior to the Amendment Effective Date and such rights
and obligations are not in any way prejudiced by the provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as provided herein, the provisions of this Agreement shall not be interpreted as a waiver of any
rights or obligations of any of the Parties which have arisen or accrued under the provisions of any of the Finance Documents prior to
the Amendment Effective Date.

---

| | |
|:---|:---|
| **7** | **INCORPORATION OF PROVISIONS FROM THE ORIGINAL FACILITY AGREEMENT** |

---

The provisions of clauses 21.18 (*Further Assurances*), 36 (*Notices*), 38 (*Partial Invalidity*) 39 (*Remedies and Waivers*), 41 (*Confidential Information*), 44 (*Counterparts*), 45 (*Integration*), 46 (*Third Party Beneficiaries*), 47 (*Governing Law*), 48 (*Enforcement*), 49 (*Limited Recourse and Non-Petition*), and 50 (*Contractual Recognition of Bail-In*) of the Original Facility Agreement will have effect as if set out in full in this Agreement *mutatis mutandis*.

This Agreement has been executed and takes effect on the date first above written.

**SIGNATORIES**

**BORROWERS**

Signed by

---

| | |
|:---|:---|
| **PARTNERS GROUP BDC FINANCE I, LLC** | **PARTNERS GROUP BDC FINANCE I, LLC** |
| Authorised Signatory: | /s/ Brian Igoe |
| Name: Brian Igoe | Name: Brian Igoe |
| Authorised Signatory: | /s/ Bradley Eggers |
| Name: Bradley Eggers | Name: Bradley Eggers |
| **PARTNERS GROUP REVOLVER POOLING BDC, LLC** | **PARTNERS GROUP REVOLVER POOLING BDC, LLC** |
| Authorised Signatory: | /s/ Brian Igoe |
| Name: Brian Igoe | Name: Brian Igoe |
| Authorised Signatory: | /s/ Bradley Eggers |
| Name: Bradley Eggers | Name: Bradley Eggers |

---

*NWM_PG BDC – Signature Page to the Amendment*

**FACILITY AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Audrey Feeney |
| Name: Audrey Feeney | Name: Audrey Feeney |
| Title: Vice President | Title: Vice President |

---

*NWM_PG BDC – Signature Page to the Amendment*

**COLLATERAL AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Audrey Feeney |
| Name: Audrey Feeney | Name: Audrey Feeney |
| Title: Vice President | Title: Vice President |

---

*NWM_PG BDC – Signature Page to the Amendment*

**ARRANGER, ORIGINAL SENIOR LENDER AND LEAD BANK**

Executed by and on behalf of

**NATWEST MARKETS PLC**

---

| | |
|:---|:---|
| By: | /s/ Etienne Pecnard |
| Name: Etienne Pecnard | Name: Etienne Pecnard |
| Title: Authorised Signatory | Title: Authorised Signatory |

---

*NWM_PG BDC – Signature Page to the Amendment*

**ACCOUNT BANK, CUSTODIAN AND COLLATERAL ADMINISTRATOR**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Audrey Feeney |
| Name: Audrey Feeney | Name: Audrey Feeney |
| Title: Vice President | Title: Vice President |

---

*NWM_PG BDC – Signature Page to the Amendment*

**PARENT**

Signed by

**PARTNERS GROUP LENDING FUND, LLC**

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Brian Igoe |
| Name: Brian Igoe | Name: Brian Igoe |
| Authorised Signatory: | /s/ Bradley Eggers |
| Name: Bradley Eggers | Name: Bradley Eggers |

---

*NWM_PG BDC – Signature Page to the Amendment*

## Exhibit 10.11

**EXHIBIT 10.11**

**EXECUTION VERSION**

Dated January 14, 2025

**PARTNERS GROUP BDC FINANCE I, LLC**<br> as Borrower

**PARTNERS GROUP REVOLVER POOLING BDC, LLC**

as Borrower

**STATE STREET BANK AND TRUST COMPANY**<br> as Facility Agent

**STATE STREET BANK AND TRUST COMPANY**<br> as Collateral Agent

**THE FINANCIAL INSTITUTIONS LISTED HEREIN**<br> as Senior Lenders

**NATWEST MARKETS PLC**<br> as Arranger and a Lead Bank

**STATE STREET BANK AND TRUST COMPANY**<br> as Account Bank, Custodian and Collateral Administrator

and

**PARTNERS GROUP LENDING FUND, LLC**

as Parent

**AMENDMENT AGREEMENT No. 2**

Cadwalader, Wickersham & Taft LLP

100 Bishopsgate

London, EC2N 4AG

Tel: +44 (0) 20 7170 8700

Fax: +44 (0) 20 7170 8600

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1 | DEFINITIONS AND INTERPRETATION | 1 |
| 2 | CONSENTS AND WAIVERS | 2 |
| 3 | AMENDMENTS | 3 |
| 4 | REFERENCES TO THE FINANCE DOCUMENTS | 3 |
| 5 | REPRESENTATIONS AND WARRANTIES | 3 |
| 6 | CONTINUING OBLIGATIONS AND NO PREJUDICE | 3 |
| 7 | INCORPORATION OF PROVISIONS FROM THE ORIGINAL FACILITY AGREEMENT | 4 |

---

-i-

**THIS AMENDMENT AGREEMENT No. 2** (this "**Agreement**") is executed on January 14, 2025:

**BETWEEN:**

**(1)** **PARTNERS GROUP BDC FINANCE I, LLC**, a Delaware limited liability company ()"**PG BDC Finance** ")
and **PARTNERS GROUP REVOLVER POOLING BDC, LLC**, a Delaware limited liability company ()"**PG BDC Revolver**" and, collectively
with PG BDC Finance, the "**Borrowers**" and each a "**Borrower** ");

**(2)** **STATE STREET BANK AND TRUST COMPANY**, as facility agent (the "**Facility Agent** ");

**(3)** **STATE STREET BANK AND TRUST COMPANY**, as the collateral agent for the benefit of the Secured Parties
(the "**Collateral Agent** ");

**(4)** **THE FINANCIAL INSTITUTIONS** listed in Part II of Schedule 1 (*The Original Parties*) of the
Original Facility Agreement as lenders (the "**Senior Lenders** ");

**(5)** **NATWEST MARKETS PLC**, as arranger (the "**Arranger**") and a lead bank (a "**Lead Bank** ");

**(6)** **STATE STREET BANK AND TRUST COMPANY**, as account bank, custodian and collateral administrator (respectively
in such capacities, the "**Account Bank** ", the "**Custodian**" and the "**Collateral Administrator** ");
and

**(7)** **PARTNERS GROUP LENDING FUND, LLC**, a Delaware limited liability company, as parent (the "**Parent** "),
collectively referred to as the "**Parties**" (or, individually, a "**Party** ").

**WHEREAS:**

(A) The Parties entered into a facility agreement dated February 14, 2024 (as amended, restated and/or supplemented
from time to time, the "**Original Facility Agreement** ").

(B) The Parties wish to amend the Original Facility Agreement, subject to and in accordance with the requirements
and restrictions set out in clause 40.1 (*Required consents*) of the Original Facility Agreement, in the manner set out below.

(C) With effect from the date hereof (the "**Amendment Effective Date** "), the Original Facility
Agreement shall be amended in accordance with the terms of this Agreement:

**IT IS AGREED** as follows:

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 Definitions

In this Agreement:

"**Amended Facility Agreement**" means the Original Facility Agreement, as amended pursuant to and in accordance with the terms of this Agreement.

1.2 Interpretation

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) capitalised terms used and not otherwise defined herein shall have the meanings assigned to them in the
Original Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principles of construction set out in clause 1.2 (*Construction*) of the Original Facility Agreement
will have effect as if set out in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the recitals hereto form part of this Agreement and shall have effect as if set out in full in the body
of this Agreement and any reference to this Agreement includes the recitals hereto.

---

| | |
|:---|:---|
| **2** | **CONSENTS AND WAIVERS** |

---

2.1 Each of the Parties: (i) hereby consents (to the extent, if any, such consent is or may be required pursuant
to the Original Facility Agreement) to the terms of this Agreement and the execution and delivery of this Agreement by the other Parties;
and (ii) waives any notice required prior to or in connection with the amendments to the Original Facility Agreement.

2.2 Pursuant to clause 27.3 (*Instructions*) of the Original Facility Agreement, the Senior Lender hereby
instructs the Facility Agent to (i) concur in amending the Original Facility Agreement on the terms set out in this Agreement and, in
order to give effect thereto and to implement the same, forthwith to execute this Agreement and to execute and do, all such other deeds,
instruments, acts or things as may be necessary or appropriate to carry out and to give effect to this Agreement and the amendment of
the Original Facility Agreement and (ii) pursuant to clause 27.3(a) (*Instructions*) of the Original Facility Agreement, instruct
the Collateral Agent to concur in amending the Original Facility Agreement on the terms set out in this Agreement and, in order to give
effect thereto and to implement the same, forthwith to execute this Agreement and to execute and do, all such other deeds, instruments,
acts or things as may be necessary or appropriate to carry out and to give effect to this Agreement and the amendment of the Original
Facility Agreement.

2.3 Pursuant to the instruction from the Senior Lender in Clause 2.2 above and in accordance with clause 27.3(a)
(*Instructions*) of the Original Facility Agreement, the Facility Agent hereby instructs the Collateral Agent to execute this Agreement.

2.4 The Parties hereto acknowledge and agree that (a) the Facility Agent is executing this Agreement pursuant
to the instruction from Senior Lender set out in Clause 2.2 above and (b) the Collateral Agent is executing this Agreement pursuant to
the instruction from the Facility Agent set out in Clause 2.3 above

2.5 Each of the Facility Agent and the Collateral Agent execute this Agreement in its capacity as facility
agent and collateral agent, as applicable, in the exercise of the powers and authority conferred and vested in it under the Original Facility
Agreement and the other Finance Documents. Each of the Facility Agent and the Collateral Agent will exercise its powers and authority
under this Agreement in the manner provided for in the Finance Documents and, in so acting, shall have the protections, immunities, rights,
powers, authorisations, indemnities and benefits conferred on it under and by the Finance Documents.

2.6 The Borrower hereby instructs the Account Bank, Custodian and Collateral Administrator to execute this
Agreement.

---

| | |
|:---|:---|
| **3** | **AMENDMENTS** |

---

Each of the Parties hereby agrees that, on the Amendment Effective Date, the Original Facility Agreement shall be amended as follows (where underlined text is used herein only for the purposes of identification of inserted text and lined out text is used herein only for the purposes of identification of deleted text):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amending the definition of "Margin" set out in Clause 1.1 (*Definitions*):

"**Margin**" means in respect of Advances denominated in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EUR, 2.55 <u>2.30</u> per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) GBP, 2.65 <u>2.30</u> per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) USD, 2.85 <u>2.40</u> per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CAD, 3.15 <u>2.70</u> per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) AUD, 3.00 <u>2.70</u> per cent. per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the amendments made pursuant to this Deed would require a corresponding change to schedule 26 (*Transaction Summary*) to the Original Facility Agreement, that schedule 26 (*Transaction Summary*) shall be construed in accordance with and
updated to reflect such amendments.

---

| | |
|:---|:---|
| **4** | **REFERENCES TO THE FINANCE DOCUMENTS** |

---

From (and including) the Amendment Effective Date any reference in any Finance Document to the "Facility Agreement" shall be construed as a reference to the Amended Facility Agreement (and this Agreement shall constitute a "Finance Document" for the purpose of such definition).

---

| | |
|:---|:---|
| **5** | **REPRESENTATIONS AND WARRANTIES** |

---

5.1 The Borrower hereby represents and warrants to the Parties hereto that, as of the date hereof, (i) no
Event of Default has occurred and is continuing; and (ii) the representations and warranties of the Borrower contained in the Original
Facility Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that
is made as of a specific date).

5.2 The Parent hereby represents and warrants to the Parties hereto that, as of the date hereof, (i) no Event
of Default has occurred and is continuing; and (ii) the representations and warranties of the Borrower contained in the Original Facility
Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made
as of a specific date).

---

| | |
|:---|:---|
| **6** | **CONTINUING OBLIGATIONS AND NO PREJUDICE** |

---

Each of the Parties hereto hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provisions of the Finance Documents shall, save as amended pursuant to this Agreement, continue in
full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Original Facility Agreement shall be read and construed as one document with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any references in the Finance Documents to the provisions of the Original Facility Agreement shall be
construed to mean the provisions of the Amended Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the security granted pursuant to the Security Documents shall continue in full force and effect as continuing
security for the payment of all Secured Liabilities and, for the avoidance of doubt, has not been discharged, diminished and/or replaced
in any way by the amendment of the Original Facility Agreement pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as provided herein, this Agreement shall not affect any rights or obligations of any of the Parties
which have arisen or accrued under the provisions of any of the Finance Documents prior to the Amendment Effective Date and such rights
and obligations are not in any way prejudiced by the provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as provided herein, the provisions of this Agreement shall not be interpreted as a waiver of any
rights or obligations of any of the Parties which have arisen or accrued under the provisions of any of the Finance Documents prior to
the Amendment Effective Date.

---

| | |
|:---|:---|
| **7** | **INCORPORATION OF PROVISIONS FROM THE ORIGINAL FACILITY AGREEMENT** |

---

The provisions of clauses 21.18 (*Further Assurances*), 36 (*Notices*), 38 (*Partial Invalidity*) 39 (*Remedies and Waivers*), 41 (*Confidential Information*), 44 (*Counterparts*), 45 (*Integration*), 46 (*Third Party Beneficiaries*), 47 (*Governing Law*), 48 (*Enforcement*), 49 (*Limited Recourse and Non-Petition*), and 50 (*Contractual Recognition of Bail-In*) of the Original Facility Agreement will have effect as if set out in full in this Agreement *mutatis mutandis*.

This Agreement has been executed and takes effect on the date first above written.

**SIGNATORIES**

**BORROWERS**

Signed by

**PARTNERS GROUP BDC FINANCE I, LLC**

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Brian Igoe |

---

Name: Brian Igoe, Regional Team Head Structuring

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Bradley eggers |

---

Name: Bradley Eggers, Lead Product Manager

**PARTNERS GROUP REVOLVER POOLING BDC, LLC**

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Brian Igoe |

---

Name: Brian Igoe, Regional Team Head Structuring

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Bradley Eggers |

---

Name: Bradley Eggers, Lead Product Manager

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

**FACILITY AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |

---

Name: Brain Peterson

Title: Vice President

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

**COLLATERAL AGENT**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |

---

Name: Brian Peterson

Title: Vice President

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

**ARRANGER, ORIGINAL SENIOR LENDER AND LEAD BANK**

Executed by and on behalf of

**NATWEST MARKETS PLC**

---

| | |
|:---|:---|
| By: | /s/ Etienne Pecnard |

---

Name: Etienne Pecnard

Title: Authorised Signatory

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

**ACCOUNT BANK, CUSTODIAN AND COLLATERAL ADMINISTRATOR**

**SIGNED** for and on behalf of

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |

---

Name: Brian Peterson

Title: Vice President

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

**PARENT**

Signed by

**PARTNERS GROUP LENDING FUND, LLC**

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Brian Igoe |

---

Name: Brian Igoe, Director

---

| | |
|:---|:---|
| Authorised Signatory: | /s/ Bradley Eggers |

---

Name: Bradley Eggers, Lead Product Manager

*NWM_PG BDC – Signature Page to the Amendment Agreement No.2*

## Exhibit 10.12

**Exhibit 10.12**

**[\*\*\*] Certain identified information has been excluded from the exhibit because it both (i) is not material and (ii) is the type that the registrant treats as private or confidential.**

To: State Street Bank and Trust Company as Facility Agent; and

Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC,

LLC, collectively as Borrower, for and on behalf of each Obligor

From: NATWEST MARKETS PLC (the "**Increase Senior Lender**")

Dated:

**Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling<br> BDC, LLC<br> Up to $175,000,000 Facility Agreement dated February 14, 2024 between, among<br> others, Partners Group BDC Finance I, LLC and Partners Group Revolver<br> Pooling BDC, LLC, collectively as borrower and State Street Bank and Trust<br> Company as the collateral agent (the "Agreement")**

(a) We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same
meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

(b) We refer to Clause 2.2 (*Increases*) of the Agreement.

(c) The Increase Senior Lender agrees to assume and will assume all of the obligations corresponding to the
Commitment(s) specified in the Schedule (the "**Relevant Commitment(s)**") as if it had been an Original Senior Lender
under the Agreement in respect of the Relevant Commitment(s).

(d) The proposed date on which the increase in relation to the Increase Senior Lender and the Relevant Commitment(s)
is to take effect (the "**Increase Date**") is May 7<sup>th</sup> 2024.

(e) On the Increase Date, the Increase Senior Lender becomes party to the Finance Documents as a Senior Lender.

(f) The Facility Office and address, email address and attention details for notices to the Increase Senior
Lender for the purposes of Clause 36.2 (*Addresses*) of the Agreement are set out in the Schedule.

(g) The Increase Senior Lender expressly acknowledges the limitations on the Senior Lenders' obligations
referred to in paragraph (f) of Clause 2.2 (*Increases*) of the Agreement.

(h) This Increase Confirmation may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Increase Confirmation.

(i) This Increase Confirmation and any non-contractual obligations arising out of or in connection with it
are governed by New York law.

(j) This Increase Confirmation has been entered into on the date stated at the beginning of this Increase
Confirmation.

**Exhibit 10.12**

**THE SCHEDULE**

**RELEVANT COMMITMENT(S)/RIGHTS AND OBLIGATIONS TO BE ASSUMED**

**BY THE INCREASE SENIOR LENDER**

---

| | |
|:---|:---|
| Increase Senior Lender | Relevant Commitment |
| NATWEST MARKETS PLC | $100000000 |

---

NATWEST MARKETS PLC

250, Bishopgate

London EC2M 4AA

United Kingdom

Notices to be sent to the attention of CLO Structuring Desk.

Email: [\*\*\*]

With a copy to [\*\*\*]

Payments to be remitted to the following accounts:<br> **Country:** United States

**Correspondent Swift Address**: [\*\*\*]

**Correspondent Details**: [\*\*\*]

**Account number: [**\*\*\*]

**Beneficiary Swift Code**: [\*\*\*]

NATWEST MARKETS PLC

---

| | |
|:---|:---|
| By: | /s/ Etienne Pecnard |

---

Title: Authorised Signatory

## Exhibit 14.1

**EXHIBIT 14.1**

**PARTNERS GROUP LENDING FUND, LLC**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**February 28, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| INTRODUCTION | 1 |
| PURPOSE OF THE CODE | 2 |
| CODE OF ETHICS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scope of the Code of Ethics | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standards of Conduct | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Restricted List | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures to Implement the Code of Ethics | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance Reports | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Holdings Reports | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reports | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Holdings Reports | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Certification of Compliance | 8 |
| STATEMENT ON THE PROHIBITION OF INSIDER TRADING | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of BDC's Business Activities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who is an Insider? | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Material Information? | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Non-public Information? | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bases for Liability | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties for Insider Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlling the Flow of Sensitive Information | 12 |
| ADMINISTRATION OF THE CODE | 13 |
| SANCTIONS FOR CODE VIOLATIONS | 14 |
| APPLICATION/WAIVERS | 14 |
| RECORDS | 14 |
| REVISIONS AND AMENDMENTS | 15 |

---

**<u>Appendices</u>**

---

| | |
|:---|:---|
| Code Acknowledgment Form | A-1 |
| Pre-Clearance Form | B-1 |
| Initial Holdings Form | C-1 |
| Quarterly Pre-Clearance Form | D-1 |
| Annual Holdings Form | E-1 |
| Certification of Rebuttal of Access Presumption | F-1 |

---

i

**<u>INTRODUCTION</u>**

Ethics are important to Partners Group Lending Fund, LLC ("***BDC***", "***our***", "***us***", or "***we***") and to its management. BDC is committed to the highest ethical standards and to conducting its business with the highest level of integrity.

All officers, directors and employees of BDC are responsible for maintaining this level of integrity and for complying with the policies contained in this Code of Business Conduct and Ethics (the "***Code***"). If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns with BDC's Chief Compliance Officer, or follow the procedures outlined in applicable sections of this Code.

This Code has been adopted by the Board of Directors of BDC (the "***Board***") in accordance with Rule 17j-1(c) under the Investment Company Act of 1940 (the "***1940 Act***") and the May 9, 1994 Report of the Advisory Group on Personal Investing by the Investment Company Institute (the "***Report***"). Rule 17j-1 generally describes fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by business development companies if effected by access persons of such companies.

**<u>PURPOSE OF THE CODE</u>**

This Code is intended to:

● help you recognize ethical issues and take the appropriate steps to resolve these issues;

● deter ethical violations to avoid any abuse of position of trust and responsibility;

● maintain confidentiality of our business activities;

● assist you in complying with applicable securities laws;

● assist you in reporting any unethical or illegal conduct; and

● reaffirm and promote our commitment to a corporate culture that values honesty, integrity and accountability.

Further, it is the policy of BDC that no affiliated person of our organization shall, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by BDC:

● employ any device, scheme or artifice to defraud us;

● make any untrue statement of a material fact or omit to state to us a material fact in order to make the statement made, in light of the circumstances under which it is made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon us; or

● engage in any manipulative practices with respect to our business activities.

All employees, as a condition of employment or continued employment, will acknowledge annually, in writing, that they have received a copy of this Code, read it, and understand that the Code contains our expectations regarding their conduct.

**<u>CODE OF ETHICS</u>**

The employees specified in the following discussion will be subject to the provisions of the Code.

**<u>Scope of the Code of Ethics</u>**

In order to prevent Access Persons, as defined below, from engaging in any of these prohibited acts, practices or courses of business, the Board of Directors of BDC has adopted this Code.

**<u>Definitions</u>**

**Access Person.** "Access Person" means any director, officer, partner, employee or Advisory Person of BDC. An Access Person shall not include any person who the CCO determines to be a Non-Access Covered Person. The CCO maintains records of the status of all relevant persons under the Code, and will inform each such person about that person's status as necessary. The defined term "Access Person" shall not include any person who is subject to securities transaction reporting requirements of a code of ethics adopted by an adviser, distributor, sub-administrator or sub-adviser (or affiliate of any of the foregoing), which contains provisions that comport with Rule 17j-1 under the 1940 Act, and which has been submitted to the Board.

**Advisory Person.** "Advisory Person" of BDC means: (i) any director, officer or employee of BDC, BDC Adviser or of any company in a control relationship to BDC, who, in connection with his or her regular duties, makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by BDC, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to BDC who obtains information concerning recommendations made to BDC with regard to the purchase or sale of a Covered Security. An "Advisory Person" shall not include a "Disinterested Director" (as defined below) with respect to BDC unless the Disinterested Director knew or, in the ordinary course of fulfilling his or her official duties as a Disinterested Director, should have known that during the 15-day period immediately before or after the Disinterested Director's transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or BDC Adviser considered purchasing or selling the Covered Security. The defined term "Advisory Person" shall also not include any person who is subject to securities transaction reporting requirements for Covered Securities of a code of ethics adopted by an adviser, distributor, sub-administrator or sub-adviser (or affiliate of any of the foregoing), which contains provisions that comport with Rule 17j-1 under the 1940 Act, and which has been submitted to the Board of Directors of BDC.

**Automatic Investment Plan.** "Automatic Investment Plan" refers to any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Interest.** "Beneficial Interest" includes any entity, person, trust, or account with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest shall be presumed to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children, or any person living with him or her or to whom he or she contributed economic support.

**Beneficial Ownership.** "Beneficial Ownership" shall be determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), except that the determination of direct or indirect Beneficial Ownership shall apply to all securities, and not just equity securities, that an Access Person has or acquires. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

**Blackout Period.** "Blackout Period" shall mean that timeframe in which BDC or an Access Person, or Disinterested Director with knowledge of BDC's trading activity, may not engage in trading in an issue, or its related securities, appearing on the BDC Restricted List as described below.

**Control.** "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security.** "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act and that is eligible for purchase by BDC under its investment objective, policies, and restrictions. A security that is otherwise a "Covered Security" under this definition is excluded therefrom, however, if it falls into one of the following categories: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by unaffiliated registered open-end investment companies (i.e., mutual funds). Otherwise qualifying exchange traded funds structured as unit investment trusts or open-end funds are considered "Covered Securities."

**Disinterested Director.** "Disinterested Director" means a director or trustee of BDC who is not an "interested person" of BDC within the meaning of Section 2(a)(19) of the 1940 Act.

**Initial Public Offering.** "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "***Securities Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**Limited Offering.** "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act.

**Non-Access Covered Persons.** Certain BDC personnel, including but not limited to those who are also officers or directors of BDC affiliates, are presumed to be Access Persons for purposes of the Rules because providing investment advice is the primary business of BDC Adviser and certain BDC Adviser affiliates. However, such persons often do not have actual access to investment or portfolio information or participate in the recommendation process. Where the CCO has determined that the relevant director, officer, or employee: (1) does not meet the definition of "Advisory Person;" (2) does not otherwise have access to nonpublic information with respect to client holdings or transactions or BDC Adviser securities recommendations; and (3) is not involved in the recommendation process, the CCO may determine to treat such person as a "Non-Access Covered Person" for purposes of this Code. Non-Access Covered Persons must, prior to being so designated and at least once per calendar year thereafter certify to the CCO, in the form attached as Appendix F as to the relevant facts and circumstances that formed the basis of the CCO's above-described determination.

**Purchase or Sale of a Covered Security.** "Purchase or Sale of a Covered Security" is broad and includes, among other things, the writing of an option to purchase or sell a covered security, or the use of a derivative product to take a position in a Covered Security.

**Restricted List.** The Restricted List identifies those securities which BDC or its Access Persons may not trade due to some restriction under the securities laws whereby BDC or its Access Persons may be deemed to possess material non-public information about the issuer of such securities.

**Supervised Person.** A "Supervised Person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of BDC Adviser.

**<u>Standards of Conduct</u>**

No Access Person, Supervised Person or Disinterested Director shall engage, directly or indirectly, in any business transaction or arrangement for personal profit that is not in the best interests of BDC or its shareholders; nor shall he or she make use of any confidential information gained by reason of his or her employment by or affiliation with BDC, BDC Adviser or any of its affiliates, in order to derive a personal profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to BDC and its shareholders.

Any Access Person recommending or authorizing the purchase or sale of a Covered Security by BDC shall, at the time of such recommendation or authorization, disclose any Beneficial Interest in, or Beneficial Ownership of, such Covered Security or the issuer thereof.

No Access Person, Supervised Person or Disinterested Director shall dispense any information concerning securities holdings or securities transactions of BDC to anyone outside BDC without obtaining prior written approval from our Chief Compliance Officer, or such person or persons as these individuals may designate to act on their behalf. Notwithstanding the preceding sentence, such Access Person may dispense such information without obtaining prior written approval:

● when there is a public report containing the same information;

● when such information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between BDC and its affiliates;

● when such information is reported to directors of BDC; or

● in the ordinary course of his or her duties on behalf of BDC.

All personal securities transactions should be conducted consistent with this Code and in such manner as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's position of trust and responsibility within BDC.

**<u>Prohibited Transactions</u>**

**General Prohibition**. No Access Person shall purchase or sell, directly or indirectly, any Covered Security (including any security issued by the issuer of such Covered Security) in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which such Access Person knows or should have known at the time of such purchase or sale is being considered for purchase or sale by BDC, or is held in BDC's portfolio unless such Access Person shall have obtained prior written approval for such purpose from our Chief Compliance Officer.

● An Access Person who becomes aware that BDC is considering the purchase or sale of any Covered Security must immediately notify our Chief Compliance Officer of any interest that such Access Person may have in any outstanding Covered Security (including any security issued by the issuer of such Covered Security).

● An Access Person shall similarly notify our Chief Compliance Officer of any other interest or connection that such Access Person might have in or with such issuer.

● Once an Access Person becomes aware that BDC is considering the purchase or sale of a Covered Security in its portfolio, such Access Person may not engage in any transaction in such Covered Security (including any security issued by the issuer of such Covered Security).

● The foregoing notifications or permission may be provided verbally, but should be confirmed in writing as soon and with as much detail as possible.

**Securities Appearing on the Portfolio and Pipeline Reports and Restricted List**. The holdings of the BDC's portfolio are detailed in the Portfolio Report. Access Persons will also receive, as frequently as necessary, the names of those entities that are being considered for investment by BDC's portfolio in the Pipeline Report. Access Persons are required to review these reports and the Restricted List prior to engaging in any securities transactions.

**Initial Public Offerings and Limited Offerings**. Advisory Persons of BDC must obtain approval from the CCO before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering.

**Securities under Review**. No Access Person shall execute a securities transaction in any security issued by an entity that BDC owns in its portfolio or is considering for purchase or sale unless such Access Person shall have obtained prior written approval for such purpose from our Chief Compliance Officer.

**Blackout Period**. No Access Person may trade in the securities of any issuer appearing on the Restricted List until notified that the entity name no longer appears on the Restricted List. Access Persons are also prohibited from trading in the names appearing on the Pipeline and Portfolio Reports (as discussed above).

**Company Acquisition of Shares in Companies that Access Persons Hold Through Limited Offerings**. Advisory Persons who have been authorized to acquire securities in a Limited Offering must disclose that investment to our Chief Compliance Officer when they are involved in BDC's subsequent consideration of an investment in the issuer, and BDC's decision to purchase such securities must be independently reviewed by Investment Personnel with no personal interest in that issuer.

**<u>Management of the Restricted List</u>**

BDC Adviser shall, through its Chief Investment Officer (or his or her designee), create and maintain a list of issuers, companies, and other entities as to which BDC Adviser or its service providers have received material non-public information (the "Restricted List"). Should an Access Person learn of material non-public information concerning the issuer of any security that information must be provided to the Chief Investment Officer (or his or her designee), so that the issuer can be included on the Restricted List. The Chief Investment Officer will note the nature of the information learned, the time the information was learned and the other persons in possession of this information, and will maintain this information in a log. Upon the receipt of such information, the Chief Investment Officer will revise and circulate the Restricted List to all Access Persons.

BDC Adviser is directed to advise BDC when it has obtained information that causes it to be restricted from trading in the securities of any of the names appearing in the BDC's portfolio. This information will be provided to our Chief Investment Officer who will add the name(s) to the Restricted List and electronically circulate the revised list to Access Persons.

The contents of the Restricted List are highly confidential and must not be disclosed to any person or entity outside of BDC Adviser absent approval of the Chief Compliance Officer or the Chief Executive Officer.

**<u>Procedures to Implement the Code of Ethics</u>**

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist BDC and BDC Adviser in preventing, detecting and imposing sanctions for violations of this Code. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to our Chief Compliance Officer.

All Access Persons are subject to the reporting requirements set forth in the next section except:

● Transactions effected for, and Covered Security (including any security issued by the issuer of such Covered Security) held in, any account over which the Access Person has no direct or indirect influence or control; or

● Transactions effected pursuant to an Automatic Investment Plan.

**<u>Reporting Requirements</u>**

Each Supervised Person is required to certify that he or she has received, read and understands all aspects of the Code and recognizes that he or she is subject to the provisions and principles detailed therein. In addition, our Chief Compliance Officer or his designee shall notify each Access Person of his or her obligation to file an initial holdings report, quarterly transaction reports, and annual holdings reports, as described below.

**<u>Pre-Clearance Reports</u>**

Advisory Persons of BDC Adviser must obtain approval from BDC Adviser's Chief Compliance Officer or his designee prior to entering into a qualifying transaction in a Limited Offering or an Initial Public Offering.

Pre-clearance of trades in securities issued by companies whose names appear on the Pipeline and Portfolio Reports is required of all Access Persons.

The pre-clearance form shall include the name of the reporting Person, the date, the name of the broker who will execute the transaction, the name of the security, quantity, whether the transaction is a purchase or sale, total anticipated dollar value and any pertinent instructions, i.e., GTC, limit, etc. There will also be a line for approval or disapproval along with space for comments and the date.

If BDC Adviser's Chief Compliance Officer or his designee does not approve the transaction the reason for denial will be provided on the pre-clearance form.

**<u>Initial Holdings Reports</u>**

Each Access Person must, no later than 10 days after the person becomes an Access Person, submit to our Chief Compliance Officer or other designated person a report of the Access Person's current securities holdings. The information provided must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The report must include the following:

● the title and type of the security and, as applicable, the exchange ticker symbol or CUSIP number, the number of shares held for each security, and the principal amount;

● the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

● the date the Access Person submits the report.

**<u>Quarterly Transaction Reports</u>**

Each Access Person must, no later than 30 days after the end of each calendar quarter, submit to our Chief Compliance Officer or other designated person a report of the Access Person's transactions involving a Covered Security (including any security issued by the issuer of such Covered Security) in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership. The report must cover all transactions occurring during the calendar quarter most recently ending. Disinterested Directors must file such a report unless the Disinterested Director knew or, in the ordinary course of fulfilling his or her official duties as a Disinterested Director, should have known that during the 15-day period immediately before or after the Disinterested Director's transaction in a Covered Security, BDC purchased or sold the Covered Security, or BDC or BDC Adviser considered purchasing or selling the Covered Security for BDC. The report must contain the following information:

● the date of the transaction;

● the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security involved, the interest rate and maturity date of each reportable security involved, the number of shares of each reportable security involved, and the principal amount of each reportable security involved;

● the nature of the transaction (*i.e.*, purchase, sale or other type of acquisition or disposition);

● the price of the security at which the transaction was effected;

● the name of the broker, dealer or bank with or through which the transaction was effected; and

● the date the Access Person submits the report.

**<u>Annual Holdings Reports</u>**

Each Access Person must submit, to our Chief Compliance Officer or other designated person, an annual holdings report reflecting holdings as of a date no more than 45 days before the report is submitted. The Annual Holdings Report must be submitted at least once every 12 month period, on a date to be designated by BDC. Our Chief Compliance Officer or his designee will notify every Access Person of the date. Each report must include:

● the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security involved, the interest rate and maturity date of each reportable security involved, the number of shares of each reportable security involved, and the principal amount of each reportable security involved;

● the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

● the date the Access Person submits the report.

**<u>Annual Certification of Compliance</u>**

All Access Persons must annually certify through a written acknowledgment that (1) they have read, understood and agree to abide by this Code; (2) they have complied with all applicable requirements of this Code; and (3) they have reported all transactions and holdings that they are required to report under this Code.

**<u>STATEMENT ON THE PROHIBITION OF INSIDER TRADING</u>**

Failure by you to recognize the importance of safeguarding information and using information appropriately is greatly detrimental both to your future and to BDC's. The information provided below should provide a useful guide about what constitutes insider trading and material inside information.

**<u>Summary of BDC's Business Activities</u>**

BDC is a non-traded business development company that has elected to be regulated by the U.S. Securities and Exchange Commission under the provisions of Section 54, et seq., of the Investment Company Act of 1940. BDC offers individual investors access to private debt with a focus on first lien secured loans, second lien secured loans, and, to a lesser extent, subordinated loans or mezzanine debt. Generally, these loans are made to private companies that have not issued any public securities. In rare instances, however, there may be securities available in the marketplace for issuers in which BDC holds a loan position.

Certain data sources may make information available to BDC that has not been fully disseminated in the marketplace. Where BDC or its investment adviser receives such information, our Chief Investment Officer will update the Restricted List.

In the event that any Access Persons comes into possession of information that is not publically available, either through your work with us or outside of the workplace, you will be required to adhere to the Statement on the Prohibition of Insider Trading (the "***Statement***") as described in the following pages. You will also be subject to certain reporting requirements in connection with complying with BDC's Code.

**<u>Background</u>**

The securities laws and the rules and regulations of the self-regulatory organizations are designed to assure that the securities markets are fair and honest, that material information regarding a company is publicly available, and that a security's price and volume are determined by the free interplay of economic forces. The anti-fraud rules of the federal securities laws prohibit, in connection with the purchase or sale of a security:

● making an untrue statement of a material fact;

● omitting to state a material fact necessary to make the statements made not misleading;

● engaging in acts, practices or courses of business which would be fraudulent or deceptive.

Violation of these provisions is a crime that may result in imprisonment and can have other very serious repercussions for both BDC and the employee. Violators may be censured by the government or self-regulatory organizations, suspended, barred from the securities business or fined. In addition, violations may result in liability under the Federal Securities Laws, including the Insider Trading Sanctions Act of 1984 ("***ITSA***") and the Insider Trading and Securities Fraud Enforcement Act of 1988 ("***ITSFEA***"). BDC Adviser's actions with respect to any violations will be swift and forceful, since it is the victim of any such abuse.

In this connection, a violation of the BDC's policies and procedures regarding confidential information, disclosure and the use of confidential information may result in dismissal, suspension without pay, loss of pay or bonus, loss of severance benefits, demotion or other sanctions, whether or not the violation of BDC policy or procedure also constituted a violation of law. Trading while in possession of or tipping on the basis of non-public information could also result in civil or criminal liability which could lead to imprisonment, fines and/or a requirement of disgorgement of any profits realized, and as a result of the violation, to an injunction prohibiting the violator from being employed in the securities industry. BDC may initiate or cooperate in proceedings resulting in such penalties.

**<u>Policy</u>**

No person to whom the Statement applies, including officers, directors or employees of BDC, may trade, either personally or on behalf of others, while in possession of material non-public information, nor may any officer, director or employee communicate material non-public information to others in violation of the law. This conduct is referred to as "insider information". Any questions regarding this policy and procedure should be directed to our Chief Compliance Officer.

While the law concerning insider trading is not rigid, it generally is understood to prohibit:

● trading by an "insider" while in possession of material non-public information;

● trading by a non-insider while in possession of material non-public information where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

● communicating material non-public information to others.

The elements of a claim for insider trading and the penalties for unlawful conduct are described below.

**<u>Who is an Insider?</u>**

The concept of an "insider" is broad. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, by way of example, attorneys, accountants, consultants, bank lending officers and employees of such organizations. According to the Supreme Court, a company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

**<u>What is Material Information?</u>**

Trading on information is not a basis for liability unless the information is material. Information generally is considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or if the information is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates not previously disseminated, material changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

Material information does not have to relate to a company's business. For example, <u>Carpenter v. United States</u>, 108 S. Ct. 316 (1987), the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a <u>Wall Street Journal</u> reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether or not those reports would be favorable.

Any questions that you may have as to whether information is material must be addressed with our Chief Compliance Officer before acting in any way on such information.

**<u>What is Non-public Information?</u>**

Information is non-public until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is public. For example, information found in a report filed with the SEC, or appearing in Reuters, Bloomberg or a Dow Jones publication or in any other publication of general circulation would, generally, be considered public. In certain instances, information disseminated to certain segments of the investment community may be deemed "public." For example, research communicated through institutional information dissemination services such as First Call. The amount of time since the information was first disseminated ordinarily is a factor regarding whether information is considered public.

**<u>Bases for Liability</u>**

Described below are circumstances under which a person or entity may be deemed to have traded on inside information, and prohibitions applicable, in particular to investment advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fiduciary Duty Theory</u>. In 1980 the Supreme Court found that there is no general duty to disclose before trading on material non-public information, but that such a duty arises where there is a fiduciary relationship between the parties to the transaction. In such case, one party as a right to expect that the other party will not disclose any material non-public information and will refrain from trading. <u>Chiarella v. U.S.</u>, 445 U.S. 22 (1980).

Insiders such as employees of an issuer are ordinarily considered to have a fiduciary duty to the issuer and its shareholders. In <u>Dirks v. SEC</u>, 463 U.S. 646 (1983), the Supreme Court stated alternative theories by which such fiduciary duties are imposed on non-insiders: they can enter into a confidential relationship with the company such as, among others, attorneys and accountants ("***temporary insiders***") or they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider or temporary insider who has violated his fiduciary duty to the company's shareholders.

In the "tippee" situation, a breach of duty occurs only if the insider or temporary insider personally benefits, directly or indirectly, from the disclosure. The benefit does not have to be of a financial nature, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a quid pro quo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Misappropriation Theory</u>. Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material non-public information that was stolen or misappropriated from another person. In <u>Carpenter v. United States</u>, the Court found that a columnist defrauded <u>The Wall Street Journal</u> by communicating information prior to its publication to another person who used the information to trade in the securities markets. It should be noted that the misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

**<u>Penalties for Insider Trading</u>**

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include the following:

● jail sentences;

● civil injunction;

● treble damages;

● disgorgement of profits;

● fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and

● fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

**<u>Controlling the Flow of Sensitive Information</u>**

The following procedures have been established to assist the officers, directors and employees of BDC in controlling the flow of sensitive information so as to avoid the possibility of trading on material non-public information either on behalf of BDC or for themselves and to assist BDC and its supervisory personnel in surveilling for, and otherwise preventing and detecting, insider trading. Every officer, director and employee of BDC must follow these procedures or risk serious sanctions by one or more regulatory authorities and/or BDC, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures you should consult our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information</u>. Before trading for yourself or others in the securities of a company about which you have what you believe to be inside information, ask yourself the following questions:

● Is the information non-public? To whom has this information been provided? Has the information been effectively communicated to the marketplace? To what extent, for how long, and by what means has the information been disseminated? If information is not public, it normally may not be used in connection with effecting securities transactions; however, if you have any doubts whatsoever as to whether the information is public, you must ask our Chief Compliance Officer prior to trading on, or communicating (except in accordance with the procedures and requirements herein) such information.

● Is the information material? Is this information that an investor would consider important in making his or her investment decision? Is this information that would substantially affect the market price of the securities if generally disclosed?

If, after consideration of the above, you believe that the information may be material and non-public, or if you have questions in that regard, you should take the following steps:

● Report the matter immediately to our Chief Compliance Officer.

● Do not purchase or sell the securities on behalf of yourself or others.

● Do not communicate the information inside or outside of BDC, other than to our Chief Compliance Officer.

● After our Chief Compliance Officer has reviewed the issue, you will be instructed to continue the prohibitions against trading and communication, or you will be allowed to communicate the information and then trade.

<u>Restricting Access to Material Non-public Information</u>. Information in your possession that you identify as material and non-public may not be communicated to anyone, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer files containing material non-public information should be restricted.

<u>Personal Security Trading</u>. All officers, directors and employees must trade in accordance with the provisions of the Code as well as the Statement in order to assist BDC with monitoring for violations of the law.

<u>Restricted List</u>. As defined in the Code, BDC's Chief Investment Officer will maintain a Restricted List. Disclosure outside of BDC as to what issuers and/or securities are on the Restricted List could therefore constitute tipping and is strictly prohibited.

<u>Supervision/Investigation</u>. Should our Chief Compliance Officer learn, through regular review of personal trading documents, or from some other source, that a violation of this Code is suspected, our Chief Compliance Officer shall alert the Chief Executive Officer of BDC. Together these parties will determine who should conduct further investigation, if they determine one is necessary.

**<u>ADMINISTRATION OF THE CODE</u>**

Our Chief Compliance Officer has overall responsibility for administering the Code and reporting on the administration of and compliance with the Code and related matters to our Board and the Audit Committee of the Board (the "***Audit Committee***").

Our Chief Compliance Officer shall review reports to determine whether any transactions recorded therein constitute violations of the Code. Before making any determination that a violation has been committed by person subject to the Code, such person shall be given an opportunity to supply additional explanatory material. Our Chief Compliance Officer shall maintain copies of the reports as required by Rule 17j-1(f) under the 1940 Act.

No less frequently than annually, our Chief Compliance Officer must furnish to the Board and Audit Committee, and the Board and/or Audit Committee must consider, a written report that describes any issues arising under the Code or its procedures since the last report to the Board, including but not limited to, information about material violations of the Code or its procedures and any sanctions imposed in response to material violations. This report should also certify that BDC has adopted procedures reasonably designed to prevent persons subject to the Code from violating the Code.

**<u>SANCTIONS FOR CODE VIOLATIONS</u>**

All violations of the Code will result in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.

**<u>APPLICATION/WAIVERS</u>**

All the directors, officers and employees of BDC and its investment adviser are subject to this Code.

Insofar as other policies or procedures of BDC or its investment adviser govern or purport to govern the behavior or activities of all persons who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

Any amendment or waiver of the Code for an executive officer or member of our Board of Directors must be made by our Board of Directors and disclosed on a Form 8-K filed with the Securities and Exchange Commission within four business days following such amendment or waiver.

**<u>RECORDS</u>**

BDC shall maintain records with respect to this Code in the manner and to the extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule 31a-2(f) under the 1940 Act and shall be available for examination by representatives of the Securities and Exchange Commission (the "***SEC***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code that is, or at any time within the past five years has been, in effect shall be maintained in an easily accessible place;

A record of any violation of this Code and of any action taken as a result of such violation shall be maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

A copy of each report made by an Access Person or duplicate account statement received pursuant to the Code, shall be maintained for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

A record of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

A copy of each report made to BDC's Board shall be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

A record of any decision, and the reasons supporting the decision, to approve the direct or indirect acquisition by an Access Person of Beneficial Ownership in any securities in an Initial Public Offering or a Limited Offering shall be maintained for at least five years after the end of the fiscal year in which the approval is granted.

**<u>REVISIONS AND AMENDMENTS</u>**

This Code may be revised, changed or amended at any time by our Board of Directors. Following any material revisions or updates, an updated version of this Code will be distributed to you, and will supersede the prior version of this Code effective upon distribution. We may ask you to sign an acknowledgement confirming that you have read and understood the revised version of the Code, and that you agree to comply with the provisions.

**<u>APPENDIX A</u>**

**PARTNERS GROUP LENDING FUND, LLC**

**(the "Company")**

**Acknowledgment Regarding<br> Code of Business Conduct and Ethics**

*This acknowledgment is to be signed and returned to our Chief Compliance Officer and will be retained as part of your permanent personnel file*

I have received a copy of the Company's Code of Business Conduct and Ethics (the "***Code***"), read it, and understand that the Code contains the expectations of the Company regarding employee conduct and ethical behavior. I agree to observe the policies and procedures contained in the Code and have been advised that, if I have any questions or concerns relating to such policies or procedures, I understand that I have an obligation to report to the Chief Compliance Officer, any suspected violations of the Code of which I am aware. I also understand that the Code is issued for informational purposes and that it is not intended to create, nor does it represent, a contract of employment.

---

| |
|:---|
| Employee's Name (Printed) |
| Employee's Signature |
| Date |

---

*The failure to read and/or sign this acknowledgment in no way relieves you of your responsibility to comply with the Company's Code of Business Conduct, Ethics and Statement on the Prohibition of Insider Trading.*

**<u>APPENDIX B</u>**

**PARTNERS GROUP LENDING FUND, LLC<br> or<br> BDC Adviser, LLC<br> (collectively, the "Company")**

**PRE-CLEARANCE FORM**

Use this form to request pre-clearance of a transaction to purchase a Limited Offering, Initial Public Offering or to purchase or sell a security issued by an issuer appearing on the Portfolio or Pipeline Reports. Please submit this form, together with a copy of the Limited Offering documentation to the Chief Compliance Officer at least five (5) business days before the planned investment.

---

| | |
|:---|:---|
| **Employee Name:** | **Date:** |
| **Issuer/Investment Name:** |  |
| **Terms of Purchase (price, purchaser — individual, joint, entity, etc.):** | **Terms of Purchase (price, purchaser — individual, joint, entity, etc.):** |
| **Proposed Transaction Date:** |  |
| **How did you learn about this opportunity?** |  |
| **Related to a Portfolio or Pipeline security?** |  |
| **Approved:** | **Date:** |
| **Not Approved:** | **Date:** |
| **Comments:** |  |

---

**<u>APPENDIX C</u>**

**PARTNERS GROUP LENDING FUND, LLC<br> or<br> BDC Adviser, LLC<br> (collectively, the "Company")**

**INITIAL HOLDINGS REPORT<br> As of**

To: Chief Compliance Officer

A. <u>Securities Holdings</u>. I have listed below (or attached hereto a listing) all of my Securities Holdings held by me or Beneficial Owners as defined by the Company's Code of Ethics.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Title of Security** | &nbsp;&nbsp; **CUSIP Number** | &nbsp;&nbsp; **Interest Rate and Maturity Date (If Applicable)** | &nbsp;&nbsp; **Date of Transaction** | &nbsp;&nbsp; **Number of Shares or Principal Amount** | &nbsp;&nbsp; **Dollar Amount of Transaction** | &nbsp;&nbsp; **Nature of Transaction (Purchase, Sale, Other)** | &nbsp;&nbsp; **Price** | &nbsp;&nbsp; **Broker/Dealer or Bank Through Whom Effected** |

---

B. <u>Brokerage Accounts</u>. I, or a Beneficial Owner, have established the following accounts in which securities for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date:   Signature:   <br>Print Name:  

**<u>APPENDIX D</u>**

**PARTNERS GROUP LENDING FUND, LLC<br> or<br> BDC Adviser, LLC<br> (collectively, the "Company")**

**QUARTERLY TRANSACTION REPORT**

For the Calendar ________ Quarter Ended:

To: Chief Compliance Officer

A. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Company:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Title of Security** | &nbsp;&nbsp; **CUSIP Number** | &nbsp;&nbsp; **Interest Rate and Maturity Date (If Applicable)** | &nbsp;&nbsp; **Date of Transaction** | &nbsp;&nbsp; **Number of Shares or Principal Amount** | &nbsp;&nbsp; **Dollar Amount of Transaction** | &nbsp;&nbsp; **Nature of Transaction (Purchase, Sale, Other)** | &nbsp;&nbsp; **Price** | &nbsp;&nbsp; **Broker/Dealer or Bank Through Whom Effected** |

---

B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

---

| | |
|:---|:---|
| Name of Broker, Dealer or Bank | Date Account Was Established |

---

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:   <br>Print Name:  

**<u>APPENDIX E</u>**

**PARTNERS GROUP LENDING FUND, LLC<br> (the "Company")**

**ANNUAL HOLDINGS REPORT**

**As of December 31, 20_**

To: Chief Compliance Officer As of December 31, 20__, I had direct or beneficial ownership interest in the securities listed below which are required to be reported pursuant to Rule 17j-1 under the Investment Company Act of 1940:

A. Securities Holdings. I have listed below (or attached hereto a listing) all of my Securities Holdings held by me or Beneficial Owners as defined by the Company's Code of Ethics.

---

| | | |
|:---|:---|:---|
| **Title of Security** | **CUSIP Number** | **Number of Shares or Principal Amount** |

---

B. As of December 31, 20__, I maintained accounts with brokers, dealers, and banks listed below in which securities were held for my direct or indirect benefit:

<u>Brokerage Accounts</u>. I, or a Beneficial Owner, have established the following accounts in which securities for my direct or indirect benefit:

---

| | |
|:---|:---|
| Name of Broker, Dealer or Bank | Date Account Was Established **\*** |
| 1. |  |
| 2. |  |
| 3. |  |

---

This report (i) excludes securities and accounts over which I had no direct or indirect influence or control;(ii) excludes securities not required to be reported (for example, direct obligations of the U.S. Government, shares of registered investment companies etc.); and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities accounts listed above.

Date:   Signature:   <br>Print Name:  

**\*Note: If account was established before 20__, you can state that it was established before 20__.**

**<u>APPENDIX F</u>**

**CERTIFICATION OF REBUTTAL OF ACCESS PRESUMPTION**

I, ______________________, do hereby certify and affirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I serve as [***position with Company***] and am also [***position with Company Affiliate***]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) During the immediate prior calendar year:

&nbsp;&nbsp;&nbsp;&nbsp;&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) I have not, with respect to the Company, obtained information regarding the Company's purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I have not, with respect to the Company, made, participated in, or obtained information about, the purchase or sale of a Covered Security or related recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&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) my regular functions and duties have not related to such recommendations, purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I have not been involved in making securities recommendations to the Company nor have I obtained information about such any such recommendations which are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) I do not have, and will not accept, access to nonpublic information regarding the portfolio holdings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) I am aware of and have complied with all provisions of the Code that are relevant to me and with any policies and procedures of the Company and its affiliates relevant to the control of sensitive information about Client accounts or BDC Adviser recommendations to which I may be subject. I further agree to continue to comply with all such policies and procedures, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If any of the representations set forth in 2(a) through (f) above ceases to be true, I will inform the CCO, promptly and, unless otherwise notified by the CCO, I will comply with relevant Code requirements applicable to Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I recognize that I am providing this certification in order to allow the CCO to consider my designation as a Non-Access Covered Person. I have read, understand and agree to abide by the Code and, in particular, those provisions of the Code relevant to Non-Access Covered Persons.

## Exhibit 14.2

![](fp0095824-1_03.jpg)

**US Code of Ethics Directive**

---

| | |
|:---|:---|
| Issued by: | Board of Directors, Partners Group (USA) Inc.; Directors of Partners Group US Management CLO LLC |
| Place, Date of Introduction: | New York, 31 July 2014 |
| Last update: | 28 February 2025 |
| Last review: | 1 March 2024 (Annual review) |
| Area of validity: | Partners Group (USA) Inc. and Partners Group US Management CLO LLC |

---

![](fp0095824-1_03.jpg)

Table of contents

---

| | | |
|:---|:---|:---|
| 1. | Introduction | 3 |
| 2. | Definitions | 3 |
| 3. | Fiduciary Standard | 6 |
| 4. | Compliance with U.S. securities laws and rules | 6 |
| 5. | Prevention of the misuse of material non-public information | 7 |
| 6. | Reporting of Reportable Transactions | 8 |
| 6.1. | Review of Access Person holding and transaction reports | 8 |
| 6.2. | Discretionary Managed Accounts | 9 |
| 6.3. | Prior Written Approval Required | 9 |
| 6.4. | Requirements that Apply to Related Persons | 10 |
| 7. | Prohibition on transacting in securities on the Restricted Securities List | 10 |
| 8. | Prohibition on transacting in securities related to issuers on the Restricted Companies List | 11 |
| 9. | Private Transactions | 11 |
| 10. | Outside Activities | 11 |
| 11. | Corporate opportunity | 12 |
| 12. | U.S. political contributions | 12 |
| 13. | Receiving and giving of gifts and entertainment | 12 |
| 14. | Code violations and reporting of code violations | 12 |
| 15. | Acknowledged receipt of code of the ethics | 12 |
| 16. | Additional information | 13 |
| Appendix A: Discretionary Managed Account Certification | Appendix A: Discretionary Managed Account Certification | 14 |
| Appendix B: Initial Account Dealing Waiver Certification | Appendix B: Initial Account Dealing Waiver Certification | 15 |

---

![](fp0095824-1_03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction** 

Partners Group (USA) Inc. and Partners Group US Management CLO LLC (each an "**Adviser**" and together the "**Advisers**") have adopted this US Code of Ethics Directive (the "**Code**") pursuant to their obligations under Rule 204A-1 (the "**Rule**") under the Investment Advisers Act of 1940 (the "Act"). The Rule requires an adviser's Code of Ethics to set forth standards of conduct and require compliance with federal securities laws. The Code must also address personal trading and require advisers' personnel to report their personal securities holdings and transactions, as well as require personnel to obtain pre-approval of certain investments. Pursuant to its obligations under the Rule, this Code contains provisions to address the prevention of misuse of material non-public information, the pre-clearance of personal reportable and private transactions, the reporting of holdings and private investments, restrictions on the acceptance of gifts and entertainment, political contributions, and outside activities.

The Advisers' Chief Compliance Officers, with the support and assistance of the Advisers' and their affiliates' compliance team and/or external parties, will administer, facilitate and support compliance with this Code.

This Directive is designed to be read in conjunction with the Partners Group Personal Account Dealing Directive ("PADD"), Personal Account Dealing FAQ, as well as the Star Compliance Wiki page, which is located within the Compliance Team Wiki space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Definitions** 

**Advisers** – Partners Group (USA) Inc. and Partners Group US Management CLO LLC, both being registered investment advisers under the U.S. Investment Advisers Act of 1940, as amended (the "**Act**").

**Access Persons** – under rule 204A-1 of the Act, an Access Person is a Supervised Person (defined in this section, below) who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund; or, Who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. Additionally, all directors, officers and partners are presumed to be access persons.

For administrative purposes of the Code, the Advisers consider Supervised Persons as Access Persons.<sup>1</sup>

**Affiliates** – definition includes the Advisers' parent company Partners Group Holding AG and its wholly owned affiliates.

**Chief Compliance Officers** – the Chief Compliance Officers of each Adviser, as appointed by each Adviser pursuant to Rule 206(4)-7 of the Act (the "CCOs").

**Client** – any separate account mandate, commingled private fund or any registered investment company that has a direct contractual relationship with either Adviser.

<sup>1</sup> Note that outside directors are solely considered Supervised Persons. However, rather than being subject to the Code, outside directors are instead subject to the "Personal Account Dealing Directive - Non-executive Board members of Partners Group Holding AG and Non-executive Board members of subsidiaries of Partners Group Holding AG".

![](fp0095824-1_03.jpg)

**Compliance Management Program** – the Partners Group's compliance management framework adopted by each Adviser and all of their Affiliates and implemented in accordance with the Compliance Directive.

**Initial Public Offering** – is a type of public offering where shares of stock in a company (securities that are registered under the Securities Act of 1933) are sold to the general public on a securities exchange for the first time and the issuer was not subject to the reporting requirements of the Securities Exchange Act of 1934 immediately before the registration.

**Limited Offering** – an offering of securities that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(5) or pursuant to Regulation D, as promulgated and amended. Generally speaking, a Limited Offering refers to a privately placed security, e.g. a hedge fund interest or private equity fund interest.

**Material Non-Public Information** – information for which there is a substantial likelihood that a reasonable investor would consider important in making an investment decision or information that is reasonably certain to have a substantial effect on the price of a security and that is non-public, meaning that it has not been effectively communicated to the investing public.

**Overflow Primary Investment** – an investment fund managed by a third party where Partners Group's investment funds and clients have satisfied their demand for such fund.

**PADD** – Personal Account Dealing Directive

**Partners Group** – may include Partners Group Holding AG and all of its affiliated group companies.

**Prohibited Securities** – Under the PADD, Access Persons are prohibited from engaging in new derivative transactions or short selling outside of Interactive Brokers (IBKR). Additionally, employees and their Related Persons (defined below) are not allowed to short sell Partners Group Holding (PGH) Securities. They are also prohibited from engaging in securities lending or any derivative transactions that are significantly based on the value of PGH Securities. However, while Related Persons are subject to the same restrictions regarding PGH Securities, they are allowed to trade derivatives outside of IBKR.

**Related Person** – includes: (i) members of a PG Employee's immediate family (e.g. spouses (other than a legally separated or divorced spouse), minor children, partners parents living in the same household as the PG Employee; and (ii) people over whose securities accounts the PG Employee can exercise influence, whether they live in the same household as the PG Employee or not.

**Reportable Fund** – any fund for which either Adviser serves as investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940; e.g. Partners Group Private Equity (Master Fund) LLC.

**Reportable Securities** – "reportable securities" are securities that are tradeable intra-day, i.e. the prices of such securities fluctuate throughout daily market sessions. Conversely, if a security is only priced periodically or at the end of a market session it is not a reportable security. Note that Partners Group open-ended products (e.g. Partners Group Global Value SICAV, Partners Group Private Equity (Master Fund), LLC), Partners Group permanent capital vehicles (e.g. Princess and PG Global Income Fund (LIT)), and listed debt instruments issued by PGH or any subsidiary are considered Reportable Securities, accordingly all rules and restrictions covering Reportable Securities apply to transactions in such products and debt instruments. Please note that PGH Securities have specific reporting and transaction rules, as described in the PADD. Derivative transactions on Reportable Securities are defined as Prohibited Securities and Access Persons are prohibited from trading Prohibited Securities.

![](fp0095824-1_03.jpg)

Awards of Partners Group Holding AG shares made by Partners Group to Access Persons are excluded from the definition of Reportable Securities until such awards have vested with the employee. This covers both equity awards as well as options. The trading of such Partners Group Holding AG shares and options are subject to order windows and further restrictions set out in the PADD.

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| | |
|:---|:---|
| **Reportable Securities** | **Non-reportable Securities** |
| Common shares/stock, including through Initial Public Offerings (IPO) | Open-end mutual funds |
| Listed Bonds (e.g. HY-Bonds) | Checking/Savings accounts |
| Exchange Traded Funds, ETFs | Government issued bonds (e.g. T-bills) |
| Debentures | Cryptocurrencies |
| Fractional shares/stock | Foreign exchange transactions |
| PG open-ended products (e.g. Partners Group Global Value SICAV; Listed Infrastructure Fund; Partners Group Private Equity (Master Fund), LLC) | Partners Group closed-ended funds |
| PG permanent capital vehicles (e.g. Princess, Partners Group Private Equity Performance Holding Limited (P3) and PG Global Income Fund (LIT)) | Commodities (gold, silver, crude oil, soybeans etc.) |
| Listed debt instruments issued by PGH or any subsidiary |  |

---

**Reportable Transaction** – a transaction in a Reportable Security where an Access Person or Related Person exercise discretion, direct or indirect influence, or control over the transaction.

**Supervised Person** – under Section 202(a) of the Act, Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

Supervised Persons include each permanent employee of the Adviser (Partners Group (USA) Inc.), each member of the Liquid Credit Team, and members of the following investment committees:

● Global Portfolio Committee

● Global Investment Committee

● Specialist Investment Committees

The appendices of the Investment Policy Private Markets or the Investment Policy Liquid Private Markets lists the members of each investment committee referred to above. The appendices are located within Partners Group's Compliance Management Program on the Compliance Team Wiki space. Additionally, Supervised Persons include certain investment and support personnel of the Adviser's affiliates, as determined at the discretion of the Adviser, namely trade execution or cash management functions for the Adviser.

![](fp0095824-1_03.jpg)

Supervised Persons also include temporary employees of the Adviser that have worked at Partners Group for a period of more than six consecutive months or have entered into a temporary employment contract with a duration of more than six months directly with the Adviser. The Adviser's Chief Compliance Officers may also identify certain other temporary employees as Supervised Persons if the temporary employee's duties merit such consideration.

**PRIMERA Wiki (**"**Wiki**"**)** – Partners Group's proprietary internal platform for firm-wide knowledge sharing and collaboration as well as the documentation framework for the company's operational internal control systems, policies, and procedures. PRIMERA Wiki is located in the firm's intranet and contains additional policies and procedures that may be applicable to Supervised Persons but are not contained in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fiduciary Standard** 

The Advisers owe a fiduciary duty to all their clients. All Supervised Persons of the Advisers are required to deal fairly, to act in their clients' best interests at all times, and to make full and fair disclosure of material facts. All Supervised Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers and fellow Supervised Persons. Supervised Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, marketing the Advisers' services, and engaging in other professional activities.

The Advisers expect all Supervised Persons to adhere to the highest standards with respect to any potential conflicts of interest with Clients. As fiduciaries, the Advisers must act in their respective Clients' best interests. Neither of the Advisers, nor any Supervised Person should ever benefit at the expense of any Client. All Supervised Persons are expected to notify the CCO promptly if you become aware of any practice that creates, or gives the appearance of, a material conflict of interest.

Supervised Persons are generally expected to discuss any perceived risks, or concerns about the Advisers' business practices, with their direct supervisor. However, if a Supervised Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the relevant CCO's attention or make a disclosure in accordance with the Speak-Up Directive. The firm's Speak-Up tool may be found at the following link:

<u>https://pgspeak-up.integrityplatform.org/</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compliance with U.S. securities laws and rules** 

Supervised Persons must comply with all applicable U.S. securities laws. Supervised Persons must maintain sufficient knowledge of all laws relevant to their duties and profession with the Adviser.

![](fp0095824-1_03.jpg)

Supervised Persons are not permitted in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To mislead such client, including by making a statement verbally or in writing that omits known material
facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit
upon such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to such client.

Employees who are also registered with the Financial Industry Regulatory Authority ("**FINRA**") as a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Registered Representative Compliance Procedures for additional requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Prevention of the misuse of material non-public information** 

Material non-public information in connection with the Advisers' investment management activities shall not be misused in violation of the Securities Exchange Act of 1934, Investment Company Act of 1940 or the Investment Advisers Act of 1940, as amended, or the rules and regulations promulgated thereunder. This includes any kind of illegal insider trading in public securities as well as the purchase or sale of private markets securities based on confidential information that has been misappropriated in violation of the Advisers' fiduciary duties towards their clients and third parties.

The Advisers' policies and procedures for the prevention of insider trading are set forth in the PADD within the Compliance Management Program found in PRIMERA Wiki and are hereby incorporated into this Code of Ethics.

**This Code applies to Access Persons and their Related Persons, as defined in this Code, who are subject to all the restrictions, prohibitions, policies, and procedures found therein. This Code distinguishes between the restrictions that apply just to Access Persons and those that apply to both Access Persons and their Related Persons.**

**The PADD rules include (but not limited to) the following restrictions related to reportable securities other than PGH securities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading restrictions / requirements for Reportable Securities consistent with the guidelines contained
in the PADD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A holding period for all Reportable Securities consistent with the guidelines contained in the PADD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Discretionary transactions in Reportable Securities consistent with the guidelines contained in the PADD
(excluding PGH and PG products and not counting trades by Related Persons); and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prohibition from trading in Prohibited Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting of Reportable Transactions** 

Consistent with the requirements of the Advisers' policies and directives and the applicable provisions of both the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as amended, all Access Persons must disclose, in accordance with the reporting timeframes indicated below, all current holdings in Reportable Securities for themselves as well as their Related Persons. All reporting described below must be completed via the StarCompliance platform ('StarCompliance') found on the Partners Group Intranet homepage. A tutorial on how to disclose Reportable Securities through StarCompliance is provided in the FAQs to the PADD on PRIMERA Wiki.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Holdings Disclosure –** 

Within ten (10) days of becoming an Access Person, each new Access Person is required to file electronically an Initial Holdings Report, current within forty-five (45) days of submission, setting forth the title and type of security, the exchange ticker symbol or CUSIP number, as applicable, the number of securities and principal amount of all Reportable Securities held by themselves as well as their Related Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Annual Holdings Attestation –** 

On an annual basis, each Access Person is required to file by January 30, an annual holdings report listing all holdings in Reportable Securities held by themselves as well as their Related Persons, current within forty-five (45) days of submission. Within this report, the Access Person must list the title and type of security, exchange ticker symbol or CUSIP number, as applicable, the number of shares held and principal amount, and a statement that the Access Person to the best of his or her knowledge has not undertaken any activity that could be considered as front/parallel running or as insider trading and that all information provided is true and accurate as of the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Quarterly Transaction Attestation –** 

All Access Persons must confirm within thirty (30) days following the end of each calendar quarter a report listing all transactions involving Reportable Securities held by themselves as well as their Related Persons executed during that preceding calendar quarter in the same form as the Annual Holdings Report. Where Access Persons have not undertaken any trading activity during the preceding quarter, they are permitted to state such to the relevant Adviser. Transaction confirmations need to be filed in StarCompliance within 5 business days after the execution of a Reportable Security with a broker.

**6.1. Review of Access Person holding and transaction reports**

On not less than a quarterly basis, the CCOs or their delegates will review Access Person transaction reports to determine whether any violations of this Code occurred over the last reporting period. On not less than an annual basis the CCOs or their delegates will also review Access Person annual holdings reports. Initial holding reports will be reviewed by the relevant CCO or their delegate on an ad hoc, as needed basis.

![](fp0095824-1_03.jpg)

**6.2. Discretionary Managed Accounts**

Access Persons and their Related Persons are not required to include in their initial, quarterly, or annual holdings attestation described above any holding or transaction information for accounts which they have relinquished control over investment decisions, for example by empowering a financial advisor or portfolio manager to trade on their behalf without retaining the ability to direct trades.

For such accounts Access Persons and, if applicable, their Related Persons must provide to the relevant CCO or their delegate an executed certification in the form attached hereto as Appendix A. This certification must be uploaded to StarCompliance in connection with adding the account as a Discretionary Managed Account type, and as part of annual holdings reports thereafter, the Access Person must confirm nothing has changed since the original completion of the certification.

Please note that should an Access Person or their Related Persons begin to exercise influence or control over such accounts they must immediately notify the relevant CCO or their delegate in writing. Further, the relevant CCO retains the right to request reports of transactions and/or holdings in such accounts at their sole discretion.

**6.3. Prior Written Approval Required**

Access Persons must conduct personal trading in Reportable Securities exclusively with Interactive Brokers, LLC ("IBKR"), subject to the exceptions set forth in the PADD.

Access Persons and their Related Persons must obtain -pre-approval via Star Compliance of the relevant CCO or their delegate prior to directly or indirectly acquiring beneficial ownership in any United States Initial Public Offering (IPO) or Limited Offering. Access Persons' Related Persons will obtain such prior approval through an Access Persons' receipt of such approval. For further information on Related Persons requirements, please refer to section 6.4, below.

For the avoidance of doubt, new investments by Access Persons and their Related Persons in Partners Group managed closed-end funds and Overflow Primary Investments do not require pre-approval. However, such persons must obtain the prior written approval of the relevant CCO or their delegate in the event they wish to sell or otherwise liquidate such Partners Group or Overflow Primary Investment holdings. Further, subject to the Advisers' policies and procedures and only where permissible by applicable law or constituent document, certain specified senior employees or partners of Partners Group are permitted to co-invest alongside other clients subject to certain parameters outlined in the policies and procedures governing the scope of such co-investments, including that: (i) prior to any co-investment by a Partners Group senior employee or partner, Partners Group clients have fully satisfied their demand for the applicable Investment and (ii) any relevant employees that are also members of an investment committee are not involved, directly or indirectly, in allocation decisions with respect to transactions in which they or their client mandate may invest or their associated exits (if not pro-rata across all Partners Group invested vehicles). Additionally, all investments made in accordance with the policies and procedures summarized in this paragraph by Partners Group employees or partners who are Access Persons must have all of their private investments preapproved by the Adviser's CCO or his or her designee.

Prior written approval for the above listed transactions will be provided via StarCompliance.

![](fp0095824-1_03.jpg)

Requests for the above listed transactions by either CCO will require approval by Partners Group's General Counsel or their delegate.

**6.4. Requirements that Apply to Related Persons**

Related Persons are subject to the relevant Advisers rules and regulations around personal trading. As noted above, the US Code of Ethics requires the pre-clearance and periodic reporting of IPOs and private placements for Related Persons. Otherwise, there is no pre-clearance requirement for Related Persons, but Access Persons must report the transactions of their Related Persons on a quarterly basis.

Certain other restrictions located elsewhere in this Code that apply to Access Persons do not apply to their Related Persons as follows:

● The minimum holding period for securities positions,

● The Restriction on derivative transactions where the underlying instrument is a reportable security,

● the short selling of securities; and,

● Transactions in restricted securities.

However, Access Persons should note that they may not attempt to avoid the rules and restrictions in this Code by putting transactions that would otherwise be restricted through the names or accounts of other persons.

The CCO or relevant deputy may grant an exemption to the application of "Related Person" under the US Code of Ethics at their discretion.

These circumstances include;

● Situations that falls within the definition of Related Person, but the Access Person believes there are mitigating factors that should exempt the Related Person from the obligations under the US Code of Ethics, and

● With respect to the securities held in accounts the Access Person has "no direct or indirect influence or control"

The Access person must provide this request to the CCO in writing, which can be provided through electronic means, an example of which can be located in Appendix B. The CCO will provide their written acceptance or rejection of the request promptly.

Please note that should there be any changes to the details provided within the waiver request, the Access Person must immediately notify the relevant CCO or their delegate in writing. Further, the relevant CCO retains the right to request reports of transactions and/or holdings in such accounts at their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Prohibition on transacting in securities on the Restricted Securities List** 

Access Persons are generally prohibited from trading for their own account or for the account of third-parties in public equity or debt securities and related derivative products, including options, swaps and synthetic instruments, in which Partners Group private market managed funds and mandates are directly invested, including for the avoidance of doubt direct investments through facilitating/enabling vehicles, a list of which Partners Group maintains called the Restricted Securities List, defined in the PADD to prevent front/parallel running of Partners Group trading activities for its PG products and mandates. For the avoidance of doubt, further excluded are transactions undertaken by a third party on behalf of an employee, including under a discretionary portfolio management arrangement, where the employee has not provided any transaction-level instruction to the third party in connection with the transactions. The sale of securities on the Restricted Securities List may be allowed in a few limited scenarios where approved by Compliance. Supervised Persons should refer to the PADD FAQs for additional details regarding the Restricted Securities List.

![](fp0095824-1_03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Prohibition on transacting in securities related to issuers on the Restricted Companies List** 

Access Persons are prohibited from trading for their own account or for the account of third-parties in public equity or debt securities and related derivative products, including options, swaps and synthetic instruments related to issuers on the Restricted Companies List as defined in the PADD. For the avoidance of doubt, further excluded are transactions undertaken by a third party on behalf of an employee, including under a discretionary portfolio management arrangement, where the employee has not provided any transaction-level instruction to the third party in connection with the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Private Transactions** 

In accordance with this US Code of Ethics, Access Persons are required to disclose upon employment and obtain pre-approval going forward for private transactions in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Limited Offering regardless of investment size (including, but not limited to, private placements
and private funds). Related Persons of Access Persons must also disclose/pre-approve any Limited Offering, regardless of investment size

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Where not already disclosed under (i), any other direct or indirect title, equity, debt, or derivative
holding they have in a commercial business privately owned with a value exceeding USD 100K or its equivalent but excluding holdings in
Partners Group investment funds and private loans with no direct business involvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any investment opportunity that comes to his or her attention as a result of his or her association with
Partners Group in which Partners Group might be expected to participate or have an interest in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Outside Activities** 

Supervised Persons are subject to disclosure and pre-clearance obligations involving outside activities pursuant to the Conflicts of Interest Directive within the Compliance Management Program, such as serving as a board member of a for-profit organization or a family business. These obligations are hereby incorporated into this US Code of Ethics. For a full explanation of this requirement Supervised Persons should refer to the Conflicts of Interest Directive for Outside Activities in the Compliance Management Program or contact Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Corporate opportunity** 

Supervised Persons shall not: (a) misappropriate investment opportunities relating to the business of the Adviser(s), their clients or any of the Advisers' affiliates and their respective clients, which are discovered through the use of corporate property, information or position; (b) use corporate property, information or position for personal gain; and (c) compete with the Advisers or any of their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **U.S. political contributions** 

PG Contributors, as defined in the Anti-bribery and Gifts Directive, which covers Supervised Persons, are subject to certain restrictions, disclosure obligations, and pre-clearance requirements pursuant to the Anti-bribery and Gifts Directive within the Compliance Management Program with respect to U.S. political contributions. These restrictions, obligations and requirements are hereby incorporated into this US Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Receiving and giving of gifts and entertainment** 

Supervised Persons are subject to certain restrictions, disclosure obligations and pre-clearance requirements with respect to the giving or receipt of gifts and the acceptance or extension of invitations to hospitality or other business events pursuant to the Anti-bribery and Gifts Directive within the Compliance Management Program. These restrictions, obligations and requirements are hereby incorporated into this US Code of Ethics.

Further, gifts of any value received by a Supervised Person to or from a broker-dealer must have prior written approval via StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Code violations and reporting of code violations** 

Discovery of any Reportable Transactions where the Access Person did not obtain pre-approval from the CCO or delegate or were in violation of the US Code of Ethics will be subject to investigation and potential sanctions under the Corporate Deliverables Policy. This may result in disciplinary action up to and including termination of employment.

Supervised Persons must promptly report any known violations of the US Code of Ethics to the relevant Adviser's CCO. Such CCO or their delegate will then determine the materiality of the violation and document accordingly. Such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Acknowledged receipt of code of the ethics** 

The Advisers will make available to all Supervised Persons a copy of this Code of Ethics and any material amendments thereto on an annual basis, which Supervised Persons are required to acknowledge in writing no less frequently than annually. This Code also is available in Partners Group's PRIMERA Wiki.

Furthermore, all new Supervised Persons must provide a written acknowledgement of their receipt and understanding of this US Code of Ethics within 30 days of becoming a Supervised Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Additional information** 

This US Code of Ethics does not summarize all laws, rules and regulations applicable to the Advisers, their Supervised Persons, officers and directors. Supervised Persons should refer to the various guidelines, policies, directives and Wiki pages the Advisers have prepared on specific and applicable laws, rules and regulations. The Advisers' policies may be found in the Compliance Management Program which is available in PRIMERA Wiki. Supervised Persons should consult with the relevant CCO if they have any questions about laws that may be applicable to the Advisers or their affiliates' business.

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**Appendix A: Discretionary Managed Account Certification**

In accordance with Rule 204A-1 (the "Rule") under the Investment Advisers Act of 1940, I am considered to be an "Access Person" of either Partners Group (USA) Inc. ("PG USA") or Partners Group US Management CLO LLC ("PG US MGMT CLO") (PG USA and PG US MGMT CLO, each an "Adviser") and subject to the Rule's terms and conditions. The Rule requires periodic reporting of my personal securities transactions and holdings to be made to an Adviser. However, as specified in the Rule, I am not required to submit any report with respect to securities held in accounts over which I have "no direct or indirect influence or control."

I have retained a trustee or third-party manager (the "Manager") to manage certain of my accounts. Following is a list of the accounts over which I have no direct or indirect influence or control (the "Accounts"):

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| | | | |
|:---|:---|:---|:---|
| **Name of Broker, <br> Dealer, or Bank** | **Account Name** | **Account Number <br> (Last 4 Digits only)** | **Relationship to Manager** <br> (independent professional, <br> friend, relative, etc.) |

---

By signing below, I acknowledge and certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have no direct or indirect influence or control over the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If my control over the Accounts should change in any way, I will immediately notify PG USA's and/or PG
US MGMT CLO's Chief Compliance Officer or delegate, as the case may be, in writing of such change and will provide any required information
regarding holdings and transactions in the Accounts pursuant to the Rule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account
statements and trade confirmations) made in the Accounts at the request of either PG USA's or PG US MGMT CLO's Chief Compliance Officer
or delegate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If required for the Advisers to meet regulatory obligations, I agree to provide reports of holdings and/or
transactions (including but not limited to duplicate statements and trade confirmations) made in the Accounts at the requests of the Advisers.

---

| |
|:---|
| Name: |
| Signature: |
| Date: |

---

![](fp0095824-1_03.jpg)

**Appendix B: Initial Account Dealing Waiver Certification**

In accordance with Partners Group's US Code of Ethics ("Code"), an Access Person and their Related Person are subject to the relevant Partners Group entities' rules and regulations around personal trading.

The Code requires pre-clearance and periodic reporting of reportable personal securities transactions and holdings.

The CCO or delegate may grant exemptions to the application of "Related Person" under the Directive and Code under certain circumstances limited to the following:

● Situation falls within the definition of Related Person according to the Code, but you believe there are mitigating factors that should exempt the Related Person from the obligations under the Code, and

● with respect to securities held in accounts, you have "no direct or indirect influence or control." If you believe your situation meets the requirements above, please complete the information below.

**Section A: Information relating to Access Person**

Name <br> <u>Functional title and department</u> <br> <u>Start date at Partners Group</u>

**Section B: Information relating to Related Person** 

Related Person's Name <br> <u>Relationship between PG Employee and Related Person </u>

**Section C: Detailed description of your personal circumstances** 

(If your Related Person works for a financial regulated firm please provide details of their personal account dealing rules):

![](fp0095824-1_03.jpg)

**Section D: List of the accounts over which you have no direct influence or control (the "Accounts")**

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Name of Account Holder** | **Account Number** |

---

● I confirm that I understand my duty of confidentiality in relation to Partners Group matters and I will continue to maintain confidentiality from my Related Person regarding each and every aspect relating to respective investment matters conducted on a personal basis;

● I confirm that I have read and understand the rules and obligations under the Code;

● I have no direct or indirect influence or control over the above Accounts;

● If my circumstance with the Related Person and/or my control over the Accounts should change in any way, I will immediately (within 24 hours) notify the CCO or delegate in writing of such a change and will provide any required information regarding holdings and transactions in the Accounts pursuant to the Code as applicable;

● If required for the Advisers to meet regulatory obligations, I agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements and trade confirmations) made in the Accounts at the request of Partners Group;

● I understand that Partners Group retains the right to withdraw this waiver in the case were an exemption to the Related Persons requirement under the Code it has been granted;

● Access Persons and their Related Persons who complete a Related Person Waiver and are granted an exemption must complete an Annual Attestation going forward (Appendix B)(i).

---

| |
|:---|
| Name: |
| Signature: |
| Date: |

---